How Canstar’s new app could boost your savings by $153 a month

Deputy Editor · 21 April 2021
Canstar’s new budgeting app, launched today, could give the average Aussie a savings boost of $153 per month and help them swipe away $1,184 in credit card debt within six months alone. We break down what the app has to offer savvy consumers.

Canstar App

The pandemic has forced many Australians to reconsider their relationship with money. For some, this has meant taking a closer look at where their money is going and finding creative ways to cut costs.

At the same time, those saving up for a home are facing a growing deposit hurdle, as a piping-hot property market across much of the country raises the bar for buyers.

Canstar’s new app is designed to help consumers take better control of their finances, with the potential to increase customers’ savings by 18% within three months and cut credit card debt by 30% within six months, based on data from the app’s developer, Sydney-based fintech and open banking provider Frollo.

For the average saver, this could mean stashing away an extra $153 a month, based on the average monthly saving figure from ME Bank’s 2020 Household Financial Comfort Report. For credit card holders, the app could help slice their debt by around $1,184 in six months, based on the latest Reserve Bank of Australia data on the average credit card balance accruing interest.

Here are four ways the Canstar App could help you work smarter, not harder, when it comes to managing your money:

1. Keep tabs on your accounts in one place

Canstar’s app allows you to see all the financial accounts you connect to it in a single dashboard. These can include any of your transaction accounts, savings accounts, credit cards and loans, across multiple financial institutions. This can give you a clear, at-a-glance picture of your finances. The information you share via the Canstar App will be protected by Frollo’s bank-grade security.

Canstar app dashboard

2. Track spending and bills

When your accounts are connected, your transactions can be updated in real time and your spending is automatically sorted into different categories, such as groceries, entertainment and fuel. This can make it easier to see where your money is going, and to decide where you’d prefer it didn’t go.

The app also includes a bill-tracking feature, which automatically finds your bills and lets you know when they are coming up. This could help you stay ahead of your regular payments, like your internet and electricity bills and even your Netflix and Spotify subscriptions.

3. Set spending budgets and savings goals

Once you understand where you’re spending your money, you can figure out where you could cut back and save. The app allows you to create budgets for different spending categories to match your pay cycle, and see how you’re tracking each month.

You can also set up savings goals through the app, whether you’re saving for a house deposit, a holiday or just for a rainy day. The app allows you to create multiple goals and track your progress.

Canstar app goals

4. Get insider tips, insights and deals

The app also uses market intelligence tools to help you get the most from your money, whether it’s looking out for bonus interest on your savings account or suggesting a better deal on your home loan.

The Canstar App (powered by Frollo) is free to download and can be found on the App Store or Google Play.

Sean has more than a decade of experience in journalism and communications roles in Australia, the UK and Ireland. His work covers a range of topics including finance, banking, property, investing, consumer and legal affairs, and more.

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