Tracking expenses manually is tedious, which is often why people give up on the process. That said, budget apps like You Need a Budget (YNAB), KOHO, and PocketSmith allow you to easily see where your money is going.
The list below includes budget apps for individuals and couples that are available on iPhone and Android devices.
Best Budgeting Apps in Canada
| Budgeting App | Features | Cost | Available on |
| You Need a Budget (YNAB) | Simplifies the budgeting process; offers a money-back guarantee; uses bank-level 128-bit encryption | Free 34-day trial; US$11.99 per month or $84 per year | iOS (iPhone, iPad, and Apple Watch) and Android devices |
| KOHO | Pays 0.25% to 5% cash back on purchases you make using the KOHO prepaid Mastercard; the premium account offers 2% cash back, no FX fees and comes with free financial coaching; funds are held by People’s Trust, a CDIC-insured bank; earn up to 4.5% interest on your balance | $0/month for regular KOHO account; $4 to $19/month for higher tier KOHO accounts | iOS and Android devices |
| PocketSmith | Supports multiple currencies; can connect to more than 12,000 financial institutions worldwide; uses 2-factor authentication | $9.95/month or $90/year; PocketSmith Super costs $19.95/month or $169.92/year (USD) | iOS and Android devices |
1. Best Overall Budget App: You Need a Budget (YNAB)
You Need a Budget, or YNAB for short, takes the top spot on our list of the best budgeting apps to take control of your money.
It is detailed, forces you to reckon with your spending, and offers tons of resources and free workshops to help you on your journey.
As per YNAB, new budgeters on the platform save $600 in their first 2 months and more than $6,000 in the first year.
The app utilizes your main rules:
- Give every dollar a job. You decide how to spend each dollar in your account beforehand and implement the plan.
- Embrace your true expenses. You account for large future expenses by breaking them into manageable chunks and planning ahead.
- Roll with the punches. Stay flexible with budget surprises and find ways to accommodate overspending in any category.
- Age your money. You will learn to only spend money that is at least 30 days old, so you are always ahead of the curve.
YNAB highlight: This budget app is forward-looking and simplifies the budgeting process. It also has a money-back guarantee and works great on iPhones and Android.
Security: Your data is protected using bank-level 128-bit encryption.
Available on: iOS (iPhone, iPad, and Apple Watch) and Android devices.
Pricing: $11.99 per month or $84 per year. You can try out YNAB free for 34 days. The fee is in USD.
2. Best Budget App For CashBack: KOHO
KOHO combines a cashback app with other personal finance tools, including expense tracking, automatic savings toward financial goals, early payroll, and price matching.
On the budget side of things, you can set a monthly spending target and track your progress.
If you have plans to make a big purchase, you can create a goal, and the app automatically sets aside contributions on a daily, weekly, biweekly, semi-monthly, or monthly basis.
It also rounds up your purchases and saves the difference.
A regular KOHO account pays 0.25% to 5% cash back on purchases you make using the KOHO prepaid Mastercard. If you sign up for a premium account, you enjoy additional benefits, including up to 2% cashback, no foreign exchange fees, free financial coaching, and more.
Security: Your KOHO funds are held with People’s Trust, a CDIC-insured bank.
Available: iOS and Android devices.
Pricing: $0/month for regular KOHO account; $9/month or $84/year for KOHO Premium.
Promotion: Get a $20 cash bonus when you sign up for KOHO (use promo code CASHBACK).
3. Best Budget App for Couples and Expats: PocketSmith
This budgeting app supports multiple currencies and can connect to more than 12,000 financial institutions worldwide.
You can use it to organize your finances, forecast future cash flows, and create multiple budgets. You can also use it to manage your finances as a family or couple.
PocketSmith highlight: It allows for “what-if scenarios” and can help you see how your spending habits now can impact your finances long-term. It is great for ex-pats and offers automatic bank feeds. PocketSmith can also be connected with Mint, making for easy migration if you are looking at changing budget apps.
Security: Your connection to the app is encrypted, and you can set up 2-factor authentication.
Available: Web interface, iOS, and Android devices.
Pricing: The free PocketSmith version is very limited in its features. PocketSmith Premium costs $9.95/month or $90/year; PocketSmith Super costs $19.95/month or $169.92/year (USD).
With our exclusive link, you get 50% off a PocketSmith Premium plan for the first two months.
4. PocketGuard
This app links to your bank accounts, investments, and credit cards and displays your financial position in one place. It tracks your expenses and income and shows you how much you have to spend.
You can also use it to negotiate better rates on your phone or cable bill, cancel unwanted subscriptions, and set up automatic savings (AutoSave).
Security: PocketGuard uses 256-bit encryption to protect your account, and funds in your AutoSave account are held at FDIC-insured banks.
Available: iOS and Android. (U.S. and Canada).
Pricing: The basic version of the app is free. PocketGuard Plus costs $34.99/year or $3.99/month (USD).
5. Goodbudget
Goodbudget uses the old-school envelope budgeting method to divvy up your budget categories and spending using virtual envelopes.
You can only spend money from an envelope to pay for purchases that have been assigned to it.
You can sync and share your budgets across multiple devices and with family members.
Good highlight: If you have used the physical envelope strategy and liked it, this app is version 2.0.
Security: It uses 256-bit encryption to protect your personal information.
Available: Web, Android, and iPhone.
Pricing: The free version accommodates ten regular envelopes and one bank account. The paid version costs $7/month or $60/year and allows for unlimited envelopes and bank accounts. The fees are in USD.
Why do you Need a Budgeting App?
To stay on top of your finances, a free budget app or paid money management tool can make a world of difference.
If you often end up broke at the end of the month and have no good idea how your bank account got emptied, or you are struggling to pay off debt, creating a budget and sticking to it can be a lifesaver.
Even if you are doing okay financially, a good budgeting app can help you save more money so you can start planning for the future.
You can save for emergency expenses, invest for retirement or your kid’s college education, and pay off debt.
You can opt for a free budgeting app or choose a paid version. Either option will likely help you improve your finances in the long run.
In addition to the budget apps listed above, you can also check out Spendee, Wally, Personal Capital, and Clarity Money.
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