Any great business will tell you that managing and tracking their expected income and projected expenses is key to keeping ahead of the competition. Having the resources available for their next move is important to being adaptable to change.
Household budgets should be treated exactly the same, but unfortunately it is all too often that we speak to clients who simply have no clue of where their hard earned money is going.
This all changes when we introduce them to one of a number of amazing tools to help them track where they are spending.
Track My Spend
Created by the boffins at the government, this useful app is available on iOS and Android. Initial set up is simple, with the user entering their spending cycle (useful for those of you who track money on different schedules) and a limit on how much they want to spend.
As you spend your money, simply enter it in as a new expense, assign a category and away you go.
In terms of features, this app is extremely limited. But for somebody looking for a simple way to track their spending it is quite useful.
NAB Money Tracker
For those of you with online bank accounts, check to see if your service provider has similar functionality to the Money Tracker feature of NAB. This handy free feature allows the customer to log in to their personal bank account, check and assign transactions to certain budget categories and check how they are tracking against monthly budgets.
It also has a savings forecast tool, which helps you understand just when you might be able to afford that next holiday or shiny new toy!
This wonderful app is first and foremost free. The features we best love about this app are:
- Income and expenses automatically synchronized between multiple bank accounts and credit cards
- Intelligent system automatically assigns categories to items, which just need reviewing by the user
- Reminder notices for upcoming bills and expenses
We have been using this fantastic tool since 2013 to help our business keep on track of where our income and expenses are going. The best features of this app include:
- Automatic synchronization of bank account and credit card transactions
- Simple interface on iOS and Android devices
- For business users, the easiest Business Activity Statements (BAS). At a click of a few buttons, you have your end of quarter returns all done
- Budgeting tool included.