Budgeting is an essential part of managing your finances. A budget lets you track your income and expenses, identify areas to cut back, and plan for your financial goals. In today’s digital age, budgeting apps make it easy to get organized and stay on track. This article looks at the top budgeting apps, both free and paid options, available in Canada as of 2024.
Best Budgeting Apps In Canada 2024: A Comparison
| App | Fees | Manual Entry/Sync | Categories | Availability |
| YNAB | US $14.99/month or US $99/year | Both | Custom | Mobile, Desktop |
| Insurdinary App | Free | Manual | N/A | Mobile |
| Mydoh | Free | Auto | N/A | Mobile |
| PocketSmith | Free to US $39.95/month | Both | Custom | Mobile, Desktop |
| KOHO | $4 to $19/month | Automatic for KOHO Customers | Preset | Mobile, Desktop |
| Wally | Free to $47.99 one-time | Both | Custom | Mobile |
| Goodbudget | Free to $8/month | Both | Custom | Mobile, Desktop |
| TD | Free for TD clients | Auto | Preset | Mobile, Desktop |
| Monarch | US $14.99/month or US $99/year | Both | Custom | Mobile, Desktop |
You Need a Budget (YNAB): Comprehensive, Advanced Budgeting
YNAB, standing for “You Need A Budget,” is an award-winning budgeting program. It leverages the zero-based budgeting system to ensure every dollar has a purpose. Overall, it helps users allocate funds by tracking and categorizing expenses. It’s a great budgeting app for families, considering you can add up to five extra users at no additional cost.
Cost. After a free trial, US $14.99 per month or US $99.99 per year.
Manual Entry + Bank Sync Options. Supports manual entry and bank sync options for flexible transaction tracking.
Category Customization. Provides robust categorization and customization features for tailored budgeting.
Availability. Accessible on both iOS and Android devices and desktops, offering versatile usage options.
Special Features:
- Financial Goal Tracking – Helps users set and track financial goals effectively.
- Live Help and Webinars – Access to live assistance from YNAB staff and interactive webinars for enhanced user support.
- Multi-Device Accessibility – Seamless usage across various devices for user convenience.
Pros:
- Accessibility on multiple devices.
- Shareable with up to five other users for collaborative budgeting.
- Focuses on present financial situations and future possibilities.
Cons:
- Relatively basic investment tracking features.
- User interface similarity to a Microsoft Excel spreadsheet.
Insurdinary App: A Simplified Budget Planner
A lot of new budgeting apps come with many bells and whistles, but sometimes you just need a clean and simple platform to track your finances. The Insurdinary app is designed to simplify your finances and is best for individuals with simple finances looking to better understand their spending habits.
Cost. Free
Manual Entry + Bank Sync Options. Supports manual entry for flexible transaction tracking.
Category Customization. With the Insurdinary app, you can add up to five Expense Trackers. Each tracker represents a separate financial account so you can easily view transactions from each account separately or together.
Availability. Accessible on both iOS and Android devices.
Special Features:
- Visualize Your Spending– Insurdinary’s Spin the Expense Wheel features allow you to visualize a particular Expense Tracker’s transactions.
- Statistics – With the statistics tool you can compare your spending habits from each or all Expense Trackers. You can compare spending on a monthly, or yearly basis.
- Transaction List Page – This feature allows you to filter your transactions by date, expense category and totals to get a better understanding.
Pros:
- The manual entry provides users with the ultimate control.
- The platform is easy to use
Cons:
- Does not have bank-syncs options.
Mydoh: The Ultimate App for Kids
Mydoh, powered by RBC, offers a family-oriented money management app. It’s designed to simplify allowances and foster financial literacy in kids. It features the Mydoh Smart Cash Card, task assignments, and financial literacy tools. Ideal for parents seeking an innovative and secure platform to introduce financial responsibility, Mydoh automates allowance, tracks spending, and educates children on responsible financial habits.
Cost. Free
Manual Entry + Bank Sync Options. Automatic tracking from card spend. Focus on allowance distribution and spending tracking for kids.
Category Customization. No spending category customization. Geared towards saving and chores.
Availability. Accessible on iOS and Android across Canada, including Quebec.
Special Features:
- Mydoh Smart Cash Card: Enables controlled spending for kids online and in-store
- Task Assignments: Parents can manage chores and pay for completion
- Financial Literacy: Fun methods incorporated for children’s financial education
- Family-Friendly: Add up to two parents and five children at no extra cost
Pros:
- Free
- Backed by RBC
- Parental control and monitoring features
- Interactive financial education for children
- Customizable Smart Cash Card for kids
Cons:
- Not suitable for less tech-savvy parents
- Requires frequent smartphone or tablet access
- Fixed task completion payday once per week on Saturdays
Pocketsmith: A Forecasting Powerhouse
PocketSmith stands out for its forecasting features. The platform lets you project bank balances up to 60 years into the future. It also offers features like automatic bank feeds and multi-currency support. Beyond that, it earns positive reviews for its customizable budgeting options and intuitive financial dashboard. Its mission revolves around preventing unexpected fees, interest, or penalties by providing a comprehensive financial picture.
