8 Best Budgeting and Personal Finance Apps in Canada (September, 2023)

Which financial budgeting apps are the best for your personal and professional financial needs? It’s best to review your current situation and your goals to determine whether you need an app with cryptocurrency access, such as Spendee, access to investments with a focus on maximizing savings, such as Moka, or simply an app that keeps you from slipping behind in bills and making the most out of your income.

1. Mint

Mint is considered one of the best budgeting apps in Canada. The mobile app is free and is currently used by over 20 million people. It’s an easy app to download and use after a few minutes of creating a new account. Mint is a helpful platform that helps you budget and manages your finances while achieving your saving goals.

It’s a secure app that makes budgeting easy and uses 128-bit SSL encryption, the same level of protection used by banks and major financial institutions. Mint was designed by Intuit and offers a quick link to all your financial accounts, including bank accounts, credit cards, investments, and loans, so that you can track your activity and set goals based on your financial status.

Mint works with your finances to help you create a simple, adequate budget. You’ll have the ability to track transactions, spending trends, and income on your app, including incoming bills and charges. If there are unauthorized payments or charges, your Mint app will alert you immediately.

It’s supported by all the central banks and financial companies in Canada and is considered one of the best personal finance apps.

It’s Easy to Set up and Link to Other Accounts

When you download your Mint app, you can quickly link your new budgeting app with all your online accounts to automatically sync and provide regular updates. You’ll always have the most up-to-date information on your accounts from one source, with a straightforward, easy-to-read interface with appealing graphics and design.

Colorful charts and graphics give you an excellent overview of your spending habits and financial position. As one of the best personal finance apps in Canada, Mint gives you the option to categorize your spending so that you can create a custom budget without the complex steps involved.

You’ll also receive regular access to your credit score and reminders of when to make a scheduled payment for a loan or bill. If any suspicious activity is suspected, you’ll receive an alert. Are there any drawbacks to this app?

Mint is an excellent option, though you’ll be required to provide any financial details about your existing accounts, which can make some users uncomfortable. Smaller banks and credit unions may not link up successfully with Mint since the app is compatible mainly with larger banks and loan companies.

Overall, it’s a great app to use, and there’s no charge to install Mint, so you can improve your spending and saving goals.

2. Moka

Previously known as Mylo, Moka is another one of the best budgeting apps in Canada. Moka was one of the winners on the Dragons’ Den show in 2018, though, at the time, the app was known as Mylo. Since the change, Moka became more user-friendly and accommodating for a wider audience of users, including people with limited funds and a tight budget, so they can plan and make smaller investments, as no minimum amounts are required.

Moka is ideal for tracking and reviewing your budget and making improvements on how you handle your money. It’s one of the best budgeting apps for managing spending and saving.

The app allows you to open an investment account from your smartphone, even if you’re not experienced in investing or are unable to make a drastic change in your financial habits. You’ll have the option of starting with just a tiny amount, so you can gradually save with just a few taps on your phone.

It’s an easy app to download, which is ready immediately after a few minutes. Moka will provide a guide on getting started, so you can register your new account and set up an investor profile. Once you know your investment experience or knowledge and provide a few details about your financial situation, you’ll have a new goal set up based on these and other factors, including your risk tolerance and available funds for investing.

Unique Features for Saving Goals

Moka gives you a few options to help you save, which makes the process effortless from the start. One of the first ways to save is through roundups, where every purchase you make is rounded up to the next dollar, and the spare change is deposited into your investment account.

It’s a great way to “sneak” away some savings without missing any money. Other ways to save money include a one-time boost, which deposits extra funds into your investment account when there is an unexpected surplus.

Finally, you can set up recurring deposits from your bank account and provide a regular stream of funds into your investment.

The only drawback to Moka, for some users, is the monthly price of $3, which may be a deterrent if you’re looking for a free app. The cost is inexpensive and a worthwhile investment into improving your financial situation, with access to TFSAs (tax-free savings accounts), automated saving plans, cashback features, and more.

If you’re comfortable spending a monthly fee and looking for more features, Moka offers a $15 plan that offers debt repayment services and tools to help you manage your savings and reduce your overall debt.

If you want to donate to a Canadian charity, Moka offers the option of roundups to give and set up a donation goal in the same way you would establish savings goals. It’s considered one of the best personal finance apps in Canada and gives you the ability to gain better control of your budget and spending habits for interim and long-term goals.

