Investing and budgeting apps to try

Are you thinking about getting into digital investing and budgeting this year? Investment and budgeting apps are growing in popularity due to their convenience and ease of use. The question is, which ones are the best? Below, we explore three budgeting apps and three investment apps that have their own unique features. Have a look to see if any of them might be right for you!

Mint

Mint is near the top of most lists of recommended budgeting apps, and we have mentioned it several times on our blog as well. That’s because it’s a truly top notch app that helps people of all ages and experiences set up their perfect budget. Mint’s advantage comes from its system that allows users to hook up all their bank accounts, subscriptions, and bill obligations. With all of your financial information in one place, it’s super easy to track your money and payment due dates. This helps users reduce the number of late or missed payments. Plus, Mint helps you create a personalized budget so you can have specific targets based on the financial information you connect to the app. It will track your progress and organize your spending into different categories, so you have a clear view of your spending and saving habits.

You can download Mint here.

Goodbudget

Goodbudget is another app that we have frequently highlighted in the past. Its strategy requires users to set up a digital envelope system, and only spend from the designated categories. For example, you could create envelopes for groceries, car payments, mortgage obligations, and entertainment, and decide how much money should go into each category. Goodbudget then allows you to spend money from the envelope that matches your specific purchase. This way, you won’t use money you need for your utility bills and spend it on dinners out. The idea is that once an envelope is empty, you don’t spend on that category until you refill it. It’s exactly like the classic envelope system many people use to save money, but in a budgeting app form. Users are encouraged to understand their spending habits and manage their finances in a more effective way.

You can download Goodbudget here.

Spending Tracker

If you’re looking for a simple and basic budgeting app, Spending Tracker could be perfect for you. Like the name implies, this app’s main function is to help users track their spending. Rather than connect various accounts to the app, users just input their income and expenses manually. From there, you can review your spending weekly, monthly, or annually to determine where your money goes and how you distribute it. This information can help you create a budget that fits your unique situation. While this isn’t as advanced or intuitive as other apps, it’s a good option for people who just want a digital method to monitor their spending without other extra features. 

You can download Spending Tracker here.

Invstr

Moving onto investing apps, Invstr is a great place to start. This app focuses on educating users about investments and how to plan for the future. This is helpful for beginner investors who might not know a ton about the process yet. Invstr allows you to practice investing without any risk with its Fantasy Finance feature. Users can manage a virtual portfolio in a simulated digital environment, where they are responsible for following the market and making investments. This allows you to explore your options, make mistakes, and learn about the markets without putting your own finance at risk. You can also make real investments once you’re ready. Invstr encourages users to be responsible and smart with their money before they use it in real life.

You can download Invstr here.

Charles Schwab

Charles Schwab is advertised as being a perfect investing app for beginners. It works to simplify the mobile investing experience, and give users a spot to customize their investments. Within the app, users can organize their settings to prioritize the information they want to see, and set up notifications for the investments and trades they are involved in. The app is constantly being updated to reflect the most recent trends and news, and users have access to graphs and charts to keep up with what they need to know.

You can download Charles Schwab here.

Wealthsimple

Finally, we have the Wealthsimple app. A 2022 release, Wealthsimple put out their investment app to help Canadians manage their money even more effectively. The app has a simple design but gives users access to lots of great features. Users can manage all of their investment accounts in one place, relocate money, and use real-time information to make the best choices for their personalized situation. Plus, you can deposit up to $5000 to get started. If you’re already familiar with Wealthsimple, this could be an excellent investment app to use.

You can download Wealthsimple here.

There are countless investing and budgeting apps out there, and they all have unique setups and functions. Depending on your needs, comfort level, and experience, you can find the right app for you. While it can feel overwhelming, you have several options to choose from, and you can always reach out to us if you need some assistance getting started.

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.