New smartphone app to help you save money

A new smartphone app that keeps tabs on your expenses, creates a monthly budget and suggests ways to curb over-spending has been developed. 

On the basis of the financial information you provide to 'HelloWallet' while signing up, the application will instantly show you recent transactions, accounts and a budget summary. 

HelloWallet also helps you determine where to trim excess spending so you can work towards saving more money, 'Mashable' reported. 

The app also creates a budget to help you work toward your financial goals in addition to providing spending insights. 

Hellowallet adds all of your financial information - income, checking, savings, credit cards, healthcare and investments, the company said on its website. 

It connects to your banks to retrieve balances and transactions to keep information current and creates budgets and analyses trends, it said. 

The application keeps tabs on your spending on its own, keeping you in the loop with the help of alerts and reminders, the report said. 

HelloWallet also has a unique feature to help you reduce your interest rates and other fees that can add up to big spending.