Is Paying My Mortgage Off in Full a Good Idea?

Mortgage is one of the most common loans that people get to finance their needs. It is a home loan that usually takes years before it is repaid. However, if you have the financial capability, paying your mortgage in full offers many benefits. Read on to know how finishing your mortgage early can positively impact your finances.

What Is a Mortgage?

A mortgage is a type of loan that uses real estate or personal property as security. This means that if you lose the capability to pay the money that you borrowed, plus interest, the lender has the right to take your property.

Fixed vs Variable Rate Mortgages

A fixed-rate mortgage has an interest rate that is locked for an agreed period of time, meaning there will be no sudden increase in payments that might ruin your budget for the month. Depending on your budget, this usually takes one to five years or even as long as 30 years. This is a good choice for first-time homebuyers because it allows them to adjust to the life of having loan repayments. It is also for investors who want consistent positive cash flow.

Opposite to the fixed-rate mortgage, a variable rate mortgage imposes an interest rate that can change over the course of your loan. In exchange, this type of loan has more flexibility than the fixed-rate mortgage which usually has restrictive or limited features. It also has a wider range of repayment options and lets you make extra repayments that could help you finish your loan sooner than the agreed duration.

Mortgage Loan Interest Rate in Australia

As of December 2021, the average interest rate for variable rate mortgage is 3.93%, while a 3-year fixed mortgage has 2.93%

Benefits of Paying Off Your Mortgage in Full

Aside from the peace of mind brought by having no more home loans to think of, there are other advantages to paying your mortgage in full. Here are some of the positive impacts of finishing your mortgage early.

Your House Is Instantly Secured

Having a home loan means that your home is always at risk. Lenders can easily take away your hard-earned dream house in a blink of an eye the moment you lose the capability to pay for it. By finishing your home loan early, you immediately gain full ownership of your property. 

You Can Focus on Your Other Debts

By paying a mortgage in full, you are freeing yourself from your monthly home loan payments. This means that you can now have extra cash that you can use for paying bills, credit card balances, college loans and other debts. You can now cross mortgage off your list of things to worry about every month.

You Can Save Money From the Interest

One thing about home loans is that the longer their payment term is, the more you pay in interest. Some home loans even have high interest rates which can hurt your budget even further. If you have a mortgage that lasts for a number of years, the amount of interest that will pile up can lead to thousands of dollars. If you eliminate your home loan as soon as possible, you can save more money for investments, travel, retirement, important purchases or other long-term plans.

Disadvantages of Paying off Your Mortgage in Full

There are also downsides when paying off your mortgage early. Here are some of them:

Home Loan Prepayment Penalty

This penalty is a fee that you have to pay the lender when you sell, refinance or pay your mortgage in full within the first years of committing to the loan. This penalty is a way of protection for lenders against losing interest income. Not all lenders have this, but there are some who do, so you should always ask your lender first if it has a prepayment penalty.

You Can Earn More By Investing

Mortgage interest and stock market returns are always changing. The numbers may be pretty low right now, but they can be higher than you’ve expected in 10 years. You might lose a big opportunity if you choose not to invest.

It Can Hurt Your Credit Score

If you have different credit types, such as a car loan, credit card and a home loan, paying off your mortgage in full can cause a drop in your credit score. 

You Might Lose Your Mortgage Interest Tax Deduction

By being a homeowner with monthly home loan interest, you can claim the amount you pay in mortgage interest to decrease your taxable income. If you get rid of your monthly home loan by paying it off, you will lose this privilege.

You’ll Have Less Liquidity

Liquidity refers to how fast an asset can be converted into ready cash. Homes lack this. You cannot immediately sell a house for cash. Finding a buyer for your house can take months, and you still have to wait for the deal to be closed. When you pay off your home loan in full, you are spending a lot of money on your home in one go and leaving yourself with less cash.

The Takeaway

Paying off your mortgage in full can give you peace of mind and an extra budget that you can spend on something else. However, it also has negative effects, especially if you have a home loan prepayment penalty and credit scores. So, is getting off your mortgage early a good idea? Yes, but always consider the situation and important factors before doing so.

If you are unsure of what to do, seek the advice of a professional home loan mortgage broker. If you need one, Golden Eggs is happy to serve you. We have access to an extensive panel of lenders and offer a wide range of loans that can make a positive difference in your future. We will guide you throughout the process, and we will explain all the benefits and risks of each option. We also have a free-of-charge annual review for our clients to ensure that you, your loan and your property are doing great. For more details, call us on 02 8095 9251.

Importance of Budgeting for Young Adults

Here’s a fact. 
The majority of Australian young adults are clueless about how to budget. By numbers, according to a study done by Ubank in 2018, 86% of Australians have no idea how much their monthly expenses are. About 59% admit stressing out about their current financial status, and 44% of young adults worry about their financial future. These numbers are alarming, and it is a call for us to educate young people about the importance of budgeting

Young Adults and Their Expenses

First, who are the young adults? Young adults refer to those people who are just starting to become independent. They probably are the new graduates or those who are just beginning to build their careers or businesses. They are in the early state of being adults, or as the name suggests, they are adults but still young.

Where do young adults spend their money? 

In this generation, young people tend to go with the trend. They do what is trending nowadays. They live the YOLO lifestyles, the FOMO mindsets, the ‘travel is life’ mantra and the other viral hashtags. This lifestyle caused them poor budgeting skills. It may not be evident in their current status, but their future is at stake when they continue this lifestyle of leisurely spending much of their income.

What Is Budgeting?

Budgeting is knowing how much you earn, how much you spend and how much you save. Other names for budgeting are fund management, money management, financial management and personal money management. Their common denominator is the word management. Management means taking over something. Therefore, budgeting means taking over your finances. It is not the other way around. Never let your money take over you, or else stress and worry will never leave you.

One cliché illustration about financial management is having one whole pizza. You cut the pizza in such a way that everyone in the room gets a slice of it. In the same way, a sign that you are correctly managing your money is when you can distribute your income or earnings among all the things you need to pay for, including your savings.

But do not mistake budgeting with self-deprivation or being stingy. Spend your money on the things that bring you joy, as long as it would not result in exceeding loans and credits or lack of savings for emergency and future use.

