Budgeting apps to meet needs of debt-stricken Aussies

Person looks at a budgeting app to track spendings and savings

For a more seamless budgeting process, Aussies may be looking at digital tools to help them manage their money.

A recent national study found that 80% of Australians would like to manage all subscriptions in one place with an app, according to local fintech company Waave.

These thoughts of consolidation could align with 31% feeling psychological stress over debt after using some credit products such as buy now pay later. 

“People are really suffering under inflation and interest rate rises. We will continue to grow Wendi’s capabilities to empower consumers to save hundreds or even thousands of dollars,” says Ben Zyl, Waave founder and chief.

Waave has created a new budgeting app called Wendi, which could be a nice addition to your phone or tablet if you need help with spending on subscriptions. 

Tracking your budget, growing your savings

Man is sipping his coffee as he keeps an eye on his budget and savings

Specifically, Wendi allows you to link your bank account and have your spending data shared with it so you can keep track of your spend. Plus, if you have fitness memberships, or digital subscriptions, for example, you might view all of this in one place. 

There are many features to be found with some budgeting tools like this and a number of providers to help you in your money journey. So it’s good to have a look around and find the app that works best for you.

Budgeting and savings accounts

Coming up with a budgeting plan can help you spend less money. But to grow your bank balance, you need somewhere to park your funds. That’s where you could potentially think about a high interest savings account.

At present, some savings providers are offering interest rates as high as 5.50% if you meet certain requirements, like making a minimum deposit each month. This means that if you were to keep $6,000 in a savings account for 4 years at an interest rate of 5.00% p.a., you could potentially earn $1,325 in interest. Not a bad outcome. 

And certainly most of the best savings accounts also offer smart digital access so that you can manage your money on the go. 

Looking for a savings account? Check out a roundup of the best savings accounts that Mozo’s experts have tracked this month, or weigh up your top picks below.


^See information about the Mozo Experts Choice Savings Account Awards

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