The best budgeting apps allow you to change the spending categories, do away with what you don’t want, and keep what you want. They also allow income and expense adjustments. Some generate reports and export data periodically.
Different free budgeting apps have various financial management features, and some features may come at a fee. Some are good when saving towards something. Others will help you monitor your spending habits and get organised.
To get the best out of a free budgeting app, look at the features, read reviews and check ratings before settling. Additionally, read the terms and conditions and security features.
If you want extra help managing your finances, read on. This post reviews some best free budgeting apps in Australia, their features, and their limitations. It also answers some frequently asked questions on budgeting apps.
GoodBudget
Rated 4.1 on Forbes, 4.7 on Apple Store, and 4.4 on Google Play, GoodBudget is a beginner-friendly budget app. It works by dividing cash virtually into envelopes according to each purpose, such as school fees, groceries, etc.
It mimics the good old tradition of managing money.
GoodBudget is an excellent spending tracker app for a household where bills are split between family members since you can sync the monthly budget with two people on the free version.
It could also be helpful for couples planning a wedding or saving up to buy a home.
The virtual envelope system is also best for huge figure savings goals.
GoodBudget app has resources to help with personal finances and getting out of debt. They are in the form of blog posts, webinars, and podcasts.
The free version also lets you interact with other users in the community forum to share insights and experiences.
Features with the paid version are the same, but they can do much more than the freebie. The free subscription limits you to one account, 30 envelopes, and one year of tracking your financial goals and personal finances.
The limitations of the GoodBudget App are that it lacks a credit score tracking system, and it does not suggest financial products that could be of value to you.
Get it on Google Play Store or Apple Store.
Finder
Finder is one of the best personal finance apps. The budgeting app syncs to all your financial accounts and credit cards across many banks to show you how you are transacting, investing, and saving.
It categorises all expenses into spending categories and offers analytics based on set targets.
The Finder app also sends you alerts suggesting better deals on credit cards and bank accounts that could help you save more if you switched to them. The best thing is to compare lots of products and choose one—for instance, home loans.
There is also a Finder Earn incentive for up to 6.01% per year for capital gains. With Finder Earn, the interest accumulates daily, so you are not constrained to lock your money for the whole year.
The App also has a credit score monitoring feature to quickly check if you qualify for a loan or a credit card.
The developers are also committed to data protection. They have a disclaimer that all data privacy rules are adhered to, and unauthorised sharing of personal data is not possible.
They’ve taken the next rung up by encrypting end-to-end messages with AES256. Furthermore, they have biometric and password securities and constantly perform security checks to detect vulnerabilities.
The App holds the best crypto product award from the 6th annual FinTECH awards. You can buy cryptocurrencies like Bitcoin and Ethereum with no charges, from as low as $5.
Apple Store rating is 4.8. You can find the App here.
Frollo
If you have financial accounts all over, each for a specific purpose, worry not; the Frollo app got you. It syncs financial data from over 100 banks, super funds, and financial institutions.
Frollo has an outstanding bill tracking feature where any payments or deposits are automatically updated on the App and put in a spending category. You can also gauge how well you are doing by the Frollo score.
The app also alerts you of upcoming bills, avoiding late payment penalties.
The money manager app was named the best money management app in 2021 and 2022 in the Mozo Experts Choice Awards for Bank Accounts and Savings.
The App is readily available on Google Play and Apple Store.
PocketGuard
The distinguishing feature of this app is that it helps you save more by monitoring all spending habits and linking debit and credit cards.
PocketGuard presents income and expenses in pie charts, and it is an excellent money tracker app for people keen on cash flow.
It has targeted product suggestions based on your profile.
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