3. PocketGuard

PocketGuard is a powerful financial management tool that is currently available in the U.S. and Canada. It’s one of the best budgeting apps and considered one of the best personal finance apps for tackling how you handle loan payments, save money, and spending habits.

It’s a relatively easy app to download and set up on your smartphone, including linking all your credit cards, bank accounts, loans, and investments. All transactions and charges are updated in real-time, so you’ll be alerted to any suspicious fees, billing errors, or potential fraud on any one of your linked accounts.

The app offers you a straightforward way to view all your transactions, determine how to save money best, and reduce unnecessary spending. PocketGuard’s most impressive feature is its ability to act like your “pocket” by safely showing you how much you can spend, so you don’t go over your budget and have enough to set aside for savings and bill payments.

The app is designed to review your income, expenses, savings goals, and current financial commitments to create the ideal budget that’s personalized for you. There are some helpful tips and tools that offer the opportunity to lower bills and negotiate interest rates while searching for savings accounts with high interest so that you can maximize your earnings.

PocketGuard offers two versions for users: the basic version and PocketGuard Plus. The basic version of the app offers important reminders, such as when a bill or loan payment is due, and you’ll have the option of categorizing your transactions so that you can track them easily and analyze your spending trends better.

If you receive a regular stream of income, PocketGuard will focus on this and help you to set up goals for savings and investments.

It’s an Easy App to Set up

To set up your account with PocketGuard, you’ll need a checking account and add a savings account, which can also be a money market account, so that you can move funds for future savings. It’s one of the best personal finance apps and helps you track where your money is going, so you can decide if you’re paying too much for particular services or products through your bank, utilities, or loan payments.

Suppose you want to make one of the best budgeting apps in Canada work harder for you. In that case, there’s the option of upgrading to PocketGuard Plus, which gives you more advanced options for tracking your spending and income, including how much you pay in tips for a meal, buying small purchases, and other items that aren’t typically included in the overall budget.

This version of the app also keeps track of how many ATM withdrawals you make, so you’ll have a more accurate picture of your cash flow on a day-to-day basis. The premium version of this app lets you create multiple pockets so you can budget ahead for spending on your next vacation, dining out on occasion, and planning for commuting and upcoming home renovations.

The app is easy to use and provides colorful charts and details so that you can view your financial goals in a more productive, easy-to-understand way. PocketGuard offers a few unique features, including consistently calculating what’s in your pocket and finding extra money that you can add to your savings.

It’s a free app, and you’ll receive a small incentive if you refer new users to sign up for PocketGuard. While the pocket app is one of the best budgeting apps to use, it’s only available as a mobile version. It produces ads that are generated to show products and services that may suit your financial situation.

This may be a drawback for some users because you’ll receive emails and ads on your app. Overall, PocketGuard is an excellent option for anyone who is struggling with managing their budget.

4. Spendee

This mobile app began in 2013 and featured one of the best personal finance apps in Canada. Spendee is easy to download and allows you to sync with your credit card and bank accounts so that you can track upcoming bills, due dates, loan payments, and other financial commitments.

You can open and share wallets with family members so that you can work together with your spouse or relatives to pay off a mortgage or other financial goals.

Unique Features with Spendee

Spendee offers some significant advantages that you won’t find with other budget and financial management apps. It’s available internationally, so you can easily convert currencies and track your spending while you’re traveling. It’s one of the best budgeting apps for frequent travelers, so you can easily set up the currency and connect to over 2,500 banks globally.

The app is very secure, using the same level of encryption as central banks and financial institutions. While you’ll need to provide many details, you’ll find the process worthwhile, as your data is well protected at all times.

Access to Cryptocurrency Accounts

One significant advantage of Spendee is the ability to link to cryptocurrency accounts, so you can track your progress with these accounts, in addition to more traditional savings, checking, and investment accounts. It’s the only financial app that offers this service, which makes it appealing to anyone with an e-wallet and cryptocurrency investments.

There are a few disadvantages to consider before using this app, including higher fees than usual, which are available in tiered services, which offer specific features at each level. If you’re using the free version, you’ll find fewer features, which may not seem productive for long-term use.

Other concerns about the app include bugs and glitches during app updates, which can be frustrating for users and may run more smoothly for Apple than Android users.

While Spendee conveniently links with most accounts, it’s not supported by the Bank of Montreal. For this reason, if you have any accounts, credit products, or investments with BMO, you may want to consider another app, as you won’t be able to link accounts with Spendee.

