Get to know your spending habits with one of these free budgeting apps.
Do you worry that you’ll run out of money before your next payment? You could well benefit from apps that allow you to keep track of your spending so you can properly budget.
These apps can be used on your smartphone or touchscreen device, and will help you understand your day-to-day and long-term spending habits.
This intuitive app is perfect for those wanting to create a budget based on their cash flow. A useful (and nostalgic) feature is that you can set aside amounts of cash into ‘envelopes’ each week, month or fortnight, enabling you to understand the spending habits in each area of your life. This is a great app for those who receive varying payments. Irregular payments and expenses, such as birthday gifts and holidays, are easily tracked by using the irregular envelopes.
To get the most out of a budgeting app every single transaction you make must be logged. This can take a lot of time. It’s a big obstacle in the way of learning more about your spending habits and finding new ways to save money.
To cut back on this time investment, Pocketbook connects you with your Australian bank accounts and synchronises your spending automatically.
Once your bank accounts are all synced, Pocketbook will be able to determine what 80 per cent of your transactions are – e.g. income, bills or groceries. For any transactions it cannot categorise (or does so incorrectly), you can set it manually, and Pocketbook will remember this setting for the future.
The app has over 100,000 Australian users, and allows you to set notifications for when you approach your spending budget, have bills due and more.
This app has a unique way of categorising your spending habits into ‘experiences’. For example, in addition to categorising a transaction as ‘eating out’, you can tag it as a social, family, work or personal ‘experience’.
This innovative method of categorising spending helps you to discover where you are spending too much money, whether it’s being too generous when you’re eating out with family or having drinks with your friends too often.
Wally can also use your location to determine what you’re likely to spend money on. All you have to enter is the amount and it will know how to categorise it.
What budgeting apps have you had success with?
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