The 5 Best Budgeting Apps

Technology is a large part of our lives, and nowadays, it seems like there really is a mobile app for everything. From cooking recipes to simulation electric shavers (no, really!), it seems that there’s a never-ending stream of ways to keep yourself entertained at the touch of a button.

While some apps are admittedly more fun than functional, there are many others that can provide benefits at our fingertips. A budgeting app is no exception. If you’re looking to find ways to monitor your spending habits, become more conscious of your expenses, or help you save money (or all three), then you may want to consider looking into a finance app.

Why should you use personal finance budgeting apps?                                                        

From time to time, some of us may need a little assistance when it comes to our spending decisions. But there’s no need to employ a part-time accountant to help you monitor where your money goes each month. Instead, sometimes all you need is a personal finance budgeting app to help you stay on track. There are many reasons why so many Australians rely on a budgeting app to help manage their funds. Just a few are listed below:

You’ll be able to track unconscious spending: In an era where contactless payment rules supreme, it’s all too easy to use your credit card or set up automatic billing when making a purchase. Having a budgeting app can help you pay attention to every dollar you spend. All you need to do is set aside a few minutes a day to identify trends, see wastage, and even pay attention to purchases that aren’t aligned with your priorities.

You may feel less anxious about money: A 2019 study by Mortgage Choice and CoreData showed that more than 50% of Australians are stressed about their finances. By facing your financial fears and taking control of your spending, you can help alleviate those feelings of anxiety where money is concerned.

You’ll be able to set stronger financial goals: Saving up to buy a new bag or even planning on retiring early? Whether your goals are short-term or long-term, having a budgeting app can help you establish how much you’ll need to save each week (or month) in order to help you reach your target.

Discover some of the best ways to finance with these 5 apps

While your Year 10 Math teacher might have told you that you won’t always be able to carry a calculator, we beg to differ: these 5 easy-to-use budgeting apps will fit right in your back pocket. Available through Google Play and the Apple App store here’s, some easy ways to develop smart money skills.

  1. Pocketbook

Self-described as the ‘personal assistant for your money,’ it is little wonder why Pocketbook is a favourite among many Australians looking to monitor their expenses. Its defining feature is automatic syncing, which allows you to integrate with your bank account to provide a holistic view of your spending – no more manually entering in all your transactions. It even categorises said transactions (think ‘home’, ‘business,’ ‘clothing’), making it easier for you to see where you’re spending. Perfect for the technologically challenged through to experts, Pocketbook really is ideal for anyone looking to adjust their spending habits for the better.

  1. MoneyBrilliant

 

With a budgeting tool that’s automatically based on your previous spending and an automated record of your potential occupation-specific tax deductions, MoneyBrilliant really is that brilliant. Similar to Pocketbook, this app categorises your transactions into groups and also connects to your bank account. You can even connect your loans, superannuation, credit cards and more. If you’re a bit absent-minded when it comes to your utility bills, MoneyBrilliant has you covered with Bill Watch, so you’ll never miss a payment again.

 

  1. Spendee

    If you’re a bit of a traveller, then Spendee is the best app for you. This particular app operates in multiple currencies, and you can easily switch between them at the touch of a button. Its best feature lies in its colourful, easy-to-understand graphics, and ability to categorise your spending with pictures and location. Spendee is accommodating for multiple users, so if you have a roommate or you’re half of a couple, you can track your shared expenses with a ‘shared wallet’ feature.

  2. Moneytree

Super savvy and simplified, Moneytree comes with an easy-to-navigate dashboard that offers a clear summary of your spending activity. Not only does it sync with your bank account and bills, but this app will tell you when you have payments due. You’ll even have tools to help you save towards an important goal that you have set up. One standout feature of Moneytree is that it is able to access your loyalty programs, such as MYER One or Flybuys. It will keep track of how many points you’ve accumulated, as well as send you alerts when your points are about to expire.

 

  1. ATO

Of course, this list wouldn’t be complete without our very own Australian Taxation Office app. Used in conjunction with any of the aforementioned apps listed, it’s a great way to lodge and track your tax return. You can even record your tax deductions relevant to your occupation, such as car trips, stationery, and other expenditures. Arguably, everyone’s least favourite time of the year could soon be a date to look forward to with the effortless ability to upload data from the app to the ATO.

Being more conscious of your spending is one of the first steps you can take towards releasing any financial anxiety that you may be holding onto. Plus, you’ll have more foresight when it comes to budgeting and setting monetary goals for yourself.

Saving for a home? Don’t forget to protect your most important assets with home and content insurance from CCI Personal Insurance. For more information, please contact us on 1800 107 603.