5 tech-savvy ways to save with ease

Written on the 22 March 2019 by Arrow

5 tech-savvy ways to save with ease


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
Forget rough calculations on the back of a coaster. MoneySmart's four-in one financial calculatorcan help you work out exactly how much you can afford to borrow, the impact on your savings and whether or not that hot deal the salesperson is spruiking is actually any good.i

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.

2. Pocketbook
There is no hiding from Pocketbook. This sleek, free Australian app safely syncs with your bank accounts to keep track of every last cent you earn and spend.

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.

3. TrackMyGOALS
If you're saving for a holiday, a renovation, the school fees, or a rainy day whatever your goal this ASIC app aims to get you there.

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.

4. Carrott
Like a piggy-bank but for your cashless transactions, this micro-savings app promises to allow you to automatically take the 'loose change' from your debit card purchases and put it towards a savings goal.

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
Many banks will now offer tools that can show you where you are spending your money. Some are able to notify you if you are spending more or less than the previous month in a particular category.

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.

i https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps

ii https://getpocketbook.com/

iii https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/trackmygoals

iv https://www.carrottslc.com/au/


The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.
Whilst Arrow Focus on Wealth Pty Ltd is of the view the contents of this website is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Arrow Focus on Wealth Pty Ltd or GPS Wealth Ltd or any officer, agent or employee of Arrow Focus on Wealth Pty Ltd or GPS Wealth Ltd.

GPS Wealth Ltd Head Office Level 15,115 Pitt Street ,Sydney. NSW 2000 Info@eastonwealth.com.au Tel: (02)8074 8599

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