According to a recent study, 9 in 10 millennials overspend, under-save or take on additional debt at least one month per year

Revolut now allows to set up monthly budgets. Source: shutterstock.com

Revolut has introduced Budgeting by Category. It allows a user to set a monthly budget for individual categories, such as restaurants, travel, groceries, health, utilities, etc.

Budgeting by Category uses an existing Revolut feature. To start?using it, open up the Revolut app and tap on Analytics, and you’ll see your monthly spend split out by Category, Merchant, and Country. From here,? tap the category you wish to set a budget for, enter an amount, and Revolut will automatically update you on your progress when you hit 25, 50, 75 and 100%.

If a user happens to exceed their budget in any area, Revolut won’t cap their spending – the feature has an informative purpose.

SEE ALSO:?5 apps for personal budgeting