With the new year looming, you may have told yourself that this is the year you’ll save more money and start a budget. Yet, just like every other year, you’re not sure where to begin or how to achieve this financial goal.
Luckily, there’s an app for budgeting and saving money. Actually, there are plenty of apps that can help you to set aside some cash and potentially avoid the need to take out a personal loan in Canada.
In fact, personal finance apps can help you do everything from maintaining a budget and investing, to finding the best retail deals and tracking your credit score. Money saving apps can even help you find the cheapest gas so you can keep more cash in your pocket.
Take a look at seven of the best budget apps to help you start improving your finances right now.
1. Mint
You’ve probably heard of Mint, one of the best budget apps out there. Using Mint, you can link your existing accounts, including your credit cards and bills.
From there, you can see all of your finances in one place, getting a much better understanding of what you owe and where you can cut back. You can then start creating budgets you can stick to.
Check out the app .
2. You Need a Budget (YNAB)
YNAB is right up there with Mint when it comes to the best budgeting apps. But unlike Mint, which is free, YNAB costs $6.99 a month, or $83.99 a year.
To see if it’s worth it, you can first try it out for free for 34 days, and if you’re a student, you can get an additional 12 months at no cost.
Nonetheless, YNAB claims that new budgeters “save $600 by month two and more than $6,000 the first year.” So, perhaps the investment is worth it.
YNAB helps you budget every dollar. This way you can live within your means, track your actual income, embrace your true expenses, set goals, and start saving money.
Most importantly, YNAB claims to help you break the cycle of living paycheck to paycheck. Are you ready to give it a try? You can download the app.
3. Credit Karma
Did you know that two-thirds of Canadians don’t know their credit score? Well, Credit Karma is out to change this – and help you not only track your credit score, but also improve it.
This is important as a good credit score will help you get approved for credit cards, the best car loans, home mortgages, and more.
The free app allows you to tackle your credit with credit monitoring, personalized recommendations, a new score every week, credit report alerts, and educational tips on how to build your credit.
Are you ready to get started? Download the app .
4. Wealthsimple
Have you been wanting to start investing but you feel you don’t know enough about stocks and you don’t want to pay high fees? Well, there’s an app for you and it’s called Wealthsimple.
Wealthsimple takes economist Harry Markowitz’ Modern Portfolio Theory approach to investing. This approach means that Wealthsimple believes you can minimize volatility and reap rewards by diversifying your investments and passively investing over time.
Here’s how it works: You sign up and open a portfolio with a designated amount of money. Within five minutes, Wealthsimple will build you a personalized portfolio and put your money to work for you.
The Weathsimple app, which you can download , even offers you the ability to round up your spare change from everyday purchases and invest the rounded up amount into your account. This makes it even easier to invest without making a drastic lifestyle change.
5. Joy
When it comes to managing your finances, you probably don’t equate this with “joy.” Yet, one app – aptly named Joy – is out to help you figure out which types of spending bring you the most happiness. In fact, the free Joy app helps you track your finances and boost your well-being. Huh?
Yup, according to the company, the new app offers money coaching, a savings strategy, a unique way to track your spending, and even tips on finances and happiness. This, in turn, helps you get organized, stay on track and be inspired.
According to Joy:
“While other financial apps will say you’ve gotta cut back on lattes to save money. Not us.”
The company’s website then states:
“Does your daily double espresso make you happy? Awesome. Track it as a ‘happy spend’ and enjoy the caffeine surge. By breaking down purchases into ‘happy spends’ and ‘sad spends’ you can tap into the psychology behind your buying – which can help you spend happier and save more.”
Once you sign up for Joy, a digital money coach will make savings recommendations for you. Learn more and download the Joy app .
6. GasBuddy
There’s nothing worse than paying through the nose for gas. With GasBuddy, however, you can make sure you’re not getting gauged. The app helps you locate the gas stations with the lowest prices in your area. You can even filter your search for particular brands and amenities, like restaurants and restrooms.
Better yet, you can save money while you drive. How? The app will show you price hike alerts so you can fill up before the increase, and you can even enter a daily drawing to win free gas.
To start finding the best gas prices, .
7. Ebates
Do you love to shop and save money at the same time? Then Ebates is for you. Think of it this way: Ebates actually pays you to shop.
Here’s how it works: You start by downloading the Ebates browser extension, set up a free account, and then go online shopping. There are more than 750 stores that are part of the Ebates network, including:
- Amazon
- Sephora
- Old Navy
- Gap
- Shoppers Drug Mart
- Roots
- …and even Expedia
To begin, visit the Ebates site and pick a store to shop at. From there, click the red ‘Shop Now’ button to go directly to that store’s site. Shop just like you normally would except that Ebates will track your purchases and deposit cash back into your Ebates account within a few days.
Want to give it a whirl? Download the app today.
Ready, Set, Save
As you can see, there are plenty of budgeting apps that can help you save money and improve your financial sitch. The seven apps here are just some of our favorites that’ll help you get going right now.
The key is to try these tools out for size and figure out which ones work best for your lifestyle. Are you ready to download these or other money saving apps? Your wallet will thank you.
