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Top Finance and Budgeting Apps and Tools

Whatever your reasons, understanding your budget is key to living a comfortable life. Whether you’re saving for something in particular, getting out of debt or just trying to stop spending so much money on food, noting your daily spend can definitely help resolve any issues. Here are five apps that can help you you stay on top of your budget.

Money Health Check (website)

Money Health Check assesses your finances and lets you know whether they’re in need of some tender loving care or whether you’re on the right track.

This free MoneySmart tool asks some simple questions, and then gives you a breakdown of what areas need attention and where you’re doing well by looking at:

  • financial goals

  • income and expenses

  • debts

  • saving and investing

  • insurance

  • superannuation and retirement

  • estate planning.

The great thing about the tool is that it’s personalised, and at the end it gives you the top five actions you need to take to improve your finances.

Pocketbook (available on iOS and Google Play)

Pocketbook categorises all of your spending so you can see where your money is going. Categories include groceries, travel, clothing and fuel, among others. You can also set your budget so you can stick to it.

The great thing about this app is that you can link it to your bank account so you don’t have to manually input every expense – the smart technology does it for you. Another handy feature is the alerts. Notifications appear when money comes out of your account so you won’t miss any transactions or accidentally forget to input them. Finally, there are the encouraging words when you’re close to reaching a goal.

Goodbudget (available on iOS and Google Play)

Developed in America, but available in Australia, Goodbudget identifies itself as a 'budget tracker for the modern age', yet is uses the old-fashioned 'envelope', method of saving. Creating limited and categories of spending helps you to only spend what you have.

Like other budgeting apps, Goodbuget syncs to your bank accounts and tracks your expenses with the ability to export data to Microsoft Excel.

Splitwise (available on website, iOS and Google Play)

Ever had a friend or family member who constantly forgets to pay you back? There goes that money – and with it, the ability to save. Splitwise is a great way to remember who paid for what and how much people owe each other, whether it’s dinner, rent or a movie ticket.This app lists what you’ve spent and what the other person has spent, then it does the maths for you. It also gives you the ability to send IOU emails.

Expensify (available on website, iOS and Google Play)

We’ve all been there – tax time comes around and you simply can’t find all the receipts you need to claim tax back on. Expensify lets you scan your receipts when you get them and stores them in a nice bundle so you can access them at a swipe or tap of your finger.The great thing about the app as well is that it actually extracts the data, including the merchant, date, time and amount, and puts it all in a downloadable file for you.

Your bank might have a good savings app too

Depending on the bank you are with, you may not even need any of these apps. More and more I them are starting to roll out helpful feature son their mobile banking apps to help customers save, including the big banks.

While these apps and tools might not work for everyone, it is worth having a look, just download and give them a try to see if they help you.

Your broker will be able to give you advice to help you save money throughout the loan process. On top of this, sticking to your budget so you can be more financially fit is not difficult – sometimes you just need a bit of technological help.

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