When it comes to budgeting, keeping tabs on every cent that passes through your bank account can be a real hassle, which is why Australians searching for a simpler solution will be pleased to know that the winner of the 2018 Mozo Experts Choice Award for best Money Management App has just been announced.
Pocketbook took out the inaugural award after coming out on top of a field of eight other money management apps - a shortlist compiled following an extensive preliminary search conducted by the Mozo Experts.
Because Mozo Experts Choice Awards are only awarded to the top 10% of products in each category, Pocketbook could be the only winner from the shortlist - beating out a number of paid and subscription-based apps in doing so.
“Pocketbook performed consistently well across the board and really impressed when it came to being able to automatically categorise expenses, set bill reminders and provide smart budgeting tools,” said Mozo Data Services Director, AJ Duncanson.
“It also stood out in providing these features as a free service - features you would expect to have to pay for with other applications.”
What is a money management app?
Put simply, a money management app gives users the ability to track and view their spending all in one application, with the ultimate goal of creating a broader financial picture which consumers can use to improve their budgets and save money.
Australians are increasingly using their smartphones for everyday banking tasks such as checking their balances, making payments and even investing, so it makes sense that many are also looking to their phones to sort out their finances.
“One of the most useful ways to help manage your finance is to track what you’re actually spending,” said Duncanson.
“That’s why the Mozo Experts wanted to find the best apps that could plug into accounts from more than one bank to help Australians see what they are spending, categorise it, and send out alerts to help stop overspending.”
What made the eight shortlisted apps stand out?
In order to have been eligible for the initial shortlist, contenders needed to meet a number of criteria including offering a phone-based app, the ability to connect to Australian bank accounts and the capacity for users to categorise their transactions and use tools to help manage their budgets.
“There are a lot of money management apps out there, but many can’t automatically take your transaction history directly from your bank and auto-categorise it in a way that’s easy for you view and digest,” said Duncanson.
Aside from Pocketbook, MoneyBrilliant (both the free and paid versions) performed well when it came to usability and functionality, and could also offer an alternative if Pocketbook doesn’t link to one of your banks.
- MoneySoft for individuals
Think you could use a money management app to help tidy up your own finances? Find a bank account which lets you link to your app of choice over at the Mozo bank account comparison hub, or if you’re just in the market for an account upgrade check out all the recent Mozo Experts Choice Bank Account winners today.