What’s your number?

How many finance transactions do YOU make in a year?

Over the past few years ꟷ not surprisingly ꟷ electronic transactions have experienced significant growth as society has shifted away from cash.

As reported by the Reserve Bank, in the past decade the average number of electronic transactions made by Australians has surged from 300 to 650 per year . That means most Aussies are tapping away, on average, just under twice a day.

When you have multiple bank accounts, credit cards and Buy Now Pay Later (BNPL) schemes, keeping track of transactions can be challenging.

For Australians aiming to maintain a good credit score and adhere to a budget, tracking your spending habits becomes crucial.

A variety of budget and money management apps have emerged in recent years to meet the digital budgeting needs of people.

Here are the top 10 budgeting apps used in Australia

1. Raiz
2. Buddy
3. Frollo
4. Goodbudget
5. Get Reminded
6. WeMoney
7. Beem
8. ShopBack
9. Cashrewards
10. WiseList

These apps are considered the most popular ones based on category

• Best FREE budgeting app Frollo
• Best for MANAGING DEBT WeMoney
• Best for BILL REMINDERS Get Reminded
• Best for CASHBACK DEALS Shopback

Over recent years the budgeting app market has grown in both in size and sophistication.

There are many to choose from, however it would be prudent to check the features and fees before signing up to any of them.

Remember that most lenders provide their own app to keep track of your spending, so check them out first.

How budgeting apps may be beneficial

Budgeting apps are designed to help users create budgets and track transactions. Beyond these fundamental features, some apps offer additional tools that may be particularly useful.

Even lender apps are starting to display a more diverse range for categorising transactions.

Features to look for that may be useful:

• options to create and customise your own spending categories – offering insights to your spending
• notifications sent to you on significant purchases, achieving budget targets or missed bill payments
• budgeting, goal setting and spending prompts
• features to link accounts from other Australian lending institutions providing a comprehensive view of your overall spending

Features like bill tracking may help users save money. For instance, if the app sends you reminders for upcoming bills it may prompt you to cancel subscriptions you may have forgotten or don’t use any more.

Technology empowers usage

If you’ve ever tried using ‘pen and paper’ or a spreadsheet that requires updating as a budgeting tool, my guess is that this habit does not last long.

Budgeting apps may make it easier for individuals to stay on top of their finances without constant manual effort.
However for those users who prefer manual input, there are some apps that cater to your preference such as PocketSmith and YNAB.

How secure is your financial data?
Given recent instances of data breaches, users may be justifiably cautious about sharing financial information. The security and use of data vary among apps, so look for reviews and user feedback and read their security and privacy terms before downloading.

Where do you start?
With thorough research!

Budgeting apps may offer diverse features from transaction tracking to insightful notifications and catering to various user preferences. The choice between automation and manual input depends on individual preferences. Considerations regarding data security are crucial in selecting the right app.

As your finance team we cannot recommend any app over another, however we may be able to help you consolidate your debt and save you on higher interest rates through refinancing.

But, we will never know if you don’t call us.




Contact the office

Please reach out if your spending habits have created a finance havoc to see if consolidating your debt or refinancing may be a suitable option for you.

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Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. © 2023