Smart phones can do many things, but have you thought of them as a wealth builder?
There are several apps you can download on your smartphone to help you with your spending, supercharge savings, complete your tax returns and manage your investments.
Track your spending
You may approach the ‘b’ word – budgeting – with dread, but getting your spending under control is fundamental to any wealth plan. At the very least, you need to know where your money is going. These apps can make tracking each dollar you spend simple and easy. This includes separating your ‘wants’ from your ‘needs’, categorising expenses and setting spending limits for each category.
Boost your savings
Remember piggybanks and the pleasure of slipping the day’s loose change into the slot? With electronic transactions now dominating our spending, loose change is a disappearing commodity.
The Raiz app provides a solution. It automatically rounds up each purchase you make on a linked debit card to the next dollar and invests this ‘loose change’ into one of six diversified investment portfolios. You can also set up regular contributions or make one-off additions to your portfolio.
Manage your investments
There are several opportunities available to help the connected investor from watch lists to mobile apps. In many cases you’ll find apps that can do everything that you would normally use your computer for on your smartphone. Enjoy lunch in the park while you check up on your super or snap up a few shares.
File your tax return
The ATO app includes a myDeductions tool to help you track expenses. Sole traders can record income as well as deductions. Come tax time, the data can be emailed to a tax agent or you can use your app to prefill your tax return before lodging it yourself.
Be appy
These are just a few examples of the many financial apps available. In some cases, functionality may be limited unless you upgrade to a ‘premium’, paid option, so beware of this. Also, remember that you may be sharing your financial information with a third party. It’s a good idea to make sure you’ve read and agree with the terms on the app provider’s privacy policy and security.
Now you have the tools to help you get on top of your financials. Be tech savvy and see what other apps out there can benefit you.
