4 fintechs that can help you tackle your finances
In the past, managing your budget was done with a pen, paper and good old fashioned calculator. Fast forward to 2021 and there’s an app for almost every kind of spender.
According to recent ING research, around 2.9 million Aussies say they are more financially prepared than ever for 2021, so why not join the club.
Getting on top of your finances doesn’t have to be difficult or even a chore, especially with the range of digital tools out there. So if you’re committed to creating your own financial success this year, we’ve jotted down some of our favourite apps and fintech platforms to get you started.
Buy Now Pay Later (BNPL)
Over the last couple of years, Buy Now Pay Later (BNPL) has taken the country by storm. In fact, according to recent Mozo research, around 30% of Aussies have a BNPL account.
A quick refresher: BNPL refers to a payment service that allows users to split purchases into installments and pay it back over time, interest-free. Some of the BNPL providers available in Australia are Afterpay, Zip and Klarna.
If used responsibly, Buy Now Pay Later services can be a great way to manage your cashflow, especially if you have to make an unexpected purchase. They might also be handy to have if you are paid on a fortnightly basis, as it can guarantee you won’t ever miss a payment.
One way to get a better understanding of where your money goes is to track your spending. But between mindless spending and unexpected costs it can be a difficult task. That’s why apps like Frollo do all the hard work for you.
Although the Frollo app came onto the financial scene only recently, it currently has over 120,000 users. The app even recently got an upgrade, and is now loaded with a range of cool features that give the average Aussie the upper hand when it comes to managing money. The Frollo app also picked up a 2021 Mozo Experts Choice Award in the Money Management App category.
With Frollo, users can set customisable and multiple budgets to best suit their spending needs, as well as provide a total overview of a user’s finances, from recent transactions to their super account and even any upcoming bills. Customers can also set and work toward financial goals, as the app tracks its progress.
The app uses the Consumer Data Right (CDR), which means that users can have access to their personal data and insights in no time. So if you are looking to reign in spending, having it laid out this way can give you a clear picture of where you can cut back, while keeping you motivated to kick your savings goals.
The one thing stopping many from reaching their financial goals is lingering debt. And depending on the size of your debt, finding the courage to start can be hard. The Wisr app syncs up with your debit or credit card and rounds up your everyday spending and automatically puts it toward your debt.
So for instance, let’s say you buy a coffee everyday for $3.80, the Wisr App rounds up the transaction to $4.00 and transfers the extra $0.20 to cut into your debt. In addition to your regular repayments, chipping away at your debt this way can help you reduce it faster.
Although the Wisr app does charge a $1.25 monthly transaction fee, due to the Covid-19 pandemic this fee has been waived until 31 March 2021.
Keeping on top of all your monthly expenses is no easy task, but what if we told you there was a way to never miss an upcoming payment again and better yet avoid being slapped with a late payment fee?
GetReminded is one of the latest fintechs to hit the market and is designed to remind you of any upcoming subscriptions or contract renewals. You can set reminders for a range of expenses like your car insurance, phone bill, software subscriptions or even birthday or anniversary reminders.
“Australians spend $3.9 billion every year on unused paid apps, subscription services and memberships,” said co-founder, Tim Nicholas.
“Now, as COVID restrictions slowly ease, consumers are using a combination of in-person and online services, however those charges add up and without physical bills or regular reminders the subscriptions can be forgotten.
Want to find out what other fintechs are out there? Then make your next stop our fintech hub!