There is no doubt that in today’s day and age our lives are ruled by the ever changing use of technology. We are right in the middle of technological advances that are linking business and consumers like never before. As with any boom, technology and how it is being used is rapidly shifting the landscape in which we operate in faster than we can keep up.
This could not be truer than what we are seeing right now in the financial services arena. Apple and Android’s alike are flooded with budgeting, investing and money applications that can improve the ability to effectively and simply handle your personal finances. You can read more here about why we think tracking your cash flow is extremely important. Whilst we provide comprehensive services in this area, we know that sometimes you want to do this by yourself.
In light of this we regularly review the offerings and bring to you our favourite apps and websites that you may find helpful. Some we use personally or as a business and others we just really like the look and feel of:
An Australian budgeting app that allows you to track your expenses and compare them to your budget in ‘real time’. It’s a fantastic tool for monitoring your spending and to help you stay accountable. The best part is that it’s completely free.
Predominantly to be used with the help of a financial planner or accountant, this website takes Pocketbook a little bit further. Not only does it track and compare your budgets and goals, but it also tracks your investments, assets, records your tax receipts, documents, wills and insurances.
It is a one-stop shop; however with all that power it comes at a cost and can also be a little confusing to run. This is best used under the supervision of a financial professional.
Another free one – Track my goals is a little Money Smart app that allows you to input your goals, track them and monitor how you’re progressing. We believe this is a powerful tool in setting your goals and, importantly, having the ability to track them. Also, the fact it actually makes you set financial goals is half the battle.
Acorns is one of the first ‘spare change’ investing apps to hit the Australian market. The thing I love about it is that it is forces you to save. You set it up with your everyday spending account and then you are good to go. (fees apply)
How it works is that it rounds up your purchases that you make with your debit card to whole numbers. So $3.40 becomes $4.00… and it takes that 60 cents and sweeps it into an account within your Acorns account. Everyday that $5 is saved up in your Acorns cash account, it is then invested in the share market. We love it!!
As with any websites or phone app each one suits different personalities and works best on different types of devices. With constant changes, upgrades and new apps it can all feel overwhelming at times.
Our tip is to choose one, implement it properly into your everyday life and utilise it for an extended period of time. This will ensure you get the most of it and hopefully becomes a regular piece of accountability, investing and reflection on your financial life.
However if you’re finding these sort of apps useful, but overwhelmed or struggling to stick to it, you may need help along the way. Try talking with a finance coach or financial adviser if you do need some guidance or support.
Associate at McQueen Group
Ben Warren is a Financial Adviser (AR No.: 471844) employed by McQueen Group. McQueen Financial Group is a corporate authorised representative (AR No.: 267498) of Total Financial Solutions Limited (TFS). AFSL No. 224 954, ABN 94 003 771 579. This information is of a general nature only and does not take into account your investment objectives, financial situation or particular needs. You should not act on any information in this report without first consulting a professional investment adviser in order to ascertain whether the information and any investment decision is appropriate. This information is believed to be accurate however no warranty of accuracy or reliability is given in relation to any advice or information contained, and neither TFSA or its Representatives and officers, agents or employees of either of the aforementioned shall not be held liable for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence). Please note that the views expressed on the abovementioned websites do not reflect the views of TFS or McQueen Group.