We all need a little help when it comes to saving money or even investing into a portfolio. It can be a difficult task to filter through all the money saving apps that claim to be able to help you save or start your portfolio, then don’t perform as you expect them too.
According to a recent report from the Australian Securities and Investments Commission (ASIC), Aussies had a combined credit card debt of $45 billion. An astounding amount of debt that we could potentially reduce by being a little smarter about what we do with our money. Apart from things like switching to lower interest rate credit cards and getting regular finance checks, we want you to maximise your potential savings as much as you can without being too frugal on life.
Below are the best money saving apps around to help you get your finances to work for you.
The money saving apps you need
Pocketbook: This is a free Australian budgeting app that helps you keep track of where your finances are going. It tracks your monthly spend whilst allowing for your bills and other regular expenses. You can also set up a monthly allowance for your discretionary spends such as eating out, clothing and travel. Pocketbook will also send you notifications when you’re getting close to reaching your monthly limits. A good way to keep track of what’s going out of your accounts.
Splitwise: This is a great app if you’re renting and sharing a house. The app organises the household income and spending. It also works out who has spent what and who owes you money. A great tool to keep track of things like apartment bills, group trips and IOUs. Everyone in the household can log in and see the balance and expenses, plus add any new expenses. The app will also send you notifications when bills are due.
Raiz Invest: An app that encourages you to save and redirect any loose change you may have into a portfolio that consists of a wide range of stocks. This app is great if you are new to the stock market and don’t know where to begin. It also gives you an automated system helping to ensure good principles of investing.
MoneyBrilliant: Working in a similar way to Pocketbook. This app allows you to organise multiple bank and financial institution accounts in the one app. Adding your primary bank account to the app is free. However, if you do want to connect your super, credit cards, investments and loans, then there is a plan that costs $9.90 per month. In addition to having all your finances in one place, MoneyBrilliant also comes with a tax tool. The tax tool is great because it tells you what transactions may be tax-deductible, so you can potentially claim them.
SelfWealth: An app used for trading on the stock market. This app has a fixed brokerage fee of $9.50 per trade with no commissions regardless of the size of the trade. It’s free to join and won Money Magazines 2018 Best of the Best Cheapest Online Broker. It’s a great app if you want to start investing.
Cashrewards App: Yes, we’ve launched our own App! Now you can do your online shopping and earn cashback everywhere you go. We’ll let you know the best offers available so that you never miss out and maximise your savings. The Cashrewards App will ensure you’re saving and earning cashback on your everyday shopping like groceries, travel, fashion and more with over 1200 retailers all in the one app.
From shopping to budgeting, to investing, these money saving apps are designed to give you a head start on saving and maximising your hard-earned cash. Always seek professional financial advice for your particular situation and remember to get a financial health check regularly to ensure you’re on top of your financial goals.
For more on how Cashrewards works click here.