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Can this digital payments app help you manage your finances better?

Money saving advice for managing your personal finances with app Circle.
By Editorial on Mar 1st, 2017   @freelotteriesuk

Many of us find ourselves without cash when we need it – perhaps you go for coffee with a friend and neither of you has any cash; more often than not, one will pay and the other will get it next time.

That’s all very well and many of us probably don’t mind buying a friend the odd coffee, but if you’re taking it a step further and are regularly lending friends or family members money, then you may be surprised by how much you’re potentially handing out.

According to some recent research, nearly two in five (38 per cent) British adults lend money to their friends, family, colleagues and others, averaging £459.12 a year. If that’s an average, that means some people are actually lending out way more than that which is quite surprising!

To really help you get a grip on your finances, this next stat is even more shocking: only three in ten lenders always get their money back… and out of those who get their money back, only 4 per cent get it back within a day, while 9 per cent have to wait over a year. That age-old saying was right – never a lender or borrower be! But, that’s not realistic, so, to keep a better handle on your personal finances, it’s imperative to monitor your lending and borrowing.

Have more control over your finances

Apps such as Circle are available to help you do this. Referred to as social payments apps, they allow you to transfer money quickly, easily and for free, using your mobile.

Whether it’s the kids, a sibling or a close friend, if you’re lending money to people regularly, it can be difficult to keep track of who you’re lending money to. Apps can allow you to send and receive money with a simple text – there’s no need to exchange that long list of bank details, which can be worrisome.

Getting paid back without the awkwardness

If you’re requesting money back from someone, you can use the personalisation option to remove any awkwardness from the situation; pop in a nice message with a GIF or emoji and it’ll be much easier than face-to-face! 56 per cent of us admit to feeling awkward when asking to be paid back so there’s one problem solved! One of the age-old excuses for not paying someone back there and then is: ‘I will pay you back, I just don’t have any cash on me’ – this won’t be true if it’s all done via text so we’ll all be better off.

If you’re interested in giving it a go, Circle has a referral scheme so by inviting your friends and family to join, you can make an easy £5. As soon as they download the app using the link you sent them and send or receive £25, you’ll get your reward.


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