Money Management Apps That Can Help You Be More Financially-Responsible

Money management apps can be very helpful in today’s world. With so many financial transactions happening digitally, it can be challenging to keep track of all of your income and expenses without some sort of digital tool. Money management apps offer a convenient and efficient way to track your finances, manage your budget, gain insight into your spending habits, and even monitor your investments such as stocks, bonds, or self managed super funds (SMSF).

Additionally, money apps can help you save time and reduce stress by automating certain tasks, such as bill payments or savings transfers. This can free up time and mental energy to focus on other areas of your life.

Furthermore, budget apps offer features such as financial education and goal-setting tools that can help users improve their financial literacy and work towards long-term financial goals.

Below are some of the best money management apps you can check out.

Goodbudget

Apple rating: 4.7
Play store rating: 4.3

Goodbudget Cost: Goodbudget is free. Goodbudget Plus is $8 per month or $70 per year.

Goodbudget is a personal finance app that helps users manage their money by using the envelope budgeting method. With this app, users can create digital envelopes for different categories of expenses, such as groceries, entertainment, or rent. They can then allocate a certain amount of money to each envelope and track their spending throughout the month.

Goodbudget Key Features

Helps create digital envelopes for different categories of expenses.
Allow users to set up a budget for each envelope and track spending.
Allows syncing budgets between multiple users.
Users can generate reports to track progress and identify areas for improvement.
Goodbudget integrates with bank accounts to automatically import transactions.
Provides customer support through email and chat.

Frollo

Apple rating: 4.1
Play store rating: 3.0

Frollo Cost: Free

The Frollo app is a money management tool developed by the Australian fintech company Frollo. It enables users to link their bank accounts, home loans, superannuation, and other financial accounts from over 100 financial institutions in one place, providing a comprehensive financial overview.

Frollo Key Features

Allows users to set up their budgets, track their spending, and receive customised insights to help them stay on track.
Users can set financial goals and track their progress towards achieving them.
Includes a bill tracking feature that sends alerts to users before bills are due, helping them avoid late payments or fees.
Automatically categorises spending, making it easy for users to see where their money goes
Can provide near real-time data to customers from participating banks through their ‘open banking’.
Uses bank-level security to protect users’ personal and financial information.
Provides users with insights and recommendations based on their spending habits.

PocketSmith

Apple rating: 3.4
Play store rating: 3.4

PocketSmith Cost: Free (for Basic), $7.50 (for Premium version), $14.16 (for Super)

PocketSmith is a personal finance app that helps users manage their money by providing a comprehensive view of their financial situation. The app allows users to link their bank accounts, credit cards, and other financial accounts to the app, which automatically categorises and tracks their transactions.

PocketSmith Key Features

Allows users to create custom budgets for different categories of expenses, such as groceries, entertainment, and housing
Provides notifications when users are approaching or exceeding their budget limits, which helps them stay on track
Allows users to forecast their future cash flows based on their current income and expenses
Allows users to set financial and savings goals, such as paying off debt, saving for a down payment on a house, or building up an emergency fund.
Allows users to track their investment accounts and cash flow, and view their investment portfolio performance over time
Provides insights and recommendations based on the user’s investment goals and risk tolerance.
Provides users with a range of reports and charts that help them visualise their financial situation.

WeMoney

Apple rating: 4.5
Play store rating: 3.6

WeMoney Cost: Free

WeMoney is a personal finance app designed that allows users to get a ‘360-degree view’ of their finances by connecting all their financial accounts in one place. This can help users to better understand their net worth and get a clearer picture of their financial situation.d money goals.

WeMoney Key Features

Allows users to link all their financial accounts, including savings, loans, credit cards, super, buy now pay later, investment and cryptocurrency accounts. This provides users with a 360-degree view of their finances.
Automatically categorises transactions, making it easy for users to see where their money is going and identify areas where they can cut back.
Allows users to track their bills and subscriptions, ensuring they never miss a payment.
Allows users to set monthly budgets and money goals, helping them to stay on track and achieve their financial objectives.
Provides users with insights and recommendations based on their spending habits, helping them to identify areas where they can save money and improve their financial well-being.

Spendee

Apple rating: 4.6
Play store rating: 4.2

Spendee Cost: Free (for Basic), $14.99 per year (for Plus) or $22.99 per year (for Premium)

Spendee is a personal finance app that allows users to track and manage their spending. The app allows users to connect their bank accounts and credit cards, categorise their transactions, set budgets, and view detailed reports on their spending habits.

Spendee Key Features

Allows users to track their transactions across multiple accounts, including bank accounts, credit card accounts, and cash transactions.
Automatically categorises transactions into different categories, making it easy for users to see where their money is going.
Allows users to create custom budgets for different categories of expenses, such as groceries, dining out, and entertainment.
Provides notifications when users are approaching or exceeding their spending limits, which helps them stay on track.
Allows users to track their bills and subscriptions, ensuring they never miss a payment.
Allows users to customise their spending categories, adding new categories or editing existing ones as needed.
Provides users with detailed reports on their spending habits, allowing them to see their expenses by category, merchant, and time period.

WiseList

Apple rating: 4.4
Play store rating: 3.0

WiseList Cost: Free

WiseList is a grocery shopping app designed to help Australians save money on their groceries. The app allows users to create shopping lists and compare prices for items from both Coles and Woolworths, two of the largest supermarket chains in Australia. By comparing prices side-by-side, users can find the best deals on the products they need, which can help them save money over time.

