Frollo: how to budget in two minutes

We get it. The only thing worse than creating a budget is having to live by that budget.

That’s why we’re always on the look-out for new technology (or fun tips) to do the thinking for us.

Our friends at the new budgeting app Frollo have taken this a leap further, with impressive saving results. One feature alone has saved its users more than $500,000!


Even better, they have created a system that creates a budget for you in under 2 minutes.

We had a chat with the team at Frollo about what they do and why:

What is Frollo?

Frollo is a personal finance app designed to help users reach their financial goals.

When the user opens the app for the first time, they’re prompted to connect their bank accounts and any other financial accounts (credit cards, home loan, car loan and superannuation). Once these are all connected – a process that only takes a few minutes – Frollo jumps into action and immediately starts providing insights on where the user can save money.

Frollo gives users a sense of achievement by enabling them to set financial goals, and then track their progress towards these goals every time they open the app. The community challenges feature also lets users take challenges that are designed to help them save money, such as by cooking food at home vs eating out, or taking public transport vs catching an Uber.

Also, since Frollo works across all banks, lenders and financial institutions, it gives users a complete picture of their financial position at any one time.

We also partner with banks and other financial companies who are aligned to our vision of helping Australians get ahead with their finances. We are specifically targeting financial wellbeing / inclusion, and financial hardship programs.

Will using Frollo save me money?

Within minutes of signing up, we provide users insights to help them understand where their money is going and opportunities for saving. For example, we alert you if your core living expenses such as groceries – are trending upwards or if you’re being charged bank account keeping fees and how much they cost you every year.

Our challenges feature takes this a step further by making it very easy to save money on everyday expenses. Users select a challenge – our most popular is Eating Out vs Eating in – and then Frollo tracks this spending and keeps them motivated with positive and timely notifications, messages and insights. To date users have saved over $500,000 this year on this feature alone.

And last but not least – the most comprehensive way to save money is to set a budget! And our 2 minute budget setup is very popular with users! The budgeting formula is similar to that of the Barefoot Investor and will keep users on track with the minimum of fuss!

Who is behind Frollo and why did they start it?

The inspiration for Frollo came whilst Gareth Gumbley, Founder and CEO was running a consumer finance business in London. The business was an ethical lender that was built to service consumers who were not getting helped by the high street banks. The observation was that too many consumers were taking credit without thinking through the obligations or the financial impact that credit would have on their lives in the short and long term.

So Gareth set out to create a personal finance app and engagement platform to help consumers build better financial habits and reach their goals. People are more inspired to make positive changes to their financial wellbeing when they know how – and by working together with people like them – all in the Frollo community can get ahead, together!

Who should use Frollo?

Anyone who wants an easy way to manage their money and reach their financial goals. We are helping people to find savings in their spend, pay down debts, save for something meaningful in their lives such as holiday, a car or a house. We have users from 16 to 86!

Can you give me an example of someone’s who’s used Frollo and saved?

One of our longest active users had a very difficult marriage breakup which left her with very little savings and 2 kids to look after.

Samantha and her kids had to move back with her parents and with the help of Frollo is now saving money and working towards securing her first home and a new start!

What other apps or tech do you use to save, invest or manage your money?

We recently did a blog post on money saving apps we like, please see here.

Check out the Frollo app here.