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Save money without noticing? It is possible with the Cleo banking app. I was pleasantly shocked to see I’d saved £54. But what is Cleo, how does it work, and more importantly, is it safe? Read on for the cleo banking app review: your budgeting buddy.
Keeping Track of Spending
No matter how hard we try, it can sometimes be difficult to keep track of our spending. Personally, I like to manually log my spending, and then put it into pretty pie charts so I can see trends of where the most of our money goes.
Some people like to draw cash and separate budgeted money into cash envelopes. Yet, some people prefer to use their debit card, as having envelopes and coins all over the place can get fiddly.
It’s often easier to simply swipe, but that also means it’s less easy to keep track. Even with a carefully-planned budget, there are still sometimes things that you mightn’t have considered or something you’ve missed off your grocery shop.
That’s why Cleo can help you by categorising your spending and updating you of key expenditure trends.
What is Cleo and How Can it Help Me?
Cleo is a banking app that connects to your bank account and monitors your income and expenditure by categories and merchants.
Using artificial intelligence, Cleo (in read-only mode) can
This is great in identifying overspending habits and where you may need to reign it in!
Cleo can also help you set up a budget. You can confirm your regular or expected income, and record your budget for your bills or regular spending on any category, such as food spend.
You can set up your budget as payday to payday, monthly, every 2 weeks, weekly, or as a one-off with custom dates. Once your budget is set up correctly, the app will tell you what your weekly, and daily limit is.
She’ll also tell you if you’re going to run out of money, and whether you can afford to splash out on a pizza!
Is Cleo Safe to Use?
Cleo is registered with and regulated by the Financial Conduct Authority. All of your data is encrypted and accessed on a read-only basis. You do of course have to connect your bank account. (O
How can Cleo Help Me Save?
By monitoring your spending and whether you’re likely to go over or stay under budget, Cleo will send you a message to let you know if you can afford to put a little bit of money away each week. She’ll then ask if you want to proceed.
Unless you say otherwise, the app will do this automatically. The money will be sent and held in your secure e-wallet.
Cleo Banking App Review – My Opinion
I’ll be honest, I haven’t got to grips with the budget section yet. Cleo is connected to the bank account I use for food, fuel, and any other spending, and we have a separate bank account for our bills.
When it comes to saving money for me, though, Cleo gets a big thumbs up. Based on your spending, the AI assistant will tell you what you can afford to put away, then ask your permission to do so, first.
You then have the option to transfer it to a savings account or send it back to your bank account. I think I’ll be putting my £54 into an investment pot.
Try Cleo for yourself and sign up here. When you connect your bank account and create your own Cleo wallet, you’ll get £5!
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