Oct 5 2023
Between continuously rising inflation and cost of living, everyday life is getting more and more expensive, which means Canadians need to find creative ways to save money and stay on track with their finances. One of the best ways to do this is by creating a good, old-fashioned household budget.
Creating a budget is a very simple yet highly effective tool for managing household finances and can help you achieve the following:
While there’s nothing wrong with writing down your budget the old-fashioned way with pen and paper, thanks to advancements in mobile applications, there’s literally an app for that now.
There are so many different finance and budgeting apps available for download that it can feel overwhelming trying to find the best one to suit your needs. So, we’ve compiled a list of the top smartphone apps for budgeting.
This computer software turned smartphone app is one of the oldest budgeting programs on this list, having launched all the way back in 2004. Since its initial launch, YNAB has become one of the most popular budgeting apps and for good reason. It’s an incredibly effective budgeting tool that assigns every dollar you have toward a specific purpose like:
The goal is to “give every dollar a job” so that users can avoid surprises and move away from living paycheck to paycheck.
YNAB is a paid app requiring a subscription that costs $98.99 per year or $14.99 per month.
Mint is another widely popular app used by millions of people to monitor their spending. Mint syncs with your bank accounts, credit cards and retirement savings accounts and tracks how much money you have going in along with each individual expense and purchase. Mint separates your expenses into different categories and provides amazing insights into your spending habits, and offers recommendations for reducing expenses.
Mint has a free version, an ad-free version for $0.99 a month, and a premium version with additional features for $4.99 a month.
Goodbudget is an app that uses a more traditional “envelope system” to help users with budget planning, debt tracking, and overall money management. Here’s how it works: The app gets you to allocate portions of your monthly income toward specific purposes (called envelopes) so that you can plan out future expenses and avoid surprises. This app is similar to You Need a Budget, except Goodbudget does not sync to your bank account, so you will need to manually input your income into the app. Goodbudget has both a free version and a premium version for $8 a month or $70 a year.
Budgt is a more simplistic app that provides an easy way to keep track of expenses and purchases and make a budget. Taking into consideration your income and expenses, the app tells you how much money you should be spending each day to avoid overspending and stay financially healthy.
Spendee is a budgeting app with both free and premium versions that helps users manage their money through expense tracking, budgeting, and financial goal setting. The app also provides users with personalized recommendations and insights, and organizes expenses into colourful charts and graphs.
PocketSmith is a personal finance program with an accompanying app that helps you track your spending. The app also provides users with short and long-term financial projections to give them an understanding of how their habits will affect their long-term financial future.
Honeydue is a financial app designed for couples who share finances. It helps users:
PocketGuard gives you a snapshot of your financial situation, tracks your spending, and helps you set and stick to your budget. It also organizes your expenses and spending into easy-to-understand tabs and graphs.
Wally is a free expense-tracking app that uses AI to help users monitor spending habits and expenses, set financial goals, and track their progress. The app even enables users to chat with its “WallyGPT” to get help with budgeting along with important insights on their financial situation.
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