Budgeting is living within your means. It is all about balance and proper management.

When Should You Start to Budget?

Now. Start your fund management right now, not tomorrow, not next month, not next year. 

If you haven’t already, young adult or not, start budgeting your money as early as now. It is never too late nor too early when it comes to money management.

If you’ve already started, good for you. Keep doing that. You could also step up your budgeting skills, such as increasing your monthly savings or adding a source of income. Keep getting better, even in the area of money management.

Why Is Budgeting Important for Young Adults? [h2]

Having sound money management is essential for young adults because of several reasons. Some of them are as follows:

  1. Budgeting is rewarding. In the same way that everyday exercise rewards you with a healthy and fit body, budgeting gives you peace of mind knowing that your financial status covers all your bills and other expenses.
  1. Budgeting lets you enjoy your life in your early years. By enjoying, it does not mean the short-term stuff, such as luxurious leisures that you get to post on your social media in exchange for tons of likes. It is something more significant.

    It may not be today, but soon, you will be able to afford the things you dream of when you start to stick with your budget at the very beginning. Your dream house, your dream car, your dream vacation, you can afford all of these early in your life if you start saving early.
  1. Budgeting makes you rich. Before you get too excited, being rich does not always mean having a lot of money, although it is one immediate result of budgeting. Personal money management makes you rich in a lot of other ways. 

    Budgeting makes you rich in knowledge because it takes a lot of thinking, techniques and strategies to disburse your earnings among all your expenses and savings. It also makes you rich with experience. The more passionate you become about budgeting, the more you would be eager to explore new ways to level up your fund management, such as additional income, increasing your savings, trying out new products and services that are truly worth their prices. Lastly, budgeting makes you emotionally and physically rich. Aside from the peace of mind and security it gives you, good financial management includes a budget for your health, such as vitamins, medicines, regular checkups and updated health insurance. All these benefits of budgeting give you a healthy mind and body.
  1. Budgeting prepares you for emergencies and unexpected expenses. Nobody can tell what the future holds for sure. You can be financially stable today and become unemployed tomorrow. You can be healthy today and become sick tomorrow. An accident or an earthquake may happen and destroy your home. Maybe it is not you, but your family member or close friend who needs financial help. In any way, it is beneficial if you can save for these unexpected events.
  1. Budgeting is for anyone. Contrary to what the majority believes, fund management is not only for wealthy people. Rich or not, young or old, no matter how much your monthly income is, budgeting is for you. Gone are the days when success is measured by how much you earn, how grand your house is, what car model your drive, what brand of clothes you wear and what unit your phone is.

    Today, success is measured by how satisfied you are with your life, how secure your future is and your lack of financial liabilities. You can all achieve this through proper financial management.

Budgeting Ideas for Young Adults

The best way to manage your finances is by being aware of three things: your earnings, your expenses and your target savings.

  1. Know your earnings. Keep in mind how much money you earn. In that way, you can anticipate how much you have to spend. It will also let you decide whether your current earning is enough for your needs or if you need an extra source of income.
  1. Know your expenses. It means knowing not just your primary expenses but even the smallest thing that you spend your money on, such as a piece of gum or that tip you gave your hairdresser.

    Based on your expenses, you can have an idea of where your money goes. It will help you decide what area you should spend more in and where you should spend less. Make adjustments to your expenditure based on your priorities and your budget.
  1. Know your target savings. What are you saving for? Is it only for emergencies, or are you saving for something else, such as a house, a new business venture or an out-of-country trip? Answer these questions to know how much you should save.

    Putting a specific amount into your savings makes it feel more realistic, and you will feel more in control than having to save only whatever amount is left after settling all your expenses.

    However, make sure that your goals are realistic and feasible by your earnings. Unrealistic goals make budgeting fail.
  1. Get a budget tracker app. Another useful tool in budgeting is to have that handy-dandy smartphone budget tracker app that will regularly notify you about the status of your finances. It takes the hassle out of creating a budget and tracking expenses. Most budget tracker apps offer various features to monitor and analyse your personal finances.
  1. Hire a financial advisor. Some people opt to hire a financial advisor to help them handle their finances rather than doing it alone. It is also a great option because financial advisors are licensed professionals whose main job is to help people with their finances. They help you make a plan so you can meet your financial goals and guide your progress along the way. A financial advisor can help you save more, reduce debt and invest wisely.

    This is a challenge to all the young people: Enough with all the short-term social trending media goals and let budget goals be the new trend.

Money Coaching for Couples: How Can Couples Achieve Financial Intimacy

Managing your family’s needs means learning to address various financial challenges, including food, utilities, housing and other monthly dues. However, keeping track of all the ever-changing expenses can be challenging, especially for most couples.

If you feel like you still lack the skills to maintain a household budget, don’t feel bad. You are not alone. These days, many couples still operate without a spending plan, and even those who think they’re excellent at budgeting may not be doing as well as they thought.

Discussing money management apps for couples to track their spending is rarely discussed by most married couples. But no matter how you describe your union, communication on primary issues like parenting and finances is crucial in a healthy relationship. With the recent changes due to the pandemic, it’s only practical to figure out a way to live on a budget that works for you and your entire family. So, to make it easier, here are a few tips that you can consider to set up your budget as a married couple.

Quick tips for setting up a family budget

Start formulating your budget

The first step you need to take is to know the best way for couples to manage their money, and that is to track all your expenses and your family’s income. Get all your bills, bank statements and paycheck stubs to understand your financial situation. Doing so will help you keep track of the money coming in and going out. Once you have all the information collected, you can start writing a budget to manage your money.

When you go through your monthly expenses without having a budget, you’re only passing up countless chances to save up for your savings by cutting unnecessary costs. Spending only a few minutes of your time writing a frugal budget can help you save a lot of money later.

Set your financial goals

When you are barely making ends meet every month, saving money can almost seem out of reach. However, setting financial goals is essential, significantly, if you’re raising a family. Whether you’re saving money for your child’s college education or trying to save money for your retirement, creating financial goals is a crucial step in shielding your family’s future.

