Money Management Apps I Use

In today’s fast-paced digital world, business owners face an overwhelming number of financial apps, each promising to simplify their money management. As someone who has navigated this landscape, I understand the challenge of choosing the right tools. It’s easy to get lost in the sea of options, but the key is finding apps that truly serve your needs and align with your financial goals.

Let’s start with the basics—banking apps. For personal and business finances, having separate accounts and apps is crucial. This separation not only keeps things organised but also allows you to track your spending and income more effectively. Most banks now offer apps that categorise your expenses, showing you where your money is going. However, these apps aren’t perfect—they often struggle with correctly categorising transfers and other transactions. Despite these limitations, they are a good starting point for managing your finances on the go.

Another essential tool is a budgeting app like Frollo. While primarily designed for personal finances, Frollo helps you track your net worth by connecting to your bank accounts, investment portfolios, and superannuation (retirement) funds. It offers a visual overview of your financial health, though extracting raw data from the app can be challenging. If you’re looking for a tool to help you understand your overall financial picture, Frollo is worth considering.

For those dabbling in investments, having micro-investing apps like Raiz or Blossom can be beneficial. Raiz, for instance, rounds up your everyday purchases and invests the spare change. It’s a simple way to start investing without making significant financial commitments. Blossom, on the other hand, focuses on fixed interest investments, offering a different approach to growing your wealth.

Payment apps like PayPal and Stripe are indispensable for business transactions. They allow you to manage payments, send invoices, and track transactions, all from your phone. This convenience is invaluable when you’re on the go and need to keep your business running smoothly.

Finally, don’t overlook the importance of having your superannuation or retirement fund app on your phone. It’s essential to regularly check your retirement fund’s performance and ensure that contributions are being made correctly. As a business owner, you can’t afford to ignore this aspect of your financial planning.

The right financial apps can significantly streamline your money management, but it’s important to choose wisely. Focus on tools that align with your needs and make your financial life easier. Remember, staying informed and organized is key to financial success.