Brits could save big by using these tools to track everything from their energy usage to petrol prices
Britons could slash nearly £2,000 a year by utilising these 10 digital resources to monitor everything from energy consumption to fuel costs, new research suggests. A survey of 2,000 adults found budgeting apps are the biggest money-savers, with 38% of people who keep tabs on spending using one, saving an average of £240 a year.
Smart meter displays are also gaining popularity, as 38% of households monitoring their finances utilise one, enabling them to trim approximately £174 from their yearly expenses. Regarding holidays, 15% have set up flight trackers to help them secure discounts and save an average of £206.
Fuel costs are also being scrutinised, with 15% of budget-conscious Britons checking prices before visiting petrol stations, saving themselves roughly £155 annually.
Financial adviser and author Bola Sol has partnered with Smart Energy GB, which commissioned the study to demonstrate how monitoring expenditure can generate savings.
She commented: “It’s one of the best ways to stay on top of your finances and find real savings.
“Checking your bank balance or a smart meter display has become as normal as checking the weather,” she added. “These small daily check-ins help build better habits and a healthier relationship with money.”
The research revealed that 86% of individuals who utilise tools or apps to monitor their expenditure feel more in command of their finances.
Furthermore, more than half (55%) of these users said that saving money has become the most important reason for using these tracking tools. In fact, 43% started monitoring they money because they wanted to plan better for future financial goals.
Half of all those polled now favour receiving real-time updates about their money. Four in 10 of them said instant updates help them stick to a budget, while the same number like seeing exactly where their money goes at a glance.
A third (32%) believe it helps them make quicker financial decisions, and 24% enjoy being able to analyse their spending by category. Four out of ten Brits are utilising their smart meter displays to keep an eye on their energy consumption, with 42% of these checking it daily.
Consequently, two-thirds now view the device as a crucial part of household budgeting.
Victoria Bacon, director at Smart Energy GB, added: “Making the most of tracking tools is a simple step for anyone looking to save money.
“Our research found that frequent and regular access to spending information, rather than a monthly statement, is important for many and smart meters give households exactly that.
“They come with a display that shows energy usage in pounds and pence and in near-real time. They’re installed at no extra cost and help contribute to savings on household energy bills.”
Here’s a rundown of the top money-saving tracking tools and devices:
- Budgeting apps – £241
- Self-created spreadsheets – £220.
- Flight price trackers – £206.
- Hotel price trackers – £195
- Subscription tracking apps – £189
- Utility tracking apps – £179
- Cashback platforms – £175
- Smart meters – £174
- Loyalty schemes – £166
- Petrol price trackers – £155
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