Aside from your long-term goals, you should also manage your short-term goals. Ensure that you’re up to date with your utility bills and other monthly fees to prevent any late charges. Additionally, you need to think about your regular expenses like those for your baby. Clothes, foods and nappies are only a few of the costs you need to consider each month. To ensure that you’re getting the best value for your money, do your research so you can find the best products.

Manage your debt

Being in debt can often feel overwhelming. But you’ll eventually learn how to manage it as long as you set realistic goals. One way of doing it is by using money management apps that can help you stay on budget every month.

Although you may not immediately pay off all your debts, you can create a practical plan to achieve your financial freedom. Your money management plan will also show where your money goes and how to manage it. It’ll help you prioritise which expenses need to get paid first and which ones you can hold off momentarily.

Cut down your costs

Another excellent money management tip is to trim your costs. Remember that if there’s barely anything left for your savings each month, then it’s probably time to cut your costs. For instance, if dining out tends to consume most of your budget, consider buying items in bulk. You can also carefully plan your meals for the entire week to reduce groceries’ costs.

Another way to reduce your expenses is by evaluating other services and subscriptions that don’t hold much bearing on your everyday life.

Build your savings

Finding ways to build your investment funds in any way possible should be a top priority. Whilst it can sometimes feel tempting to pay down your debt first, building an emergency fund is equally essential. So, try to beef up your savings until you’re able to save at least six months of your expenses.

Reduce your taxes

Taxes is an excellent way to boost your savings. Reducing the amount you need to pay to the government can help you free up money you can use to pay for your other monthly expenses. You can even set aside the money to ensure that you’ll have enough money for unexpected costs.

To reduce your taxes, check if you’re qualified for any deductions. Be sure to declare and claim all deductions possible. Even seemingly small and insignificant things can add up to your savings at the end of the financial year.

Are you responsible for your spouse’s debt?

The court won’t hold you liable for any of your partner’s debt only because of your relationship, even if you’re married. However, you may become responsible to a debt if you signed a loan contract as a guarantor or a joint borrower. Another reason why you may become accountable for your partner’s debt is if you’re a partner in a business or is a director of your family’s company.

How should married couples split their finances?

How should married couples split their finances will always depend on their situations and their agreement. To do it, you will need to approach money as a team. Sit down with your partner and calculate your joint income. Then, discuss and come up with a budget that both of you will agree with and cover your shared expenses. Doing so allows you both to have complete transparency with your financial transactions.

It’s time to get started

Managing finances as a couple can sometimes be tricky, but money management can help get things in order. It’s best to do it as early as possible.

If you need any help with money management, Golden Eggs can assist you. We can give you custom money management solutions that can help you get on track with budgeting and saving. Contact us today.

How to Save Money Without a Bank Account

Saving money in the bank is not always a financially smart step to take because it offers low interest rates. If you are looking for ways to manage finances or the best place to put your money, there are non-bank alternatives that can offer better returns for your savings. Here are some options that you should consider:

Certificates of Deposit

Certificate of deposit offers fixed interest rates which are advantageous in protecting your savings from fluctuating rates. Unlike a typical savings account, you cannot withdraw the amount inside for a specific time. The longer the lock-in period is, the more you will save.

If you want your money to grow more, you can also take various certificates of deposit that mature at different times. They offer better security and reduce risk because of their flexibility.

High-Yield Money Market Accounts

A money market account gives you higher interest rates compared to the typical savings account. It often includes check writing and debit cards and is under insurance protection. This kind of account often has restrictions; thus, it can be less flexible than the regular savings account.

You can open a money market account both in banks or credit unions, but you need to maintain the minimum balance amount. Money management is crucial in this option because failure to comply can lead to a penalty.


A stock represents a portion of ownership of a corporation. When you have stocks in a certain company, you are entitled to the asset equivalent to the number of stocks you have. The money you invest earns when the company is doing well, but when it loses value, you’ll lose money too. People with a high appetite for risk usually explore this option to save money without the bank.

Short-Term Bonds

Short-term bonds can be a good option if you are looking to save for a certain period whilst letting your money grow. Investments, such as bonds and stocks, can yield better returns but are often accompanied by risks. Bond prices fall when interest rates increase, making bonds at risk for losses as time goes. However, a short-term bond allows you to earn whilst reducing the risk.

Online Banks

A good way to manage finances is the use of technology and the Internet. It has made banking a lot easier and more convenient. A majority of online banks offer the same services as the typical banks but with better interest rates for savings accounts. These banks provide better rates because they do not have to spend on overhead costs, unlike brick and mortar banks. Additionally, online banks offer around 10-20 the rate despite the fluctuations in the market.

Credit Unions

Credit unions function almost similar to banks, but they offer a limited range of services. Their rates are also better because they are considered not for profit organizations. Their main goal is to benefit and assist the member of the union. Credit union accounts are insured and protected, so you don’t have to worry about the loss of capital.

Peer-to-Peer (P2P) Lending

P2P gained its popularity because it provides borrowers or lenders with the opportunity to work together without the presence of a middleman. It generally offers a win-win solution for both parties because the lender gets to earn better interest rates than the bank whilst the borrower pays a lower interest rate.

Some websites offer this type of service, which makes it easier to get a personal loan without being subjected to high interest rates and loads of requirements. Do take note that peer-to-peer lending is not insured, and there is the possibility of losing money.

To prevent any unwanted situation in this option, borrowers are screened and must meet specific requirements. Both lenders and borrowers also have a certain limit to the amount they can lend and borrow, respectively.

Non-Financial Institution Options

Putting your money in various financial institutions or investment programs is just one way of managing personal finance. Other means to save money without opening a bank account and being involved in any financial institutions are as follows.

Luxury Goods

Collectibles, such as luxury cars, pieces of jewellery, arts, watches and rare items, are things you can spend on and that will still have value when you sell them. Although the market can change abruptly, the demand for an item can push the prices up, thus increasing its sale value.

Precious Metals

You should also consider investing in precious metals, such as gold, platinum and copper. Bartering of physical goods may seem like a far-fetched idea, but some indications have shown how the value of these precious metals can go up when stocks, currency or bonds collapse.

