Best Budgeting Apps in Canada

A good budgeting app lets you track your spending and save money effortlessly. Discover 10 excellent options in Canada to stay on top of your finances.

Not sure where your money went? Does it come and go so easily?

It's puzzling to keep track of your income and expenses, especially if you don't know how to start. You might overspend or, worse, bury yourself in debt.

Thankfully, budgeting apps can help with that. They can even help you spot saving opportunities when you thought there were none.

If you live in Canada, we've got the right list for you. Read on to take your pick.

10 Best Budgeting Apps in Canada

Budgeting apps provide an efficient way to budget and track your expenses. You can even connect them to your Canadian bank accounts to make things automatic.

Here are your options to get started.

You Need a Budget (YNAB): Best Overall

You Need A Budget (YNAB) is a budgeting app that can help you get out of debt, save money, and build wealth in the long run.

You can give every dollar you make a specific job. Say you earn $1,000. You can assign $600 to rent, $200 to groceries, etc.

This means you're not only tracking and categorizing past spending. Before you even pull that money out, you already know where it's going to go.

The app also displays the progress of your spending and saving goals, so you can keep yourself motivated and accountable.

YNAB Pros & Cons:

Pricing, Features, and Reviews:^[1]

PocketGuard: for Expense Tracking

PocketGuard securely connects to your bank accounts, credit cards, and other financial accounts. This way, you get to import and categorize your transactions automatically.

It provides an up-to-date snapshot of your finances, too. So you get a clear view of your income, expenses, and available funds.

Plus, In My Pocket real-time tracking feature provides insights into your spending categories. You'll see how much of your money goes to groceries, bills, etc.

PocketGuard Pros & Cons:

Pricing, Features, and Reviews:^[3]

Mint: Best Free App

Another popular budgeting app is Mint, from Intuit. Intuit has long been developing secure financial software, so it's no surprise that the app has comprehensive but free features.

Aside from tracking your expenses, you can track investments, plan debt payoff, and see your net worth. Mint even lets you check your credit score through TransUnion's VantageScore.

And, like its competitors, you can create a personalized budget based on your spending history and income. You can even link to most bank accounts and credit cards for more accurate data.

Mint Pros & Cons:

Pricing, Features, and Reviews:^[4]

Wallet: Multipurpose Budget App

Wallet, primarily a personal finance app on mobile, doubles as a budget app you can view on your browser. You can sync most bank accounts, credit cards, and other financial accounts with it. That way, you can monitor expenses in real-time.

You can set financial goals to motivate yourself, too. You can save for a house down payment, for example.

And if these aren't enough, the paid version offers more advanced features. You can track your investments, upload receipts, and use multiple currencies if you need to.

Wallet Pros & Cons:

Pricing, Features, and Reviews:^[5]

Rocket Money: for Bill Management

Rocket Money, formerly TrueBill, is another budgeting app in the finance management space. It can track your income and expenses, just like its competitors.

But what makes it unique is that it can find recurring subscriptions and cancel them for you. Sometimes, it's those forgotten subscriptions that increase your expenses, after all.

Also, with the app, you can negotiate your bill and look for opportunities to save money. Just keep in mind that it charges 30% to 60% of your saved amount.

Rocket Money Pros & Cons:

Pricing, Features, and Reviews:^[6]

Spendee: for Crypto Wallet Tracking

Spendee is a simpler budgeting app compared to others. But unlike the others, Spendee offers crypto wallet integration.

You can connect your Ethereum crypto blockchain wallet with it. That way, you get an overview of your Ethereum holdings together with your other financial accounts.

Also, Spendee lets you customize budgets, create spending categories, and set financial goals. The charts and graphs will help you visualize your data and make informed decisions. You can even sync your budgets with other users, like family members.

Spendee Pros & Cons:

Pricing, Features, and Reviews:^[7]

Zeta: for Couples

Zeta is a budgeting app for couples who want to manage their finances together. It categorizes expenses, so you can see where your money goes. This, in turn, can help you identify areas you can save in.

The app has a chat feature, too. You can send messages and reminders to your partner regarding budget and expenses. You'll no longer lose important money conversations from third-party messaging apps.

Zeta Pros & Cons:

Pricing, Features, and Reviews:^[8]

Goodbudget: Envelope-budgeting App

Goodbudget digitally replicates "envelope budgeting." It visually represents your available funds for different categories, such as groceries and utilities.

That said, you can allocate a specific amount for each "envelope." You can also sync your budget with other users, like your spouse or family members, to keep track of your spending together.

And if you wish to include debt accounts, you can monitor your payoff progress using its Debt Payments feature. You can record all payments toward the debt. It will display your remaining debt balance and estimated payoff date.

Goodbudget Pros & Cons:

Pricing, Features, and Reviews:^[9]

Spending Tracker: for Offline Tracking

Spending Tracker may be a good fit if you don't feel comfortable linking your bank accounts to a budgeting app. You can just manually enter your income and expenses and categorize them.

The app is also easy to navigate. It has straightforward features for tracking financial activities.

