If you’re looking for a way to start taking control of your finances – your phone could have all the answers you need. Budgeting and saving apps have become a staple in most people’s lives thanks to the innovation of saving, tracking and budgeting systems.
Saving money and sticking to your budget can be tricky – and time-consuming. But like most things – there’s an app for it.
These apps have two main categories – spending trackers and budgeting tools. We’ve compiled a list of options that might suit your lifestyle and needs – but it takes time to find a method that works for you, so take your time and do your research before committing to anything. If you’re unsure – get in contact for more information on allocating your time to budgeting and tracking your income.
Spending Trackers
Pocketbook
Cost: Free
Available: Android & iOS
Compatible with most Australian banks – Pocketbook has deemed itself the personal assistant you need for your money. Once you sync it to your banking app, it offers a full breakdown of all your spending – through categorising transactions. These may include groceries, entertainment, bills and more – you can manually categorise any ‘unclassified’ transactions, and Pocketbook will place this type of spending under your custom category. You can then see where the majority of your spending is happening and cut down any unnecessary costs so you can work within your allotted budget.
You can set a ‘safe spending’ limit that will alert you once you have gone over and alarm you when you have any incoming bills. You may also add your other bank accounts, any credit cards you have, personal/home loans, and savings to track everything under one app.
MoneyBrilliant
Cost: Free plan available – or $99 for a yearly premium plan
Available: Android & iOS
New users of MoneyBrilliant will be given a 30-day-free premium trial to get the most out of the app before committing to a plan. It works similar to Pocketbook, but it is connected to more financial institutions and allows you to connect more accounts in one place. Add your investment portfolio, superannuation, credit and loans alongside your everyday spending accounts.
Premium features include sorting expenses into tax-deduction categories and net worth breakdowns. Like Pocketbook, it categorises your costs and allows you to create budgets and alert you on any upcoming bills. Both apps allow you to see a breakdown and review your spending per week, month or quarter.
Frollo
Cost: Free
Available: Android & iOS
Using the same security as banking apps – Frollo is becoming the new alternative for those worried about using finance apps on their phones. Based in Sydney – the app synchronises your bank accounts, credit cards, loans, superannuation and investments under one system to see a complete overview of your finances.
You can create saving challenges within the app to test your ability to stay on track – and be scored by the ‘Frollo Score’ function that gives you a rating from 1 to 1000 on your efforts. This score can help guide you on how you’re doing financially – and determine if you need a professional to step in and help out.
It is in the same vein as MoneyBrilliant and Pocketbook – but with a competitive addition, it challenges you to stay on track with your financial goals. It has the same budgeting, set/tracking purposes, automatic categorising, bill tracking and insights that the other two tracking apps include. It was named the best Money Management App in the 2021 & 2022 Mozo Experts Choice Awards for Bank Accounts and Savings.
Budgeting
GetReminded
Cost: Free
Available: Android & iOS
GetReminded is a newer app that claims it helps households save by reminding them of upcoming contracts and bills (utility, car insurance & registration, subscriptions etc.). It can also help you compare and find policies that fit your lifestyle better than your current ones.
By helping you pay bills on time, showing the annual cost summary of your household spending and providing cheaper recommendations, GetRedminded is helping Australians track and budget their household spending most cost-effectively.
WeMoney
Cost: Free
Available: Android & iOS
This ‘smart money’ app allows users to gain an insight into their financial health by connecting all financial accounts. These accounts include – savings/spending accounts, credit cards and other money debt, home & personal loans, share trading accounts and superannuation.
You can also track your net worth using WeMoney by looking at your credit score, creating budgets, being on top of your upcoming bills and connecting with other uses in the community function to receive tips. Having secure logins like PIN, fingerprint and FaceID, you can ensure that no one is getting into your account.
There is a wide selection of budgeting and tracking apps available for Australian users – it’s essential to do your research before deciding if any of these apps are suitable for your circumstances. Life Beyond Numbers is not making any recommendations about any specific app. Speak to your bank before allowing any third-party apps to use your personal bank information, and speak with us today if you want more information!
