10 popular mobile apps for budgeting and saving

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on July 08, 2022
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10 popular mobile apps for budgeting and saving

Looking to make your money go further? Here you'll find some of the most popular budgeting and savings apps available today.

  1. Raiz
  2. MoneyBrilliant
  3. Frollo
  4. Goodbudget
  5. GetReminded
  6. WeMoney
  7. ShopBack
  8. Cashrewards
  9. Frugl
  10. Fuel Map

With a number of Aussies copping the brunt of inflation, cost of living pressures and rising interest rates, there are a number of ways you can save including refinancing to a lower rate on your home loan, opting for a used car over a new one, cutting down on credit card interest and more. It sounds simple enough, but in reality identifying where you can spend less money and finding practical ways to improve them can be challenging.

Back in the day, people would pore through receipts on a Sunday night and write all their expenditures down. With the rise of personal computers, digital spreadsheets then became the go-to, until now.

Today, personal finance apps have become the new norm for Aussies looking to budget and save with thousands available through either Apple's App Store on iOS or Google's Play Store. 

Sure you may still like to get your budgeting advice from TikTok, but ultimately to make use of these apps, your phone and to push your money further, in no particular order here are some of the most popular budgeting and savings apps available to Australians.

Spending tracker apps

Each of these apps offer various levels of functionality - either syncing with your bank accounts or requiring a slightly more manual approach. Whether automatic of manual syncing is required, the goal is simply to provide a categorical breakdown of your monthly spending so you can decide how and where to make cutbacks.

1. Raiz

Availability: iOS and Google Play.

Formerly known as ‘Acorns Australia’, Raiz is a micro-investing app that allows users to invest in a portfolio of ETFs (exchange-traded funds) through spare change ’roundups’, recurring investments, rewards and lump sum deposits. 

Although it’s primarily an investment app, it also has features that are helpful for saving. Not only can you utilise the micro-investing or recurring deposit features as a tool to save via investments, but it also has a free ‘My Finance’ feature within the app that provides personalised insights into your spending. This feature can categorise your spending into things like food or utilities and breaks it down on a month-to-month basis. 

The investment platform of Raiz might come with fees:

  • Standard portfolio: $3.50 per month for accounts under $15,000 and 0.275% per year for accounts more than $15,000.
  • Custom portfolio: $4.50 per month for accounts under $20,000 and 0.275% per year for accounts more than $20,000.
  • Sapphire portfolio: $3.50 per month or 0.275% per year.

Importantly, it costs nothing to use the savings feature on offer by Raiz. 

Key features of Raiz: 

  • Roundup technology, allowing you to either save or invest every time you spend through your linked transaction account/s. 
  • Lump-sum and recurring investment options, easily allowing you to invest more money at the touch of a button. 
  • Your money can be invested in one of six diversified ETF (exchange-traded fund) portfolios. 
  • Cashback options are available after spending money with linked brands.
  • Personalised insights into your spending, including categorisation.
  • Savings tips sent via push notification, based on machine learning that can also predict your future spending.
  • A chatbot is available for you to ask questions like “how much did I save last month?”.
  • Bank-level security to protect your information and money.

Source: Raiz

    2. MoneyBrilliant

    Availability: iOS and Google Play.

    MoneyBrilliant connects to more than 200 financial institutions across Australia and syncs your spending to categories. It also features the ability to sync ALL of your money in-app including superannuation and investment portfolios. MoneyBrilliant also has a tax deductions function, finding potentially tax-deductible expenses based on your occupation.

    Offering significant depth of features, MoneyBrilliant is not free – it costs $9.90 per month after a 30-day trial period. But this hasn’t stopped it being downloaded more than 50,000 times from Google Play and earning a 4.5-star rating on the Apple App Store from more than 3,000 reviews.

    Key features of MoneyBrilliant:

    • Sync to Australian bank accounts – including superannuation and investments.
    • Automatic categorisation for transactions.
    • Automatically finding the cheapest gas and electricity deals based on your usage data.
    • Set savings goals, budgets and track progress.
    • Track tax-deductible expenses.
    • Push notifications and personal insights.
    • Backed by Westpac, offering bank-level security and encryption.

      Source: MoneyBrilliant.

