Commonwealth Bank customers can get an app this week to help them scrimp and save for personal goals, but the reality is customers of any bank have app options for the same.

Managing your finances can be difficult at the best of times, but saving for goals, that can prove impossible for some people. That little supercomputer you keep with you at all times can be a big assist, however, and it’s something CommBank seems eager to get involved.

Commonwealth Bank has developed a tool called “Goal Tracker” built for its customers with phones and tablets to set goals for things like an emergency fund, a home loan deposit, or even just saving for a holiday, with the app able to employ automatic payments to help reach that goal.

Developed off the back of insights from CommBank’s behavioural economics team, it’s an app that has been developed to help people without a “formal plan in place” for their finances, as well as those “forgetting to put money in savings”, according to Commonwealth Bank General Manager for Digital Banking, Kate Crous.

“We’ve created Goal Tracker to help customers create better financial habits. The tool combines the latest in digital banking innovation as well as behavioural science to help customers improve their financial wellbeing,” she said.

The app works in tandem with the CommBank app, which means you have to be a Commonwealth Bank customer to take advantage, but it’s not the only solution out there.

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Apps for any bank customer

You don’t need to be a CommBank customer to track personal finance goals, and provided you have a phone or tablet from the past few years running Google’s Android or Apple’s iOS, you can get to saving for a budgeted goal regardless of where you bank.

TrackMyGoals

Price: Free Believe it or not, the government has actually provided a financial goal tracking app for free to customers of any bank, and it’s on both of the major phone and tablet operating systems, meaning Android, iPhone, and iPad. It’s not much to look at, and we’re sure designers will baulk at the heavy use of green, but ASIC’s TrackMyGoals doesn’t need to hook into any banking app you have. Rather, it will ask you to create a goal, and then you add sums to it over time, exploring how much you’d need to save to reach that goal. There are no connections to your banking so no risk to your accounts. It’s just a goal app that you can manage. Find ASIC’s TrackMyGoals on Android and iPhone and iPad

Pocketbook

Price: Free On the other side of the app divide, there’s one that is designed nicely and also free. Pocketbook is about a little more than merely working to a goal, but it can definitely be used for that. Rather, Pocketbook works best when it’s linked to your bank accounts to track what your expenses are doing and where your money is going. However, you can use this information not just to get a better understanding of your finances as a whole, but to save for goals. Find Pocketbook on Android and iPhone and iPad

Spendee

Price: Free Similar to Pocketbook, Spendee gives you an understanding of your finances as money goes in and out of your account, and also allows you to set goals for what you want to save. Much like Pocketbook, this one works best when talking to your bank accounts, as it can give you a total look at what your money is doing. Find Spendee on Android and iPhone and iPad

YNAB (You Need A Budget)

Price: $84USD per year (approximately $120 per year) You Need A Budget is a finance tracking app made to help you find the best way of managing your budget, but it’s one built not just for your phone and tablet, but also your computer’s web browser, Apple Watch, and even Amazon Alexa speakers, as well. Goal tracking is a major part of how YNAB works, as are reports and the ability to budget with a friend or partner, though in case the yearly plan doesn’t seem like something you’d normally go for, there’s a 34 day free trial. Find You Need A Budget on Android and iPhone and iPad

Articles by Mark Bristow

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