The seven budget and savings apps every Aussie needs

The seven budget and savings apps every Aussie needs

Imagine a budgeting tool so good that it fits snuggly in your front pocket. That’s right, the calculator is a wonderful device, but in case you’d like something that offers a bit more when it comes to helping you budget, track your expenses or even save money here’s a list of the best budget and savings apps for your smartphone in Australia.

1. TrackMySPEND

The easy-to-use ASIC (Australian Securities and Investments Commission) expense tracking app is a great launching pad for anyone who wants to get their budget on track, or even start their very first budget! Simply set up your spending cycle and spending limit, then you’ll be ready to add new expenses on the go with a name (e.g. morning coffee), amount (e.g. $4) and category (e.g. eating out).

track-my-spend-app-preview

Features

  • Add ‘favourites’ for any regular or recurring expenses.
  • View expenses against your income with the handy tracking bar.
  • Use TrackMySpend offline and across multiple devices.
  • Sync your TrackMySpend data with a MoneySmart account, or export it to your email.

Cost: Free
Available through: The Apple and Android stores

2. Pocketbook

If TrackMySPEND is the tricycle of budgeting apps then Pocketbook is a top of the line mountain bike with all the bells and whistles. The key difference is that instead of manually entering your expenses, Pocketbook syncs to your bank account to give you a complete view of your spending, and I mean complete. Pocketbook describes itself as the personal assistant for your money, and that’s exactly what it does – categorising your transactions and giving you a full breakdown of your spending so you can find the places to trim and save for your budget!

Features

  • Automatically categorises the majority of your transactions.
  • Integrates your bank accounts, credit cards and loans.
  • Comprehensive FAQ for beginners.
  • Encrypts all of your information for security.

Cost: Free
Available through: The Apple and Android stores

3. ATO

The Australian Taxation Office’s all inclusive app is a great tool for, wait for it, all things tax related. Anyone can use it for lodging and tracking their tax return, while the handy expense and deduction tracker is a great tool for employees and business owners on the go.

Features

  • Use the app to lodge and track your tax return.
  • Record and track your deductions such as car trips and other expenses.
  • Access a number of ATO tools and calculators.
  • Upload data easily from the app to the ATO.

Cost: Free
Available through: The Apple and Android stores

4. Splitwise

Have you ever been out to dinner with friends and gone to pay the bill only to realise a) nobody has any cash and b) there’s a ‘no split bills’ sign above the counter? Bam, enter Splitwise. The app actually makes it easy to divide bills and other costs between friends, housemates or even your partner (if you’re brave), by keeping an up to date record of who owes what to whom.

splitwise-app-preview

Features

  • Create multiple groups with different friends and housemates.
  • Add additional pictures and notes to your bills.
  • Register whether you’ve paid your share of a bill by cash or electronic transfer.
  • Receive notifications when an expense is created or updated.

Cost: Free
Available through: The Apple and Android stores

5. Expensify

Does the thought of business expenses or dealing with a big pile of receipts leave you in a cold sweat? Hopefully not, but if it does Expensify is a nifty way to track and log work expenses and liaise with your office while you’re on the job away from home.

Features

  • Scan receipts instead of entering them manually.
  • Automatically reconcile credit card statements to avoid manually matching transactions.
  • Log car mileage on the go with the inbuilt GPS.
  • Send reports back to headquarters.

Cost: While Expensify isn’t free you will be able to access a 30 day free trial. If you love it there are three pricing options depending on your situation: the $7 per month (per user) ‘team’ policy, the $12 per month (per user) ‘corporate’ policy, and the custom-priced ‘enterprise’ policy (1000+ users).
Available through: The Apple and Android stores

6. Acorns

One of history’s most successful savings measures is the good old change jar – benefactor of the daily coffee run. While the change jar will always have a place in our lives (and hearts) for as long as physical cash is a thing, what if I told you there was a change jar for your phone which can actually grow over time… While Acorn is technically an investing app, its main benefit is the fact that the transactions are so small that you won’t even notice them. Acorn works by rounding up your debit or credit card transactions to the nearest dollar. For example, if you spend $7.50 on a coffee and muffin at your local cafe Acorns takes that $0.50 and deposits it into the portfolio of your choice.

Features

  • Choose different investment levels depending on your risk.
  • Good for anyone that frequently uses their credit or debit cards, but otherwise the $2.50 per month account fee is not really worth the risk.
  • Personal data secured by encryption and multi-level authentication.

Cost: While the app itself is free, having an account with Acorns (which is essential) is not. There are two different levels depending on the amount you have invested: $1.25 per month for accounts with a balance under $5,000 or 0.275% per year for accounts over $5,000.
Available through: The Apple and Android stores

7. TrackMyGOALS by ASIC

One of the most difficult parts of budgeting or saving money is that nagging question – why? (Especially when takeaway is so tempting and delicious). That’s where the TrackMyGoals app from ASIC comes in – to give you the motivation you need to budget and save for that trip of a lifetime to the Big Banana. Simply add a goal, a date and the cost and you’re ready to go.

track-my-goals-app-preview

Features

  • View the history of your savings and a timeline of your goals.
  • Break down your goals and tackle them based on your pay cycle with weekly, fortnightly or monthly savings targets.
  • Add pictures and colour code each goal.

Cost: Free
Available through: The Apple and Android stores

 

The seven budget and savings apps every Aussie needs was last modified: May 3, 2017 by Tom Watson

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