Investment Farm

Buying an investment like a farm is one of the many choices if you want an income-generating business. With food being an essential and basic human need, farming is a business that will not die away easily.


Banks are not the only option if you want to save and grow your money. The financial industry has grown for the past years in such a way that various financial services are available for the public to choose from.

You are no longer confined to a savings account that offers a little interest rate. Now, everyone can choose the kind of investment or financial account that best works for them and their lifestyle. No option is risk-free, but it’s not an excuse to not explore the possibilities. If you are unsure which option you should try, you can consult financial experts who are willing to help you with smart money wealth management.

We, at Golden Eggs Home Loans, can help you grow your golden eggs. We can journey with you and make your money management and financial decision-making skills better! Contact us today.

Why You Need a Savings Tracker for Personal Money Management

According to the 2019 Choosi Dollar Report, 69.4% or seven out of ten Australians have strong financial knowledge, but only 30% or three out of ten are confident in making financial decisions. Half of Australians also worry about their money daily or weekly, making financial stress one of the main causes of stress.

The greatest risks to financial security for many Australians are unexpected events/accidents, the lack of savings, health issues and the inability to work. Budgeting and saving can reduce these risks significantly and set you up for a better future and a more relaxed retired life. Unfortunately, many do not have the savings that can protect them from financial danger. Only one in five Australians does not have emergency funds, whilst 31% do not have sufficient funds to sustain them for more than a month.

Most often, we overspend and end up struggling with our finance management because we do not set a budget and stick to it. Budgeting and saving are still the best ways to become debt-free and save more money.

Money-Saving App – What Is It?

A money-saving app is a smartphone application that is made to help individuals manage their finances and save money without exerting too much mental energy in tracking the cash flow. It is easy to use and can be customized according to your lifestyle.

Each app has its own features, but the goal of these apps is the same: to help you build your personal fund and eventually develop healthy financial habits. In general, a money-saving app offers the following:

1. Automatic Deposit

You get to decide how much you are willing to set aside for your monthly savings. Once you have set the value, the app will automatically do it for you. By doing this, you make saving money easy and avoid the temptation of not setting aside for your financial goal.

2. Micro Investment

Certain savings apps provide their users with the opportunity to invest their small money in stocks and bonds. It may not look as much, but the small amount will eventually grow and contribute to your financial goals.

3. Rewards

Other apps also offer rewards for their user’ shopping behaviour. This can be reward points or cash incentives when you shop with affiliated stores or restaurants.

4. Loyalty Programs

Being part of a loyalty program is another great way to save money. Some stores partner with money-saving apps by offering coupons, discounts and other incentives whilst helping you track your spending.

5. Cash Back

Other apps offer a straight cashback to users as their reward. When you take products that are part of the deal, you only need to send a picture of the receipt. The cash reward will then be deposited into your online account.

Money Manager as a Budgeting and Savings App

Money Manager combines money and psychology to help you stick to your budget. Golden Eggs created this money management app to help you set long-term financial plans and allocate a smaller allowance to cover regular spending. It also lets you save some amount for a monthly fun allowance so you can enjoy yourself more.

The Money Manager app recommends having separate transaction accounts for your savings and your bills. With one account allocated for fixed bills and one for savings, you can manage your cash flow better. This will ensure that what you’ll spend for fun won’t leave you short on your bills next month. When everything is in one account, you might end up spending everything on your immediate needs and without savings for your dream house.

How a Savings Tracker Can Help You Save More

Saving, particularly for an emergency fund, can be done with the help of a savings app. The more you save, the better it will be.

Keep your expenses low

Keeping your expenses low means you will be less likely to get into debt. Getting into debt or using your credit card when you are short on your spending will only cause you more money because you will have to pay for interests that can actually go to your saving and or investment.

Prioritise expenses

The savings tracker helps keep things in perspective by focusing on your priority expenses. When you know what your priorities are, it would be easier to avoid unnecessary spending and build your emergency fund or investment.

Financial insights

These saving and budgeting apps can help you make better financial decisions, thanks to their ability to gather data and provide a summary of your monthly or annual expenses. When you can see the pattern of your spending habit and where most of your money goes, the insight will help you make a better plan for your finances.

Staying organized

Tracking all of your transactions and keeping them organized is not easy. For many, this is one of the reasons why they lose sight of their financial goals. However, money apps can make your life easier and help simplify your financial records. You get to manage your spending properly as the information is accessible. You will be able to track and check all your transaction from multiple accounts. Everything can be accessed through your phone from your spending habits, debts, investments and savings.


Money management, especially saving, is not easy. Keeping track of your spending and other financial transactions also takes a lot of mental effort, and often, we can’t cope with all the details. Fortunately, money management apps now make money management easier. These apps are great tools that can help you develop healthy money management habits as you track where your money goes and save for the future.

If you need any help with money management, we can assist you. Golden Eggs can give you custom money management solutions that can help you get on track with budgeting and saving. Contact us today.

What You Need To Know About Our Personal Expense Tracker App

Money management can feel overwhelming to most people. Although the mere thought of it may seem tedious, there are ways to make it much more manageable.

With the help of many apps available these days, you can manage your finances, regardless of your financial status. Not only are they easy to use, but you can also easily install them on your smartphone and use it anywhere you go. Every mobile application has unique features and strategies that can help its users to manage and save money.

Using a personal expense tracker app can help make financial management a lot easier over time. To help you understand better, here are a few of its benefits.

How a savings app can help you with your finances

In-sync information access

Opening a bank account can be quickly done these days, but keeping a track of it isn’t that convenient. There are even times when you’d need to track each of them using different apps so you can get an idea of your financial health.

Without a personal expense tracker app, checking your balances will require you to check various websites to view your accounts. Doing some transactions may also ask you to open multiple apps. Having one installed on your smart device can help you pull the information you need from different accounts using a single platform. You can even get real-time balance information on all your investment and bank accounts with a single click of a button.

User-friendly interface

Thanks to modern technology, budgeting apps have become so user-friendly that they’ve become a go-to for almost every financial wealth enthusiast. Aside from their design, these apps also give you instant access to your financial information that you can use for both your personal and business transactions.

