Our Pick Of The Best Budgeting Apps For Australians In 2024 (2024)

We’ve compared 15 budgeting apps to find some of the best mobile apps available for managing budgets, savings and expenses. For the purposes of this list, Forbes Advisor focused on apps that have been developed for Australians or are available to Australian consumers. The six apps shown on this list offer a variety of useful features and tools that can meet varied personal finance and money management needs.

App details are accurate as of August 10, 2023.

To create this list, Forbes Advisor analysed 15 budgeting apps. We ranked each budgeting app on 18 data points within the categories of consumer ratings, costs associated with the app, security and encryption of consumers’ data, desktop availability and the ability to share the app with someone else.

The following is the weighting assigned to each category:

• Mobile app rating (App Store and Google Play): 35%
• Cost: 25%
• Encryption/Security: 15%
• Account integration capabilities: 10%
• Website version available: 10%
• Ability to share: 5%

Budgeting apps with a higher overall rating relative to its number of reviews ranked higher on our list, as did those that are completely free. We also prioritised mobile apps with advanced security features, like biometric authentication, multifactor authentication and encryption.

Apps that allow the ability to connect an unlimited number of accounts moved toward the top of our list, as did apps that also have a website version and allow for sharing with family or friends.

About Star Rankings
You will note that we have included a star rating next to each product or provider. This rating was determined by the editorial team once all of the data points above were considered, and the pros and cons of each product attribute was reviewed. The star rating is solely the view of Forbes Advisor editorial staff. Commercial partners or advertisers have no bearing on the star rating or their inclusion on this list. Star ratings are only one factor to be considered, and Forbes Advisor encourages you to seek independent advice from an authorised financial adviser in relation to your own financial circ*mstances and investments before you decide to choose a particular financial product or service.

As the cost of living skyrockets across Australia due to high levels of inflation and as successive rate rises cause mortgage stress, budgeting is critical to helping people break free from financial struggle and create financial stability.

By budgeting, Australians can counteract the effects of a rising cost of living to put money away for savings, investments and retirement.

On the contrary, having no financial plan or budget in place can cause stress and overwhelm, leading to increased spending, living beyond one’s means and perpetuating destructive financial debt cycles. Having a solid budget in place as part of your overall money mindfulness can make a huge difference—not only by helping you achieve your financial goals but also by reducing stress and anxiety and improving your quality of life.

Related: Best Investments To Beat Inflation

Creating and managing a successful monthly budget is all about knowing how much money you bring in and how you actually spend it. Your income should be greater than your expenses, and you should have enough wriggle room to set money aside each month for savings and retirement.

If your balance isn’t where you want it to be, it’s time tocreate a budget plan.

How To Create a Budget

To get started on a budget plan, list your income and expenses. Connecting your bank accounts to your favourite budgeting app is the easiest way to do this, but you can also do it manually with a pen and paper or spreadsheet program.

Next, separate your fixed expenses from your variable expenses. Fixed expenses are those that don’t change from month to month, such as housing, utilities, insurance, child care and loan payments, including automobiles, student loans or credit card payments. Variable expenses include groceries, entertainment, dining out, vacations and streaming services. Finally, consider factoring in monthly contributions to savings goals like retirement or an emergency fund.

If your expenses exceed your income, look at your variable expenses first to see where you might trim the budget. After that, you can consider ways to cut back on fixed expenses, such as moving to a cheaper neighbourhood with lower rent or refinancing your debt.

How To Budget for Groceries

Budgeting for groceries can be tricky—everyone needs to eat. If you’re unsure how much to budget for groceries, compare your spending to research from the University of Newcastle, which analysed household grocery spending for singles to families of five. Keep in mind that special dietary restrictions may push your grocery bill higher.

If you want to cut back on your grocery bill, meal planning can help. Create a weekly plan to make recipes that share ingredients or use pantry staples. Meat is a significant expense, so adopting a ‘meatless Monday’ meal can also help lower grocery costs. Buying in bulk rather than single-use packaging can also save you some cash.

