The popularity of Canadian budgeting apps has been on the rise over the past decade and have evolved to serve diverse financial situations and goals. Using a budgeting app can help you organize your finances in one place including paying bills, tracking expenses, paying off debt and saving for the future.
We’ve gathered the 5 best budgeting apps in Canada with detailed information about each one. Keep reading to find out which ones might help you focus and reach your most important financial dreams.
YNAB (YOU NEED A BUDGET)
YNAB is known for getting into the nitty gritty of your money. It connects to all of your financial accounts and allows you to track debt, make budgets and set saving goals. The app teaches you how to actively spend your money with goals in mind, rather than mindlessly spending.
What Makes YNAB Different?
Unlike most apps, YNAB really takes an educational approach. It teaches users how to improve their financial skills and develop good spending habits. If you’re a member, you have the option to take free courses on topics like managing your debt and how to create a budget. There is also a 34-day free trial period for both iOS and Android users!
KOHO
KOHO bundles all financial musts (budgeting, savings, earning rewards) into one easy-to-use app. You can easily see which categories you’re spending most of your money in. It also doubles as a prepaid payment card and users can opt into a credit-building program. KOHO opens a line of credit for you and then they report your set-aside amounts as on-time payments to Equifax.
What Makes KOHO Different?
KOHO offers a savings feature called RoundUp. For example, if you spend $3.25 on a coffee, KOHO will round up that payment to $4.00 and move the $0.75 difference toward a savings goal that you’ve set. KOHO’s prepaid card also offers different levels of cashback, depending on the type of card you choose.
POCKETGUARD
PocketGuard links all your bank accounts and credit cards into one place to fully simplify your financial goals. You can receive real-time overviews of your money situation and gain knowledge on how much money you can safely spend without going into the red. The app “guards your pocket” by making sure you only spend what you can afford.
What Makes PocketGuard Different?
The spending safeguards are a unique feature, but PocketGuard also creates automatic budgets based on your income, expenses and savings goals. They really make things easy for their users!
POCKETSMITH SIDEKICK
iOS | Android
PocketSmith’s impressive forecasting abilities are what makes the app truly stand out. It can combine all your financial information (bank accounts, savings, investments, loans, etc) and produce accurate forecasts of your financial status – it can even forecast 30 years into the future! You can play around with ‘what if’ situations by adjusting expenses, income levels and debts.
What Makes PocketSmith Sidekick Different?
Most budgeting apps can only connect North American bank accounts, but PocketSmith offers an impressive integration with overseas accounts and foreign currencies. You can also see the combined value of all your assets and liabilities in the currency of your choice.
SPENDEE
You can set budget goals, manage bill payments and track your e-wallet in the Spendee app. Similar to YNAB, the paid version links to all of your bank accounts and provides a comprehensive overview of your financial circumstances. Its intuitive layout and easy user experience make it the perfect app for even the most financially challenged.
What Makes Spendee Different?
Spendee is a visual dream with bold and bright colours. The aesthetic charts and diagrams make you want to check in on your finances and pay attention to where your money is being spent. You can even upload photos to the budget items you’re saving up for, making it a personal and beautiful experience.
MAKE A BUDGET AND REBUILD YOUR CREDIT
At Birchwood Credit, our specialty is helping people with less-than-perfect credit purchase a vehicle they love. We understand the challenges that come with being in financial situations out of your control. That’s why we’ll be here to help you through every step of the process and ensure we’re sticking to your unique budget and needs. Click here if you’re ready to apply for a new ride today.
