New technologies help break bad money habits and grow wealth

If you have a smartphone, money can disappear faster than ever, but the technology it carries can help make you wealthier, too.

Technology’s rapid takeover of people’s lives has made it way too simple to spend money, but there’s a growing army of apps that aim to help defend your household finances.

Whether it’s spending on food, transport, shopping or entertainment or a million other temptations at your fingertips, everything is automated and fast – but so are the ways to save money and spend wisely.

Transport comparison app Placie’s CEO, Edward Myer, says the best money-saving apps present accurate, real-time information that gives people power to make the right decision.

“Many consumers aren’t aware of money-saving apps unless there’s a catalyst that forces them to go searching,” he says.

“We’re creatures of habit and although money is often on our minds, daily opportunities to save money are often overlooked unless something breaks the routine.”

MBA Financial Strategists director Darren James says apps can play an important role and in many ways are the simple modern equivalent of complex spreadsheets and budgets.

“With technology it’s almost too easy to pay for things now without realising,” he says.

However, James says people should be mindful that saving and investment apps can have a one-size-fits-all approach.

Spending, saving and investing have been made easier by money-focused apps.

“They don’t necessarily take into account your full situation, so make sure your whole situation including your tax position is structured correctly,” he says.

As the cost of living surges dramatically, consumers could benefit from considering using one or more of these 10 free apps or app categories.

1 ATO

Why not start with the Australian Taxation Office app to keep yourself out of trouble and make tax time easier? The ATO app allows you to record tax-deductible expenses, store photos of receipts, and access ATO tools and calculators.

2 POCKETBOOK

Ranked highly by a variety of financial websites, Pocketbook syncs your financial products such as bank accounts and loans, builds budgets and handles bill reminders and recurring payments.

3 RAIZ

Another popular app among experts, Raiz rounds up transactions from everyday spending and enables the spare change to be saved and invested. It’s free to download but there are monthly fees starting at $3.50.

4 FUEL PRICE APPS

State automobile associations such as the RAA, RACQ and NRMA have apps that offer real-time fuel pricing, a handy tool right now when petrol has pushed above $2 a litre. Other apps such as Petrol Spy and Fuel Map Australia use crowd sourcing and have been positively reviewed.

5 SPLITWISE

Friends and roommates can split expenses, keep track of who owes who, and then settle with each other. A handy tool for avoiding money arguments.

6 GETREMINDED

If you’re constantly missing bill deadlines then getting slugged penalties or losing pay-on-time discounts, this app can be a handy money saver.

7 CASHREWARDS

Cashback programs are increasingly popular among Australians who can earn money simply by spending money. The Cashrewards app lets people buy from 1700 retailers and get 7 per cent back on average. Fellow cashback program ShopBack also has an app, which allows shoppers to compare price histories to know the best time to buy.

8 PLACIE

This ride share comparison app shows many ways to get from A to B including public transport, taxis, ride share services, limos, airport shuttles and public transport. Some fares can be booked on the app too.

Placie CEO Edward Myer says many consumers are not aware of money-saving apps.

Placie’s Myer says in 2022 consumers don’t need to flick between several transport apps on their phone. “You can make informed choices by directly comparing – or even combining – transport modes by cheapest or fastest option,” he says.

9 FINSPO

Finspo wants to help people pay off their home loan faster, and its apps outlines all loans from any lender complete with rates, fees and interest paid. It sends alerts when rates change or fees are charged, and includes some borrower education tools.

10 YOUR BANK

Your bank, credit union or other financial institution will almost certainly have its own app that lets you check accounts, pay bills, transfer money and often track spending. In late 2021 CommBank announced it would become Australia’s first bank to allow people to buy, sell and trade cryptocurrency through its app.

Originally published as New technologies help break bad money habits and grow wealth