Cost:
- Free basic version available.
- Premium plans
- Foundation: $14.95/month billed monthly or $9.99/month billed annually
- Flourish: $24.95/month billed monthly or $16.66/month billed annually
- Fortune: $39.95/month billed monthly or $26.66/month billed annually
Manual Entry + Bank Sync Options:
- Automatic bank feeds for seamless transaction tracking.
- Easy data import from 12,000+ global financial institutions.
Categorization/Customization Options:
- Effortless categorization and labelling of transactions.
- Unlimited budgeting flexibility for various time frames.
Availability: User-friendly app accessible on multiple devices.
Special Features:
- Forecasting: Plan daily bank balances up to 60 years into the future
- Comprehensive Dashboard: Visualize key financial metrics and spending insights
- Security Measures: Two-factor authentication and secure data handling.
Pros:
- Excellent budgeting features
- Predictive financial decision-testing
- Customizable plans suiting various user needs
- User-friendly interface and email notifications for added convenience
Cons:
- Subscription fees can get high
- Limited functionality in the free version
- The high learning curve that can overwhelm users preferring simplicity
KOHO: Best for Digital Banking Enthusiasts
KOHO offers an everyday day spending account and money management app that includes a reloadable prepaid Mastercard. Tailored for those seeking budgeting, savings, and rewards in a single platform, KOHO simplifies financial management. The app’s mission is to streamline personal finance, providing users with a comprehensive tool to control spending, build savings, and earn rewards seamlessly.
Use code LOANSCANADA when you sign up for a KOHO account and get $40 FREE when you add funds to your account.
Cost:
- KOHO Essential: $4/monthly or $48/annually
- No monthly fee if you set up a direct deposit or contribute $1000 per month.
- KOHO Extra: $9/monthly or $84/annually
- KOHO Everything: $19/monthly
Manual Entry + Bank Sync Options: Users can manually input transactions or sync with their KOHO account for automated tracking.
Categorization/Customization Options: Purchases are categorized automatically based on the merchant. However, you have the option to manually move the purchase to a different category.
Availability: The KOHO app can be downloaded via the Play Store or the Apps Store. You can also access your KOHO account via desktop.
Special Features:
- RoundUp Savings: Automatically rounds up transactions to save the spare change towards financial goals.
- Tiered Cash Back: You can earn different levels of cash back depending on the KOHO account plan you choose: Essential, Extra and Everything.
Pros:
- Includes prepaid Mastercard
- Earn up to 5% savings interest on entire KOHO account balance
- Unique RoundUp Savings feature for effortless goal-oriented saving
Cons:
- Fees for ATM withdrawals
- Only works for KOHO Account Holders
Wally: Best For Budget-Conscious College Students
Wally offers a sleek interface and robust budgeting features for free. Its intuitive design and compatibility with 15,000 banks across 70 countries make it a popular choice among users who want to manage their finances on the go. While you need to pay for Wally Gold, the free version has ample features. The app also includes WallyGPT. You can “talk” to WallyGPT to ask questions about your finances and even get help with setting goals or creating a budget.
Cost: Free version available, Wally Gold costs US $4.49 monthly, 35.99 annually, or $47.99 for a lifetime subscription.
Manual Entry + Bank Sync Options: Automated sync.
Categorization/Customization Options: Offers over a dozen categories for detailed budgeting and customization.
Availability: Wally app is available to download on Google Play and the App Store.
Special Features:
- Global Integration: Imports accounts from thousands of banks worldwide
- Payee Recognition: Automatically assigns categories based on a comprehensive list of local businesses
- Group Feature: Facilitates shared expenses and splitting costs
- Wally Gold: Premium version with enhanced features, including joint account management and global currency tracking
Pros:
- Detailed budgeting options suitable for intermediate to expert users
- Global integration for accounts and payees
- Robust security measures ensure user privacy
- Lifetime subscription available
Cons:
- Premium version has relatively high fees at $8.99 per month
- Lacks investment-related features
Goodbudget: Best Envelope-Style Budgeting App
Goodbudget reimagines the classic envelope budgeting system digitally, making it an excellent tool for individuals or households seeking a structured approach to managing finances. Inspired by the Japanese Kakeibo method, it’s ideal for those saving for specific goals or tackling debt. The app shines in shared budget management, allowing synchronization with multiple users and fostering collaborative financial planning.
Goodbudget caters to individuals or households looking for a modern take on envelope budgeting. It’s particularly beneficial for those saving for significant expenses, a home down payment, or working collaboratively to pay down debt.
Cost: Free version available, or premium at $8 USD/month.
Manual Entry + Bank Sync Options: Manual and automated transaction entry.
Categorization/Customization Options: Categorize and customize budget envelopes according to specific financial goals.
Availability: Accessible on iOS and Android devices, as well as tablets and desktops.
