Finding the 5 best budget apps in Australia may sound easy, but trying to find the best apps to help save you money is time-consuming. First you need to find them, download them, spend the time setting everything up, and only then can you finally take the app for a ‘test drive’ and see if it actually suits you.
So let me help you save some time with this list of the best 5 budget apps in Australia for Australians.
Your Bank’s App
Before you roll your eyes and think “come on, Edwena, pull the other leg” the truth is that Australian banks have been leading the financial world with their online banking and budgeting apps as they all jostle for your business.
They are genuinely doing a great job of it too.
Recently at Pinpoint Finance, I helped an older couple rejig some debt to help them prepare better for retirement. Their number one request was a bank that had a great budgeting app! We presented the options and then because we don’t have demo versions of the banking apps, the husband found friends with an account at each of the banks we recommended and got them to show him how each banks mobile and budgeting app worked and before he decided which bank they would refinance their debt to. This certainly isn’t the norm but it highlights the fact that in Australia the choice of banking institution to engage with is now so great that everyone is jostling to have the additional value customers are actively seeking.
Banktivity
Banktivity is a comprehensive personal finance management app that offers a powerful set of budgeting tools and features. While it’s not a dedicated budgeting app, Banktivity’s robust capabilities make it an excellent choice for those looking to take control of their finances.
One of the standout features of Banktivity is its ability to seamlessly sync with various financial institutions, allowing you to import transactions from your bank accounts, credit cards, and investment accounts. This centralized view of your financial data provides a comprehensive picture of your income, expenses, and overall financial health.
Banktivity’s budgeting tools are designed to help you create detailed budgets tailored to your specific needs. Whether you prefer an envelope-style budgeting method or a more traditional approach, Banktivity offers the flexibility to customize your budget categories and track your spending accordingly. The app also provides insightful reports and charts, enabling you to visualize your spending patterns and identify areas where you can potentially cut back.
In addition to its budgeting capabilities, Banktivity offers a range of other features to help you manage your finances more effectively. These include investment tracking, bill reminders, debt management tools, and the ability to set up recurring transactions and scheduled transactions.
One of the key advantages of Banktivity is its cross-platform compatibility. The app is available for macOS, iOS, and iPadOS, ensuring that you can access and manage your finances seamlessly across multiple devices. This level of accessibility and convenience is particularly useful for those who frequently need to monitor their budgets and finances on the go.
While Banktivity is a paid app, its comprehensive feature set and robust budgeting tools make it a worthwhile investment for those who are serious about taking control of their finances. With its user-friendly interface and extensive customization options, Banktivity empowers users to develop and maintain a tailored financial management system that aligns with their unique needs and goals.
Buddy
Ideal for families or shared households, Buddy stands out with its robust group budgeting features. Whether you opt for the free version or the premium one, Buddy offers intuitive tools for collaborative financial planning. With its user-friendly interface and unlimited time period for the free version, Buddy simplifies group budget management.
So those are my top five budget apps that I suggest you check out, to save you having to trawl through endless internet searches looking for the right one! Open the links above and have a look for yourself; you’ll soon know which option is best for you.
Plus, you can input cash transactions like coffee or a beer and add additional details like photos of receipts, bills, and invoices to help you track literally all your transactions and make your life easier at tax time.
Goodbudget
This app is a modern digital version of the envelope budgeting method, where the cash for each month’s expenses is taken out and divided into envelopes for each budget category – for example, groceries, transport, eating out or rent. Or if you’re familiar with the Barefoot Investor then he calls them buckets – same method.
The simple concept is that you stop spending money from a category/envelope/bucket once you’ve emptied it, or even before then if you’re really disciplined.
Goodbudget helps you to stick to those budget limits. Rather than discovering that you overspent when it’s too late, you can plan your spending beforehand and only spend what you have.
This app is also great for couples to manage the combined household budget and check know how each partner is tracking because you can access it from multiple devices.
The free version allows you to create 20 envelopes plus access the app across two devices. The paid version is $7 per month or $70 a year and for the paid version you get unlimited envelopes and accounts plus access to the app across five devices. An extra bonus of the paid version is that your data and transactions will be available for 5 years which is fantastic to see how your money management and goals have been met year-on-year. That kind of insight is invaluable!
PocketSmith
PocketSmith was created by our Kiwi neighbors I’ve still included them in this list of Best Budget apps in Australia because they are very popular here. PocketSmith integrates with 165 different Australian banks (didn’t know we had that many banks here? Well we actually have over 400 but that’s an article for another day). Again, like PocketBook this means you don’t have to manually enter all your expenses onto the app, the app will sync with your bank accounts and credit cards to track where your money is actually going.
This app has a couple of really fancy features that may make you realize the value in a paid budgeting app. First up, if you have a small business and make transactions that you then need to log in Xero – you can link your Xero account to PocketSmith and send the expense over to Xero (amazing!).
Next up, a feature I have only ever seen in clunky budgeting software built by software engineers for software engineers in the early 90’s – the ability to run ‘What-If’ scenarios on your financial projections. What this means is that you can have all your known bills entered to help you make sure there is enough money to pay them all on time but also, you can then run a ‘What-If’ scenario to see whether an impromptu $15,000 trip to Scotland is going to cause you financial stress once you return or not.
The free version requires you to manually import all your expenses. The paid version imports your transactions for your bank accounts and credit cards and starts from $10.95 per month with 10-year projects or you can get a more expensive paid version for $21.95 per month with 30-year projection capabilities.
So those are my top five budget apps that I suggest you check out, to save you having to trawl through endless internet searches looking for the right one! Open the links above and have a look for yourself, you’ll soon know which option is best for you.
Have fun!
Frequently Asked Questions (FAQs):
- What is the best budgeting app? The best budgeting app depends on your individual needs and preferences. Some popular options include Goodbudget, PocketSmith, Banktivity, and Buddy.
- Do budgeting apps cost money? Many budgeting apps offer both free and paid versions. The free versions usually have limited features, while the paid versions provide additional tools and benefits.
- Do budgeting apps require your banking info? Some budgeting apps, like PocketSmith, can sync with your bank accounts and credit cards to automatically track your expenses. However, others, like Goodbudget, allow you to manually input your transactions.
- What are the best free budgeting apps? Some of the best free budgeting apps include the free versions of Goodbudget, PocketSmith, Banktivity, and Buddy. Your bank’s app may also offer free budgeting tools. Pinpoint Finance mortgage brokers can guide you on using these tools effectively to prepare for mortgage-related expenses.
- What is the easiest budgeting app? The easiest budgeting app varies from person to person. However, apps like Goodbudget and Buddy are known for their user-friendly interfaces and simplicity.
- Are budgeting apps worth it? Budgeting apps can be worth it if they help you better manage your finances, track your expenses, and achieve your financial goals. They can save you time and provide valuable insights into your spending habits.
- What is the best budgeting app for couples? Buddy is a great option for couples or shared households, as it offers robust group budgeting features and allows for collaborative financial planning.
- Can I use a budgeting app on my computer? Most budgeting apps are designed for mobile devices, but some, like PocketSmith, also offer web-based interfaces that you can access from your computer.