In this article, you will read about best free personal money management app in Australia. Best Personal Finance Software in Australia is easy to use, but powerful solution for managing your cash flow, and debts and also for managing investments.
Free financial software, or personal finance software as it is most commonly known, is a must-have tool for individuals who want to keep track of their personal finances. These tools are great because they allow you to create budgets and monitor your spending patterns in a very convenient way.
Personal finance software helps you organize your finances, track time spent on certain activities and manage important tasks. Good personal finance software covers all areas of personal finance well and is user-friendly. It should also be stored on the computer so that you can access it whenever needed, which makes it an offline personal finance software program.
Best Personal Money Management Software Australia Australia – It’s a well-known fact that people are prone to living above their means. To help manage your finances and get your finances organized, try using one of the best personal money management software. The software has many great features that can make it easier for you to better organize your expenses and is packed with useful functions.
What is the best way to track personal finances?
Apps and budgeting software make it easy to categorize your spending so you can see when and where your money is going—at a glance. Knowing these patterns is the first step toward changing your behavior to start saving more.
Credit Health — Monitor your credit score
Our research suggests that very few Australians know what their credit score is, or how to access it. Banks and lenders are able to access this data when checking your credit score, so really you should be able to, too. As of July 2019, all your financial movements – positive and negative – are collated in what’s called a Comprehensive Credit Reporting (CCR) system. The information held about you makes up a number – a score – that is used by banks and other lenders as an indication of your creditworthiness. Credit Health allows you to be in charge of your own finances. It was the first finance app of its kind in Australia and allows you to track your credit health in real-time, for free on your phone. Download it today or sign up to check your credit score on Finty.
On Up Bank’s website
Up Everyday Account
Highlights
- Join in minutes and pay no monthly fees. Get Apple Pay™, Google Pay™ and Samsung Pay™ instantly.
- Create and customise multiple savers for your life goals instantly.
- Earn up to 0.50% p.a. interest once activated. Make 5 successful purchases using your Up or 2Up debit card, Apple Pay™, Google Pay™ or other digital wallets in a calendar month. (Terms and Conditions apply).
Product & offer T&Cs @up.com.au/terms. Up accounts issuer Bendigo and Adelaide Bank.
Bank promo
- Get up to $10 bonus credit when you apply through Finty.
WeMoney
WeMoney is designed to give you a ‘360-degree view’ of your finances. Through the free app, you can connect accounts, including supported savings, loans, credit cards, super, buy now pay later, investment and cryptocurrency accounts. This can give you a clearer picture of your net worth. Through the app you can automatically categorise your transactions, track your bills and subscriptions and set monthly budgets and money goals.
Other features include the ability to check your credit score and an offers section. But, it’s important to note WeMoney only displays offers from its partners and may not cover all your options. Additionally, to create an account you will need to provide some photo ID (such as a driver licence or passport). WeMoney says it uses bank-level encryption, but as with any budgeting app, it’s important to weigh up whether you are comfortable sharing your personal information.
Pocketbook — Your personal finance assistant
Pocketbook is an easy-to-use app that touts itself as a personal assistant for your money. Com
Splitwise
Splitwise is another app that could help you manage shared bills and expenses. Splitwise is a bill-splitting app that automatically splits payments between members of a group and tallies up who-owes-who what.
Splitwise is free to download, but there are in-app purchases if you want to access the app’s ‘pro features’, which include no ads, currency conversion and the ability to save default splits. Additionally, like Beem It, to use the app with a group of people, everyone needs to download the app individually.
patible with most Australian banks, once you sync the app with your account, Pocketbook offers a full breakdown of your spending by dividing the transactions into different categories. For example, groceries, entertainment, bills etc. Over time you can see what you spend the most money on, where you can trim down your spending and set budget limits to work within. Set reminders to pop-up on your phone when you’ve reached your ‘safe spending’ limit or when incoming bills are due. What’s more, you can add other bank accounts, credit cards, personal loans, home loans, and savings accounts to the app so you’re able to keep track of multiple accounts in one place.
Raiz — Invest your spare change
If you’ve already got your budgeting and tracking apps lined up, the next thing you could look at is investing some of your hard-earned cash. Raiz (formerly known as Acorns) is a micro-investing app that automatically deposits your spare change into one of six diversified portfolios. Diversifying is a financial management strategy that mixes different assets within a single portfolio. Raiz spreads your investment across hundreds of the most widely held Australian and international companies, corporate bonds, government bonds and cash. The end result should be a higher return for lower risk.
The Raiz app works by rounding-up your expenses to the nearest dollar and investing the difference. For example, if you buy a coffee for $3.60, Raiz will round it up to $4.00 but invest the 0.40 cents on your behalf. A monthly management fee of $2.50 is charged on balances under $10,000. There are no withdrawal fees if you decide to take money out. For more detail read our complete review of the Raiz Invest app.