      3. Frollo

      Availability: iOS and Google Play.

      Frollo is similar to MoneyBrilliant, however differs in its ability to utilise open banking. Frollo offers free and secure synchronisation with your bank accounts, credit cards, loans, superannuation and investments into an interface that allows you to monitor your spending. Frollo also lets you take daily, weekly and monthly challenges to try and save money.

      Read more: What is open banking?

      Frollo released their ‘Frollo Score” feature in 2019, providing users a score from 1 to 1,000 that tells them how they’re doing financially, based on their spending habits, debts and how much they save. More recently Frollo introduced a Financial Passport feature powered by Open Banking, to provide an easy to understand overview of income, expenditure, assets and liabilities for the last twelve months. Frollo users can utilise the Financial Passport feature to get a better understanding of their financial position and borrowing power, or share it with their broker via PDF to facilitate a conversation about their financial future.

      Key features of Frollo: 

      • Sync from Australian bank accounts – including superannuation and investments.
      • Automatic categorisation for transactions.
      • Set savings goals and challenges.
      • Push notifications and personal insights.
      • Bank-level security and encryption.
      • Track tax-deductible expenses.
      • Push notifications and personal insights.
      • Bank-level security and encryption.

      Source: Frollo

      Budgeting apps

      While the spending tracker apps go into the fine details of every cent you spend, these budgeting apps can give you a broader overview of your financial health.

      4. Goodbudget

      Availability: iOS and Google Play.

      An American app that’s also available down under, Goodbudget labels itself as a ‘budget tracker for the modern age’, yet it uses the old-fashioned ‘envelope’; method of saving: you set yourself limits for certain categories of spending and it limits you to only spending what you have.

      For example, you can set monthly limits for groceries, coffee, shopping etc. To help make budgeting a bit sexier, Goodbudget presents all of your spending in cool-looking pie charts, and of course, it links to your bank accounts.

      Globally this app has more than one million downloads and has a 4.4-star rating from more than 18,000 user ratings. It is a paid app but the free version still lets you use up to 10 ‘envelopes’.

      Key features of Goodbudget:

      • Sync to bank accounts & expense tracking.
      • Export data to Microsoft Excel.
      • View your spending by category – a proven method.
      • Reports, such as an income vs spending report.
      • Schedule transactions and automatic envelope fills.

      Source: Goodbudget

      5. Get Reminded 

      Availability: iOS and Google Play

      GetReminded is a new free-to-use mobile app that claims it can help households save thousands per year by reminding them when household contracts and bills are set to expire such as utility bills, car insurance and registration and subscriptions. As GetReminded co-founder David Wareing has previously told Savings.com.au, it can also show you a cheaper policy. 

      "They’re [the suggestions] obligation-free, but they're really just there to help consumers to commence the shopping around process and not leave everything into the last minute," he said. 

      Key features of GetReminded 

      • Set reminders in multiple categories across all household costs (insurance, health, personal expenses etc.).
      • Annual cost summaries for household contracts.
      • Simple, easy to use interface.
      • Free to use.
      • Multiple automated reminders ahead of time and when you need them.
      • Can recommend cheaper policies. 

      GetReminded2

      Source: GetReminded 

      6. WeMoney

      Availability: iOS and Google Play.

      Recently launched, WeMoney has already reached over 30,000 downloads since September 2020, and with an average app store rating of 4.4, it's already shaping up to be one of the fastest-growing financial apps of 2021. It's a 'smart money app' that allows users to gain a full picture of their overall financial health by connecting all of a person's financial accounts into one convenient place, such as:

      • Savings and transaction accounts
      • Credit cards and buy now, pay later 
      • Home loans and personal loans
      • Share trading accounts 
      • And superannuation funds

      As well as tracking a person's net worth, WeMoney also allows users to: 

      • Track their credit score
      • Create budgets within the app 
      • Receive upcoming bill reminders 
      • Connect with other users in the community to receive tips 

      WeMoney is also a free app to use, doesn't sell your data to third-parties, and comes with Fingerprint, FaceID, and PIN logins. 

      Source: GetWeMoney

      Other ways to save

      A lot of these apps so far have been pretty similar with syncing to your bank and categorising your spending their main point of call. Here are a few popular mobile apps that can help you save in ways that are a little different. 

