Fave Money Apps / Cash Management setup?

Discussion in 'Financial Planning' started by Maychi, 4th May, 2022.

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  1. Maychi

    Maychi Member

    Joined:
    2nd May, 2022
    Posts:
    7
    Location:
    Toowoomba
    Looking to hear how others setup their finances to manage cash flow / spending / saving and tracking.

    What apps or setups do you use or tools you find useful?

    Personally looking into switching to UP Bank for everyday spending as they have a joint account with split % income transfers, and 86400 for savings as apparently they have a good interest rate.

    We use Money Brilliant to get an idea of our accounts, assets and expenses. Used to use our own zero-based budget excel sheet but find its outdated and hard to update now that we’ve had a baby and moved cities.

    How does your setup work for you?
     
  2. MB18

    MB18 Well-Known Member

    Joined:
    25th Sep, 2018
    Posts:
    1,374
    Location:
    NT
    86400 is at 1.2%

    AMP and ING are at 1.35%

    Of course, depending how much savings you are talking about that may or may not make a difference and in anycase they are usually capped at normally 250k or sometimes 100k (ING).

    I have about dozen different savings accounts, most with zero dollars in them at any point in time.
    They are easy enough to open online and I just rotate cash to whichever has the best offer at the time.

    Mozo seems to be the best comparator tool I've found so far.
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    18th Jun, 2015
    Posts:
    13,439
    Location:
    Melbourne
    Microsoft Excel .... plus significant other who is an accountant

    The Y-man
     
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  4. NHG

    NHG Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    640
    Location:
    Sydney NSW
    Life got easy when I realised to split personal from investments and business.

    1. Personal - I'm terrible now but use to track with an app. These days I just pay myself X and put in buckets (varying accounts). Don't need to watch funds after this. I just spend what's in the account.

    I worked out what I need to spend in each area. Have a fat splurge account so don't count the coffees.

    Outgoings are repeating. Mobile, health insurance, etc. Copy paste.

    2. Property - one bank account. Money in, Money out. Some accounts have more than 1 Property. Real Estate agency pays most outgoings on my behalf. Some accounts have more than 1 property.

    I suppose it would help to have an email account dedicated to property, would make easier for tax time. I simply download CSV from bank, tidy up and send to accountant.

    3. Shares / Crypto - bit of a mess. I have crypto (worth nothing now) all over. Likely miss a few losses I could write off. Would be better to centralise under 1 or 2 accounts.

    4. Business - 1-2 bank accounts per business. Each represents different tax implications eg. With GST, without GST. Straight into Xero.

    Each item is broken down to Cost Code. Also have a tracker column to split projects. Can see overall health of business, and of individual projects.



    I use to try track my investments as part of my personal accounts. Gets messy and gives a false sense of income.

    Best to treat investments as a different entity that makes its own money.

    You lend to and from that entity (like borrowing from a bank or friend).

    Keep it transactional.

    Don't spend your dragons, spend your dragons children's eggs. Reinvest your investments.

    I'm poor. My investments do alright.
     
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    Once upon a time a high interest CMA was the go. Now the rates being paid are truly trivial. The best account can sometimes be a offset as it will save interest at the lender rate without being taxed on any benefit. Even if a 3% loan benefit for a high income earner means a small loss of tax deduction the net benefit is 1.59%. For a non-deductible loan (eg home) then the offset benefit is 3%.

    The merits of a offset must also be balanced with the loan product cost. A higher rate for a premium loan may make no sense if the offset savings are minor.