Everything you need to know: About Left to spend
Picture the scene, it's 10 days away from payday...you're standing at the supermarket checkout about to pay for your weekly groceries when a feeling of uncertainty begins to wash over you. "Do I have enough money in my account to cover this?". After all, your mobile bill is due to be debited today and your rent payment is coming up in a few days. Suddenly, as if on autopilot, you whip out your phone, tap on the Yolt app and in a flash, see your ‘Left to spend’ insight card glistening on the Dashboard. Phew! You're all good.
So, how does it work?
The idea behind the feature is to show you how much you have to spend for the rest of the month, without dipping into money set aside for bills and other committed spending. We calculate your 'Left to Spend' amount by subtracting any upcoming scheduled payments from your current balance. With Yolt, not only can you select which income you'd like to consider, how much you aim to spend and which accounts you'd like to use to track your monthly spending, but you can also decide which day of the month you'd like your 'Left to spend' to begin.
Ok, who is it for?
We understand that payday isn't the same for everyone (especially freelancers) so we've created this feature to help provide instant insight into what's available, whenever you feel the urge to check. 'Left to spend' can be useful in the run up to your next payday but it's also a handy tool to help pave your financial path by paying yourself first as soon as your salary hits your account, and then setting your 'Left to spend' based on what's left. Perhaps budgeting isn't your strongest skill set, we get it, sometimes it can be time-consuming and to be honest, a little boring. Simply put, ‘Left to spend’ provides clarity for those who want to stay on target each month - leaving time for the finer things in life (cc: chocolates at the checkout).
Has our #LeftToSpend feature saved you from a potentially embarrassing moment? Share your story with the Yolt community by tweeting @getyolt. Yet to use Yolt? Try it out for free on iOS and Android!