5 handy budgeting apps to try this year

Budgeting apps have become very popular in recent years as an efficient way to help Canadians manage their money. Every app has its own design and system that attracts different people and financial situations. Many apps are great, but since they are all different, some will work better than others for certain people. Here are five popular apps that you can consider trying, and how they work.

#1 Mint

Mint is a top budgeting app for Canadians. This app serves as a way to connect all the financial aspects of your life. Your bank accounts, paid subscriptions, and credit cards can all live through Mint, where you can track them in one place. When you have a payment due date coming up, or you make a payment, the app notifies you and keeps tabs on your balances. This makes it easy to track your spending and understand how your different expenses and accounts interact. It’s easy to forget to pay your bills, or to spend more than you should when you can’t see money leaving your account. Mint takes these barriers to saving away by providing you with a clear view into your financial habits. Plus, you can design your own budget within the app and allow it to track your progression! It can organize your expenses into certain categories to tell you where you spend the most, and where you can save.

#2 YNAB

You Need A Budget (YNAB) is straightforward and to the point. It operates based on four basic financial rules:give purpose to your money, be realistic about expenses, be adaptable, and always have backup funds. All of your money should have a specific purpose or use, whether that means rent, mortgage payments, utilities, savings, or free spending. Categorizing your money helps ensure you always have what you need to cover your expenses in those areas. You should also accept the fact that you will likely have to tweak your budget to fit your needs, and it might take some time to nail down the perfect system. Plus, it’s important to have a month’s worth of backup funds in case of a financial emergency. These rules help users live a more financially structured and stable life. Through the app, you can receive financial updates and notifications to keep you informed on your progression!

#3 Goodbudget

You have probably heard of the envelope system of budgeting, or even used it yourself. This method has users divide their money into monthly expenses, including everything from rent to groceries to “extra” spending money. Whatever amount they need for each category per month, they place it in an envelope and only spend out of that envelope. Once an envelope is empty, it means you have reached your monthly limit in that category. This helps you avoid overspending, and gives you a better picture of how your money is used. Goodbudget uses this exact format, only on an app! Your money goes into digital envelopes connected to your bank account. From there, the system works the same way. Spend out of the appropriate envelopes, and stop when the envelope is empty.

#4 PocketGuard

PocketGuard is another budgeting app that categorizes your spending and tracks how much you spend in certain categories. As you know, this can help you avoid overspending and increase your savings. However, PocketGuard goes even further than this. It can identify any recurring payments you have, and take these into account when tracking your spending. It sorts your expenses into their corresponding categories, and has visuals to help you understand how the app handles your money. Just like the name suggests, PocketGuard is designed to protect your wallet and your finances.

#5 Monarch

Monarch is fairly new to Canada, bringing with it a new perspective on the world of budgeting apps. Instead of just examining your accessible money, it considers all of your finances, including vehicles, valuables, and real estate investments. It then updates itself regularly, so the information reflected on the app is always up-to-date. Monarch approaches financial management with the belief that users must consider all aspects of their finances in order to budget successfully. This app is very automated, limiting the need for manual entries. 

There are several budgeting apps out there, and these are just a few that stand out as great options. If you choose to use an app, it’s important to research different choices to determine which one uses the right method for you. This might depend on your age, employment, income, relationship status, and financial goals. Plus, if you want to include a mortgage in your finances, you can reach out to your broker to see how a mortgage fits in with your current budget. This kind of financial planning requires professional help, and we are here to serve you!

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.