These financial apps also provide their users with many features that can support financial transparency. In addition to the asset management option, some even have an option for filing for a value-added tax return. These activities are essential when it comes to organising both your business and personal finances.

Better financial decisions

It’s normal for a person to worry about managing finances. Some may hesitate to make any financial decisions too. But with a budgeting app, you’ll be more confident when it comes to making any choices that concern your money. Furthermore, you’ll feel that you’re always making the right decisions about your personal and business growth. You are also freeing yourself from the stress that comes with monitoring your finances.

Achieves more financial goals

Each person has unique financial goals that they want to accomplish, and a personal expense tracker app is a great way to achieve them. If you want to monitor your progress easily, choosing the best budgeting app can help you with it. When using such an app, you’ll have a better idea of how the entire financial management works and how you can achieve your goals.

One feature that most apps these days have is a monthly email reminder that helps you focus on your daily personal finance decisions that’ll undoubtedly affect your finances.

Better financial decisions

Everyone learns from mistakes. However, it’s pretty different when it comes to one’s finances. One wrong financial decision can be costly. That’s why it’s best to learn how to avoid it.

When using a personal expense tracker app, you’ll know how to manage your money in the best way possible. It helps you avoid paying more later, which could put you in a more severe financial problem. Also, using an app allows you to check for any errors with your banking transactions, saving you some money in the long run.

Best practices to track your expenses

Review your bank statements

When working on your finances, the first thing you need to do is determine your spending habits. You can do it by checking your bank account statements, including your credit cards and your transaction account. You can look at the charges that you have for the account, especially your monthly subscription services and the items you commonly purchase.

From there, you can start identifying the items or services that you mostly spend your money on each month. Getting an idea about your monthly cash flow is an effective way to get a sense of all the money coming in and out of your bank statement.

Start grouping your monthly fees

Another way to help you manage your expenses is by putting them in different categories. There are a few credit cards that automatically tag your purchases in categories like health or automotive. With this, you can quickly know which ones cost you the most. It can also help you realise the recurring subscription services that you don’t need.

Remember that your monthly spending consists of monthly fees and variable expenses. These monthly fees rarely change each month, which often includes rent, insurance and debt fees. Meanwhile, variable costs consist of food, trip expenses and clothing.

Create a separate spending account

Creating a separate spending account is another efficient way to manage your expenses. You can have dedicated transaction accounts where you pay all your bills, including life insurance and utilities. You can also contribute a specific amount each month that you use for fun spending. Doing so will help you manage all your essentials without overspending. You can also consider making a separate account for holidays

Form a spreadsheet

A spreadsheet instead of a personal expense tracker app can help you with managing your spending too. You can keep a spreadsheet that contains all your bills. Then plot out your expenses in advance to help you keep your finances in check. Afterwards, you can run a tally of your credit balance so that you’ll know if there are any overcharges.

Having this kind of spreadsheet is an effective way to ensure that all your bills get paid on time. However they can be time consuming to maintain and keep importing transactions. Formulas get accidentally overwritten and the calculations stop working.

Use the envelope method

The envelope method almost works like a spending account. Nevertheless, instead of putting your money in your bank account, you use several envelopes to categorise your expenses.

For instance, if you feel that you’re spending too much on cabs, you can use the envelope method and get in cabs when moving around. Then, once your envelope is empty, you’d need to take the bus or the train to commute.

Identify areas for improvement

As you try to figure out your finances, you need to prepare to make further adjustments. It may be difficult at first, but you’ll eventually find it easier to tackle any challenges associated with your adjustments as soon as they arise.

Tracking your expenses is a crucial aspect that’ll help you determine what’s genuinely costing you. It’ll also help you prioritise the more essential things in life, like your mortgage, car loan and utilities.

Use apps

You can install various apps on your smartphone to simplify expense tracking. Most of them allow you to track your spending in multiple bank accounts, credit cards and investment accounts. These apps also let you allocate a particular amount to spend each month. They make financial management easier.

Depending on the features you want to use, a personal expense tracker app may cost a lot more than the others. Fortunately, Golden Eggs do offer a free version. So, you’ll get to try them out before and upgrade to a more premium account with more features, or even upgrade to a personalised money coach, if you would like some more assistance with managing your personal expenses.

Best expense tracker app to use

Money manager

Golden Eggs provide an excellent personal expense tracker app. The Golden Eggs Money Manager merges money and psychology to help you stay on your budget. This app asks you to write down your goals, then allocate a smaller weekly allowance to cover regular spending, with a monthly fun allowance to relieve the pressure and enjoy yourself more. The Golden Eggs Money Manager also recommends having a separate transaction account for your bills and different savings accounts for your future and holidays.

Creating a personal budget

A household budget summarises all your transactions, comparing and tracking your income and expenses for a particular period. Whilst most people often associate budgeting with restricted spending, an adequate budget doesn’t have to be restrictive for it to work.

A budget lets you see the amount of money you’d expect to have left after comparing it to your required expenses. However, instead of looking at it negatively, you can view it as a tool that can help you achieve your financial goals.

Making a budget in 6 easy steps

Gather all statements

Your financial statements should include your bank statements, latest utility bills and investment accounts. You should also collect your credit card bills and your mortgage statements. Gathering all these documents will help you gauge your income and expenses.

Calculate your income

Calculate how much income you’d expect to receive each month. If you’re receiving a regular paycheck where taxes automatically get deducted, then using the net income should be enough. Meanwhile, if you’re self-employed or have alternative sources of income, you may want to include the total income instead.

Create a list

List down all your expenses in a month, fortnight, or week. Include your car payments, insurance and travel. You can also add entertainment, personal care and eating out expenses. Your groceries, insurance, transportation costs and savings must also be on the list. To check your spending for the past three months, you can use your bank statements and credit card statements.

Determine your fixed and variable expenses

Fixed expenses refer to those mandatory fees that you pay for a particular time. They primarily include items such as car payments, internet service and mortgages or rent. Variable expenses refer to spending that varies each month – groceries, gifts and entertainment. If you’re using your credit card to pay for your bills and other expenses, you need to include the amount so that you can keep track of it each month. Doing so will help you monitor your transactions to make a rough estimate of your budget, but getting rid of the credit card will help you stick to it.

