Michelle Reed

Money & Banking

10 apps to help you budget this year

10 apps to help you budget this year

It seems like it’s the same story over and over. We mark the New Year as an opportunity to turn over a new leaf (financially speaking), only to find ourselves back in debt come February! The good news? These days, there is a range of apps available to make budgeting easier than it’s ever been before.

We’ve taken a look at the best 10 apps to help you balance your budget in 2016.

1. Pocketbook

Cost: Free

Operating systems: iOS, Android

Pocketbook is rapidly gaining in popularity, due to simplicity as much as anything. Within a minute it syncs with your accounts, cards and loans and can categorise the lion’s share of your transactions. It also has a “safely spend” feature, letting you know how much loose change you have.

2. TrackmySPEND

Cost: Free

Operating systems: iOS, Android

Developed for MoneySmart and the Australian Securities and Investments Commission (ASIC), TrackmySPEND is an easy-to-use app that allows you to keep a tab on your spending against your income, providing you with useful updates as to how your budget is coming along.

3. Expensify

Cost: Free

Operating systems: iOS, Android

Expensify is just taking off and can really be a life changer if you’re trying to claim expenses come tax time. Expensify allows users to scan receipts and categorise by date, time, merchant and amount, and puts it all in a useful file that’s ready to print off and send to your accountant. Too easy!

4. Splitwise

Cost: Free

Operating systems: iOS, Android

Whether you’re figuring out how much of the electricity bill you should be paying, or who owes what at the end of a nice dinner, Splitwise is a piece of software that can make your life a lot easier. It even allows you to write IOUs to help figure out the little expenses between friends.

5. Good Budget

Cost: Free

Operating systems: iOS, Android

Good Budget pretty much works on a concept similar to the idea of dividing your money up into envelopes for each pay period. Aside from this function, Good Budget also has a bunch of handy graphics to help you track how your money is going, but does require dedicated use.

6. Money Health Check

Cost: Free

Operating systems: iOS, Android

Money Health Check is another app from MoneySmart and ASIC that can help you work out whether or not your finances needs attention. Money Health Check is able to provide results tailored to your situation, and a list of urgent ‘to-do’ actions which you can save or email to yourself.

7. Mobile Calculator

Cost: Free

Operating systems: iOS, Android

Another useful app from the folks at MoneySmart and ASIC can be a valuable tool when you’ve got a larger financial decision to make. With this app you will have access to ASIC’s savings, loan, mortgage, superannuation and interest-free deal calculator, to help with the big decisions.

8. TrackmyGOALs

Cost: Free

Operating systems: iOS, Android

Yet another handy app from the clever folk MoneySmart and ASIC, TrackmyGOALs is more of a goal-oriented app then the other options but is quite useful as it allows you to track and manage goals while visualising your progress towards achieving them – motivation in and of itself! 

9. Spendbook

Cost: $2.99

Operating systems: iOS, Android

Simple, elegant and effective, Spendbook gives users an intuitive interface with which to track expenses and budget. You can add photos for reference as well as a range of categories and subcategories and view expenses as daily or monthly summaries with helpful charts.

10. Spendee

Cost: Free

Operating systems: iOS, Android

For quick, efficient budgeting that’s easily analysed you can’t do much better than Spendee. The flat, brightly-coloured design makes the app easily navigable and really gives you a sense of where and what your money is doing. Plus it provides valuable expense breakdowns and summaries.

Related links:

Why 2016 is the year everyone should ask for financial advice

How to avoid hidden bank fees

5 ways to reduce everyday bills