WiseList Key Features

Allows users to create shopping lists, making it easy to keep track of the items they need to buy.
Compares prices for items from both Coles and Woolworths, allowing users to see which supermarket offers the best deals.
Helps users find the nearest Coles or Woolworths store, making it easier to plan their shopping trips.
Highlights special offers and promotions from both Coles and Woolworths, helping users save even more money on their groceries.

Fudget

Apple rating: 4.8
Play store rating: 4.7

Fudget Cost: Free (for Basic); $3.99 (for Fudget Pro)

Fudget is a simple and easy-to-use budgeting app that allows users to track their expenses and income. The app is designed to be straightforward and user-friendly, without a lot of bells and whistles that can be overwhelming for some users.

Fudget Key Features

Has a simple, streamlined interface that makes it easy to enter and track expenses and income.
Users can create their spending categories and customise the colour and icon for each category.
Allows users to set budgets for each spending category and track their progress toward each budget.
Users can quickly and easily enter their expenses and income, and the app automatically calculates their remaining budget for each category.
Fudget is a one-time purchase app with no ads or subscription fees.

Buddy

Apple rating: 4.7

Buddy Cost: Free; $4.99 per month or $34.99 per year (for subscription)

Buddy is a budgeting app that allows users to create budgets and track their expenses without the need to sync their bank accounts. Instead, users can manually add transactions to the application. Buddy also allows users to sync their transactions with a partner or loved one, and create shared budgets.

Buddy Key Features

Allows users to create custom budgets based on their income and expenses.

Users can easily track their expenses by manually adding transactions to the app.
Users can sync their transactions with someone else (a loved one) to create shared budgets, making it easy to collaborate on finances.
Can send reminders for upcoming bills and help users avoid late fees.
Users can view detailed reports on their spending habits and track their progress towards their budget goals.

YNAB (You Need A Budget)

Apple rating: 4.8
Play store rating: 4.6

YNAB Cost: Free 34-day trial; $14.99 per month or $99 per year. YNAB is free to use for college students for 12 months.

YNAB (You Need A Budget) is a popular budgeting app that helps users get control of their finances by providing tools to create and stick to a budget. The app focuses on the principle of giving every dollar a job, so users can make better financial decisions and prioritise their spending.

YNAB Key Features

Users can create custom budgets based on their income and expenses, and YNAB offers guidance on how to allocate funds based on the user’s priorities.
Syncs with users’ bank account to automatically import transactions and categorise them.
Users can set goals for their savings and debt reduction, and YNAB provides tools to track progress and stay motivated.
Offers detailed reports and analytics to help users better understand their spending habits and make more informed financial decisions.

Empower

Apple rating: 4.7
Play store rating: 4.3

Empower Cost: Free

Empower is a mobile app that helps users track their finances, build a budget, save money, and manage their credit scores. It is available for iOS and Android devices and has a range of features that are designed to make managing personal finances easier and more efficient.

Empower Key Features

Can help users save money by automatically transferring a portion of their income to a savings account each month.
Users can create a custom budget based on their income and expenses, and Empower will provide personalised recommendations to help them stay on track.
Can help users track their bills and notify them when payments are due.
Provides a free credit score report and can send alerts when changes occur.
Offers access to investment options, including ETFs and retirement accounts, for users who want to grow their wealth.

Why creating a budget is important?

Creating a budget plan is an essential step towards achieving financial stability and success and sticking to your budget plan is just as important as creating it. Without sticking to it, you may not see the financial benefits you hoped for, and you may even end up accumulating debt.

By following your budget plan, you can prioritise your spending, avoid overspending, and work towards achieving your financial goals. It takes discipline and commitment to stick to a budget plan, but the benefits are well worth it in the long run.

Here are the steps to create a budget plan:

Determine your income: Start by calculating your monthly income, including your salary, bonuses, or any other sources of income.

List your expenses: Make a list of all your monthly expenses, including fixed expenses like rent, mortgage, utilities, and transportation, and variable expenses like groceries, entertainment, and travel.

Categorise expenses: Categorise your expenses into necessary and discretionary expenses. Necessary expenses are those required for basic living, such as rent and utilities, while discretionary expenses are those that are not essential, such as entertainment and travel.

Set financial goals: Set realistic financial goals, such as paying off debt, saving for retirement, or building an emergency fund.

Allocate funds: Allocate funds to each expense category based on your income and financial goals.

Track your spending: Track your spending regularly to ensure that you are sticking to your budget plan.

Taking out a loan can be a reasonable option when unexpected expenses arise, and you’re unable to stick to your budget or pay for fixed expenses. If you do decide to take out a loan, consider all available loan options ideal for your current need; like short-term loans. Short-term loans are typically small loans that are meant to be repaid within a few weeks or months. They are often used to cover unexpected expenses or emergencies, such as car repairs, medical bills, or home repairs.

However, while applying for a short-term loan may seem like an easy solution to cover unexpected expenses or make ends meet when you can’t stick to your budget, it’s important to understand that it comes with risks and should be considered carefully.

If you are considering a short-term loan, it’s important to shop around and compare rates and fees from different lenders. You should also carefully read the terms and conditions of the loan before signing any agreements, and make sure you understand the total cost of borrowing.