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27 June, 2017 - 09:20 AM GMT

Five money-saving apps that will transform your financial life

Are you having trouble staying on top of your personal finances? It’s a horrible feeling when you are drowning in a growing pile of unpaid bills. Or if you can’t do something you really want to do simply because you can’t afford it. If you have the right technology at your fingertips then you can easily save time (and make money) on the go.

Here are five financial apps to get you started:

Acorns

This fantastic app converts your spare change into investments by regularly investing these small amounts of money into diversified investments selected by financial experts. Your investment in Acorns can start from just $5. So, how does it work exactly? Acorns allows you to invest your spare money by rounding up sales made with your credit or debit card to the nearest dollar. If this is your first time investing then it’s an easy and fun place to start.

You’re given the option to choose from five different portfolios. Each of these provides a selection of investments which you can opt to be one-off or ongoing. This easy to use app records all your investments in real time and you can also view all of your purchases made in your portfolio. This is a really simple way to enter the stock market.

The app is free to download but will cost you $1.25 per month for accounts under $5,000 and 0.275% per year for accounts worth $5,000 or more.

Stockspot

Stockspot offers investment advice and allows you a simple option to create a portfolio to manage your investments. You have to provide some personal details about your finances then Stockspot will offer you a variety of investment strategies to select from. They will advise you on how to create an account so you’re armed with the knowledge you need to choose the right mix of assets for you. Investments are regularly monitored and there are some potential tax benefits from investments. You only need $2,000 to start investing and the fee you pay is based on the size of your investment portfolio. For instance, if you are investing less than $10,000 then for the first 6 months there is only a $6.60 monthly management fee.

Wally

Wally is a fantastic personal budgeting app that will helps you save and feel in control of your spending. If you use it regularly then you’ll have instant access to exactly how much money you have spent and when you spent it. Wally will know where your money goes, how much you spend, when you spend it and how you can save. It’s a convenient way of keeping track of your monthly expenses. If you choose to then you can save every receipt from each transaction and best of all its all free!

Goodbudget

Another great budgeting app to consider is Goodbudget. If you feel overwhelmed trying to deal with your finances then this app can helps you stick to your budget by limiting your spending, helping you to pay down debts and helping you to ensure that you still have money left to do the things that you love.

First, you have to pick a ‘budgeting period’. Sticking to a month-by-month option is a good idea to start with. The app is organised in ‘envelopes’ which represent each expense you have such as groceries, mortgage and electricity etc. Once you have selected the categories relevant for you then you need to determine how much money is realistically required for each ‘envelope’. Then keep an eye on each ‘envelope’ to ensure you’re staying within budget long-term. The great thing about Goodbudget is that you have the option to sync your mobile phone and your computer so you can easily stay on top of your budget. Plus it costs nothing to start!

Pocketbook

The Pocketbook app can give you a financial health-check and help you feel more in control of your personal finances. It’s similar to Goodbudget as it arranges your expenses into different categories such as entertainment, groceries and petrol etc. and it shows you exactly where your money is going.  You can check your bank balances and transactions directly as Pocketbook is connected to your bank details.

The best part? This free app sends an alert to let you know if you forget to pay a bill or if there is something unusual happening with your monthly spending. It’s a very handy tool as the whole family can share access. If you’re constantly running around juggling family, friends and want to have easy access to exactly what’s going on with your finances then this app is a definite download.

 All apps are available online in the App Store or Google play

 Always seek expert financial advice for your individual circumstances through your personal financial expert and do not reveal personal details about your finances unnecessarily.