Understanding your cashflow position is one of the most important steps towards financial success. Knowing where your money goes is the starting point for managing your finances well and building wealth.

Setting up a budget and detailing your income and expenditure gives you a benchmark to track your actual spending against. The process can be insightful, and some even find it confronting at first, but it will lead to more control over your finances. Taking the first step doesn’t need to be hard, and there are financial tools that work for everyone.

The tools below range from simple spreadsheets to online apps connected to your bank. Whatever tool you choose, the key is using it consistently and keeping it updated.

 

Tools we’ve found helpful for tracking personal finances

 

spreadsheets

 

Spreadsheets will always have their place, and they’re a simple and effective place to start.
To help you get started, we’ve created a simple Cashflow Template.

The ASIC Smart Money Website also has an easy-to-use budget planner and template spreadsheet.

Both Microsoft Excel and Google Sheets also have user-friendly budget templates. The Google Sheets version can show your overall financial position when updated over time. It’s a great way to check that your budget is accurate, because if your bank balance doesn’t match the balance in the budget, you know that something needs adjusting.

 

your bank

 

Most banks now provide built-in budgeting and cashflow tracking tools within their mobile banking apps. These tools often categorise expenses, and some include full budgeting features, notifications and the ability to export tax reports.

Banking apps can provide a simple and practical way to track your spending, but if you’re looking for deeper insights or you bank across different institutions, the other online tools and apps below may be better suited.

 

online tools + apps

 

If you prefer a more automated approach, there are many apps available that sync with your bank. The two tools we’ve seen work well for clients are PocketSmith and Frollo.

 

Of the two, PocketSmith is the more comprehensive tool. PocketSmith is accessible through both web and mobile apps. It’s a powerful tool that can manage cashflow forecasting, track assets and liabilities, and generate net worth reports.

 

  • Frollo [simple plug-and-play budgeting]

Frollo offers a simple plug-and-play approach and is built around Australia’s open banking framework. It connects to most banks, provides a combined view of spending and automatically categorises transactions.

Frollo is best suited for people who want a quick plug-and-play solution. It provides visibility over spending without the need for complex budgets. It’s a great option to use when starting out, as there’s very little setup required and it provides a clear snapshot of spending patterns across your accounts.

 

the most important step

 

The most important step in managing your finances is ultimately choosing a budgeting tool you will actually use.

Whether it’s a spreadsheet, your bank’s built-in app or a dedicated budgeting tool, the goal is to understand where your money is going.

 

we’re here to help

If you’d like help understanding your cashflow or setting up tools to better track your spending, call 1300BDEPOT or email oneplace@businessdepot.com.au and our team will point you in the right direction.

 

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disclaimer 

BusinessDEPOT Financial Planning Pty Ltd ABN 18 611 694 421, is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange.

General advice warning: The advice provided is general advice only. In preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.