      7. ShopBack

      Availability: iOS and Google Play.

      If you like to do shopping online, ShopBack can help you save money in the form of cashback deals from over 500 stores. Using the mobile or web app gives you access to the latest coupon codes and deals from popular brands like Woolworths, eBay, The Iconic, Uber Eats and more. It's important to note to achieve cashback through ShopBack, customers must use the ShopBack app or website to make purchases. 

      Key features of ShopBack:

      • Up to 30% cashback on online purchases.
      • Partnerships with more than 500 stores.
      • Cashback in your bank account.
      • Push notifications for offers relevant to you.

      Source: ShopBack.

      8. Cashrewards

      Availability: iOS and Google Play.

      Rivalling ShopBack is Cashrewards helping Aussies save at over 2,000 stores nationwide. In similar fashion to ShopBack, shoppers can receive cashback using the mobile or web app gives you access to the latest coupon codes and deals from popular brands like Myer, The Iconic, Uber Eats and more. Once your cashback is approved by a retailer, Cashrewards will pay it straight into your Cashrewards account, which can then be transferred to your bank account. 

      Key features of Cashrewards:

      • Cashback on online or in-store purchases.
      • Partnerships with more than 2,000 stores.
      • Cashback in your bank account.
      • Push notifications for offers relevant to you.
      • ANZ debit or credit cards unlock Max rewards.

      Source: Cashrewards

      9. Frugl

      Availability: iOS and Google Play.

      With grocery bills rising no thanks to shrinkflation, Frugl Grocery allows users to access product availability and pricing information to save money and time in weekly grocery shopping. Frugl Grocery updates regularly with the best prices from Grocery retailers with updates every week. It even checks the catalogues for you so you can save more on items you buy at the stores with the best prices. Allergic to nuts, gluten or lactose intolerant? Frugl users can set which allergens to avoid in-app. Frugal users can also set recommended dietary intake levels for products, with certain products filtered out as you search.

      Key features of Frugl:

      • Find almost 10,000 grocery deals each week, including 50% off discounts.
      • Compare 45,000 products and prices between major supermarket retailers.
      • Search for products and filter out items that match your allergen/allergy profile and setup a dietary profile.
      • Create your own custom lists or create household lists to keep track of what is in the pantry and fridge.
      • Save money on groceries.

      Source: Frugl

      10. Fuel Map

      Availability: iOS and Google Play.

      Aussies have certainly copped the brunt of soaring petrol prices throughout 2022, yet Fuel Map takes the guesswork out of finding cheap fuel at a location near you. Fuel Map is a crowd-sourced database of petrol stations and fuel prices from all across Australia. All station information is added and edit by users you use the app in real-time. You can also add current fuel prices which are then shared with other users of Fuel Map. Fuel Map also comes with a handy fuel log so you can keep track of your fuel purchases, as well as your vehicle's fuel economy.

      Key features of Fuel Map:

      • Crowd-sourced database of petrol stations and fuel prices.
      • Locations of petrol stations are shown on the map as a branded pin with the last known fuel price displayed above.
      • Fuel log to keep track of your fuel purchases, as well as your vehicle's fuel economy.

      Source: Fuel Map

      Your bank might have a good savings app too

      Depending on which bank you’re with, you may not even need any of these apps. More banks are opting to roll with the times, bringing out their own budgeting and saving apps to better integrate their product portfolios. Recently ANZ has launched a new budgeting app with bank account integration dubbed ANZ Plus while CommBank launched 'Cheddar' a challenger to the likes of ShopBack and Cashrewards. 

      A common feature being rolled out by financial institutions now is the ’roundup’ feature, which can round up every debit card transaction to the nearest dollar and directs these ’roundups’ to your savings account. This kind of passive saving can really give your savings a boost without even realising it. 

      While these apps won’t work for everyone, take the time to download them to your phone and become familiar with the interface to determine if they ultimately will help you achieve your budgeting and saving goals. A simple download might end up changing your money habits completely.

      Article originally published January 2021 by William Jolly. Updated 8 July 2022. 


      Image by cottonbro via Unsplash

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      author-avatar
      Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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