Then, it’s time to upgrade and start using budgeting apps.
We have curated a list of the seven best budgeting and savings apps that will help you take control of your finances and save for the future.
Best Budgeting Apps for Australians
When it comes to managing finances and sticking to a budget, Australians can turn to various budgeting apps to help stay on track with their financial goals.
These apps can make it easier to have a clear view of your income, expenses, savings, and even debts. Let’s take a look at some of the best budgeting apps available to Australians: Frollo and Beem.
1. Frollo
Frollo is a free Australian budgeting app that helps users get a complete view of their finances by connecting all their financial accounts. This includes bank accounts, credit cards, loans, and even investment portfolios.
With Frollo, users can track their transactions, create monthly budgets, and monitor their progress towards achieving financial goals. Additionally, the app provides personalized money tips and notifications to help users make smarter financial decisions.
Available for both iOS and Android users, Frollo offers features like bill tracking, automatic transaction categorization, and the creation of up to 12 different budgets.
The app also uses 256-bit encryption to ensure the security of your financial data. By providing a birds-eye view of your financial situation, Frollo can effectively help Australians manage their money and work towards financial stability.
2. Beem
Beem is a free instant payment app designed for Australians to easily track and split shared bills or group expenses. This handy app supports BPAY, making it simple to pay bills directly from the app.
Beem is available on both iOS and Android devices, with an impressive rating of 4.9 on the App Store and 4.5 on Google Play.
Not only can you easily split bills with friends using Beem, but you also get the added bonus of shopping rewards. If you’re looking to avoid the hassle of keeping track of split bills manually, Beem’s user-friendly interface and helpful features make it a top choice among budgeting apps in Australia.
3. Spriggy
Spriggy is a unique money management app designed for families, focusing on financial literacy for kids. This app allows parents to set savings goals and track spending habits, while also providing kids with a way to learn about money management.
Spriggy enables parents to load cash onto a debit card for their child, simplifying allowances and teaching kids about responsible spending.
Available on iOS and Android platforms, Spriggy promotes healthy financial habits for younger Australians. By teaching kids about money management early on, this app fosters a strong foundation for financial success in the future.
If you’re a parent looking to educate your children about money and budgeting, Spriggy is a top choice in the Australian market.
4. Finspo
Finspo is an Australian budgeting app that focuses on helping users understand and reduce their banking costs. By shining a spotlight on the fees and interest rates associated with your accounts,
Finspo aims to save you money and potentially make better financial decisions.
Users can connect their various accounts from different Australian banking providers and access personalized insights on where they can save on costs.
The app covers a range of financial products, including bank accounts, credit cards, and loans. Finspo is a convenient tool for those who want to find out more about their banking costs and consider alternative options.
Secured with 256-bit encryption and available for both iOS and Android users, Finspo offers a comprehensive financial overview and suggestions on how to save money by optimizing banking fees and interest rates.
Keep in mind that Finspo is not a financial advisor, but rather a tool for better understanding your current financial situation.
5. Flux
Flux is an innovative budgeting app that goes beyond simple expense tracking, focusing on helping users improve their credit health by providing insights into what’s affecting their credit scores.
Compatible with iOS and Android devices, Flux allows users to find out and keep track of their credit scores and receive personalized insights on how to improve their financial situation.
By connecting with your financial accounts, Flux can analyze your spending habits, bill payments, and credit history to identify key factors impacting your credit score.
Through personalized recommendations, the app assists users in taking the necessary steps to improve their overall credit health. This can be particularly useful for those planning on applying for a loan or a mortgage in the future.
In addition to credit score tracking, Flux also offers bill management features to help users stay on top of their financial obligations.
With Flux, managing your finances becomes an easier task, while the focus on credit health puts you at an advantage when making future financial decisions.
When choosing a budgeting app, make sure to prioritize features, fees, and security to find the perfect fit for your financial situation.
With the right app, managing your money and achieving financial goals will be more accessible than ever.
6. WiseList
WiseList is a fantastic money-saving app designed specifically for grocery shopping in Australia. This app allows users to create grocery lists while comparing item prices across major supermarkets such as Coles and Woolworths.
Users can set alerts for specific items or deals, ensuring they get the best prices for their must-have items. Additionally, WiseList provides a bill management feature that helps users track their household utility bills and find ways to save on everyday expenses.
The WiseList app is available for both Android and iOS users.
7. WeMoney
WeMoney is an all-in-one financial management app that empowers users to take control of their financial life.
Offering a ‘360-degree view’ of your finances, WeMoney allows users to connect various accounts, such as savings, loans, credit cards, super, buy now pay later, investment and cryptocurrency accounts. This comprehensive solution provides automatic transaction tracking and categorization, as well as customizable budgeting tools and goal setting features.
Additionally, WeMoney offers users access to their credit score, with monthly updates to track their credit health.