Additionally, you'll get detailed reports on your spending patterns. They're presented in charts and graphs to help you understand your expenses better.

Spending Tracker Pros & Cons:

Pricing, Features, and Reviews:

Moka: for Passive Saving

Moka, formerly Mylo, rounds up your everyday purchases to the nearest dollar. Then, it automatically invests the spare change into a diversified portfolio of exchange-traded funds.

These investments are tailored to your risk tolerance and investment goals. It's a great way to put your loose change to work instead of having them sit down on your account and lose value.

You can withdraw your earnings by requesting through the app. They will then be deposited directly to your funding account at no extra cost.

Moka Pros & Cons:

Pricing, Features, and Reviews:^[10]

Now that the list is out of the way, here are some important points to remember about budgeting apps.

What Is A Budgeting App?

A budgeting app is an app that allows you to track your income, savings, debt payoff, and investments effortlessly. You can typically use one on your computer, tablet, or mobile device.

Many budgeting apps can also connect to your financial accounts. This makes tracking automatic, easy, accurate, and sustainable.

And because they typically provide up-to-date insights, you can make informed decisions any time you manage your money.

How Do Budgeting Apps Work?

Budgeting apps can manually or automatically track your spending. If you're able to create budgets or goals, the apps can also track your progress for you.

That said, you can track your finances automatically if you link your bank accounts. Others provide extra features like reminders for upcoming bills or suggest clever money-saving strategies.

Budgeting apps vs traditional budgeting methods
Budgeting apps have the same purpose as traditional budgeting methods, like manual spreadsheets. The main difference lies in their ease of use.

While traditional budgeting methods can still be effective for some people, budgeting apps offer enhanced convenience, automation, and real-time tracking. This makes budgeting apps a popular choice for better financial management.

Budgeting apps vs financial advisors
Budgeting apps and financial advisors can work together. You may turn to budget apps for day-to-day expense tracking. A financial advisor, on the other hand, can help you with long-term financial goals and planning.

If you're still on the fence about whether you should go for a budgeting app, you can take a look at its benefits.

What Are The Benefits Of Budgeting Apps?

Many of these budgeting apps are affordable. And yet, they can save you a ton of money in the long run.

Here are some of the benefits you can count on:

• Enhanced financial awareness
  Budgeting apps show you details about how much money you have coming in, how much you spend, and your overall financial well-being. This helps you understand your money situation better and manage it well.

• Convenience with automation
  Budgeting apps can save you time and effort, especially if they link to your bank accounts. You may also get reminders for bill payments, which can help you avoid late fees.

• Flexibility through customized budgets
  You can adjust your budget based on your unique financial situation and goals. Customized budgets ensure your spending aligns with your lifestyle. You can also update these budgets as needed.

• Real-time insights and analytics
  With real-time insights, you can depend on accurate and current data for financial decision-making.

  For example, if you notice that you are close to exceeding your budget in a category, you can adjust your spending behavior before it becomes problematic.

• Reduced errors
  Because of automation, you can minimize errors and stay on top of your finances. It's also more sustainable, considering you don't need to manually update the app every time you spend money.

Say these benefits have convinced you. How do you choose from the list of apps?

How Do You Choose A Budgeting App?

With so many options, having criteria can help you take your pick. Here are some things you can consider.

• Ease of use
  Look for an app with an intuitive interface, simplified data entry, and quick setup. A confusing interface can demotivate you to track your expenses and save.

• Features
  You may not need all the bells and whistles an app may have. Choose one with features you'll actually use regularly.
  Questions to ask yourself:
  

  1. Do you want to customize budgets and categories?
     
  2. Do you need comprehensive reporting and analytics?
     
  3. Are you comfortable with linking your bank accounts?

• Cost
  Several budget apps are free to use. Bear in mind that many such apps may have limited features. But there are typically paid versions that offer more.

  These paid versions usually cost $8 to $14 per month. You can typically save with yearly subscriptions.

• Security
  Remember, a budgeting app may link your bank accounts and credit cards. Choose one with strong security measures to safeguard your personal and financial information.
  Two-factor authentication will add an extra layer of security. You can also use biometrics, aside from setting a strong password. You may even consider choosing an app with data backup and recovery options.
  

• Customer support
  Since budgeting apps can have many features, you may need assistance in using them. Prompt and helpful customer support can save you time and help you avoid frustration.

Our Methodology

To find the best budgeting apps in Canada, we looked at over 20 options. We considered their budgeting features and what they uniquely bring to the table.

They should also be suitable for either a beginner or financially literate user. That said, we included apps with free and paid versions (for more advanced features).

Also, all of these apps are compatible with Android and iOS. They have positive ratings on Google Play and App Store, too. So you know they're the best of the best through "word-of-mouth."

What the Experts Say

CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:

Bottom Line

Budgeting apps can be a game-changer when managing money in Canada. You can track expenses, set financial goals, and review financial insights with them.

That said, these apps can definitely help you get on top of your finances. Some apps even offer extra features like bill negotiation and crypto wallets.

The best part? You don't even need to pay, given that free plans are available. So you're essentially getting a free tool that helps you build wealth.

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