Get the sum of your expenses and income

Those with higher salaries compared to their expenses are off to an ideal start. That’s because they have extra money that they can use to fund their budget’s categories, such as debt repayment and savings. But if you notice that you’re spending more than what you earn, then it’s about time that you tweak your spending habits so that you won’t go over your limits.

Change your spending habits

If you’re overspending, it’s best to find areas in your expenses that you can either remove or adjust. For instance, you can withdraw some of your streaming services subscriptions or consider eating out less. This will create an equal balance between your expenses and your income.

The bottom line

The primary challenge with financial management is finding a way to measure expenses against the budget. Monitoring spending ensures that you’re on the right track to reaching your goal. Tracking your finances also gives you a clearer picture of your spending habits and how your money flows. It gives you an idea of your overall financial health.

Do you want a money management app that’s tailored to your current financial situation? We, at Golden Eggs, can help you create a setup that works for you. Contact us today.

Top Money Management App You Need to Know About

As an adult, managing money is perhaps a challenging thing to do. From monitoring bank balances to tracking expenses, it could be time-consuming. However, understanding your cash flow is one of the successful ways to manage your finances. Therefore, it’s important to know how much is coming in and where it’s going. Thanks to the innovation of finance management apps, managing your bank account has never been this easy. You can also keep track of your spending.

Money management apps provide a wide variety of features, such as track subscriptions, email reminders and shared wallets which are essential for your overall finance control. Here’s one of the top money management apps to help you manage your money better..

Money Manager App

Golden Eggs developed this money management app. The Golden Eggs Money Manager merges money and psychology to help you stay on your budget. This money manager asks you to set long term life goals and then allocate a smaller weekly allowance to cover regular spending, with a monthly fun allowance to relieve the pressure and enjoy yourself more. The Money Manager also recommends having a separate transaction account for your bills and different savings accounts for future vs holidays.

Having two types of transaction accounts is helpful in budgeting. With one account dedicated for fixed bills like phone bills and insurance and one for day to day spending, you can control the flow of funds. Doing so will ensure that what you’ll spend for fun this weekend won’t leave you short on your car rego due next month. When you put everything into one account, you might end up spending everything on bills and other needs. You won’t have any to spend for holidays or save for your dream house. It would be too difficult to manage.

With your savings accounts, it’s also important to split them into different buckets – one for holiday savings to create great memories, one for buying things or for special occasions, one for long-term savings and other things you would want to save for.


Whilst we want to get organized in our spending, it can be tiresome to track expenses manually. Fortunately, budgeting apps exist to automate the entire finance process. However, the only issue is, there are a wide variety of subscription-based and free apps available in the market.

For the most part, you don’t need to worry about testing each one of these money management apps. The good thing is we spared you this hassle and provided you with the best one.

If you want to get a tailored money management solution based on your spending habits and current financial situation, we can help you. Golden Eggs can set you up on our Money Manager App and help create a setup that works for you. Contact us today.

Discover the Best Spending Trackers for 2021

Tracking your expenses is one way to identify your spending and know where it’s going. Although it may seem like a tedious process, doing so guarantees that you’ll know where your money goes so that you can become more aware of your purchasing habits.

There are several ways to help you manage your expenditures. Besides using a written ledger, budgeting software allows you to keep track of your expenses no matter where you are. Here are a few more ways to help you monitor your monthly costs.

Ways to monitor your expenses

Record your daily costs

If you want to start managing your finances the right way, then it’s best to start with tracking your money daily. Aside from creating a ledger, tracking your expenses throughout the day can help you understand how you use your money and where it goes.

By arranging your expenses into categories and especially noticing which are based on habit and which seem ad-hoc. You need to keep tabs on your running total so that you’ll know how much you’ve already spent for each type. Now, deduct your total expenditures to your monthly earnings and record the answer. It’s a practical way of understanding your daily purchasing habits.

Meanwhile, if you have a partner, you can sit down and review how much both of you spent each day. A budget can encourage you both to be mindful of your spending habits and maybe create some friendly savings rivalry. Rather than create one monthly budget, you might find it easier to create a weekly budget for routine spending and a monthly budget for the ad-hoc spending.

Be mindful of your limits

Once you notice that you’re nearing your spending limit, maybe you should stop what you’re doing and think about it before buying the next item. Remember that it’s vital that you do everything that you can to stick to your budgets. Although there may be times when you’ll find that your budget is unrealistic, it’s always essential to take your time and wait until the end of the month to adjust your next month’s weekly, or monthly budget. Additionally, remember that building your savings and paying off your debt are more important than uber eats or more clothes.

Learn how to allocate your money

For those who aren’t comfortable paying their bills each month, you can create a special account just for the bills, with no card access. One general rule is to allocate as much money as you can for your savings so you can build up your emergency fund if ever you need one in the future. For utility bills that vary each month, you may want to roll the balance in the bills account towards the next month to even out the monthly costs.

Use technology

Another way to help you manage your bills and budget is by using expense tracker apps that you can install on your mobile devices. Expense tracking systems have come a long way since they first came out in 1983. Now, they’re available on both web and mobile devices, which you can use anywhere you go. To help you decide which app you should get, here are some of the best expense tracker apps in the market today.

Best expense tracker apps

Personal Capital

If you’re the type of person who wants to plan finances carefully, complete with visuals, such as charts and graphs, Personal Capital can be a good choice. It’s an expense tracker system that provides users with access to a free personal finance dashboard to understand their financial health.

Personal Capital has an automatic tracking feature that allows you to categorize all the expenses that you make on your financial accounts. From there, the system formulates a chart so you can quickly view your cash flow whilst allowing you to separate them into categories. In this manner, you can further understand your spending habits.


For those who run a small business, managing both your business and personal expenses can be exhausting. Fortunately, QuickBooks allows you to work both in a single app. With only a single device, you can easily understand what’s going on with your business and keep track of your personal financial finances.

QuickBooks also comes in various versions and editions, depending on what you need. Although it still has room for improvement, it’s still the best option for business and contract management, expense tracking and payroll in a single app.