- Cost: $2.50 per month management fee for balances under $10,000 or 0.275% per year for balances over $10,000
- Available on: Android and iOS
For more information, read our full Raiz review based on 4+ years of first hand experience.
MoneyBrilliant — A complete view of your money
MoneyBrilliant works in a very similar way to Pocketbook and other finance apps, so spending time comparing their differences is a good idea. This app connects to more financial institutions in Australia than any other app of its kind and has a premium product on offer. New users are given a free 30-day trial of the MoneyBrilliant Plus and can then choose to stay with that product or move to the free basic plan.
Both plans allow users to look after their money in one place – as well as syncing to your main bank account, you can connect with your investment portfolios, superannuation accounts, credit cards and loans. Expenses are categorised, and you can create budgets and get bill notifications. The premium plan allows you to sort expenses into tax deduction categories and has a net worth breakdown and a financial bootcamp amongst its offerings.
- Cost: Basic plan is free, MoneyBrilliant Plus is $9.90 per month or $99 per year
- Available on: Android and iOS
Finch — Track who owes you
Winner of the Best Personal Finance App in 2018 and the Best Digital Wallet Fintech Australia 2018, Finch is one of the newest apps on the block. It’s the easiest way to track your social spending and is especially good for shared expenses – between housemates, while travelling, or eating out. Users can send and receive payments instantly, without requiring anyone’s BSB number, and split restaurant bills and rent bills. It sounds ideal for those who always feel like they lose out when bill-splitting. The catch is, it only works if everyone is signed up to the app.
Besides the shared expenses function, the app also tracks spending and offers tips on how to curtail spending and save a little.
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ATO — Keep track of your taxes
Winner of the Best Personal Finance App in 2018 and the Best Digital Wallet Fintech Australia 2018, Finch is one of the newest apps on the block. It’s the easiest way to track your social spending and is especially good for shared expenses – between housemates, while travelling, or eating out. Users can send and receive payments instantly, without requiring anyone’s BSB number, and split restaurant bills and rent bills. It sounds ideal for those who always feel like they lose out when bill-splitting. The catch is, it only works if everyone is signed up to the app.
Besides the shared expenses function, the app also tracks spending and offers tips on how to curtail spending and save a little.
Moneytree — Bank accounts and rewards programs in one place
Launched in Australia in 2017, Moneytree works a lot like Pocketbook and MoneyBrilliant in that it links all your accounts, cards and super in one place. However, the sweet bonus with Moneytree is that you can link to your loyalty cards, too, i.e. your frequent flyer or store card accounts. As with many other personal finance apps, you can use Moneytree to track spending, set budgets, and analyse your spending in an attempt to keep it under control. There’s also a work expenses tracker, which can be converted into a spreadsheet, and fancy graphs to give you a visual story of your finances.
At the end of August 2019, Moneytree announced its premium product, Moneytree Grow. This paid feature offers daily background updates, exports of all data across your accounts to an Excel or CVS file, and a monthly report to get a more detailed overview of your spending.
- Cost: Basic plan is free, Moneytree Grow upgrade is $4.49 per month with a 12% discount for annual subscribers
- Available on: Android and iOS
Goodbudget — A modern budget tracker
Popular in the US, Goodbudget is also available to Australian users. It uses the old school system of envelopes for budgeting and saving. Labelling itself as ‘a budget tracker for the modern age’, Goodbudget offers a good replacement for carrying those pesky paper envelopes around, if anyone can remember that style of saving. Like a few other apps, you can set monthly limits on up to 10 ‘envelopes’ assigned to grocery shopping, clothes shopping, eating out, etc. The idea is you stick within those budgets and don’t spend more than you have. Via Goodbudget, you can track expenses, analyse spending, export data to Microsoft Excel and sync with your partner’s accounts.
Frollo — Monitor multiple accounts
Sydney-based Frollo is becoming a popular choice for those who are worried about using finance apps on their phone. They use the same security as banking apps so it’s 100% safe to use. After synchronising with your bank accounts, credit cards, loans, superannuation and investment portfolios, Frollo allows you to monitor spending across all accounts and to see where you can save money. You can take savings challenges within the app, and there’s a ‘Frollo Score’ feature which gives users a score from 1 to 1000. Designed to tell you how you’re doing financially, your score is based on your spending habits, level of debt, and whether you’ve managed to save anything.
Is personal finance software safe?
Go with trusted brands, and you can expect the same types of firewalls and encryption that you’d expect from a banking website. It’s often the human who does something risky rather than a flaw in the software.
Conclusion
A good personal money management software uses advanced algorithms to help users plan their finances. It will also be able to assist in budgeting, organizing personal and household expenses, calculating taxes and enabling financial planning.
The best personal money management software Australia should be user-friendly, quick and easy to use, affordable, reliable and secure. It should allow you to track your daily expenses and income. Such personal finance software will also make it easier for you to stay on budget even if you’re not a natural planner.