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Budgeting; what’s the app-eal?

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Best budgeting apps to sort out your finances

With the New Year just past, we begin to make those same promises that this will be the year that we accomplish our lofty goals.

But there’s one major hang-up; New Year’s resolutions are always easier said than done.

Topping the list almost every year is getting your finances in order – as they say, “spend less, save more”. But if you’re like most people, the task of setting a budget makes you cringe. Never fear, we’re here to show you the six best apps to help you create, manage and more importantly stick to a budget.

So let’s make 2017 the year of good financial habits!

  1. TrackmySPEND

TrackmySPEND is an app developed by the Australian Securities and Investments Commission (ASIC). If you’re looking for something that’s simple but gets the job done, this is the app for you. It allows you to track your weekly, fortnightly or monthly budget, set ‘favourites’ so you can track your frequent expenses, add 'tags' to categorise expenses and set spending limits for each category. It also lets you create expense reminders that can be sent as a text to your phone. In our opinion, the best feature is the ability to label your expenses as a ‘need’ or a ‘want’. This makes you think twice about whether the expense is essential or an opportunity to save.

Available on on iOS and Android

  1. Goodbudget

This app is based on the popular envelope budgeting method. It lets you create envelopes for all your budgeting categories – mortgage, rent, groceries, eating out, car, and so on. What makes this app great is the ability to set a limit for each envelope so you spend according to your budget and not your available funds. The sync and share feature makes it perfect for managing a household budget. With the ability to track the budget across multiple devices, everyone knows how much is being spent from each envelope.

Available on iOS and Android

  1. Wally

If you’re a person that wants a high level view of your spending without the minute detail, then look no further for your perfect budgeting app. Wally is essentially a no bells-and-whistles expense tracking tool. It allows users to categorise expenses, add photos of receipts, assign reoccurring income sources and set a savings goal. There is also a review section that gives a basic overview of spending habits. 

Available on iOS and Android

  1. Level Money

LevelMoney distinguishes itself from other budgeting apps by focusing on your monthly “spendable” amount e.g. the money you have left over to spend once you’ve paid all your fixed bills and put a little aside for savings. The aim of this app is to replace your bank balance with your “spendable” amount so you know how much you can comfortably splurge each month on the non-essentials. The app connects all your various accounts – transaction, savings and credit cards – so you get a holistic view of your financial position. You create a “plan”, noting your expected costs, income and savings. LevelMoney then compares the two to determine your “spendable” amount.

Available on iOS and Android

  1. Pocketbook

This home-grown app is fast becoming a favourite among budgeting aficionados. With the ability to sync your bank accounts, credit cards and loans, this app gives you the big picture of your financial status. It can also categorise your transactions, detects bill payments, forecast them and alert you to any fees charged to your accounts. A key appeal is the “safely spend” feature, which lets you know your discretionary budget after all your expenses are covered.

Available in iOS and Android

  1. Banking apps

Although they’re not technically budgeting specific, don’t overlook banking apps. They’re a great way to stay on top of your transactions, check your account balances, and pay bills. Our Gateway2go app lets you bank on the go with your smartphone, anywhere at any time. You can also search for Gateway products, calculate savings and keep up-to-date with the latest Gateway news.

Available in iOS and Android

Important note: the material provided is for research and information purposes only, and does not constitute advice or recommendations.