Managing personal expenses is something many people struggle with. Yet, there are a host of digital solutions in the marketplace to pull people out of the ‘pay cheque to pay cheque’ whirlpool.
Are you a spendaholic? We’ve pulled together some of the best apps for a financial intervention.
Being budget focused doesn’t only help you with the short or medium term goals like a new off-road bike or swanning around the Greek Islands, mid-year. Being financially fit has a huge bearing on your overall wellness. It can also put you in the right position for life-changing financial decisions like buying a house or investment property.
And it can all start with your smartphone.
Frollo offers tips for managing spending, but also has a community platform where users can share ideas, their challenges and their goals. Part of budgeting is self-resolve, which is where the online community of savers comes in handy. It provides peace of mind that it’s not just you sitting at home in your pyjamas, Saturday night, watching Seinfeld re-runs.
It also allows you to track tax-deductible expenses, has bank-level encryption, automatically categorises transactions and more. The ‘Frollo Score’ also gives you a ranking on how users are performing financially.
MoneyBrilliant connects with more than 200 financial institutions. One of its cool features is its ability to uncover tax deductible expenses based on your occupation. Journalists, for instance, can claim part of their pay-TV subscription as part of keeping up with current affairs.
It also has a feature that allows users to find utilities providers that offer products and rates that better suit their usage data. It’s a nifty little comparison tool that can be turned on and off.
Push notifications also alert users to when a bill is due for payment.
Moneytree promises to ‘get to the root’ of spending habits. Its AI automatically categorises and sorts transactions for users. Through time, date and place analytics, it’s able to uncover some of your bad spending habits.
The bottle of wine from the bottle-o next to the tram stop at 6pm every Thursday night? The 9.15am latte from the coffee shop in the foyer of your work building? IT ALL ADDS UP!
Pocketbook was one of the big contributors to Australia’s personal budgeting landscape.
It hosts the majority of savings features including activity feeds; spending charts by account and category; alerts for late bills, large bank fees and spending close to your limit; and auto categorisation of 80% of transactions in smart spending categories.
Tax Return by Pocketbook also enables customers to lodge with the ATO.
Claudia Hammond is the author of the book Mind Over Money. She’s a thought leader on the psychology of money. Splitting a table bill is one of the most common sparks of social grievances amongst friends. She says not to agree to sharing the bill until everyone has ordered. Only then do you know what you’re in for. If everyone agrees to splitting the bill equally at the start, them some people will order more generously. She says people also tend to round down in their favour.
Finch protects your budget during social outings. It allows you to add friends to a social event, track who has paid what for an upcoming group holiday and other expenses.
This app is very handy for tradies and anyone else who spends a lot of time on the road, stuffing their glovebox with receipts. Its smart scan technology allows users to take a picture of your receipt and categorise the expense. Super fast.
This works on the ‘envelope’ system whereby you put money away at the start of every month. This method helps you understand how much you’ve got left allocated to spend on groceries, entertainment or paying off debt.
Wally was originally limited to iOS but has since branched out to Android with Wally+. It’s a global app that aims to provide a ‘360 degree view on your money: what comes in, what goes out, what you have saved, what you have budgeted’. The basic model is free with add-ons costed.
It’s not designed as an app to help you save, BUT GETS YOU PREPARED FOR TAX TIME.
It allows you to understand your tax and super needs whether you’re an individual taxpayer, small business owner or trustee.
It has a deductions feature that allows you to collect your tax-time expenses in one place.
Most banks – and many second tier lenders – have developed apps to help their customers with their savings and spending patterns. It’s in their interests to have customers who are financially fit. They have good tips and tricks that link directly with your accounts, enabling you to track where and when money is going in and out.