Are you satisfied with managing your expenses and your ability to save? If not, then it might be time to start using budget apps to give your finances a boost.
If you’re unfamiliar with the concept, what we commonly refer to as a budget is an estimation of revenue and expenses over a specified future period of time, and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for an individual, a group of people or household, a business, a government, or just about anything or anyone else that makes and spends money.
However, the reality check that analysing our spending and saving habits presents has a tendency to scare people away from the process. Like it or not, budgeting is an essential for saving up for big ticket items such as your first house, as well as being able to meet the all important monthly repayments.
While there’s no such thing as a single best budget app that will fit all types of spending habits and savings goals, the good news is that there are a wide range of budget apps that empower anyone with a smartphone to get financially fit.
Five Budget Apps To Supercharge Your Savings
There’s no way to sugar coat it: inflation is a bit of a budget killer. As the purchasing power of money decreases, everything else goes up – making it that much harder for first home buyers to scrimp and save enough cash for a house deposit.
The science says that it can take anywhere from 18 to 254 days for a person to form a new habit, and an average of 66 days for a new behaviour to become automatic. Thankfully, anyone with a smartphone can supercharge those figures and make saving money that much easier thanks to the many budget apps – but what are our top picks?
Pocketbook – With your daily spending sorted into categories, you can easily see where most of your money goes, and what you might need to cut back on. Pocketbook is one of the best “all rounder” money saver apps out there, and it syncs with your bank account for users to get a scope on their actual spendings.
Money Brilliant – Similar to Pocketbook in nature, Money Brilliant is a ‘level up’ as it also includes the option to track your superannuation and investment portfolios. There’s less leg work with this money saver app, as it automatically populates a budget based on your historical earnings and spendings, and can even find the cheapest petrol deals in your region.
Good Budget – If you really want to start with the basics, then this is the best budget app for you. Good Budget is a digital form of the envelope system: that is, you set yourself limits for certain categories of spending, such as $100 a week towards groceries, or $50 a week on going out. It also allows users to access expense trackers and bank account linking like the above.
Finspo – Although Finspo is certainly not one of the more traditional budgeting apps, it does shine a light on the true cost of banking. Users can sync up their home loans, credit cards, bank accounts and savings accounts from over one hundred banking institutions, and Finspo will then analyse all that data to provide a range of personalised insights on an ongoing basis.
Your Bank’s App – According to the Australian Bureau Of Statistics, over one quarter of Australians still don’t use internet banking. Making the most of your current bank’s existing app is a great way to keep an eye on what’s happening with your finances and to split accounts up into everyday access, long term savings, direct debits for bills, etc.
For those getting ready to purchase their first home, refinance their existing one, or even kick start their journey as a budding property investor, it should come as no surprise that six in ten Australians are now working with a mortgage broker for help in navigating the world of home loans – but where do you find one?
Partner With The Property Finance Experts
Since their inception in 2012, the team at Madd Loans have worked tirelessly in providing over 2,000 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, owner George Samios takes great pride in making the loan process both fun, educational and stress free – and he has a swag of awards to prove it.
Relentless in their pursuit of gold star customer service, the team at Madd have now expanded their services to include end to end financial planning. Through Madd Life, the aim is to collaborate with clients to identify long term goals, and transform them into a road map. If thinking about your financial future strikes a chord with you, then it might be time to speak to a professional. Whether you’re chasing mortgage solutions or a financial fairy godmother, the team at Madd proudly work together as a collective to turn your goals into reality.