The Best Expense Tracker Apps in the Market

Lifestyle

Personal Finance

Team MONEYME|16 June 2021| 3-minute read

One way to ensure your finances are kept under control is to keep a close eye on your expenses. This helps you budget for the future, identify areas where you may be able to save money and keep on top of your finances.

As so many transactions are done electronically via credit card, debit card or online transfers, it is now much easier to get a clear picture of your daily living expenses, and there are many mobile apps available to help you with this process. But how do you find the best money saving app for you? Let’s look at a selection of expense tracker apps available in Australia.

PocketSmith

One of the handy features of PocketSmith is that, if you are happy to, you can permit it to sync with your Australian bank accounts, superannuation and investment accounts. 

PocketSmith will then list all your spending according to categories. You can set budgets for the categories, see how much you have left to spend, or if you’re overspending.  It also has additional features, such as forecasting that allows you to see projected bank balances and test out budgets before you set them. 

This app is free for the basic version and available from Apple and Google Play stores, or you can pay for a subscription which gives you more budget option, longer projections and automatic bank feeds. 

Frollo – Money Manager

Frollo is similar to PocketSmith and allows you to sync to your bank accounts, super funds and financial providers. It automatically categorises your spending and allows you to set budgets, goals and track your progress. 

Frollo also has a bill tracking feature which automatically finds bills and alerts you before they come in, so you won’t get caught off guard. 

The app is free and available for download from the Apple App Store or Google Play. 

Splitwise

Splitwise is a great way to keep track of shared expenses, and it’s particularly useful if you live in a shared house or are going on an overseas trip with friends or a family group, although everyone in your group will need to download the app individually.

It keeps track of shared expenses and who owes who money. It is free to download but there are also additional features you can pay for such as receipt scanning, currency conversion, charts and graphs.

It is available to use on an iPhone, Android or the web.

Australian Taxation Office (ATO)

The ATO has a free myDeductions app that allows you to keep your income and expense records in one place. Unsurprisingly, this tool is particularly handy for everything tax-related and can be used by individuals, sole traders and business owners. This app is useful for keeping your tax records organised and allows you to record expenses and deductions, vehicle trips, income (if you are a sole trader) and photos of your receipts and invoices.

It allows you to record information that you will need to complete your tax return and gives you access to ATO’s online services, tools, calculators and more so come tax time your information will be easily available in one place.  

Bank app

If you have an account with one of Australia’s major banks, chances are they will have their own mobile app to help with budgeting and tracking expenses. To help you save money, some bank apps even offer a ‘round-up’ feature where purchases that you make through your transaction account are rounded up and the extra money is placed in a savings account.

This is just a small selection of the many different expense tracking and budgeting apps on the market. Everyone has different requirements, but with so much choice you are sure to find the best budget tracking app to suit your needs.

There are also many other online tools available that can help you when you are trying to budget and manage your finances. If you do find you need to take out instant loans or cash loans, online lender MONEYME has a handy personal loans repayment calculator that will help you estimate your loan repayments and plan your finances if you are taking out a loan.

With so much new technology available, the process of budgeting, tracking expenses and finding the personal loan that is right for you has become even easier than ever.