5 tech-savvy ways to save with ease
Written on the 22 March 2019 by Arrow
Forget the piggy bank, swear jar or the Excel spreadsheet, let's take a look at some technologies that are making it easier than ever to save and invest.
Saving may not be your favourite parts of being a grown-up, but it's imperative when it comes to being prepared for anything life throws at you.
So what if you could get on top of these financial tasks without even thinking about it?
That's exactly what a rapidly growing number of tech-savvy solutions aim to do. Let us introduce you to some tools you might like to add to your kit.
1. MoneySmart mobile calculator
Created by the Australian Securities and Investments Commission, this app brings together four MoneySmart calculators: the savings calculator, personal loan calculator, home loan calculator and interest-free deal calculator.
Not only does Pocketbooktrack your spending, but it smartly groups your expenses into various categories such as food and drinks, fuel, groceries, clothes, coffee.ii
You can then set budgets or 'safely spend' limits for each of these categories and receive alerts when you're approaching them, based on your bank transactions. You can also set up bill alerts to make sure you never miss a payment.
The TrackMyGOALSapp uses proven saving techniques to help you create realistic goals. It then helps you prioritise them and make a plan to meet them.iii
Along the way the app tracks your progress, helps you visualise how far you've come and provides positive encouragement.
So if you buy a coffee for $4.20, Carrottcan collect the 80-cents 'loose change' and put it towards your savings goal of choice, be it your holiday fund, paying off your mortgage or FEE-HELP debt.iv
The app is being developed by a Sydney fintech start-up and will be available in coming months.
5. Features available on your banking app
This function is a great way to track what you spending your money on, allowing for you to easily stay on top of your budget for the month. Each bank offers different ways to monitor this so it might be worth finding out what your bank may offer you.
With a bit of help from technology and a hand from our team, being prepared for your future is easy.