Despite some of the drawbacks, Spendee is an excellent option for anyone who is invested in cryptocurrency and looking to manage their finances, digital funds are included in their overall plan. It’s easily one of the best budgeting apps in Canada for crypto users, and the app is continuously upgrading and improving over time.

5. Wallet

Wallet is a convenient financial app that allows you to track all your transactions from multiple accounts in one place. The app syncs your transaction history and allows you to categorize your spending categories to manage your bills and spending adequately. It’s an easy app to install, and you can begin using it right away.

If you’re new to using spending and financial management apps, you might want to try the free version first to see if the app offers what you want. If you’re looking to use the free version, you’ll need to use an Excel spreadsheet or similar program to upload your files to the app, which can take time. On the other hand, the premium version of the app is easy to download and use quickly.

Wallet offers some great features, including categories for your spending and frequently-used categories that can make it easy to reference your expenses, primarily if you use specific services or pay for products at certain shops regularly. The app creates financial stats to assess your saving and spending habits and share them with others.

Fun, Helpful Tools to Assess Your Spending and Saving Habits

This app allows you to transfer a minimum of five transactions into Wallet to unlock a game called “Was it Worth It?” This tool or game is a fun way to assess whether certain transactions are worthwhile investments or expenses that you should make or if they can be skipped in the future.

For example, if you enjoy an outing with friends for dinner and drinks, that may be an occasional expense that’s worthwhile, though spending high amounts on meals outside can be an expense that you may want to decrease over time to meet your saving goals, which can be done through the app.

While the app is generally inexpensive and easy to use, there are a few drawbacks to consider when you download the app. Wallet doesn’t allow certain features with the free version, such as connecting to bank accounts, which is considered a premium option.

Another concern some users have is how a transaction is counted twice when made with a credit card, first for the initial purchase, then again to the card itself. This can cause the overall spending report to become inaccurate.

Some users prefer that each spending category is clickable, which isn’t an available feature on Wallet, and when a transaction is processed in real-time, it may take some time to show up on your Wallet account. Despite these disadvantages, Wallet offers some great options to customize your app and share your stats with friends and family, which is a feature not included in other budgeting and financial management apps.

Wallet is considered one of Canada’s best personal finance apps and a great way to have fun with interactive games while managing your spending and saving goals.

6. PocketSmith

PocketSmith is one of Canada’s best personal finance apps globally and offers connections to over 12,000 banks and financial institutions. It’s a compatible app with both Android and Apple and offers a cloud-based desktop as an option. If you’re currently using another budgeting app, such as Mint or YNAB, you’ll find it easy to transfer the data to PocketSmith to create budgets for personal and professional use.

This app offers a demo mode, allowing you to “test” the app’s features to determine if it’s right for you. If you’re happy with the functions of PocketSmith, you’ll have the option of connecting bank accounts and other financial investments and credit accounts to monitor your spending and savings.

One of the most prominent features of this app is forecasting, which predicts how spending your income on a new item, such as a car or piece of furniture, will impact your finances. This is specifically helpful if you’re planning on a vacation and want to determine if it will be affordable.

Track All Your Investments and Accounts

PocketSmith allows you to track all of your finances, including Bitcoin, gold, silver, credit cards, investments, and loans, all under one app. It’s not common for many apps to include all these options, making PocketSmith ideal for anyone with a wide variety of accounts and investments.

The app supports multiple currencies, so you can enjoy automatic currency conversion based on where you travel or live without making the calculations manually.

Are there any drawbacks to using PocketSmith? The app doesn’t include inventory management, tax reporting, or bill payment options, which will need to be done separately through your bank, credit card, or another management tool. You may find some features available on the desktop version of this app, which may not be an option on your mobile.

Customer service is not readily available, and you’ll need to contact the support team by email for any questions or concerns.

It’s an easy app to use that requires just a few minutes to sign up and choose either a free, premium, or super account. While the free app version is limited, you’ll still have access to helpful budgeting tools and can connect two accounts. The price is a bit high for some people, though if you’re looking for one of the most innovative and best personal finance apps in Canada, PocketSmith is a worthwhile investment.

7. Moves

Moves is a unique financial management app that offers excellent support for people who work as independent contractors or freelancers. Moves Financial offers small loans to workers who are earning an income independently. As gig work grows in popularity, many banks and financial institutions have yet to include this income when assessing loan applications.

