• Shaun O'Keefe I Financial Adviser

Free money management app

I have a powerful money management app on my phone. I use it for both my business and my personal finances and it keeps me updated and aware of my spending with very little effort. And it's free.

After researching tools to help my clients manage their money I came across this little gem by accident. The alternatives I found were specialist finance apps that were really good - but too expensive.

Why do I like this app?

Because I like to keep score - and because Aussies generally love a scoreboard. It's one of the reasons why sports are such a big part of our culture. Every game has a score and I'm pretty happy that there's a money management tool out there to gamify something that is pretty important - but can be a bit boring.

The app is called Pocketbook. I loaded it easy, synced up my bank accounts and started using it the same day. It shows my spending areas and gives me a practical tool to see my overall income and expenses - and importantly, my savings.

How do I know if it's working?

Because the app syncs up with my bank accounts, it gives me a real-time overview of my income and where I've spent my money at any stage of my 'pay cycle'. If I'm in danger of spending too much against my 'Safely Spend' amount it tells me to ease up a little and shows me how much money I have left in that category and for how many days. Overall, it shows a graph giving a snapshot of my total balance (all accounts) over 4 or 5 months. I like trends too - so seeing how my money is trending - up or down - has a powerful effect. Simple.

Maybe if we handled our money like it was a game and kept it all pretty simple then a lot more people would be doing OK - and with a lot less anxiety. Give it a go.

Shaun O'Keefe is a fee-based financial planner serving the families of the Peregian community to help set themselves up to build and successfully transfer their wealth between the generations. While some advisers focus specifically on investments or retirement planning, he's chosen to focus 'Financial planning for the whole family’. Subscribe


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