Utilise Tech To Your Advantage And Save Money!

April 20 2021

"Technology is supposed to complement our day-to-day lives and make it easier. Learn more about easier ways to streamline your personal finances!" - Ben Crow, Chief Operating Officer

Nearly every money-saving article online and in print will tell you the same thing – in order to save money, you need a budget. And that is totally true.

I like to think of a budget as “a diet for your money”. Not fun, but a necessity – especially as you get older! But for some of us, the thought of writing down every single thing we spend money on can seem overwhelming and depressing. And this is why so many people don’t do it.

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But the answer to doing a budget without really doing a budget can be right in the palm of your hand. Yes, your phone can do it all for you. Many of the budgeting and savings apps now available can be integrated with your bank account and it will automatically tell you at the end of the month exactly what you spent your money on, what you have left – and if you did better this month than last month.

Here are my top budgeting and savings apps that will change your mind about “budgeting being hard”, and might just be the thing that gets you in tune with your financial situation – and how to better manage your finances.

Download a budgeting app

There are so many of them now – check out the ratings at the app store and choose one that is affordable (many are paid apps) and that has excellent reviews. A good budgeting app will change your life.

Keep track of your taxable receipts

Hate doing your taxes in June every year? Me too. Ditch the spreadsheets and the shoeboxes full of receipts and download an app that will digitally store your receipts. Every time you get fuel, go into the app, take a photo of the receipt and never ever have to deal with it again. Ask your accountant which one they recommend. Remember that if you keep on top of all your receipts and only deal with them once, you are likely to get a better tax return and therefore more money to play with.

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Set up auto payments for your regular bills

If you haven’t already – download the app for your bank and starting scheduling all of your regular payments automatically on payday. Items such as rent, electricity, rates – work out a weekly or fortnightly payment and have it transferred as soon as you get paid. Not only will you never again be penalised for having a late payment, but you might even get a bit of money back at the end of the year if you have slightly overpaid. It takes the worry out of organising payments every payday and only leaves you with those incidental bills and fun money.

It’s also a good idea to schedule savings right away and place them in a separate account that is either invested or gains good interest.

Look at apps that round-up your spending

Did you know there are apps that connect to your bank account – and when you make a payment of any kind, they will round up the payment to the nearest dollar and invest that difference in the stock market for you. This is a fantastic and sneaky way to save without noticing. You can use the same app to make daily dedicating savings too. Say you have decided you won’t notice $5 coming out of your account every day, you can set this up and see your savings grow. Best of all, you can pull your money out at any time. Check out Raiz or Acorns in your app store

Source: Daily Telegraph

Allen, J. (2021, April 15). How the best budgeting and saving apps can save thousands of dollars a yearhttps://www.dailytelegraph.com.au/lifestyle/smart/how-the-best-budgeting-and-saving-apps-can-save-thousands-of-dollars-a-year/news-story/8e33c9fb41708bcadb6da9318df13c56