Depending on the user, budgeting apps can help you to get financially fit, save for a house deposit, and manage your money even after you purchase property.
Apart from having somewhere to live, the quest for home ownership is also about having a long term investment strategy. However, doing so has arguably never been more difficult, particularly if you identify as a first home buyer. Rising house prices also mean larger deposits, which can be incredibly difficult when the cost of living is also on it’s way up.
Even if you already own a property, staying on top of your finances can still feel like a struggle. Many people make the mistake of thinking that they can revert to old lifestyle habits now that they finally have the house, but the reality is that home ownership has a wide variety of expenses that many tend to forget about, such as insurances, rates and utilities. However, the good news is that there are plenty of resources available if you’re ready to get financially fit, with one of the most accessible options being budgeting apps.
The Best Budgeting Apps To Get Financially Fit
One of the biggest myths that needs debunking is that you need to earn serious dollars in order to afford putting some of it away for savings, and that just isn’t quite true. After rent, mortgages, groceries and paying off debts, many Australians believe that they simply don’t earn enough to warrant allocating funds to a savings account. In reality, that’s exactly why you need to.
What we commonly refer to as a budget is an estimation of revenue and expenses over a specified future period of time, and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for an individual, a group of people or household, a business, a government, or just about anything else – or anyone – that makes and in turn spends money.
However, all that data, all those numbers and the general reality check of our spending vs savings habits have a tendency to scare people away from the fine art of budgeting. Unfortunately, in order to manage your monthly expenses, prepare for life’s unpredictable events, and be able to afford big-ticket items without going into debt, budgeting is important. Thankfully, technology means that there’s a wide variety of budgeting apps available through our smartphones – so what are a few of our favourites?
Your Bank’s App – According to the Australian Bureau Of Statistics, in 2021 over one quarter of Australians still don’t use internet banking. Utilising your current bank’s existing app is a great way to keep an eye on what’s happening with your finances and to split accounts up into everyday access, long term savings, direct debits for bills, etc.
Finspo – Although Finspo is certainly not one of the more traditional budgeting apps, it does shine a light on the true cost of banking. Users can sync up their home loans, credit cards, bank accounts and savings accounts from over one hundred banking institutions, and Finspo will then analyse all that data to provide a range of personalised insights on an ongoing basis.
Pocketbook – With your daily spending sorted into categories, you can easily see where most of your money goes, and what you might need to cut back on. Pocketbook is one of the best “all rounder” money saver apps out there, and it syncs with your bank account for users to get a scope on their actual spendings.
Money Brilliant – Similar to Pocketbook in nature, Money Brilliant is a ‘level up’ as it also includes the option to track your superannuation and investment portfolios. There’s less leg work with this money saver app, as it automatically populates a budget based on your historical earnings and spendings, and can even find the cheapest petrol deals in your region.
Good Budget – If you really want to start with the basics of budgeting, then this is the app for you. Good Budget is a digital form of the envelope system: that is, you set yourself limits for certain categories of spending, such as $100 a week towards groceries, or $50 a week on going out. It also allows users to access expense trackers and bank account linking like the above.
If you’re looking for other financial hacks and money saving tips, there are many other tactics to deploy that are useful no matter what your own individual circumstances are. If you’re one of the many Australians who are looking to break into the property market for the first time, having a reputable mortgage broker on your team can help you to navigate the world of finance from the very beginning – but where do you find one?
How To Streamline Your First Property Purchase
The big attraction of buying your own home is just that – it’s yours, once you’ve paid back the banks of course. However, first home buyers don’t have it easy, which is why we’ve compiled our very own in depth First Home Buyers Guide. This resource is completely free to download, and can be a game changer when it comes to ensuring that you’re up to speed on how to get into your first home faster.
With a background in banking, finance, business development and project management, there’s no better advocate to have on your team than Nikki Berzin. As a fully qualified mortgage broker and director of Cherry Lending & Finance, Nikki is passionate about all things finance, and empowering her clients with the tools to hit their property goals is what she does best, and another example of this is the free to use Savings Goal Calculator found on the Cherry Lending & Finance website.
If you’re looking to get into your first home, purchase an investment property or even want to look at your options for refinancing, the first step is starting the conversation. Get in touch with Nikki today, or call her directly on 0427 374 155 to bring your mortgage dreams to life.
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product. Subject to lenders terms and conditions, fees and charges and eligibility apply.
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