Made a promise to yourself to get on top of your finances in 2019? These 5 free apps to save and manage money can help you master your budget without ever opening an excel spreadsheet. Sound good?
Keeps your budget on track and stops overspending
Let’s say the amount you plan to budget each week for groceries is $150.00. That amount is transferred to your digital ‘groceries’ envelope and once the envelope is empty - no more spending on groceries!
If you’re really kicking budget goals, you might even stop spending before you hit the limit and move any money left at the end of the week to your savings account. #savingsuperstar.
The app also allows you to share the envelopes with others, so everyone is on the same page for the family budget and knows the amount left in each envelope at any time.
The free version of the Goodbudget app gives you up to 20 envelopes to use.
Integrates with most major Aussie banks
When it comes to budgeting apps, most people fall into two categories. Those who don’t feel comfortable syncing the app directly to their bank account and those who consider syncing a must have. If you’re in Team Sync, you’ll love Pocketbook.
Unlike many other popular budgeting apps, Pocketbook syncs to many major Aussie banks.
Once you’ve synced your bank accounts, Pocketbook does the hard yards for you as you spend and save. It automatically sorts transactions, grouping them into categories based on descriptions or names it pulls in from your banking data.
You can also set up your own categories for items you want to track, like that daily latte habit that seems to be getting a little out of hand, and set monthly spending limits.
Check in on yourself with Pocketbook’s nifty reports that show you how your spending and saving tracks against the previous week or month.
Take the pain out of splitting expenses with friends, partners and flatmates
Things can quickly get awkward and frustrating with it comes to who pays for what between friends, partners or flatmates. It’s no secret money stress is one of the biggest causes of breakups and can turn friendly flatmates into flat out enemies.
Aussie money management app Finch has it sorted. The app allows you to manage expenses between multiple people for things like shared housemate expenses, planning a trip to Bali with friends or track who paid for the last date night. You can split bills, set up running tabs - think big groups on big nights out - and pay people instantly.
Auto reminders of amounts outstanding mean no awkward ‘So…*ahem*....about that fifty bucks…..’ conversations are needed.
Keeping track of these shared expenses means no-one ends up out of pocket and relationship and share house happiness reigns.
Transform your money habits with community challenges
One of the newest additions to the world of budgeting apps is Australian money management tool Frollo. Called the ‘Fitbit for finance’ the app does more than track where your money goes.
It aims to boost the financial literacy of users by providing insights into their financial habits and help those experiencing money stress break out of the ‘paycheck to paycheck’ cycle.
Frollo’s gamified features help users identify and change bad spending habits and ‘community challenges’ set it apart from other money management tools. Challenges between users include things like the Bus vs Uber where Frollo users are challenged to cut their Uber spend by 50% choosing public transport, biking or walking instead.
Your personal expense tracker
Just like you’d track your expenses on a business trip, the Wally app does this for your daily personal expenses.
The Wally team describe their app as a tool that gives the user a 360 view on their money - what comes in, what goes out, what’s been saved and how it’s all budgeted.
The Home screen of the app gives you an overview of your remaining budget for the day and month. It’s a handy snapshot of how your tracking against your budget in real time and also displays upcoming expenses.
Wally assumes a daily average spending limit is the best way to handle your finances - which some people will love. However, if you prefer a per-category budget philosophy of apps like Mint, Wally probably isn’t the right app for you.
How do you keep digital tabs on your money? Share your favourite finance app in the comments!