A calculator, pen and paper may be the traditional budgeting tools you need to jump-start your money-saving plans. But nowadays, you can put all that on your smartphone. And with many modern budgeting apps in Australia to choose from, you can do more than keep track of your expenses. Now the question is, which one should you download? Here’s a list of standout apps and their features to match your needs and activities.
1. Frollo
If you need to manage multiple bank accounts, credit cards, loans and investments, Frollo lets you sync over 100 institutions safely and for free. This way, you get to see your financial overview in one aesthetic interface. Currently, Frollo is one of the most advanced budgeting apps in Australia. It’s also the Money Management App of 2021. Here are its other features to help with your savings goals:
- Open banking. This one allows users to access near real-time Australian bank data.
- Savings challenge. Set a daily, weekly or monthly financial goal and see how much money you save.
- Frollo score. Get a score between 1 and 1000 to assess your financial position according to your debts, savings and spending habits.
- Monthly bill tracker. Now you won’t have to miss your water or power bill and pay unnecessary fees!
2. MoneyBrilliant
MoneyBrilliant takes syncing to another level by allowing its users to connect to nearly 500 financial institutions. Aside from managing your multiple accounts, the budget app can also automatically sort your transactions into categories.
Its budgeting feature also lets you set a budget and decide where your money should go. The user-friendly interface shows you when you are off-target, too. You can access these through its Basic Plan. But you will have to subscribe to its monthly or annual Premium Plan to get additional features like:
- Net worth. Place all your savings accounts, investment accounts, loans, properties and insurance in one personal finance app for a complete picture of your finances.
- Bill watch. Save money through automated analysis of your gas and electricity bills.
- Tax deduction. Find possible tax-deductible expenses according to your occupation.
- People like me. Compare your income and expenses to others with the same net worth, age, occupation, location and more.
3. Pocketbook
It may not be as feature-packed as other budgeting apps, but you may find Pocketbook’s easy-to-use and straightforward system appealing. Plus, it’s free. With this on your smartphone, you can link your accounts from over 30 banking providers to get a comprehensive view of your finances.
Like other budget planners online, Pocketbook lets you create and monitor your budget goal, track bills and spending, and receive timely alerts. These helpful features will surely make budgeting stress-free and motivating:
- Unified transaction view. Track your spending limit by allocating values to categories like groceries, transport and health.
- Upcoming bills. Input all your bills, subscriptions and recurring payments, then get notifications ahead of time.
- Budget creator. Control your spending by setting an amount for a specific duration.
- Simplified interface. Make your money-saving goals less complicated with easy-to-read lists, graphs and summative assessments.
4. Goodbudget
Are you currently saving money using old-school labelled envelopes? I like this technique! But with the American-made Goodbudget app, you can do the same system sans the paper envelope. It is a modern version of the tried-and-tested method, only waste-free!
Using it is easy, too: put your virtual budget into envelopes, label (e.g., groceries, rent), then assign budget limits. It lacks the bank account linking feature like other budgeting apps, though. But it may be a good thing if you’re not keen on putting bank details online. It’s a paid app, too, but you can still enjoy most of its features under the basic plan. Here are a few more things you’ll like about it:
- Colourful pie charts. View your virtual envelopes in an easy-to-read graphic presentation.
- Share your budget. Are you saving with your partner? A premium version of the Goodbudget account lets you sync with other devices, so loved ones can help you save and stay on track.
- Big savings. Create a virtual envelope for a car, vacation, wedding and retirement. Then have the money to cover for them months in advance!
- Debt tracking. Free yourself from debt with online payoff progress monitoring.
5. WiseList
WiseList app creators probably had mums in mind while designing it! It may not let you manage your multiple bank accounts, but it can help you be a cost-efficient grocery shopper. Add this on your smartphone if you need to compare prices from major Australian grocery stores like Coles and Woolworths.
With this side-by-side price comparison, you get to save money from both in-store or online grocery shopping. You can also add your rewards cards to the app so you can use them at checkout. The WiseBill feature is also user-friendly. All you need is to take a photo of your bill, and the app should populate the details and send you alerts when it’s time to pay. Here are other things it can do:
- Watch list. Add grocery items to your list, then get alerts when they go on sale.
- WiseList recipe. Do you love cooking or meal planning? This feature lets you access thousands of recipes, add ingredients to your grocery list and share your recipes with others.
- Grocery delivery service.WiseList takes your shopping to the next level by letting you mix and match grocery store items with the best value. The app then forwards your list to a personal shopper to deliver the order to your doorstep.
Keep in mind that these budgeting apps constantly provide updates and new features. So, it’s best to do your research, too. Try to read reviews or ask actual users to get first-hand info. Also, go for free trial offers first to see whether a subscription is worth it.
Do you need more budgeting tips? This step-by-step guide for creating a family budget plan can also help you reach financial freedom!
