Best Budgeting App: Canada, Time Manage Your Money

First thing’s first: let’s go over what a budgeting app is and why it can be useful to you. After all, there are a lot of misconceptions about these financial tools out there.

While it’s true that a budgeting app can help you track your spending habits and pick up on financial patterns in your lifestyle, a good budgeting app won’t leave you guessing. Instead, you will likely be able to connect your bank accounts to get a precise reading on all of your financial accounts in real-time. What this means is that a budgeting app will help you visualize and manage your money without having to lift a finger.

Unlike a traditional spreadsheet, a budgeting app does not require you to enter information or track your bills manually.

Wait, What is a Budgeting App? How Do Budgeting Apps Work?

First thing’s first: let’s go over what a budgeting app is and why it can be useful to you. After all, there are a lot of misconceptions about these financial tools out there.

Best Budgeting App - Canada

While it’s true that a budgeting app can help you track your spending habits and pick up on financial patterns in your lifestyle, a good budgeting app won’t leave you guessing.

Instead, you will likely be able to connect your bank accounts to get a precise reading on all of your financial accounts in real-time. What this means is that a budgeting app will help you visualize and manage your money without having to lift a finger.

Unlike a traditional spreadsheet, a budgeting app does not require you to enter information or track your bills manually.

The Best Budgeting Apps Ranked

Below, you’ll find a list of apps that work with various Canadian financial institutions, including Canada’s “Big Five,” independent banks, and other credit unions. However, it is always best to double-check with the particular app before determining whether it will successfully sync with financial products you specifically own.

Mint

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

On Mint Website

Pocketguard

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

On Pocketguard Website

YNAB

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

On YNAB Website

mint-logo

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

Sign-up Bonus

$95

1. Mint

Mint is a money management program and an early player on Canada’s financial app scene, emerging in 2007.

The app offers a complete overview of your financial situation, from checking accounts, saving accounts, credit cards, and more.

Mint also alerts its users if they detect suspicious spending or a low account balance.

What’s more is that Mint is entirely free to use and comes with a highly-rated smartphone app.

Mint users applaud its sleek and easy-to-use interface, as well as its accuracy when it comes to the tracking of expenses and bills, with even the option to set up saving goals, whether the goal is to buy a new car or to pay off your credit cards.

When it comes to creating a monthly budget, Mint really shines. Mint can auto-categorize your spending based on trends it notices. If it miscategorizes your spending initially, it is smart enough to correct itself as you continue to use the app, and it gets to know you better as a user.

2. PocketGuard

Albeit lesser-known, PocketGuard is a free budgeting app designed to help users combat habits that lead to overspending.

PocketGuard gives users the option of connecting their chequing accounts, savings accounts, credit cards, and more.

From here, the app analyzes where the majority of your spending happens and will make recommendations as to where you should cut back. It will also help you track your bills by reminding you before they are due.

PocketGuard also offers the unique “In My Pocket” service, which gives you an estimate as to how much money you have available to you for everyday spending. The app uses a list of factors, such as your budgeted amounts and your income, to calculate how much money you can afford to spend on any given day.

For those who cannot get enough of micro budgeting tools, PocketGuard also offers visualizations such as a spending pie-chart, which shows you which categories you have spent the most money in over the past month.

3. YNAB

YNAB, which stands for You Need a Budget, is somewhat of a cult classic on the personal finance scene. In fact, thanks to its unique philosophy, it seems to have inspired an entire generation of money-savvy spenders.

Let’s start this out by saying that, unlike the other entries on this list, YNAB is not free and instead costs $84 per year to use, with the option of a free 30-day trial. It should go without saying, then, that a budgeting app that charges its users should have a lot to show for itself.

Luckily, YNAB does. True to its name, users love how intuitive the budgeting component of this app. YNAB can track your bank accounts and craft the ideal budget for you based on your spending habits. It can help you reach your financial goals, too.

You have the option to link YNAB to your bank accounts automatically, but that is not the only way to use the app (it’s possible to enter your information manually if that’s more within your comfort zone).

From here, YNAB will take you through its “quick setup” feature, which will suggest to you commonly-used budgeting categories to create the ideal budget for you.

Besides its clever budgeting service, YNAB also offers goal tracking and instructional videos centered around financial literacy. YNAB is also well-known for its high quality of customer service.

Why Should I Use a Budgeting App?

While the idea of seeing your financial accounts on such a scrutinizing level may seem intimidating, taking this approach can actually help you save money.

If you have always struggled with making and sticking to a budget, an app can help you base your spending plan around what you can realistically spend every month, not what you wish you spent. An app can also help you track your bills and meet certain financial goals.

Frequently Asked Questions

This depends on the version of Quickbooks you are using! Quickbooks Online Plus does offer its users a budgeting service that takes into consideration their account data.

Other versions of Quickbooks can help you manage your expenses if you own a business, along with other perks set to help people thrive financially.

Indeed it can! Maintaining a high credit score is less about being wealthy and more about being responsible with your bills and spending.

A budgeting app can help send you reminders when bills are due not to get charged extra for any late payments.

Paying your bills late will impact your credit score, and budgeting apps are a great way to help people avoid doing so.

There’s a very good chance it could. Not only can a budgeting app help you visualize your financial situation in a revolutionary way, but it can also help hold you accountable for the amount that you are spending by sending you reminders.

On the contrary, if you are a nervous spender, a budgeting app can help grant you the confidence to spend if you know you are sticking to your budget.

If you are concerned about sticking to a budget, you will need to go through your personal spending over the last month before creating one. You will also likely see more success using an app that makes you manually add your expenses.