Top Five Financial Apps

“An investment in knowledge pays the best interest.” – Benjamin Franklin

Technology is rapidly changing the way we experience our daily lives. Technology users are benefitting more and more from the latest smartphone apps which are being released all the time. Most people have seen someone paying for coffee with their phone, or transferring money to a friend for a movie ticket. There is a wide variety of apps and features that are worth exploring given they are progressively making their way into our daily lives.

Using our phones for finance can be daunting when we hear stories about fraud and financial misadventures. It can be hard to see why using these apps are helpful, however it depends on what you need to do, whether you’re interested in investing in the share market or quickly transfering funds to a friend; some apps are definitely worth your time.

Technology can be used to either help or hinder us, and given the majority of Australians live with substantial debt, the rising popularity of financial apps to help with this issue signifies a desire for people to become more financially savvy. Below are 5 of the top financial apps helping people become more accountable and aware of their ultimate financial position:

1 – Raiz
For those who might not have the wealth to start a big share portfolio, Raiz is the perfect place to start investing for those interested in starting your investment journey. Simply add bank account details and Raiz will round up your daily transactions and invest them into a portfolio of your choice. The app does not charge transaction fees, which can be a huge barrier for lots of people. The simplicity of Raiz has made it hugely successful as users can see their portfolio track in the stock market in real time and can continue to contribute to their portfolio free of transaction fees. Raiz is low cost and is a great starting point for people who want to learn about investing. 

2 – Mint

Mint is the best way to see a holistic view of your finances. Incorporating your spending, balances and even credit scores, Mint allows you to link multiple bank accounts and helps categorise your financial activity so you can see where your expenses are coming from. This is a great way to monitor your spending, especially if you are saving towards a house deposit or  someone who is often asking themselves, “Where did my pay check go? How did I spend it all so fast?”. Often, having access to information like this is enough to help you change some habits that might be holding you back from your long-term saving goals. 

3 – Every Dollar

Every Dollar is another great option for managing your budgeting and spending behaviour. With a strong focus on education for its users, Every Dollar aims to make you a better saver and more aware of your spending. By using Every Dollar, you will create a monthly budget to help you achieve your money goals. Users can also get access to Ramsey+, a subscription service that inducts you into the learn to save program, taking you through a series of ‘baby steps’ to become a better saver. Every Dollar will help you save $1000 for an emergency fund, save for your children’s student fees and pay off your home early. Every Dollar’s focus on educating ensures that you are better prepared with knowledge of how and why you should be budgeting.  

4 – Beem it 

Beem it is an app that lets you transfer money instantaneously with other account holders without having to disclose your bank account details. There is no transaction cost and is particularly useful when you’re out with friends and need to transfer money quickly. Most mobile banking apps allow you to transfer money and transfer times have dramatically dropped in recent years; however, Beem it gives you a secure and user-friendly experience that mobile banking apps simply don’t cater for. Beem it is a really convenient way to share funds in a private and prompt manner.

5 – Spendee

Spendee is a money managing app that puts your spending data into graphical form to help you create a budget. You can use spendee from your smartphone and computer which gives you great accessibility. Spendee is a low cost subscription service, with their highest tier of membership only $22.99 a year. Another great feature is the ability to sync multiple wallets to Spendee, including cryptocurrency wallets, to quickly analyse your finances more holistically. 

There are plenty of other apps that have widely differing functionality and user experience. Finance apps are becoming a friendly way to get better access and control over your money and app developers are innovating more apps all the time. If you are interested in finding more, contact us today.

 

 

 

DISCLAIMER: All care is taken in the preparation of the information and published materials. Life Beyond Numbers does not make any representations or give any warranties about its accuracy, reliability, completeness or suitability for any particular purpose; Views expressed are authors personal views, readers should seek professional advise before acting on it.

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