We've all been there - losing track of your spending, payments taking three or four days to appear in your account and before you know it - you're in your overdraft. Again.

Well, if you haven't heard already, Monzo is here to sort it all out for you. A smart bank for the smartphone generation - no bricks-and-mortar branches, no cheque books - just a very well organised app along with a physical card.

The card is a pre-paid Mastercard debit card, so currently it doesn't have an account number or a sort code for direct debits but these facilities are on their way this year, much to the delight of the somewhat cult Monzo following.

On the app you can top up your card and see a full low down of your spending. With the ability to set yourself budgets for everything - like eating out, groceries, transport - and you'll get handy notifications telling you when you're nearing your set budgets.

Hands down the main advantage of Monzo is the immediate notifications of spending. With the rise of contactless many people have found it increasingly difficult to keep a track of their available balances as payments can take up to four days to appear in your account. With Monzo, whether you pay using your chosen PIN or via contactless - your app will immediately notify you and your balance will reflect it.

The future of banking, budgeting and keeping a track of your finances in real-time is here, and it's Monzo.