Whether it’s inflation, the rising cost of living, or increased interest rates, managing personal and family finances has always been somewhat difficult. And more people are now looking for the best budget app in Australia to help them out.
If you’re currently living on a strict budget to achieve certain financial goals while trying to control your day-to-day spending, money habits, monthly spending, and overall cash flow… we get your frustration.
Luckily, there are great money-saving apps that can help with this. With a single tap on your smartphone, you can access and sync your bank account and personal finances with ease.
Best budgeting apps to use as an Aussie
Budgeting apps are essential for managing funds and can even offer some tips that help you save for a house. This guide takes a sneak peek at the best budget app in Australia in 2024.
1. WeMoney: The budgeting, saving and financial wellness tool
WeMoney is an award-winning financial wellness platform aimed at helping all Australians manage their financial lives and pay down debt faster. Their mobile app allows you to track all of your financial accounts in one place and monitor your credit score – for free.
With a suite of features, app users can keep track of bills, cancel sneaky subscriptions, and compare better financial products. The average WeMoney member also improves their credit score by 63 points just 9 months after signing up.
Key features include:
- Track all of your financial accounts in one place (bank accounts, crypto, superannuation etc.)
- View and track their credit scores
- Access to a powerful community of like-minded individuals throughout the journey
- Discover opportunities to save by comparing hundreds of credit and financial products across 11 categories, including personal loans, debt consolidation, insurance and utilities.
2. Frollo: master bank accounts manager
Awarded by Mozo Experts Choice Awards for the best budgeting app in 2020 and 2021, Frollo won the best money management app award.
Frollo by Fintech Australia is one of the most diverse and sophisticated financial budgeting apps accessible to Australians. Frollo is also regarded as one of the best budgeting apps to use in 2024.
In a simple interface, you can sync savings accounts with more than 100 banks, access super funds and home loans, track bills, automatic categorization, and budgeting.
The Frollo personal finance app comes with the most helpful features which enable users to create their budgets, set and track savings goals and use customised insights while saving money on the side.
There is even a bill-tracking feature that notifies users before a bill is received. At the end of your yearly savings journey, you’d get a credit score also called a Frollo score. It is the perfect personal finance app.
The Frollo app is a free budgeting app and is available for download on the Google Play Store for Android devices and Apple App Store for iOS devices.
3. Humaniti
Humaniti is a personal finance app designed to help Australians manage their finances more effectively.
The app provides a 360° view of your financial situation by securely linking your accounts, allowing you to track spending, understand your net worth, and compare super balances.
Additionally, users can earn extra money by participating in surveys. Humaniti categorizes spending automatically, making budgeting easier and helping you identify savings opportunities.
The app emphasises security and privacy, ensuring that your financial data is protected.
The Humaniti app is a free budgeting app and is available for download on the Google Play Store for Android devices and Apple App Store for iOS devices.
4. PocketSmith Sidekick
The PocketSmith Sidekick program was developed in 2008, in New Zealand as a finance management app. The PocketSmith Sidekick app is highly compatible with over 10,000 financial institutions. With this, you can sync your Australian bank accounts and other foreign accounts.
Although the PocketSmith Sidekick budgeting app comes with a free plan, you can choose to subscribe to the paid premium plans. The free basic plan consists of a limited number of features.
With this plan, you can create a maximum number of 12 budgets, manually add and update your account information and monthly financial analysis for only 6 months.
You can try the basic plan before deciding to switch to the premium plan. On this plan, you’d get the following features.
- Automatic and manual importation of transaction alerts.
- Synchronisation of multiple bank accounts and credit cards.
- Track expenses and view tax-deductible expenses.
- Unlimited financial advice and analysis for the next 10 to 30 years.
- Unlimited budget creations.
- View total net worth at a glance.
The premium plans cost from $8.25 to $21.95 in monthly fees and charges. The PocketSmith Sidekick app is compatible with both Android (Android 5 or later) and iOS devices (on iOS version 11.0 or later)
5. Goodbudget
Goodbudget runs on a simple user interface. On this app, budget categories are separated into different envelopes. In these envelopes, you would assign each one a title, for instance, you could have three envelopes for shopping, utility bills, and rent. Over time, you can periodically add funds to each envelope.
