App-y new year: Keeping financial resolutions on track

Mozo’s top four fintech tips to help keep your financial resolutions on track

1 February 2022

If you’re looking to keep your personal finances on track in 2022, Mozo has come up with four fintech tips that can help you budget, save, track expenses and tap into decent deals on your purchases. 

“Sticking to financial resolutions can be tricky but with open banking making our financial information more accessible than ever before, a number of fintech apps can help you unlock the possible savings and track your expenses,” says Tom Godfrey, Mozo spokesperson.

Mozo’s Top Four New Year’s Fintech Tips

1. Put your budgeting on autopilot with the help of a money management app

Money management apps such as Frollo can be a great way to track your expenses and curb overspending. The apps allow you to link your bank accounts on one platform so you see your transactions and categorise your spending.

2. Take advantage of banking roundup features which can help you save as you spend

One way to help ensure you start building savings can be to sign up for a round up app. Apps such as Raiz and Pocket and banks like Up and Bank Australia allow you to automatically round up transactions to the nearest dollar, or five dollars and deposit the excess into your savings or investment account.

3. Cash in with coupons and cashback offers to get a better deal on purchases

Services like ShopBack, Cashrewards and MyRewards offer cashback on items when you shop through their platforms. So you need to sign up to a cashback platform and click through to the retailers page. You can also use services such as Honey and Klarna to automatically scan for discounts and coupon codes across the internet.

4. Reduce fees and unlock potential savings

Apps such as Finspo allow users to link one or multiple accounts from over 100 banks and financial institutions, including the four major banks. It then analyses your account data to provide you with a regular stream of insights. For example, the amount of fees being paid across your banking products or the amount you could save on their home loan.

“Although you might not have heard of these Fintech brandst, it’s worth spending a little time getting to know some of the tools that could help you achieve your financial goals,” Godfrey says.