6 innovative apps that will help get your finances in order

How to save time and money with the latest tech

No matter what your financial goals, getting your money in order has never been easier with these budgeting apps.

Whether you want to track your bills, clear your debts or save for that holiday — these apps help make your money work for you.

TODAY chatted to Finance Expert Tim Guest to get all the information you need to pick the right app for your needs.  

TODAY: Why are budgeting apps used so much?

GUEST: How many times have you been certain that you had money in your wallet or purse and yet only a day or so later, you’re not so sure where some of it went? Shining a light on our spending habits has always been the most effective way to improve them. Apps give us the ability to do this in a simple yet intelligent manner. Apps also provide accountability (much like a personal trainer or coach) pushing us to reach new heights and goals. And best of all, its portable and with you wherever you go.

TODAY: ‘Money Brilliant’ – what does it do?

GUEST: MoneyBrilliant is super intelligent spending tracker which brings all your finances into one dashboard. Rather than drawing up budgets based on what we think we spend, this app connects securely to your personal accounts across more than 200 different banking institutions around the world, allowing it to track and categorise every cent you spend. By getting a real insight into your actual spending, you can then see where the smallest changes in your spending habits will make the biggest difference.

TODAY: There’s an old budgeting system using envelopes – there’s an app for that too now?

GUEST: A time-tested method of budgeting method has been to place money into different envelopes dedicated to different purposes to prevent overspending. This system was very handy when cash was king, however, this has become less convenient due to the electronic nature of banking today. The magic of apps like Mvelopes has rejuvenated this very effective system — allowing a whole new generation to benefit from this great technique.

TODAY: Any apps to help with debt?

GUEST: Debt is a real part of most peoples financial lives nowadays with consumer debt skyrocketing over recent years. Used properly, debt can be an effective tool to help us travel, buy cars and houses and live our lives. But unmanaged it can leave us struggling to climb out of an ever growing deeper hole. One of the first goals many people have is purely to dig themselves out of this hole and you can accelerate this with a plan to pay of the most damaging kind of debts first. Debt Payoff Planner does this work for you by identifying where you funds should go every week to help you to reach these goals faster.

TODAY: What about apps to help with paying bills?

GUEST: With phones bills, insurance, electricity and other utilities, it can often seem like we have a different bill due every day. It’s almost impossible to factor all these bills into our weekly budgets. Bills Monitor is one of several wonderful apps that can take care of this for you ensuring you never miss a bill and can track them all in one place. Bills Monitor also sends you notifications before a bill is due which is great for taking advantage of any incentives that may be offered for paying early.

TODAY: Tax time is just around the corner — how can we maximise on expenses?

GUEST: The biggest thing I see at tax time is the endless amount of claimable expenses that people either didn’t record or have simply forgotten. Expensify is the perfect tool for a business owner or employee who needs to track and claim their work expenses. It allows you to scan receipts with your smart phone, and takes care of all the hard word of hoarding receipts. It can even automate the claiming process for you.

WHAT ELSE CAN YOU DO? 

Another innovative way to start taking control of your finances is to download your own bank’s app. It’s a step into a tech-focused way of managing your money if you find the above budgeting apps a little daunting. Whether you bank with one of the Big Four or not, it’s likely your financial institution will have an app that can help you manage your money on the go — from checking your balance to paying bills and transferring money.

Here’s a list of some of the popular Australian bank’s apps:

ANZ app
NAB app
CommBank app
Westpac app
Macquarie Bank app
BankWest App
Suncorp App 

In highlighting particular offers we are not making specific recommendations as this article does not cover all available products and may not compare all features relevant to you. Any advice provided is general in nature and does not take account of your needs, objectives or financial situation. Individuals should consider their own circumstances, and if in doubt seek appropriate advice, before proceeding. RevTech Media earns a fee for each customer that takes up a special offer. These fees are shared with Nine Entertainment Corporation.