2018 Budgeting & Savings Apps Worth Checking Out

MEDIA / JUNE 1, 2018

Looking to take control of your finances, but don’t know where to start? Your smartphone could possibly help you, thanks to these new budgeting and savings apps that have grabbed the public’s attention.

According to a recent study by the Australian Bureau of Statistics, Australia’s average household savings ratio (the ratio of income saved to household net disposable income) is currently at a record low of 4%. Furthermore, a study by UBank found that in 2017, two million Australians had less than $1,000 set aside in their savings accounts.

There’s no doubt that saving money, tracking expenses and sticking to an allocated budget can be tough, not to mention that it actually takes time to build towards your goals. Interestingly, as you can say for just about anything nowadays, there’s an app for that, and budgeting is certainly no exception. Of the near-endless amount of budgeting and savings apps out there, we’ve compiled a list of those that have piqued our attention.

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Pelikin

Unlike the other apps and tools in this list, Pelikin hasn’t actually launched yet (it’s set to launch in mid-2018). Pelikin is expected to be used primarily for travel budgeting, and is aiming to ‘reshape the way Australians save, send and spend money abroad’.

Pelikin is an app and debit card combo that allows Australians to deposit and store funds as well as track their spending habits, but will also allow you to spend this money overseas without paying any account fees or currency conversion fees. The kicker is that you can specifically save for a certain trip in-app, be it for yourself or with a group of friends travelling with you.

Summary: Although it isn’t yet available to the public, Pelikin looks determined to fill a much-needed niche in the market, working to help its customers save money towards a desired holiday while also allowing them to spend that money fee-free.

Availability: Launching soon on Google Play and iOS

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