How to Track Expenses: Tips & Spend Trackers in Australia
How to Track Expenses: Tips & Spend Trackers in Australia
Introduction
Most Australians underestimate how much they spend each month by 20–30%, especially on small, frequent purchases like food, subscriptions, and transport¹. Without a clear picture of where your money is going, it can be harder to budget, save, and work toward meaningful financial goals.
Learning how to track expenses is one of the most practical ways to improve your financial literacy. Tracking helps you understand your spending habits, spot patterns, and make more informed decisions about where your money goes².
In this guide, we’ll explain how to keep track of expenses, compare popular spending tracker methods in Australia, review common spend tracker apps, and share simple tips to help you stay consistent long-term. You’ll also learn how tools like Credit24 may help if you need extra support managing unexpected expenses.
Why Tracking Expenses Matters for Your Finances
Tracking expenses isn’t about cutting out everything fun — it’s about understanding your financial behaviour so you can make choices that align with your priorities.
The psychology of spending awareness
When spending is invisible, it’s easy to lose track. Studies suggest that simply paying attention to spending can influence behaviour and reduce unnecessary purchases³.
Untracked spending in Australia
ASIC’s MoneySmart highlights that Australians often lose money to unnoticed expenses such as unused subscriptions, impulse buys, and small daily purchases that add up over time⁴.
How tracking improves financial outcomes
Consistent expense tracking can help you:
- Identify where your money is going
- Improve budgeting accuracy
- Reduce financial stress through better planning
- Build confidence in your financial decisions
- Make it easier to work toward savings goals and reduce debt⁵
Tracking is also a helpful first step if you want to follow structured budgeting methods such as the 50/30/20 rule or zero-based budgeting. (You may also find these helpful: What is a budget? and 50/30/20 budget rule).
How to Keep Track of Expenses: Getting Started
1. Choose Your Tracking Period
There’s no single “right” tracking period — the best option depends on what you want to learn.
- Daily tracking: Useful for building awareness quickly
- Weekly tracking: Helps spot patterns in regular spending
- Monthly spending tracker: Gives the clearest view of income vs expenses
- Quarterly reviews: Helps identify seasonal costs like insurance or school fees
- Annual tracking: Useful for irregular, large expenses⁶
If you’re new to tracking, starting with one full month is often a practical approach.
2. Decide What to Track
Tracking works best when your spending categories are simple and relevant to your lifestyle.
Essential expenses
- Rent or mortgage
- Utilities
- Groceries
- Transport
- Insurance
Discretionary spending
- Dining out
- Entertainment
- Shopping
- Subscriptions
(You may find this useful for improving your spending awareness: Discretionary spending explained)
Irregular expenses
- Car registration
- Medical costs
- Annual memberships
Other considerations
- Cash vs digital transactions
- Personal vs business expenses
- Tracking income alongside expenses⁷
3. Set Up Your Tracking System
The best tracking system is one you can stick with consistently.
Tips to keep it manageable:
- Start with fewer categories (around 10–15 is usually enough)
- Set reminders to record purchases
- Track together if you manage shared household finances
- Keep your system simple and flexible
Consistency matters more than perfect accuracy.
Best Ways to Track Spending: Methods Compared
Digital Banking Features
Most Australian banks now offer built-in tools to help track spending.
Common features include:
- Automatic transaction categorisation
- Real-time spending notifications
- Monthly spending summaries
- Downloadable account statements
Pros:
- No additional apps required
- Automatically updated
- Useful for card and digital payments
Cons:
- Limited customisation
- Cash spending may not be included⁸
This method can be a good option if you want a simple, low-effort way to begin tracking.
Expense Tracking Apps
Dedicated spend tracker apps can provide more detailed insights.
Common features include:
- Automatic categorisation
- Receipt scanning
- Budget tools
- Bill reminders
- Visual spending reports
Pros:
- Helpful for spotting trends over time
- May support multiple accounts
- Often includes budgeting tools
Cons:
- Requires setup and learning time
- Some features may require paid upgrades⁹
Spreadsheet Tracking
Spreadsheets offer more flexibility and control.
Benefits:
- Custom spending categories
- Automatic calculations
- Charts and graphs
- Easy sharing with partners or accountants
Downsides:
- Often requires manual entry
- Less convenient when spending on the go¹⁰
Spreadsheets can work well if you like detailed tracking or want a system tailored to your needs.
Manual Tracking Methods
Traditional tracking methods can still be effective, especially for building awareness.
Options include:
- Envelope budgeting
- Spending journals
- Receipt collection
- Cash-only tracking periods
Manual tracking can be time-consuming, but it may help you become more mindful of spending habits¹¹.
Best Spend Tracker Apps for Australians
Pocketbook
Pocketbook is one of Australia’s most well-known expense tracking apps.
Features:
- Automatic bank syncing
- Smart categorisation
- Bill reminders
- Monthly spending insights
Best for: People who want automated tracking with minimal effort¹².
Frollo
Frollo uses Open Banking technology and focuses on detailed insights.
Features:
- Secure account connections
- Spending insights
- Goal tracking
- Net worth tracking
Best for: People who want a deeper breakdown of their finances¹³.
