I only recommend tools I genuinely use and love. If you buy through a link on this page, I may earn a small commission (at no extra cost to you). Why trust me? Because I’m a budgeting nerd who actually lives this stuff.
I’ll admit it—I’m a money nerd. I love knowing exactly where my money is, where it’s going, and how I can optimise every dollar. While some people get overwhelmed by spreadsheets, I LOVE them. I’ve created more financial tracking spreadsheets than I can count, and nothing brings me more joy than a well-organised budget.
But as much as I love my trusty spreadsheets, I found myself wanting something a little more high-tech, automated, and linked to my bank. Because let’s be real, manually updating transactions and chasing missing cents isn’t always practical. So, I went on a hunt for the best AI-powered budgeting apps available to Australians—the kind that could streamline my obsession without taking away the control I love.
Here are the five best AI budgeting apps that actually help, whether you’re a fellow finance enthusiast or just trying to get a handle on your spending (in no particular order).
1. PocketSmith
Best for: Australians seeking comprehensive financial forecasting
PocketSmith offers a versatile approach to personal finance management, allowing users to create detailed financial forecasts and manage their budgets effectively. With its powerful calendar-based budgeting system, PocketSmith helps users visualise their future financial situations and make informed decisions.
Pros:
- Comprehensive financial management tools
- Future forecasting capabilities
- Seamless bank integration with Australian financial institutions
Cons:
- Some features may require a learning curve
- A subscription fee applies, starting at $9.99 per month for the basic plan.
My Experience:
PocketSmith offers a clear, forward-looking view of your finances, making it easy to plan ahead. The forecasting feature is a game-changer, and linking my bank accounts was a breeze. It does take a bit of setup at first, but once it’s up and running, the insights are well worth it—kind of like meal prepping for your bank account.
I’m a big fan of PocketSmith and have continued using it well beyond my initial research and reviews of budgeting apps. You can get 50% off your first two months with this promotional link here.
Check out PocketSmith here.
2. Frollo
Best for: Users seeking a free, AI-powered budgeting tool
Frollo is an Australian app that helps users track their spending, set budgets, and achieve financial goals with personalised insights. With bank syncing, spending insights, and goal tracking features, Frollo helps you take control of your finances.
Pros:
- Free to use
- Syncs with over 100 financial institutions
- Provides personalised insights
Cons:
- May not offer as many advanced features as paid apps
- User interface could be more intuitive
My Experience:
Frollo keeps things simple and stress-free, which is exactly what you want in a budgeting app. Linking my bank accounts was quick and painless, and the app does a good job of breaking down my spending habits in a clear, no-nonsense way. Sure, it’s missing some of the fancy bells and whistles of premium apps, but as a free tool for keeping tabs on expenses, it gets the job done.
Check out Frollo here.
3. WeMoney
Best for: Individuals focused on debt reduction and community support
WeMoney describes itself as a ‘social financial wellness app’ designed to help users track and eliminate debt. You can link all your accounts to the app and get a full picture of your money, and it shows you where you can save.
Pros:
- Focuses on debt reduction
- Offers community support
- Provides personalised financial insights
Cons:
- Ads. Need I say more
- Subscription cost for premium features
- Minor inaccuracies when it came to financial financial summaries
- Community aspect might not appeal to all users
My Experience:
WeMoney brings a touch of social flair to budgeting, which is a nice change from the usual solo finance grind. The focus on debt reduction feels practical and relatable—perfect for everyday Aussies trying to get ahead. Linking my accounts was hassle-free, which is always a win. The community feature is a great motivator, though if you’re more of a “keep my finances to myself” type, you might not enjoy the social aspect. Still, for those who enjoy a bit of encouragement while tackling their money goals, WeMoney adds a refreshing twist to personal finance.
Check out WeMoney here.
4. Raiz
Best for: Users interested in micro-investing alongside budgeting
Raiz is a micro-investing app that allows users to invest in portfolios of ETFs through spare change ’roundups’, recurring investments, rewards, and lump sum deposits. Although it’s primarily an investment app, it also has features that are helpful for saving.
Pros:
- Combines investing with budgeting
- Offers round-up feature for effortless investing
- Provides personalised insights into spending
- Establish investing accounts for your child and teach them how to invest
Cons:
- Charges fees when you start investing
- Investment options may not suit all risk profiles
My Experience:
I have experience investing in ETFs, but I was curious to see how Raiz compared to traditional investment platforms. The round-up feature made investing completely effortless, turning spare change into actual investments without me having to think about it. The budgeting tools were a nice bonus, providing useful insights into my spending. However, it’s worth keeping an eye on the fees, especially for smaller balances.
Check out Raiz here.
5. Moneydance
Best for: Users seeking a one-time purchase budgeting tool with expense tracking and investment management
Moneydance is a personal finance software designed to help users manage their budget, track expenses, and oversee investments. It offers a comprehensive suite of financial management tools suitable for individuals seeking a robust solution.
Pros:
- Wide range of features for budgeting, expense tracking, and investment monitoring including cryptocurrency
- One-time purchase rather than ongoing subscription
- The software is available on multiple platforms ensuring accessibility for a wide range of users
Cons:
- Outdated user interface which didn’t feel as intuitive as other financial software
- Mobile app lacked the same features and functionality as the desktop version
- The extensive features may present a learning curve for new users unfamiliar with personal finance software
My Experience:
Moneydance is commitment-free—a one-time purchase with no sneaky fees – a finance app that doesn’t feel like a gym membership. It handles bank syncing, bill tracking, and investments well, with cross-platform compatibility. The interface does feel a tad outdated, and importing data can take some tweaking. The mobile app is basic, so if you rely on on-the-go management, it might fall short. Still, for a straightforward, cost-effective finance tool with no recurring payments, Moneydance is a solid pick.
Check out Moneydance here.
Final Thoughts: Which AI Budgeting App is Best?
Choosing the right budgeting app depends on what you need. Do you want full control over your budget, or do you prefer a more automated, hands-off approach? After researching and testing these apps, here’s how I’d break it down:
- Best for serious budgeters: PocketSmith – If you love forecasting your finances and want a powerful, customisable budgeting tool, this is the best option.
- Best free budgeting app: Frollo – Perfect if you want a simple, AI-powered tool that syncs with your bank—without spending a cent.
- Best for debt reduction: WeMoney – If you’re trying to get out of debt and want support from a financial community, this is the app to check out.
- Best for no-subscription budgeting: Moneydance – A great choice if you want a one-time purchase finance tool with solid tracking and investment features, minus the recurring fees.
- Best for investing while budgeting: Raiz – Ideal if you want to invest small amounts effortlessly while also tracking your spending. Just be mindful of the fees if you have a lower balance.
My Top Pick: PocketSmith
Why PocketSmith?
✅ Most Comprehensive Budgeting Tool – Offers powerful financial forecasting, customisable budgeting, and multi-currency support, making it ideal for long-term money management.
✅ Popular Among Australian Users – Trusted by thousands of Australians who want more control and visibility over their finances.
✅ Bank Syncing & AI Insights – Securely connects with Australian banks and helps automate expense tracking.
Runner-Up: Raiz
If you’re looking to combine budgeting with micro-investing, Raiz is another great option—especially if you want to invest small amounts effortlessly. However, be mindful of the fees, as they can eat into your returns if your balance is low.