Special Features:
- Shared Budgets: Sync with multiple users for collaborative household budgeting
- Educational Resources: Access budget bootcamps, podcasts, and informative blog posts to enhance financial knowledge
- Envelope System: Digital adaptation of the envelope budgeting method for effective money management
Pros:
- Seamless synchronization for shared budgets
- Regular app enhancements announced on the website
- Accessible on various devices
Cons:
- Free version limits users to one financial institution
- Some manual entry is required for each purchase in the free version
TD MySpend: A Powerful Free Add-On
TD MySpend has become a game-changer by utilizing a traffic light system to reshape user spending habits. Launched in April 2017, the app provides real-time notifications using red, yellow, and green messages, categorizing spending into areas like dining and entertainment. It offers a user-friendly interface, making it an effective tool for TD Bank customers to actively manage their finances without needing an additional budgeting app.
Cost: Free for TD Bank customers.
Manual Entry + Bank Sync Options: Seamless synchronization with TD Bank accounts for immediate transaction tracking.
Categorization/Customization Options: Automatic expense categorization provides a clear overview of financial behaviour.
Availability: Accessible on both iOS and Android platforms.
Special Features:
- Real-time notifications using a traffic light system for immediate spending feedback
- Requires no budget creation; users receive instant alerts after each purchase
- Users, on average, report a 4% to 8% reduction in spending habits
Pros:
- Effortless transaction tracking with immediate feedback
- Encourages active financial management without the need for budget creation
- Available for both iOS and Android users
- Users report a measurable reduction in spending habits
Cons:
- No explicit mention of additional budgeting features beyond spending tracking
- Only links to TD Bank accounts
Monarch Money: Best For Account Connectivity
Monarch Money Canada offers a seamless financial management experience, connecting users with over 11,000 financial institutions, including banks, credit cards, and investment accounts. The app presents a beautifully designed interface that consolidates all financial aspects into one comprehensive platform. Tailored for individuals seeking simplicity and efficiency, Monarch Money allows customization of categories, budgeting rules, and collaborative budgeting with partners or roommates at no extra cost.
Monarch Money is ideal for individuals who desire a user-friendly app for holistic financial management. It caters to those looking to connect multiple financial accounts, customize budgeting rules, and collaborate on shared budgets. The app is especially valuable for tracking investments, monitoring recurring bills, and receiving personalized advice through its chat wizard.
Cost: $14.99 USD per month, or $99 USD annually
Manual Entry + Bank Sync Options: Connects seamlessly with a vast network of financial institutions for comprehensive financial tracking.
Categorization/Customization Options: Allows users to customize categories and create personalized budgeting rules.
Availability: Officially launched in Canada, learn more here.
Special Features:
- Investment tracking for a comprehensive financial overview
- Collaborative budgeting with partners or roommates at no additional cost
- Personalized advice through an interactive chat wizard
Pros:
- Visually appealing and user-friendly design
- Connectivity with an extensive network of financial institutions
- No extra costs for collaborative features
- Customization options for tailored budgeting rules
Cons:
- Does not support cryptocurrency transactions
- Does not handle bill payments
Why Use A Budgeting App?
- Automatic Tracking: Rather than manually noting every transaction, budgeting apps feed off your linked financial accounts to pull in and categorize spending automatically. This effortless tracking gives you an accurate picture of where your money goes.
- Visualization: With colour-coded categories, intuitive graphs, and easy-to-understand spending breakdowns, budgeting apps transform raw financial data into interactive visualizations. This visual format allows you to spot budget problem areas instantly.
- Forecasting: Some advanced budgeting apps leverage your financial information to project future account balances, portfolio values, and net worth, years down the line. This planning insight enables smarter money decisions today.
- Organization: By collecting all financial account data in one place, budgeting apps create a single source of truth. No more scattered bank statements or mystery purchases. Everything is tracked, searchable, and shareable, facilitating newlyweds, families, or roommates budgeting together.
- Motivation: Watching expenses instantly appear in budgeting app categories creates accountability. Meeting or exceeding budget goals triggers positive reinforcement while overspending prompts course correction. Apps motivate the habits and mindfulness needed to achieve financial targets.
Budgeting Tips And Strategies
- Pay Yourself First
Before other monthly expenses, priority #1 is consistently saving and investing a portion of each paycheck thanks to the power of compound growth over decades. Most apps allow the creation of an automated monthly transfer to your savings or investment account.
- Use The 50/30/20 Guideline
This balanced budgeting method allocated income into 50% for needs like housing, 30% for wants like discretionary spending, and 20% for savings/debt payments. Adjust percentages to your situation.
- Build An Emergency Fund
Before aggressive debt paydown or other big goals, establish a rainy day fund covering 3-6 months of fixed living expenses. This helps bring stability and flexibility to respond to unexpected events.
- Track Variable Expenses
While fixed costs stay consistent month-to-month, tracking where variable money gets spent creates visibility into habits and improvement opportunities. Budgeting apps reveal splurges that you can rein in.
Conclusion
Personal budgeting apps now put money management insights and tools right at your fingertips. Options range from engaging educational platforms like YNAB to future-planning powerhouses like PocketSmith. Evaluate your needs and money philosophy to find the best fit. Whichever route you choose, embracing a budgeting app reduces effort and brings organization to your finances.
