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Are finance apps the new gym membership?

Posted by Chris Collard on 8 August 2018
Are finance apps the new gym membership?

We're downloading finance apps more than ever before, but are they really helping you set and get your money goals?

It seems everywhere we turn there's commentary about interest rates, how the banks are managing the changes in regulations and opinion around a potential property bubble. What's more, the information varies depending on the author's 'spin'.

Little wonder a recent study found 30 per cent of people find dealing with money stressful and overwhelming.

This saturation of information, combined with our increasingly busy lives, has led to a spike in the use of personal finance apps. In fact, second only to gaming, finance apps are the fastest growing category in the Asia Pacific region.

Put simply, Australians are looking for answers and trying to makes sense of their own personal financial situation. People are turning to these apps for convenience and ease as they seek simpler ways to gain insights that allow them to make smarter decisions with their money.

Whether it is through digital tools such as Pocketbook, Money Brilliant or My Prosperity, people are trying finance apps because they promise to do things like:

  • Track your day-to-day spending and;
  • Compare how much you have coming in and going out.

So, what's the problem?

Using a finance app is a great first step in regaining control over your money, however simply downloading an app will only provide you nice looking graphs, unless you actually do something with the information.

Just as jumping on the scales alone won't help you lose weight, or simply joining a gym won't get you lean and fit.

You have to do the hard work to see the financial results.

The challenge with getting the most out of a finance app is maintaining motivation and accountability to use the information properly. Just like a personal trainer can assist you in putting together a workout plan and keeping you disciplined, it is important to identify what money goals you are working towards and how you are going to take the necessary steps in your financial journey to achieve them.

How to get more from a finance app

We get it, few people find budgets motivating. We all want something just that little bit more inspiring.

If you do use a finance app, make sure it can set and track your money goals, but then ensure you have the support of a partner, financial professional or mentor you trust, who will help keep you motivated and accountable.

Remember, although the information provided by an app can be useful, without a focused plan or a strategy to change your behaviour, money apps can quickly become the finance equivalent of an unused gym membership.

Want to know which finance apps we recommend? Read our blog post: 3 best finance apps and online tools. Or call 1300 780 440 to arrange a one-on-one discussion about your finance path.

Chris CollardAuthor:Chris Collard
About: As a keen investor myself, my passion is to make sure you are investment ready when opportunity knocks
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Tags:Online finance toolsBest finance apps