A smartphone app has been reportedly developed that lets users keep track of their expenditure and also provide insights based on their spending.
The HelloWallet is a financial services app that syncs with a user's bank account and shows up recent transactions, accounts and budget summary.
Once the user logs in and provides financial data, the app helps determine where to trim the excess spending so as to add up to savings, Mashable reports.
The app also creates a budget to help one work toward their financial goals, and provides alerts and reminders while keeping tab on the expenditure.
The report said that the real edge that sets HelloWallet apart from other services is its company solutions that can lower healthcare costs and tax liabilities while increasing the amounts employees contribute to their 401 (k) plans.
The free HelloWallet mobile app is available for download on the App Store and Google Play, the report added.