6 of the best budgeting tools for financially savvy Aussies
"Set up a budget" - you've probably heard this piece of financial advice time and again. But it's easier said than done. Where do you start? There are some excellent tools and platforms out there that help you set up and manage a budget so you can stay on top of what's going in and what's coming out, and keep your financial health in good shape.
We've compiled a list of some of the best budgeting apps and websites that can help Aussies like you know where they stand, save money and maintain good credit health.
1. Pocketbook
The best budgeting tools really depend on your needs and how you like to manage your money best. You might prefer to use an Excel spreadsheet, a program your financial planner set up for you, or a particular website. If you use a smartphone, apps can be great way to budget on the go, and Pocketbook is one of the best.
Pocketbook is free and operates on both iOS and Android. One of its best features is that it syncs with your bank account, so you can import and categorise your transactions. The Safely Spend feature lets you budget on certain timeframes, such as weekly, fortnightly or monthly, making it flexible and easily adjustable to your preferred method of managing your money. Pocketbook also allows you to track your bills and salary, get a visual breakdown of your spending and track your savings progress.1
2. TrackMySPEND
TrackMySPEND is an app developed by the Australian Securities and Investment Commission (ASIC). It lets you to enter your weekly spending limit and add expenses as you go. With customisable functions, it's an easy-to-use tool if you like to manage your money using your smartphone. However, you can also export your data to a CSV file if you want to access it via your laptop.
The app is freely available on both the App Store and Google Play.2
3. MoneySmart Budget Planner
This is another platform from ASIC that can help you with your personal budgeting. This website lets you enter your income, utility bills, groceries and other expenses so that you can see exactly where your money is going. By signing up to MoneySmart you can save your results online.3
If you're constantly feeling like you're behind and not sure where all your money is going, this is a great tool to find out! Then, you can take action to reduce your spending in certain areas so that important things like your mortgage repayments get prioritised.
4. MoneyBrilliant
MoneyBrilliant is an app that doesn't just help you manage your everyday spending, but your investments as well. The app is available for free, but some of the more comprehensive features require a monthly spend. All of your transactions are categorised, so you can see exactly where your money is going.
You can enter your monthly bills into the app, which will factor these in and give you a budget to work off. Reminders and alerts let you know when bills are due, so you can stay on top of all your repayments.4
5. Bank budget planners
Some of the best websites to help with budgeting are run by Australian banks. It's worth finding out what tools your bank has available by taking a look at their website.
The Commonwealth Bank, Westpac, ANZ and NAB all have budget planner tools designed to help you figure out where your money is going. As banks have gone online these days, too, internet banking apps enable you to get a quick overview of your accounts and transactions.
6. Australian Taxation Office
While not specifically designed as a budgeting tool, the ATO's Personal Living Expenses Comprehensive Worksheet is a great way to figure out your earnings after tax and determine whether your costs are outweighing your income. Unlike other tools, it factors in additional expenses and sources of income such as child support and Centrelink benefits.5
With fantastic tools like these, there's no reason you can't start putting a budget together right away. Play around with different options and see what works best for you. You may decide you prefer to simply use a traditional Excel spreadsheet, but as long as you put some system in place your finances will be better off in the long run.
Budgeting will help you establish solid foundations for money management that will help get you on track with saving and repaying debts. This is crucial for maintaining good credit health. While you're in the money managing mindset, why not make sure you're on top of your credit report and credit score, too? Equifax's range of annual subscription plans help alert you to changes in your credit report and help you discover some of the information credit providers can see when you're applying for a loan. You can also get your credit report for free here.
Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.
1 The Sydney Morning Herald. Budget? Bills? Banking? App to it. Accessed December 2017.
2 Australian Securities and Investments Commission. TrackMySPEND. Accessed December 2017.
3 Australian Securities and Investments Commission. Budget Planner. Accessed December 2017.
4 SkilledSmart. Best Money Tracking & Budgeting Apps in Australia. Accessed December 2017.
5 Australian Taxation Office. Personal living expenses comprehensive worksheet. Accessed December 2017.
