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Savvy money management tools: the apps to know about this financial year


Money Management Apps

Getting better at money management is at the top of the list for many peoples’ new financial year’s resolutions, but just like exercising more or eating healthier, getting your finances into shape is easier said than done. Luckily, in our digital age, there’s a goldmine of apps that you can take advantage of, which can help you achieve your financial goals.

The basics

When getting tech with your money management, start with the basics.

Your first port of call should be your bank’s online banking app. At Gateway, we have the Gateway2Go app, which lets you review transactions, schedule bill payments, make transfers and more.

Get your lazy money fit

‘Cashless’ is the buzz word of the year, with entire retail precincts now boasting ‘cashless’ payment systems but as more of us stray away from physical bank notes and coins, we’re seeing the rise of lazy cash – the extra 1, 2, 3, 4 cents left over from purchases that sit idly in our bank accounts.

To address the lazy cash epidemic, fintechs like Raiz, Carrott and Wisr have developed apps which are revolutionising the microtransaction movement. Raiz takes your lazy cash and reinvests it into shares, while Carrott and Wisr redirects your lazy cash into paying off debt like your mortgage or student loan.

Buy low, sell high!

Dealing in stocks and shares used to be restricted to an exclusive club of people from the world of finance. Now, investing is as simple as creating an online account and having the experts do the rest with apps like the aforementioned Raiz, as well as BrickX and FirstStep, having already made their mark on the Aussie market.

FirstStep cleverly uses the concept of temptation bundling – where you link ‘wants’ with ‘shoulds’. The app encourages you to set up rules that will trigger an investment. For example, each time you spend $50 on groceries, the app will automatically take $5 from your account and invest on your behalf.

Alternatively, BrickX opens up property investment to anyone willing to invest as little as $50.

Share the load

Recent research claims that millennials are terrible at paying each other back. Next year, make sure you don’t lose out on your hard-earned cash trying to avoid awkward conversations, with clever apps designed to help you split the bill without so much as a “hey, can you pay me back?”

Splitwise is the perfect companion for those who have to endure the pains of share-house living. Communal expenses are logged into the app and the technology automatically splits the cost between those in the group.  

Meanwhile, Beemit will let you request payments from friends, and transfers are deposited into your account instantly, thanks to the magic of the New Payments Platform. The good thing about it is that anyone with a debit card can sign up and take advantage of the service, so no more waiting around and having to remind people of their pesky IOUs, no matter which bank you’re with.

Please note: Gateway Bank does not endorse the use of any of the apps mentioned in this article. Those wishing to explore micro-investment platforms and other financial services apps should seek their own personal advice and be aware of the terms and conditions of each individual application.