The Best Finance App in Australia: How to Choose the Right One for You

Introduction

When it comes to managing your finances, it's important to find an app that will work best for you. There are a number of different finance apps available in Australia, so it can be difficult to decide which one is right for you. In this blog post, we will discuss the best finance app in Australia and how to choose the right one for you!

What to look for in a finance app

We wrote a blog article, identifying the best investing app in Europe. In a similar fashion, it's important to map the criteria of what makes the best finance app in Australia. While there are several factors to consider, we outlined the top four factors to help you make your decision:

  1. Coverage of institutions and asset types
  2. User Friendliness
  3. Security
  4. Cost

1. Coverage of institutions and asset types

In order to holistically manage your finances, it's important that you factor all assets in order to properly plan for your future. This includes your debts, mortgages, investments, real estate, and more. A good finance app will allow you to either automatically or manually add all your assets and provide key metrics that help you understand your finances better.

2. User Friendliness

This is purely subjective, kind of. Every consumer app requires a level of user friendliness. When it comes to managing your money, you want to make sure that you can interact with the app in a way that engages your interest in managing your finances. Functionality combined with a great user experience is key to keeping you engaged throughout your financial journey.

3. Security

When we're dealing with money, security needs to be a top priority. We screened each of the apps to ensure that they are in compliance and have security protocols to ensure your data is protected. But in case you consider another application, be sure to read their security policy and read reviews before connecting your bank accounts.

4. Cost

This is actually a difficult one. Cheaper is not always better. A free app that doesn't save you money will cost you more than an expensive app that does save you money. However we should always be cost conscious, or at least you will soon, and to consider the cost to make sure it's within our budget.

The Best Finance App in Australia

<i>A comparison of Australian finance apps by the metrics listed above</i>

Spendee

They offer a mobile application that allows you to track your budgeting on the go. It is quite user friendly along with their web application. They allow synchronization of major banks in Australia and 63 other countries.

Pocketsmith

They do offer more coverage of institutions and take more of a holistic approach to budgeting and wealth management. You can get deeper with Pocketsmith, which allows you to track your net worth and forecast cash flows. User interface can use some upgrades but in total that app functions quite well and can address your budgeting needs

YNAB

This budgeting app uses their own unique budgeting methodology to help users save more, spend less, pay down debt, and to increase net worth. If you don't have a system of how to save or manage your money, YNAB can be a great choice for you. In terms of budgeting for beginners, we would say that this is the best finance app in Australia.

Conclusion on finance apps in Australia

Each of these apps has different features, so be sure to read the reviews and decide which one is best for you. There are a number of other finance apps available, so be sure to do your research before choosing one! The best finance app in Australia really boils down to how you enjoy using the app and how effective it is in helping you to achieve your financial goals.

Ben Waterman

Written by Ben Waterman

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