It used to be that the only way to manage your money was to go and speak to an expert, generally a bloke in a stuffy suit and tie.
If you wanted to buy shares you went to a stockbroker, opening a bank account involved a trip to see the bank manager, and so on.
But while these options are still available today, there’s been a seismic shift in the industry towards digital tools that allow you to manage your money independently.
And being the finance-focused couple we are, we absolutely love it.
The quality and utility of the tools you can carry around on a five-inch screen in your pocket these days is truly remarkable, and there are countless apps out there that can either save you money or help you manage it better.
Here are our six favourite financial apps for your smartphone.
Pocketbook
Pocketbook is the premier budgeting app in Australia. It syncs to your bank accounts to give you a highly accurate picture of what you’re spending and where.
Plus, it’s an excellent financial management tool, alerting you when bills are due or when fees are charged to your accounts, for example. It even goes as far as to suggest possible tax deductions, based on your transactions.
Cost: Free
Available on: iOS, Android
Bloomberg Business
The Bloomberg Business app is just what you’d expect from a world-renowned provider of financial news and data; a comprehensive source of insights and information on the global financial markets.
It’s free, has great functionality and brings a truly global perspective to business news.
As a sidenote, CNNMoney is a close run second or fantastic complement to Bloomberg Business, and well worth the space on your home screen.
Cost: Free
Available on: iOS, Android
tapMortgage Australia
If you’re in the market to buy a house or investment property and have an iPhone, then tapMortgage is a must have.
It’s a mortgage, loan repayment and stamp duty calculator in one, and helps you get a clear picture of exactly how much you’ll be spending on your property.
Plus, it’s a great source of handy information such as the contact details for your local state revenue office and provides comparisons of your mortgage repayment at different interest rates.
Cost: Free
Available on: iOS
Mobile Calculator by MoneySmart
Another app from the MoneySmart stable, mobile calculator, combines five handy financial calculators into the one app… perfect for when you have a big financial decision to make.
The app covers savings, loans and mortgages, superannuation and even interest-free deals, which makes it a very handy one to keep on your phone.
Cost: Free
Available on: iOS, Android.
Tax Returns by Pocketbook
No one likes doing their taxes, but Tax Returns by Pocketbook promises accountant-reviewed tax returns in under 10 minutes, for as little as $39.
The app makes use of the inbuilt features of your iPhone (such as the camera) to streamline the process of submitting your tax return.
Just answer a few basic questions, take photos of important documents using the app and hit submit. You can even chat to an accountant through the app if you need to clarity anything.
Cost: Free
Available on: iOS
Twitter is an amazing tool for keeping up-to-the-second tabs on what’s going on in the world of money and markets.
We’re not saying you need to be condensing your every thought into 140 characters or less and sharing it with the world.
But if you sign up and follow your favourite financial commentators, the banks and some key government accounts, you can be sure you’re always in the know.
Cost: Free
Available on: iOS, Android
RECORD RUN OF ECONOMIC GROWTH
When commenting on the economy we will once again (as we’ve been doing for the last 8 years) preface that we are optimistic people. As such, we have been generally out of step with the general pessimism of the overall community and economic commentators in particular.
The latest case in point is last week’s 0.2 per cent economic growth figure for the June quarter producing a sluggish 2 per cent annual growth… down on the 10 year average growth of 2.8 per cent and the 15 year average of 2.9 per cent.
Coupled with the correction on global sharemarkets and the slowing of the Chinese economy, a very dismal future for the Australian economy has been painted.
There is no doubt, the Australian economy is growing at a rate below the long term average and things are a bit slow. But there are a few more optimistic points to shine a light on;
. these latest economic growth figures relate to the March to June quarter which is certainly look back in the rear vision mirror rather than what is happening now. Remember the turmoil around May. The fears surrounding the winding back in mining investment and the speculation around the Federal Budget. It was an uncertain time. So uncertain, the Reserve Bank cut official interest rates to a record low… the last rate cut.
. the full benefit of that last official interest rate cut is not reflected in this growth figure. Both business and consumer confidence has since risen along with retail sales.
. exports were the major drag on this latest result and since then the Australian dollar has dropped heavily in value and provided a real tonic for the sector.
. we have now had a record breaking 24 consecutive years of positive economic growth.
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