Clarity Money

Clarity Money is an excellent financial app that offers both online and mobile versions. This app has a user-friendly design, and it can support various accounts. Clarity Money also features in-app analysis that highlights your account activity, including savings, spending and even subscriptions.

One feature that makes this app stand out from the rest is its ability to track your spending each month and compare it to your target monthly income. You can easily see your spending at top merchants in a few taps. Clarity Money has also track features to monitor your credit score.


Wally is a mobile app that lets you check your expenditure by using AI to synchronize with your financial accounts. The Wally app centres around your monthly expenses whilst providing you with feedback and other information that you might find helpful.

In addition to money management information, this spending tracker also has its social feature. You can easily share the breakdown of your monthly utility bill with someone so that you can effectively manage your expenses.

Money Manager

Money Manager merges money and psychology to help you stay on the budget you set. This app recommends having separate physical bank accounts for bills, everyday spending and for saving for your future, for holiday expenses and more. Also, Money Manager can let you have a tailored solution based on your spending habits and current financial situation.

Why do you need to monitor your expenses?

For many people, financial management is a constant struggle. Tracking finances is the best way to control it. Here are a few reasons why you need to start monitoring your expenses now.

1. You’ll have a better idea of your spending habits.

Most people are often clueless about how they spend their money. After all, it’s so easy to lose yourself when you walk through a store full of clothes, gadgets and many more. You can quickly spend money without giving it a second thought. When you monitor your expenses, you’ll know which area you spend unnecessarily or where you should cut back on expenses. With this, you’ll also eventually realize how to fix any spending issue you may discover.

2. You’ll build a stronger connection with your partner.

Money is one of the most common reasons why couples fight. It’s only natural for two people to have different views about saving and spending. However, it doesn’t mean that you shouldn’t discuss it.

Getting rid of the factors that trigger your stress demands open communication. Monitoring your finances will help you make a healthy discussion with your spouse. When you come to an agreement about your financial goals as a couple, you can then review your spending decisions and see what could have been improved.

3. You’ll have better control of your impulse buying.

Spending impulsively is fine when it happens rarely. Nevertheless, when you do it frequently, it can ruin your budget. Before you decide to buy anything, it’s always best to think about it a couple of times before paying for it.

To help you avoid spending impulsively more than usual, tracking the things that you bought will be helpful. In the long run, you’ll be more mindful of your behaviour and would even help you formulate ways that won’t cause you to spend lavishly.

Tracking your expenses allows you to assess your buying habits effectively so you can manage your financial goals. In addition to learning how to allocate your budget, it can also help your money grow.

If you need help with money management, we, at Golden Eggs, can help you get a tailored solution with our Money Manager app, or your very own money coach. Get in touch with us today.

Best Budget Tracker and Planner in 2021

Being aware of your expenses can help you plan your budget accordingly and identify areas in your finances that can be improved. However, although monitoring your expenses is necessary to keep your finances on track, it is time-consuming. To make this process easier, a budget tracker app can help you.

Why You Need to Track Your Expenses

The main reason why you should track your expenses is to see where your money goes. It also helps in making sure that you are using your money wisely.

Furthermore, tracking expenditures allows you to understand your spending habits and issues. When you know why you’re short on cash and how you got there, you can make a strategy of how to get out of debt. You can also get an insight into how you should manage your money better.

What Does a Budgeting Tracker App Do?

Budgeting is tedious, but a budgeting tracker can make it hassle-free and more efficient.

A budget tracker can help you stick to your budget. Once you have set the budget for the week or month, you will see if you go beyond it and then limit your spending if it happens.

A budget app is also an easy way to review your financial record. It helps you achieve your financial goals. Whether you are building your retirement fund or planning for a vacation, a budget tracker can help you by monitoring your expenses.

Here are some other ways on how an app can help you track your finances effectively.

  • Real-Time Update

It can be overwhelming to manage everything from your credit cards to your receipts. This is where a budget tracker makes a difference. With a budget tracker, you get to access your financial information in real-time. You see the information you need from various accounts on a dashboard, and you get an idea of the overall flow of your money. 

  • Monitors Progress

Many trackers can keep records for a long period of time. That’s why they can help you monitor progress with regard to your financial goals. Some trackers also allow you to set a financial goal for a specific project, such as a vacation, or home deposit and an amount to deposit monthly. They will then give you an update every time money is deposited.

  • Prevents Mistakes

Financial mistakes can be costly, but a budget tracker can help reduce this risk. You can set alarms on your due dates to avoid penalties and increased interest rates. Any error can be traced easily with a budget tracker.

Tips When Using Budgeting Apps

  • Think long-term.

The result of using a budgeting app may take some time before you can see it. But budgeting is always about the future. So when you think nothing is happening with your budgeting, imagine the long-term result. As you follow through with a tracker, you’ll cut down on overspending. Eventually, you’ll develop good money habits, and good habits lead to better finances.

  • Compare pros and cons.

When looking for the best app that fits your lifestyle, make sure to do your research and compare the pros and cons of each tool. A mismatch can cause more harm than good.

  • Know your needs.

Each budgeting app has its pros and cons. One way to find the best tool for you is to know what you want. This will filter out apps that do not meet your expectations or needs. Also, choosing what is the best for you will depend on your lifestyle and needs.

In general, budgeting apps are effective when you have the right motivation and approach to them. Nevertheless, they could fail to work in the following situations:

  • There’s no accountability or poor commitment.

Although the app helps you monitor expenses and plan your budget, there is no real penalty when you fail to follow or comply with the plan. A budgeting app is only a guide. The success of using it will still depend on your commitment to be accountable for your finances.

  • There’s a budget mismatch.

When you are using an app that doesn’t fit your style, your effort in keeping everything in order can be difficult and eventually fail. The mismatch can even create more frustrations.

The Best Budgeting Tracker Apps in 2021

Best overall free app: Mint

One of the best budget apps available in the market, Mint allows you to monitor not only your expenses and budget but also your investment accounts. Intuit developed Mint. This means that the app can be integrated with another app under the same company, such as Turbotax and other finance applications. As a result, you can also use Mint to check your account for taxes, saving you the time to input the details manually. Also, Mint is a free app; it requires no monthly payment.