How To Budget for a Holiday

A holiday can be an exciting savings goal if you have some breathing room in your budget. The first step to budgeting for a holiday is to decide how much you want to spend and when you want to go. If you’re eyeing a $5,000 beach getaway one year from now, you can break that up into a monthly savings goal of around $420.

Not sure you want to commit to an expensive trip? Consider lower-cost options like a road trip, or keep your eyes peeled for a good deal. Budgeting for a holiday means you’ll have the funds ready when airfares drop or that aspirational ski lodge becomes available for booking.

How To Budget for Rent

To determine how much you should spend on rent, many Australians use the 30% method. This budgeting principle says you should spend no more than 30% of your income on rent or your mortgage (this should include household utility bills, too, if possible). Using this rule, if you make $1000 a week, you would want to spend no more than $300 on your weekly household costs.

Sharing an apartment or house can help reduce your housing budget, as can moving to a cheaper area. If finding more affordable accommodations isn’t an option, you might have to look to other areas of your budget to cut costs.

Budgeting is a processthat begins with identifying your financial goals, along with observing your spending and savings habits. When you truly understand how much money is going out and coming in, you’re better prepared to handle both the expected and unexpected financial challenges life brings.

The mindset you bring to managing your money is important. Establishing a budget is a critical first step to gaining control over your finances. If you’ve never worked with a personal budget, it may take a few cycles for your habits to catch up. And, if you have money habits you need to improve, the right app can help.

A budgeting app is an app designed to help you optimise the spending and savings choices you make each month. By putting all your financial commitments and goals in one place, a budgeting app can give you better visibility into your financial choices and habits.

Similar to the apps you may use from your bank or credit union, a budgeting app may provide additional functionality such as financial goal setting and cash flow tracking across multiple financial accounts. Budgeting apps can sync with your bank and credit card accounts to provide a holistic view of your finances.

Some budgeting apps will use a specific budgeting approach—like envelope or zero-based budgeting—while others will address budgeting more generally, allowing for customisation based on your needs. A fully featured budgeting app can help you track spending, manage recurring bill payment, set savings goals and manage monthly cash flow.

Budgeting apps are a great tool to help ensure you’reliving your budget, not just planning one. They can provide insights into your spending habits, identifying where your money goes and where you can make improvements.

As with any app, whether or not it “works” depends largely on how you use it. A challenge with budgeting generally—whether managed with an app, a spreadsheet, or more manual means—is committing not only to having a budget but to making your financial decisions in line with it. Many people find that the interactivity and automation provided by a budgeting app helps keep them motivated to stay on top of their personal finances.

Pickinga budgeting appcan seem like a small decision when compared to other personal finance choices. But the right budgeting app can make a big difference in your personal financial life.

When selecting a budgeting app, be sure to consider what your needs and goals are first. The right budgeting app can provide you helpful insights and data into your expenses and savings. But before that happens, identifying your financial goals can help you refine your search for the right budgeting app for you.

Outside of your goals, here are a few features to consider before you commit to a budgeting app:

• Fees: Budgeting apps differ in their costs. Many budgeting apps are free—or offer free versions—while some charge a monthly fee. While it may be tempting to choose a free app, don’t overlook the paid apps. If a budgeting app can significantly improve your financial outlook, it may very well be worth the small monthly investment.
• Features:Each app has unique features and benefits, so it may make sense to test a few different apps to see which one best fits your needs. If you’ve used amobile banking app, you have a head start on the features you’ll be seeking. Typical features in the leading budgeting apps include: connecting all your financial accounts, receiving notifications of upcoming bill payments, designing a budget, credit score tracking, tracking spending, setting up financial goals and more.
• Security:The security ofyour personal informationis extremely important, especially around banking data and logins. While most budgeting apps have some level of security, some are more sophisticated than others. Be sure to look into the level of security encryption of each app. On their websites, you may find security features such as 256-bit encryption and multi-factor authentication. Along with using a secure Wi-Fi network, features like this will help deter intruders from accessing your information.
• Customer service:If you run into an issue when using a budgeting app, having a technical team you can reach out to can be helpful. When selecting a budgeting app, be sure to find out what customer service options are available, both from the app and from the desktop version, if applicable. It also may help to read reviews of others’ experiences with the app you’re considering.