This invaluable feature can help users improve their score by understanding the factors affecting it and making better financial decisions. WeMoney is available for both iOS and Android platforms, offering a free version with bill tracking, subscription management, and savings goal functionality. For those looking for a more advanced experience, WeMoney Pro is available for $9.99/month, boasting additional features and insights.
8. Buddy
Buddy is a Swedish budgeting app that allows you to create budgets and track your expenses with ease. It offers creative customization, group budgeting, and automated transaction tracking, helping users gain control of their finances.
With a free version and a $4.99/month Buddy Premium version, this app aims to cater to various users’ needs for an efficient budgeting tool. It provides a convenient and user-friendly interface, making it easy for anyone to pick up and start using it immediately.
By connecting your bank accounts and syncing your transaction data, Buddy simplifies the process of monitoring and managing your finances. It allows you to create up to 12 different budgets and track expenses within each budget category.
Additionally, its group budgeting feature makes it convenient for shared households or friends to manage their combined expenses together.
On top of its budgeting functionalities, Buddy also emphasizes data security by employing 256-bit encryption, ensuring that your financial information is always protected. Furthermore, it is available on both iOS and Android platforms, providing users with easy access no matter which device they prefer to use.
Download: iOS
9. Goodbudget
Goodbudget is another useful budgeting app available for Australian users. Built around the envelope budgeting method, it helps you allocate your income to specific spending categories and track your expenses for each category.
This app provides a simple and effective way to manage your finances while sticking to your budget goals. A free version is available, along with a $8/month or $70/year Plus version that offers extended capabilities.
One of the unique features of Goodbudget is its educational resources. The app offers online workshops, budget bootcamp webinars, and informative blog posts that teach users how to effectively manage their finances and stick to their budget plans. This makes the app particularly suitable for beginners or those who want to improve their financial literacy.
In addition to its budgeting features, Goodbudget allows users to connect their bank accounts to the app, enabling automatic transaction tracking and categorization. Moreover, the app is available on both iOS and Android devices, as well as a web version for desktop users.
Overall, Goodbudget is a well-rounded budgeting app that caters to a wide range of users, from those who prefer the traditional envelope budgeting method to anyone interested in improving their financial management skills and knowledge.
Features to Look for When Choosing a Budgeting App
With numerous budgeting apps available in Australia, it can be difficult to choose the right one for your needs. Here are some key features to look for when selecting a budgeting app:
- Account Sync: Budgeting apps that sync with your bank accounts automatically update your expenses and revenues in real-time, providing a more accurate view of your financial situation.
- Security: Look for apps that ensure the security of your financial information through encryption and multi-factor authentication.
- Interface: User-friendly interfaces make for a better experience when managing your finances. Make sure the app is easy to understand and navigate.
- Customization: Look for an app that allows you to customize budget categories, goals, and alerts to truly tailor the app to your unique financial situation.
- Reports & Analysis: Comprehensive reporting options can help you better understand your spending habits and identify areas for improvement.
- Goal Tracking: A good budgeting app should provide goal tracking to help you stay on track with your financial goals.
- Customer Support: Access to customer support services can help resolve any issues or answer questions quickly and efficiently.
- Price: Finally, determine if the app’s pricing structure aligns with your budget and decide whether a free or paid version suits your needs best.
By considering these features when evaluating budgeting apps, you’ll be better equipped to find the right tool to help you achieve your financial goals and maintain control over your finances in Australia.
Manual Budgeting vs. App-Based Budgeting
When it comes to managing finances, Australians have the choice between manual budgeting methods and app-based budgeting.
Manual budgeting involves pen and paper or using spreadsheet programs, while app-based budgeting involves using an array of budgeting apps catering to different needs. Inflation in Australia has made it all the more critical for Australians to track their expenses and maintain effective budgets.
The major advantage of app-based budgeting is the convenience and automatic tracking of expenses.
Many of these apps, such as YNAB (You Need A Budget), WeMoney, and PocketSmith, allow users to connect their bank accounts for seamless tracking and categorization of transactions. Access to real-time data, automated categorization, and the ability to track your progress towards financial goals make app-based budgeting an attractive option for many Australians.
Manual budgeting, on the other hand, gives users full control over their budgeting as they decide on how to categorize their expenses and review their spending habits.
Tools like pen and paper or spreadsheet programs enable custom budget categories, allowing individuals to tailor their budget plans according to their unique financial situations. Most app-based budgeting tools also provide the option of creating custom categories, but manual methods offer more flexibility and control overall.
While app-based budgeting may provide more advanced features and automation, Australians need to consider the level of security encryption of budgeting apps and the customer service options available.
For instance, some financial apps use bank-grade end-to-end 256-bit encryption, ensuring that users’ data is protected at all times. Reputable budget tracker apps like Canstar’s free budgeting app and WeMoney ensure that users’ financial information is secure and protected.
Ultimately, choosing between manual budgeting and app-based budgeting depends on individual preferences, needs, and comfort levels concerning privacy and security.
It’s essential for Australians to do their research, explore the features, fees, and reviews of various budgeting apps, and choose the most suitable method for them to achieve financial success.