The app is created specifically for them in mind so that you can gain some distinct advantages from this management tool.

The app is easy to download, features access to your credit score, and offers a more inclusive platform to freelance and independent workers who don’t earn a salaried income and may not have access to traditional means of obtaining a loan or financial product. Moves is a unique lender because it considers all forms of income when reviewing your application for a loan.

Two main products offered through Moves are E-bike financing and small loans, which you can use for personal or professional purposes. When you apply for a loan or financing, there are several factors that Moves will consider, including an active bank account that’s been open and active for at least 12 months, regular payments to confirm a source of income and an assessment of your credit history.

There are some limitations, such as you must be a permanent resident of Ontario, B.C., or Alberta to qualify.

Moves is a safe app with privacy features. Any loans you are approved to receive do not impact your credit score, and you can connect with your bank accounts through a third-party, Plaid, which is reputable and secure. Since Moves is a new business, it may not provide all the features you’re looking for at the moment, though the company is forward-thinking and likely to expand shortly.

Moves is an excellent tool for small businesses and independent contractors, though it may not be the best option as one of the best budgeting apps in Canada. This feature may improve in the future and offer more details and support.

8. YNAB

You need a budget, or YNAB is a popular budget manager that’s one of the best personal finance apps in Canada. It’s a great way to keep on top of your transactions and ensure that you never overspend. It’s also an excellent resource for tracking your spending habits, and one of the best budgeting apps in Canada, with a growing number of users.

Some of the main features of YNAB are investment tracking, budgeting, the ability to create custom categories for your regular bills and expenses, and reconciling your transactions.

The mobile app offers some great features and support for your financial goals, in addition to an easy interface and tools. It’s available online and as an app for iOS and Android, so you can easily download and use it quickly from your mobile and desktop.

You’ll have access to the YNAB blog and forum, where you can gain some helpful knowledge on how to make the most of your app, including suggestions for improving your spending habits, setting up your first budget, and other helpful tips.

YNAB is a very secure site and offers encrypted data with a solid infrastructure that agencies and financial institutions use to protect confidential information. The overall design of the app and desktop version of this site is easy to read and navigate. You’ll find every category well outlined so that you can review details about life goals and savings, debt and loan payments, bills, and more.

YNAB is one of Canada’s best personal finance apps for tackling ongoing debt, which is a significant hurdle for many people. The app will give you the tools needed to pay down your loans and offer tips on how to reduce your interest and other expenses to make yur debt payments manageable.

As one of the best budgeting apps in Canada, you’ll find a lot of data can be linked to your account with YNAB while keeping your financial budget manageable and easy to review.

The app provides a user handbook for new users to make the process easy, especially for anyone who hasn’t used a budget app before. When you download the app, you’ll be able to import your data and transactions quickly and synch effortlessly, then align your current financial situation with future goals.

You’ll have the option of “assigning” your money or sections of your income to different tasks or goals to make sure you can realistically plan for your future. For this reason, YNAB is rated one of the best personal finance apps in Canada and an excellent resource for anyone, including people who struggle to balance their budget.

One unique advantage of this app is the inspector, which assesses an upcoming expense, such as a vacation, to determine if it’s affordable or whether you should consider an alternative, such as saving more funds before taking a trip. Suppose you’re looking to sign up for an ongoing monthly subscription or expense.

In that case, the inspector feature can similarly assess this option to find out if it’s going to impact your budget in the interim or long-term.

Are there any drawbacks to using YNAB? Although this is one of Canada’s best personal finance apps, it’s not a one-stop for all your financial needs. The support team is available by live chat, though you won’t have an option to contact anyone by phone or email.

You may want to review another app for investments and handling credit products and loans, as YNAB does not provide these services.

Best Budgeting and Personal Finance Apps in Canada Summary

Many desktops, cloud-based, and mobile apps are considered the best budgeting apps in Canada and the best personal finance apps in Canada. However, each product offers a specific set of features designed for a specific goal or purpose.

Fortunately, many financial apps are continuously improved and upgraded, so you’ll always find the best product for your personal and professional investment and budgeting solutions. If you’re not committed to one app or another, you may want to try several apps, either with a free trial offer of their paid service or the accessible version of the app.

Choosing one of the best budgeting apps in Canada or the best personal finance apps in Canada is a great way to manage your current finances, so you can maximize your benefits, savings, and income in the future.

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