WeMoney
WeMoney focuses on financial wellbeing and budgeting support.
Features:
- Expense tracking
- Credit score insights
- Goal setting tools
- Community support features
Best for: People working on both spending habits and credit awareness¹⁴.
MoneyBrilliant
MoneyBrilliant is often used for budgeting and planning.
Features:
- Reporting tools
- Scenario forecasting
- Custom budgets
Best for: Households looking to plan ahead and model future expenses¹⁵.
Bank Apps (CommBank, ANZ, NAB, Westpac)
Most major banks now include built-in spend tracking features.
Best for: People who want a simple way to track spending without using extra tools¹⁶.
Other Tips to Track Spending Effectively
Build daily habits
- Record cash purchases as soon as possible
- Spend 2–3 minutes reviewing transactions each day
- Use OSKO payment descriptions to label transfers clearly
Review regularly
- Do weekly reviews to spot trends
- Do monthly reviews to compare spending categories
- Adjust categories as your lifestyle changes
If you’re looking to improve your overall approach to budgeting, these may help:
Identify patterns
Expense tracking can reveal habits you might not notice otherwise, such as:
- High-spend days (weekends, payday periods)
- Emotional spending triggers
- Subscription creep
Avoid common mistakes
- Creating too many categories too early
- Ignoring small purchases
- Forgetting cash spending
- Giving up after missing a few days¹⁷
Tracking is a skill — it gets easier the more you practice.
Need a Personal Loan? Get $500 to $10,000 Today
Expense tracking can help you plan ahead, but unexpected costs can still happen — such as urgent car repairs, medical bills, or household expenses.
A personal loan may be one option to consider if you need to spread the cost of a large expense over time. Credit24 offers personal loans that may help eligible customers manage cash flow responsibly.
Credit24 personal loans offer:
- Loans from $500 to $10,000
- Structured repayments to help with planning
- Transparent fees
- Online account management
- Options for personal or business expenses
- The ability to consolidate expenses into one repayment plan¹⁸
You may also find these helpful if you’re exploring loan options for business-related needs:
Frequently Asked Questions
What’s the best way to track daily expenses?
A common approach is using your bank’s automatic categorisation tools, combined with a simple method for noting cash purchases. Reviewing your transactions daily can help you stay consistent and improve accuracy over time¹⁹.
How long should I track my spending?
Tracking for at least one full month can help you capture regular bills and irregular expenses. Some people continue long-term and review monthly to better understand patterns throughout the year²⁰.
What’s the best free expense tracker app?
Pocketbook is often considered one of the most popular free spend tracker apps in Australia due to its automation features. Many bank apps also provide free tracking tools²¹.
Should I track every small purchase?
Tracking small purchases can be useful, especially when you’re starting out. Smaller expenses can add up quickly, and tracking them can help you better understand your spending habits²².
How do I track cash expenses effectively?
Some options include recording purchases immediately in your phone, keeping receipts, or withdrawing a fixed weekly amount of cash and tracking the withdrawal rather than each purchase. The best method is the one you can maintain consistently²³.
What percentage of income should go to expenses?
A common guideline is the 50/30/20 rule: 50% needs, 30% wants, and 20% savings or debt repayment. Tracking can help you compare your actual spending with this benchmark and make adjustments based on your situation²⁴.
How do I track shared household expenses?
Some households use shared apps, joint accounts for bills, or regular check-ins where one person tracks spending and both review together. Clear communication can reduce misunderstandings and improve budgeting²⁵.
If you’re working toward long-term improvements, you may also find this useful: Financial goals.
Sources
¹ ASIC – MoneySmart: Spending Habits
² Behavioural Economics Australia – Financial Awareness
³ Psychology of Spending – University of Melbourne
⁴ ASIC – Tracking Expenses
⁵ MoneySmart – Budgeting Benefits
⁶ Australian Taxation Office – Annual Expense Planning
⁷ ASIC – Personal vs Business Expenses
⁸ Big Four Banks – Digital Banking Features
⁹ Finder Australia – Expense Tracking Apps
¹⁰ CPA Australia – Household Budgeting
¹¹ MoneySmart – Manual Budgeting
¹² Pocketbook – App Overview
¹³ Frollo – Open Banking Insights
¹⁴ WeMoney – Financial Wellness Tools
¹⁵ MoneyBrilliant – Budget Forecasting
¹⁶ CommBank, NAB, ANZ, Westpac – App Features
¹⁷ Choice – Common Budgeting Mistakes
¹⁸ Credit24 – Responsible Lending Information
¹⁹ ASIC – Daily Money Management
²⁰ ABS – Household Spending Patterns
²¹ Finder – Free Finance Apps
²² MoneySmart – Small Expense Impact
²³ ASIC – Cash Spending Tracking
²⁴ ASIC – 50/30/20 Budget Rule
²⁵ Relationships Australia – Shared Finances
Disclaimer
IPF Digital Australia Pty Ltd, trading as Credit24, ABN 59 130 894 405. Australian Credit Licence 422839. The information in this article is general in nature and does not consider your objectives, financial situation, or needs. Lending criteria, fees, and charges apply. For product details, eligibility requirements, and full terms and conditions, visit www.credit24.com.au.
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