Some useful Finance based Apps you may or may not know of.

Apps have become a part of our daily lives.  They help us manage certain aspects of our lives, a source of information, or track different goals. We can use apps to look up movies, events and shows and book tickets within minutes; we can use apps to make medical appointments; track our health or just to entertain us.

More recently Covaid has seen us using more apps for Banking, Socialising, and even “Checking in” with the Service NSW app.

There are a mountain of apps out there (over 2 million in the Apple App store). It is easy to be overwhelmed and put it all in the too-hard basket.

Dont be discouraged – There are some very good apps to help you track your finances and save money. We have listed some here.

Banking and budgets apps

There are apps that link multiple bank accounts and other financial institutions that help you to manage your everyday spending. They provide a dashboard that outlines your spending categories which you can use to customise a budget. You can also run weekly, monthly or annual reports so you can see fluctuations in your spending.

Some examples of the more popular banking and budgeting apps include Pocketbook, MoneyBrilliant, and Frollo.

There’s also an app called Finspo that allows you to compare fees and charges with different banks, so you can see if there are savings to be had by switching banking providers.

Everyday savings apps

One of the biggest expenses for any household is the grocery shop.

There’s a free app called WiseList that allows you to compare the cost of items at major grocery stores. You can download an app and see a side-by-side view of an item at Coles and Woolworths.

Of course, this is only useful if you have Coles and Woolworths in your local area. If you live in a regional area of Australia, there may only be one option. But for city dwellers, this is a great way to shave a little bit off the cost of your grocery bill.

Another major expense is transport. We are all driving less through COVID, but it still is nice to get a deal on petrol. The PetrolSpy app allows you to compare costs at the bowser so you can decide where along your journey you want to stop and fill up, to achieve a little bit more of a discount.

Avoid the argument app

Maybe one for when we are out of lockdown – have you been out to dinner with a group of friends only to have the awkward conversation at the end about who owes what on the bill? The Splitwise app allows you to track shared expenses and provide reminders of who owes what.

If you regularly go out with the same friends or you live in a household that splits bills, this could save a lot of awkward conversations and annoying plugging of figures into a calculator.

Apps aren’t for everyone

Whilst some people wholeheartedly embrace apps and find them helpful and useful, they aren’t for everyone. They take time and patience to set up and monitor, and not everyone. An app won’t help everyone on their financial planning journey, but they might help some people stay on track and in control.

Talk to us

Apps are great but they are not a replacement for tailored financial advice. Getting your financial plan in place, one that is individually planned around your lifestyle and your goals, is the first step towards a more financially secure future. If you would like to discuss your individual plan further contact us for a No Obligation Discovery Meeting.

Source:

  1. https://www.theguardian.com/technology/2021/jan/14/one-third-of-australian-users-have-not-updated-covidsafe-app
  2. Household Expenditure Survey, Australia: Summary of Results at https://www.abs.gov.au/statistics/economy/finance/household-expenditure-survey-australia-summary-results/latest-release

Disclaimer

Authorised Representative of RI Advice Group Pty Ltd ABN 23 001 774 125 AFSL 238429. The information provided in this document, including any tax information, is general information only and does not constitute personal advice. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

Discovery Wealth Advisers

Author Discovery Wealth Advisers

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