If you want a better understanding of how you spend your money and some tips on the areas where you can save money then the Acorns micro-investing app can come to the rescue.
Acorns allows users to invest their spare change from daily purchases as well as setting regular weekly amounts or a lump sum to invest into a diversified portfolio.
The app, available for iPhone and Android, has unveiled a new feature called My Finances which uses machine learning to understand individual spending behaviour and provide personalised insights.
Acorns wants to apply its investment framework to budgeting so it can help users save money where they can to keep it in their accounts or invest using the app.
New research among millenials shows that 75 per cent have to make sacrifices at the end of their pay cycle to make ends meet despite 70 per cent claiming they have a monthly budget.
But nearly half (49 per cent) admit they can’t stick to it.
The study also found 54 per cent skimp on meals to help their money go further.
But 65 per cent believe mobile and online access to their finances is helping them manage their money even better.
“Since we launched Acorns in Australia just over a year ago, one of the biggest frustrations we hear from customers is that personal finance is difficult to manage and plan, especially without the right tools,” Acorns Managing Director, George Lucas, said.
“Acorns helps users save in a way traditional banking products can’t.
“My Finances now goes one step further on this education journey and brings the power of machine learning to assist individuals with personal, actionable insights into their finances.
“The machine-learning within Acorns allows us to provide a personalised user experience and insights without additional information being entered manually – a budget for example.”
The Acorns micro-investing app has had more than 160,000 downloads in Australia and includes an integrated superannuation contributor.