The 5 best money management apps
Let’s face it: managing your money can often be a long, arduous and often painful process.
We’ve done the leg work for you though and researched the best money management apps currently on the market and in Australia.
While there are probably better apps out there, like Mint which is basically the Harry Houdini of money management (as in, it’ll show you money you didn’t know you had!) sadly, its not yet available here.
However, don’t fret. Australia has plenty to offer when it comes to money management apps; from ones that send your bill notices to splitting restaurant or holiday expenses between friends, each of these five apps are sure to come in handy.
1. Pocketbook
How it works:
There’s a reason why this app gets such a high rating on both iOs and Android operating systems — it very simply syncs all of your bank accounts, credit cards and loans — putting an end to the time-intensive process of manually logging expenses and bills.
The app will automatically categorise and tag at least 80 per cent of all transactions so you can see exactly where your money is going.
Locally developed, the app currently supports 15 Australian banks, including the big ones.
It will also automatically detect bill payments and send you a notification; meaning you’ll never pay another late fee.
One of its best features is the fact that you can take pictures of receipts, bills and invoices to input cash transactions.
It also has a“Safely Spend” feature that will tell you how much fun money you have after the bills are covered; complete with alerts that let you know whether you’re on track to meet your saving goals for the month.
Pretty groovy for something that is probably smaller than your actual pocketbook.
Cost: Free
2. ASIC’s TrackMy Spend
How it works:
ASIC developed this for MoneySmart so you’ve gotta have faith it’s a good one.
This user-friendly app can help you reign in your spending by showing you how you may be pouring money down the drain without realising it.
It allows you to track your actual spending against a budget or salary or, against a spending period or pay period.
Like the name suggests, Splitwise splits things for you, taking all the “fun” out of the painstaking process of splitting bills between friends and family.
It’s great for calculating costs for group holidays or a big night out at a restaurant.
You can also view your balances, track spending trends and set up reminders for bills.
Cost: Free
4. ATO app
How it works:
The ATO trying to help you may seem far fetched, but believe it or not, they’ve developed their own app which puts tax and super help right in the palm of your hand.
Perfect for self managed superfund trustees, individual tax payers and small business owners, it will give you access to all of the ATO’s online services.
Plus you can lodge and track your income tax return, record and manage tax deductions and work out key tax dates.
Cost: Free
5. Acorns AU
How it works:
Touted as the app that’ll turn your spare change into investment, Acorns AU links with your bank account and credit cards before rounding up daily purchases and automatically investing the “change” into a diversified portfolio of ETFs.
It’s an easy entry into the stock market for novices, basically as it removes traditional entry barriers like high fees and buy in prices.
Cost: Free to download but will cost $15/year is your portfolio is worth less than $5000 or 0.275% if it’s worth more than that.
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.
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