Personal finance app Frollo launches new feature: “Frollo Score”
Frollo Score gives users one simple number, or score, that sums up how well they manage their personal finances.
Similar to a score on an exam, personal finance app Frollo has launched its own scoring system for users called Frollo Score which scores users on how well they're doing financially. The Frollo app enables consumers to link their personal banking data from their bank account to the app to get a better picture of their financial position and to help with budgeting. Now, using Frollo Score, users will get a much clearer indication of how they're tracking overall with their finances and it'll also give users something tangible to work towards improving.
Frollo Score is a number between 1 and 1,000: the higher the score, the better you are financially. The score isn't based on how much you're earning and it's not used to rank your income against other users. It's all about how good you are at managing your own finances effectively.
Frollo Score is determined by your spending habits, your debt and your savings. It looks at whether you're often spending more than what you're earning and how well you're doing towards repaying any debt you might have, including credit card repayments or a personal loan. It also takes your savings into consideration, analysing how long your savings would last if you lost your income source as well as your ability to splurge a little and treat yourself from time to time.
Founder of Frollo, Gareth Gumbley, said the new Frollo Score was designed to put users back in control of their finances.
"Some of us are great at having full control of our finances, while others lack real insight into their spending habits. At Frollo, we want to guide Aussies who lack a firm understanding about their finances, and show them they can easily take control of it through our new Score component. We believe we can help people improve their financial behaviours through making small but conscious changes along the way," he said.
Frollo already offers users a suite of tools to help them manage their money, with Frollo Score the latest in a list of innovative features. Frollo sorts your transactions into categories, for example groceries, bills and eating out, to give users a better understanding of where the bulk of their money is going. Looking at how much you're spending on things like entertainment or eating out over the space of a month gives you a more accurate, realistic picture of how much you're spending on these things and where you might have capacity to save.
Frollo is free to download from the App Store or Play Store.