Money Manager App Australia
Money Manager App Australia – Want your money to go further? Here you’ll find some of the most popular budgeting programs and apps available today.
As many Australians struggle with the burden of inflation, cost of living pressures and rising interest rates, there are a number of ways you can save, including refinancing your home loan to a lower interest rate, choosing a used car over a new one, breaking credit card interest and more. It sounds simple enough, but in reality it can be difficult to identify where you can spend less money and find practical ways to improve them.
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Once upon a time, people checked their bills on Sunday evening and wrote down all their spending. With the rise of personal computers, digital spreadsheets became the starting point to this day.
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Today, personal finance apps have become the new norm for Aussies looking to budget and save thousands, available from either Apple’s App Store on iOS or the Google Play Store.
Sure, you might still want to get budgeting tips from TikTok, but ultimately if you want to use these apps, your phone, and your money, in no particular order, here are some of the most popular budgeting apps out there Australians.
All of these apps offer varying levels of functionality – either syncing with your bank accounts or requiring a slightly more manual approach. Whether or not manual reconciliation is required automatically, the goal is simply to provide a concrete breakdown of your monthly spending so you can decide how and where to cut back.
Formerly known as ‘Acorns Australia’, Raiz is an ami-investment app that allows users to invest in a portfolio of ETFs (Exchange Traded Funds) through reserve ‘pools’, recurring investments, rewards and lump sum deposits.
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Although primarily an investment app, it also has features that are useful for saving. Not only can you use the micro-investing or recurring deposit features as an investment saving tool, but it also has a free “My Finances” feature in the app that gives you personalized insight into your spending. This feature can categorize your spending into things like food or utilities and break it down by month.
MoneyBrilliant connects with over 200 financial institutions across Australia and matches your spending to categories. It also includes the ability to sync ALL of your money in the app, including annuity and investment portfolios. MoneyBrilliant also has a tax deductions feature that finds tax-deductible expenses based on your occupation.
MoneyBrilliant offers a great depth of features and it’s not free – it costs $9.90 per month after a 30-day trial. But that didn’t stop it from being downloaded over 50,000 times from Google Play and earning a 4.5 star rating in the Apple App Store based on over 3,000 reviews.
Frollois is similar to MoneyBrilliant, but differs in its ability to use open banking. Frollo offers free secure synchronization of your bank accounts, credit cards, loans, annuities and investments into an interface that allows you to monitor your spending. Frollo also lets you take on daily, weekly and monthly challenges to try and save money.
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In 2019, Frollo released its ‘Frollo Score’ feature, which gives users a score from 1 to 1000 that tells them how they are doing financially based on their spending habits, debts and the amount they owe. n save. Frollo recently launched a financial passport feature powered by open banking to provide an easy-to-understand overview of income, expenses, assets and liabilities for the past twelve months. Frollo users can use the financial passport feature to better understand their financial situation and borrowing power, or share it with their broker via PDF to facilitate a conversation about their financial future.
While spending tracking apps delve into the smallest details of every penny you spend, these budgeting apps can give you a broader view of your financial situation.
Below it is also the American app Goodbudget, which bills itself as a “budget tracker for the modern age” but uses an old-fashioned “envelope”; saving mode: set limits on certain categories of spending and this limits you to spending only what you have.
For example, you can set monthly limits for groceries, coffee, shopping, etc. To make budgeting a little sexier, Goodbudget presents all your spending in cool pie charts and, of course, links to your bank accounts.
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Globally, this app has over a million downloads and has a 4.4 star rating from over 18,000 user reviews. This is a paid app, but the free version still allows you to use up to 10 “envelopes”.
GetReminded is a new free mobile app that claims it can help households save thousands a year by reminding them when contracts and household bills such as utility bills, car insurance and registration and subscriptions are due. As David Wareing, co-founder of GetReminded, said earlier, it can also show you a cheaper policy.
“[The hints] are non-binding, but they’re really there to help consumers start the shopping process and not leave everything to the last minute,” she said.
Recently launched, WeMoney has already achieved over 30,000 downloads as of September 2020, and with an average app store rating of 4.4, it’s already shaping up to be one of the fastest-growing top financial apps in 2021. It is a smart money app that allows users to get a complete picture of their overall financial health by connecting all of a person’s financial accounts into one convenient place, such as:
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WeMoney is also a free app to use, doesn’t sell your information to third parties, and comes with fingerprint, FaceID, and PIN login.
So far, many of these apps have been pretty similar, with their main point being to coordinate with your bank and categorize your spending. Here are some popular mobile apps that can help you save in slightly different ways.
If you love to shop online, ShopBack can help you save money with cashback offers at over 500 stores. Using the mobile or web app gives you access to the latest coupon codes and offers from popular brands such as Woolworths, eBay, The Iconic, Uber Eats and more. It is important to note that in order to receive a refund through ShopBack, customers must use the ShopBack app or website to make a purchase.
Rivaling ShopBack is Cash, helping Australians save at more than 2,000 stores across the country. As with ShopBack, shoppers can get cash back using the mobile or web app, which gives you access to the latest coupon codes and offers from popular brands such as Myer, The Iconic, Uber Eats and more. Once the seller approves your cashback, Cashback will pay it directly to your cashback account, which can then be transferred to your bank account.
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As grocery bills rise due to falling inflation, Frugl Grocery gives users access to product availability and pricing information to save money and time on their weekly grocery shopping. Frugl Foods regularly updates the best prices from grocers with weekly updates. It even checks the catalogs for you so you can save more on the products you buy from the stores with the best prices. Are you allergic to nuts, gluten or lactose intolerant? Frugl users can set which allergens they should avoid in the app. Advanced users can also set recommended dietary intake levels for products, with certain products being filtered out during the search.
Australia has certainly struggled with rising petrol prices in 2022, but the fuel map takes the guesswork out of finding cheap fuel in a location near you. Fuel Map is a crowd sourced database of petrol stations and fuel prices from across Australia. All station information is added and edited by users in real time. You can also add current fuel prices, which you can then share with other fuel map users. Fuel Map also includes a handy fuel log so you can keep track of your fuel purchases and your vehicle’s fuel consumption.
Depending on the bank you use, you may not need any of these apps at all. More and more banks are choosing to keep up with the times and offer their own budgeting and savings apps to better integrate their product portfolios. ANZ recently launched a new budgeting app with bank account integration called ANZ Plus, while CommBank launched “Cheddar”, a challenger to shoppers like ShopBack and Cashrewards.
A common feature that financial institutions are now rolling out is a ’rounding’ feature that can round all debit card transactions to the nearest dollar and direct those ’roundings’ to your account. This type of passive saving can really get you going without even realizing it.
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While these apps won’t work for everyone, take the time to download them to your phone and familiarize yourself with the interface to decide if they will ultimately help you reach your budgeting and savings goals. A simple transfer can completely change your money habits.
Jacob Cocciolone joined the team in 2021 as a Finance journalist. Driven by his passion for providing Australians with the latest financial news and trends, his areas of interest include financial technology,