5 personal finance apps to help you hit goals

The Bank has no affiliation or arrangement with the following apps, and does not encourage sharing your banking credentials with third party apps or aggregators due to the increased risk of fraud. In the near future, The Bank will be implementing the Open Banking scheme. This will provide the legal framework and technical infrastructure for members to use third party apps and aggregators with their data protected.

Now more than ever, there are countless tools to help you manage your money in ways that are clever, quick, and even fun. With apps that are only a click away – and most of them downloadable for free – it’s never been easier to become a savvy saver.

Raiz

Formerly known as Acorns Australia, Raiz is a micro-investing app that allows you to invest small change by rounding up on transactions made to your everyday bank account. There’s no minimum account balance required to get started, plus it lets you invest lump sums of at least $5 and set recurring amounts on a daily, weekly or monthly basis so you can automate your savings and enjoy watching your money grow faster. With six different diversified portfolios from which to choose, including a socially responsible ‘Emerald’ Portfolio, there’s an option for every kind of investor. You can also specify a savings goal and subscribe to a certified carbon offset program easily. But one of its best features is Raiz Kids, an option within your existing account that allows you to save and invest for dependents under the age of 18.

Price: Free.

Available for: Apple and Android

Pocketbook

At the time of writing, over 400,000 Australians have downloaded Pocketbook, an app that allows your phone to link to and sync with your Australian bank accounts, no matter how many you have and what kind they are. Whether you’re purchasing something using your credit card from one bank or everyday savings account from another, Pocketbook gives you a birds’ eye view of your money so you can track exactly how much you’re spending on categories such as groceries, clothes, and fuel. It then lets you budget for each category, and sends you notifications when any account fees are charged. What’s more, its handy Safely Spend feature gives you a running average of your regular discretionary spend so you know at any time just how much you can afford to allocate to things like drinks, dinners, groceries, etc. without going over the top. And because it syncs across all of your devices, you can be sure you have the most up-to-date information whether you’re using it from the mobile app or on the web.

Price: Free.

Available for: Apple and Android.

 YNAB

If there ever was a comprehensive budgeting app to help you take control of your finances, this is most definitely it. YNAB – which stands for You Need A Budget – is an award-winning system accessible across every single one of your devices to help you effectively give every dollar you earn a specific job. It helps you direct where you’d like your money to go and plan ahead so you’re never left reaching for your credit card when an unforeseen bill arrives. By sticking to the plan and the budget, YNAB helps you become debt free. The app also comes with an extensive support system and network so you can become a lot more financially literate on your journey to a life free of stress from debt. In fact, YNAB has reported its customers on average save over $6,000 in their first year of using the app according to a 2017 customer survey.

Price: $84/year with a no-obligation, no credit-card sign up to their 34-day free trial period.

Available for: Apple, Android, Windows

Carrott

Not yet available in Australia but definitely one to watch out for, Carrott works in a similar way to Raiz but is a micro-savings app rather than a micro-investing one. Rounding up any ‘lazy cash’ or loose change from each transaction, it allows you to pay off your mortgage or FEE-HELP debt faster with a simple ‘set and forget’ feature. By regularly paying off what you owe, even in incremental amounts, Carrott makes your money work harder – and smarter – for you so that you can ultimately be that little bit speedier in paying down your debts, saving money in the long-term.

Soon to be available for: Apple

Angelica Hannan is a secondary English teacher of more than twelve years who specialises in gifted education. She loves nothing more than helping students find exactly what it is that sparks their curiosity. Angelica is also a writer and researcher with a strong interest in sustainability, zero waste living, behavioural economics, and progressive education systems.

*This article is for general information only. We have not considered your personal situations. You should consider whether the information is appropriate before acting on it.