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We all know about 'impulse buying' - those times when we can't resist buying a coffee before work, or ordering a takeaway rather than cooking.

But, as This is Money reports, a new app is set to be launched in October that is designed to help users save money on a whim rather than spend it, which could help people stay within budget and save for long-term goals.

The 'OrSaveIt' app lets you enter the amount you've saved every time you choose not to buy something. Users are able to select a particular savings goal - which could be a holiday, for example, or a new car - and rather than seeing the money saved eaten up by their outgoings, it will be earmarked for the things they really want.

The founders of the app, Alain Desmier and Mike Laming, decided to create the new savings tool when they realised they were spending up to £900 a year on takeaway coffee and £1,300 buying lunch. According to the LV Lifestyle Inflation Index, a typical British household spent £476 on takeaways last year, £456 on nights out and £75 on buying coffee.

The app is the latest in a line of budgeting tools that could help users spend within their limit and save up for their financial goals - like the thinkmoney Current Account.

A spokesperson for thinkmoney commented: "As the research indicates, smaller spends can build up over the long term and put a significant dent in people's budgets. However, there are ways people can track their spending and put some spare cash aside for the things they really want.

"The thinkmoney Current Account comes with an in-built budgeting service, which will guarantee that the money for your bills is separated from your spending money every month. This means that you can be confident that you're not spending the money you need for your bills and other essentials every month - while also helping you put money aside for that holiday or new car, if that's what you want to do."

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