Best app for serious budgeters: You Need a Budget (YNAB)

This popular app uses four basic principles in helping you manage your money: do not live paycheck to paycheck, prepare for an emergency fund, assign every dollar a job and roll with punches.

You can track your finances with YNAB by linking it to your accounts. It then gives you a report of your spending and budget plan. This budget tracker provides graphs and charts that can help you understand better, but it is not free. You’ll need to purchase it through a monthly or yearly plan.

Best app for over-spenders: PocketGuard

To help you manage your finances, PocketGuard syncs with your credit and bank accounts. You can then view all of your accounts in one place, and your actual income and latest transactions are automatically updated.

Additionally, this budget tracker can help you avoid overspending. It tracks your expenses, financial goals and income to tell you how much you can spend daily. It also has a safety feature and can send a reminder about your daily spending.

Best app for investors: Personal Capital

A tracker designed for investors, Personal Capital is a good option to keep up with your investments. If you are looking at portfolio and asset management, Personal Capital is one of the best Robo-advisors for investments. You can also do financial planning for free. However, to use the app, you need to have at least $100,000 as a starting investment.

Personal Capital can be used in two ways. Firstly, you can avail of the free financial planning at which it will gather data from your accounts. The app gives you suggestions as to how to increase growth based on the data. Secondly, you can use Personal Capital for asset management, but it requires a considerable amount of money to start.

Best app for savings: Money Manager

The Money Manager app combines money and psychology to help you stick to the budget you set. This app will ask you to tighten your money belt on a smaller weekly allowance to cover regular spending, with a monthly fun allowance to relieve the pressure and enjoy yourself more. It also recommends having a separate transaction account for bills, and separate savings for future, for your holidays and more. What’s unique about this app is that it can give you a tailored solution to stick to your budget, based on your spending habits and current financial situation.

How Much Do Budgeting Apps Cost?

The cost of a budget tracker differs from one app to another. But free apps like Mint are also available online. If you opt for the paid ones, you can choose between monthly or yearly payments.

YNAB app costs $84 per year, but it offers a free trial for 34 days. It also has a 100% risk-free, money-back guarantee policy. For Pocket Guard, you can either get it for free or avail of its paid version, which costs $34.99 for a year. The investment app Personal Capital is an excellent wealth-building app that is free, but certain services charge fees. The Money Manager app has limited functionality for free, or costs $25/month for the full version.

Should You Get a Budgeting App?

If you are serious about managing your finances, getting a budget tracker is a sound decision. It’s a good option that can help you develop healthy spending habits. Although getting used to the right app may take some time, it can help you meet your financial objectives easier.

Do you want to end your money worries and get on the financial path to financial freedom? We, at Golden Eggs, can set you up on our money coaching programme. Contact us at 02 8095 9251 today.

Beginner’s Guide to Money Management

Everyone wants to have a financially secure life. But to achieve such a feat, one must learn how to budget and save money whilst avoiding or reducing debt at the same time. Unfortunately, not everyone is well aware of how it works.

Money management might look complicated and stressful at first glance. However, with the proper knowledge and mindset, you’ll soon figure out how to gain control over your finances. Here are a few tips to help you make it happen.

The concept of money management

Money management refers to the process of keeping your expenses below your income and hitting your savings goals. It’s an effective way to manage your money and help you stay out of debt.

The blueprint of money management

Create a spending plan

In money management, the first step that you need to take is to learn how to budget. You can start by selecting a system that you’re comfortable with when handling your money.

One of the most popular systems that people use is the 50/30/20 budget plan, which puts 50% of your income for your needs, 30% for your wants and 20% for building your savings and managing your debt.

Monitor your expenses

By creating a list of your expenses, you can know where your money is going. You can also use it to adjust your monthly spendings so as to align well with your financial goals.

Learn how to save

As you slowly manage your finances little by little, you’ll soon see a few opportunities to save. Over time, you’ll get so used to saving money that it’ll quickly become second nature. It’s also important to learn the difference between saving for your future and saving to spend later. Saving for a holiday, or car is saving to spend, whereas saving for a home deposit is for your future.

Manage your debt

Getting yourself out of debt can be tricky. That’s why you need a strategic approach to help you become debt-free much faster. It’s highly advisable to manage your smallest debt first whilst making minimum payments on the rest. Doing so will help build your confidence and reduce your mind-clutter, until you pay the biggest debt off. It’s a bit like training for the olympics – your biggest debt is like the olympic finals, which you can be much more confident with, if you’ve done lots of training runs beforehand on your smaller debts.

Build your credit score

Your credit score determines if you’re eligible for loans and the rates that you’ll need to pay on them. To ensure that you have an excellent credit standing, you need to make it a point to pay all your bills on time. This will help you build good credit habits and keep your credit score in good shape.

Invest in your future

Aside from thinking about your financial health now, it’s equally important to also save up for your future. So, it’s better to start building your savings for a home by setting aside a portion of your earnings and let it grow through compound interest until you can buy. Keep in mind that your ultimate goal is long-term financial stability. Building your funds for your retirement can also help you feel more secure.

Limit your credit card use

When appropriately used, a credit card can help you with your finances. Nevertheless, studies show that we spend between 20% and 60% more when using a credit card, so for discretionary spending, credit cards can be one’s worst enemy. If you feel the urge to use them it might be better to take the card out of your wallet, unlink it from your phone or watch and leaving it at home, or in the car. Giving in to that feeling could only lead to unnecessary spending, which will just make you feel bad later, especially if the things you want to buy aren’t important.

Get your finances back on track

Being good with money takes time and practice. There will be times when you won’t plan your budget correctly or put off purchases that you don’t need. But it doesn’t mean that you should already give up.

Money management is like a financial food habit. The more you do it regularly, the more it becomes a part of your lifestyle. When that happens, it’ll be much easier to manage your finances which puts you in a much more secure future.

If you need help in money management, we can help you get on track. Golden Eggs can offer tailored money management solutions that can help you stick to your budget. Contact us today.