It is, says National Australia Bank’s UBank digital subsidiary, an Australian first.

UBank has rolled out Free2Spend, a PFM tool designed to simplify budgeting and revolutionise the savings habit.

Free2Spend first asks users to set goals, whether they’re saving for a wedding, investment property or holiday or even just saving in general.

Users then input income and fixed expenses, with the tool then using these figures to calculate the daily Free2Spend number or ‘one number’.

So for consumers saving for a A$20,000 car with a monthly income of $5,000 and monthly expenses of $2,500, Free2Spend will take these into consideration to provide a unique daily spend figure for the month (or the chosen pay cycle).

According to UBank, Free2Spend is revolutionary in the way its future focused and works in real-time to provide a daily spending number, based on a user’s savings goal.

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When users overspend or underspend, the app will automatically adjust the ‘one number’ for the rest of the month, helping consumers to meet their financial goals.

Inspired by the simplicity and functionality of fitness trackers, Free2Spend aims to streamline budget management one day at a time, with one number to help users stay on track each and every day in the simplest way possible.

UBank CEO Lee Hatton said: “Australians have become confused by hundreds of numbers in their lives, from apps to bills to bank statements to even the money in their back pocket.

“Free2Spend will change that forever, designed to take the stress and guesswork out of personal finance. Our research showed almost 1 in 5 Australians still don’t have the tools to accurately monitor their expenses, and 22% don’t feel like they have the time to invest in keeping track anyway.

“Thanks to this latest innovation from the team at UBank, Australia can now take back that control with utter simplicity.”

Established by National Australia Bank in 2008, UBank currently has 400,000 customers.

“Just like fitness trackers have kept people moving to the goal of 10,000 steps a day, Free2Spend does the same with your finances by consolidating your spending and saving goals into one number that changes with you and your life.

“If you go over or under that number, the tool automatically decreases or increases your daily spend for the rest of the month.  By automating the saving process even more, our customers will be free to spend on the things they love,” concluded Hatton.