Budgeting apps in NZ to manage your finances
Finances and budgeting can be quite hard. But downloading and using apps can prove to be helpful tools.
After all, we downloaded approximately 160 million apps in 2020 alone.
So if you haven’t yet tried using an app to track your expenses, set savings goals, and generally improve your money management, it could be a great time to give it a shot.
Why financial management apps can be essential today
When you’ve got an app to track your grocery list, one to listen to podcasts, and another to read the news, it only makes sense to have one to keep your finances in order as well.
In fact, younger generations are quickly – if unsurprisingly – adopting apps as a way of managing finances. According to our Generation Debt research, 20% of Gen Y (Millennials) are using budgeting apps, and 16% are using financial planning software.
The moral of the story here is that every adult should be keeping an eye on their finances, no matter how they choose to manage them. And apps can be a handy way to achieve those goals.
Key features of using budgeting apps
Not familiar with some of the details and benefits of budgeting apps? Here are the key features you can expect from them:
- Real-time tracking of income and expenses
- Ability to categorise spending
- Custom budgeting tools to track goals
- Alerts to avoid overspending
- Reminders of upcoming bills
- Expense sharing to split bills between you and others
- Gamification (in-app ‘rewards’ such as badges to reward you for reaching goals)
- Reports to show your progress
Additionally, many banking apps, such as ANZ, already offer budgeting features, minimizing the need for third-party apps, reducing your digital footprint, and enhancing cybersecurity by consolidating your financial data in one place.
Potential risks of using budgeting apps
Using budgeting apps can also come with some risks to the user:
- Data privacy concerns: Budgeting apps may collect sensitive financial information, potentially exposing users to data breaches or misuse.
- Hidden fees or charges: Some budgeting apps may have hidden subscription or usage fees that are not originally advertised
- Security vulnerabilities: Apps can become targets for cyberattacks, risking personal and financial information.
Top budgeting apps to track your spending
There are hundreds of budgeting apps out there, all with different features and user experience designs. Your best bet is to explore the options, decide which features are most important to you, and see which one best fits your needs.
Here are some of the most popular budgeting apps, what they feature, and how much they cost.
| App | Key Feature | Cost |
| Money Lover | Tracking expenses, saving, budget planning | Free |
| Fudget | Open banking integration, spending categorisation | Free & paid options |
| PocketSmith | Regular reporting, simple dashboards, tracking expenses | Free & paid options |
| You Need a Budget | Budgeting, goal tracking, loan calculator, net worth tracker | Approx $26NZD/month |
| mybudgetpal | Debt & investment tracking, automatic tracking, spending limits, budgeting | Free |
| Moneydance | Online banking, automatic tracking, clear reporting, reminders, investment apps | Approx $15NZD/month |
Features to look for in multi-account budgeting apps
If you have multiple bank accounts, you might need a budgeting app that allows you to link those accounts to get a full picture of your income, debt, investments, and expenses all in one place.
Look for these key features:
- Ability to link multiple NZ bank accounts
- Automatic categorisation for different accounts
- Cross-account spending analysis
How generation debt is using (or not using) financial apps
In our Generation Debt research, we learned that over four in five kiwis report that financial stress impacts their mental health.
However, only 54% of respondents were using any kind of tool to help them manage that.
While some will turn to family and friends for help, just one in seven use budgeting tools such as apps or software.
Some people might be avoiding the apps out of privacy or security concerns, whereas others might not realise the tools are available at all. If you’re one of them, a chat with a financial advisor can help to set you on the right path, and a budgeting app might help to make those goals happen.
Securing your financial future
One key factor in any budget is your income. With OneChoice Income Protection Insurance you can help ensure that your income remains protected if sickness or injury ever prevents you from working long term. Request a quote today to learn more and grant yourself some peace of mind.
7 Apr 2025