In an increasingly cashless society where digital transactions have become the norm, how we manage our money has also begun to change. As more Australians leave behind the traditional piggy bank approach, money savings apps have become powerful financial tools.
While money saving apps in Australia come in all shapes and sizes, it’s important to understand the basics before downloading one for yourself. In this blog post, we’ll explain what money saving apps are, their benefits, and how to use them to your advantage.
What are money saving apps?
A savings or budgeting app is designed to help individuals track and manage their finances. These apps give users a comprehensive view of their income, expenses, savings goals and financial habits. By having a clear overview of your finances, you’ll gain insights into your spending habits that you can use to make more informed financial decisions.
The four benefits of using a money saving app
There’s more to money saving apps than a colourful palette and quirky fonts. If you’re thinking about downloading a money saving app to help with your monthly budget, here are four benefits you can look forward to:
- Spending control — By tracking and categorising your expenses, money savings apps help you identify unnecessary or excessive spending. With this insight, you can adjust your habits and reduce wasteful spending, freeing up funds for other areas of your budget.
- Automated budgeting — With money savings apps, budgeting becomes more efficient and less time-consuming. The automation of expense tracking and cash flow calculations saves you time and effort, allowing you to get back to enjoying your life.
- Accountability — Setting savings goals and then monitoring your progress through a money savings app can greatly enhance your ability to achieve financial milestones. Many apps feature visual progress indicators which can be a powerful motivator for staying on track.
- Financial awareness — Budgeting apps offer a holistic view of your finances, giving you a better understanding of where your money is going. This awareness empowers you to make informed decisions and prioritise your spending according to your financial goals.
Maximising your savings — how to use money savings apps to your advantage
Finding and downloading a money saving app is the first step. The next is learning how to get the most out of your new money management tool. To ensure you maximise your savings potential, check out our three tips below:
- Link your accounts — To get the full advantage of using a money savings app, securely link your bank accounts, credit cards, superannuation accounts and other financial assets. By linking your accounts, the app can automatically categorise your transactions, providing a comprehensive view of your income and expenses.
- Learn where you can save — Take advantage of the features offered by money savings apps to learn where you can save. You can gain valuable insights and understand your net worth, track your spending, and compare your super balance.
- Explore additional features — Money savings apps often offer additional features to boost your savings potential. Look for options like paid surveys or superannuation comparisons.
Improve your financial future by downloading Humaniti today
If you’ve been struggling to save money, you’re not alone. According to major bank, NAB, more than 10% of Australians wouldn’t be able to come up with $2,000 in an emergency and 20% say they have missed a loan or bill payment in the past three months. So we decided to do something about it. Humaniti was created to help everyday Australians make smarter financial choices and empower them to achieve financial freedom.
With Humaniti, users are given a 360° view of their finances, from savings to debts, super and share trading. Our money saving app will help you track your spending, understand your net worth and work towards your set goals. We’ve made saving even more rewarding, as users can complete surveys to earn real cash, plus we’ll donate an additional 10% to charity. For more information about our money saving app, please contact us today.