Apps to Help Save Some Coin

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Don’t you hate rejection? What’s worse is when it comes from your bank. Tighter lending conditions have made it harder for borrowers to secure loans; with many not meeting loan criteria. We know the frustration that comes from meeting with your bank, only to be told that you just aren’t financially ready.

And, while you might think these tips are just for first homebuyers, I promise, no matter what your situation, the basics apply to us all.

Here’s what you can do today that will set you up to be the perfect match for lenders in the future…might be shorter term than you think!

Save some coin.
We all know that nothing worth having comes easy, and despite the shiny advertisements telling you “sacrifice not required”, well, it just is. So what’s your avo on toast (possibly unfair millennial generalisation also known as code for ‘unnecessary splurge habit’). Savings are not only essential for a deposit, but also show that you are capable of making repayments. Tracking your money and knowing where you can cut unnecessary spending is key to saving and getting in a better financial position.

Ditch the excel spreadsheet, there’s an app for that!

  • TrackMySPEND is a free app by ASIC’s MoneySmart, designed to help you track weekly household budgets, costs for special events, travel expenses and more. The app lets you nominate spending limits and track your progress. To further track your savings goals, download TrackMyGOALS
  • Mint ( allows you to get your bills and money together in one place, alerts you when bills are almost due, and suggests budgets based on your spending patterns. Life is good when your money is under control.

Good tracking of your spending habits also make it a lot easier to provide detailed living expenses to your bank or lender when you do proceed with a loan application, which will save you time in the long run.

Consolidate your debt.
Took out a personal loan for a holiday? Perhaps the credit card has been working overtime – tap and go makes it way too easy!

Talk to your broker about consolidating your debt and moving it all to one place with a lower interest rate with a view to paying it down, fast. The cash rate has taken its first downward move in nearly three years and interest rates are following with a cut of anywhere up to 0.25% making now a good time to consider your options.