With the Goodbudget free app, you can easily view and monitor your budgets, savings, and track spending at a single glance in an eco-friendly setting. Good budget is the best software for young individuals who are currently starting their journey toward financial liberty.
Goodbudget is a free app. The basic Goodbudget plan also consists of other significant features.
- Detailed financial analysis of each virtual envelope.
- Monthly reports on incomes and spending.
- Tracking of payments of overdue debts, savings progress and for watching spending habits.
- Customizable budgets.
The basic plan on Goodbudget is free. For the premium plan, it costs $8 monthly or $70 yearly. The app is compatible with both Android (Android 5 or later) and iOS devices (on iOS version 11.0 or later). The Goodbudget app is available on Google Play Store and Apple App Store and contains some in-app purchases.
6. Spendee
Last but not least is the Spendee budgeting app. Spendee is one of the smartest and easiest budgeting apps to use in 2024. It can be accessed on your smartphone device. Here, you can link your bank accounts and credit cards in a single tap.
Spendee also comes with a joint saving feature called Shared Wallet. It is ideal for married couples and housemates who want to monitor their shared expenses while managing their monthly cash flow. On the Spendee app, your transactions and budgets are categorised with customised pictures and locations for easier identification.
Spendee allows its users to switch and convert currencies as Spendee can sync bank accounts from both Australian banks and other foreign financial institutions from all over the world. On Spendee, you can save money in different currencies.
Spendee is completely free and is available for download on the Google Play Store and Apple App Store.
Why Use a Budgeting App in 2024?
The digital age and ongoing financial challenges have made mobile budgeting apps more relevant than ever. The convenience of a mobile app allows users to create a budget on-the-go, and with many budgeting apps offering advanced features, the right tool can make all the difference.
Using a budgeting app is especially crucial for individuals looking to track their expenses, make informed investment decisions, or simply gain a better understanding of their financial standing. Furthermore, budgeting apps often sync with your bank accounts, making it easier to view all your transactions in one app.
Factors to Consider When Choosing the Right Budgeting App
When you’re trying to choose a budgeting app, it’s essential to consider whether the app offers a free trial or a free version to get started. This way, you can explore its budgeting features within the app without any commitments.
Another factor to consider is how the app allows users to plan their finances. For example, the envelope budgeting method divides your income into different “envelopes” for various expenses. Some apps might use zero-based budgeting where every dollar has a specific purpose, or others might provide tools based on the envelope budgeting method.
Lastly, check if apps available to Australians in 2024 include integrations or functionalities you might need. For instance, if you’re interested in investment, see if the app also includes investment tools or insights.
Exploring Other Budgeting Apps in 2024
Apart from the apps mentioned above, last year saw a surge in the number of top budgeting apps and savings apps for your smartphone. Here’s a glimpse of other noteworthy mentions:
- Buddy is a Swedish budgeting app that has recently gained attention among Australian users. The app focuses on providing users with intuitive tools to manage their finances effectively.
- EveryDollar: Known for its free version, EveryDollar is a popular budgeting tool based on zero-based budgeting. It allows users to assign every dollar they earn to a specific category or saving goal.
- Many apps, like the Australian fintech, best known for providing open banking solutions, are not only about budgeting but also offer investment insights, making them more versatile for users.
Most of these apps are available on the App Store and Google Play, ensuring easy access for all smartphone users.
Conclusion
Whether you need a basic budget app or you need one that is more advanced and has multiple features for finance management or for settling debt, these are the best budget apps to use for your finances.
These money management apps are ideal for the following;
- Tracking expenses
- Watching upcoming bills
- Sync banking apps
- Save pocket money
- Syncing financial accounts
- Minimising spending limits
- Analysing financial data
Other budgeting apps like Raiz are also investing apps. Start investing while saving money on the go!
Hopefully, this guide has provided clarity on some of the best budgeting and savings apps available to Australians in 2024. Happy budgeting!
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