Only 49% of Canadians have a budget, though it’s a good idea for everyone to have one. Budgeting helps you pay off debt, create an emergency fund, and be more financially stable. Budgeting apps can help keep track of your overall financial health.
But apps, like You Need a Budget (YNAB), can be expensive at $14.99/mo. or $98.99/yr. If you’re looking for other options, check out this list of the top 10 best YNAB alternatives, which includes Pocketsmith, PocketGuard, Mint, KOHO, Wally, and Goodbudget.
Alternatives to YNAB
| YNAB Alternative | Features | Cost |
| Pocketsmith | Allows you to create budgets using custom categories; also a customizable accounting software that lets you combine features and design a solution for your needs | Basic – Free; Premium – $9.95/mo. (or $7.50/mo. if paid annually); Super – $19.95/mo. (or $14.16/yr. if paid annually) |
| PocketGuard | Provides access to all your accounts in one place; personalized spending reports; bills manager; subscription managers | Basic – Free; Monthly – $7.99/mo.; Annual – $34.99/yr; Lifetime – $79.99 |
| Wally | Syncs your bank accounts; tracks your financial habits; lets you create flexible budgets to manage your spending and saving goals | Basic – Free |
| Goodbudget | A home budget app based on the envelope system; budgets can be synced and shared with others; tracks your progress towards paying debt | Basic – Free; Plus – $8/mo. or $70/yr. |
| Wallet | Lets you sync all accounts; helps you set budgets for certain accounts or categories and track expenses in real-time; supports multiple devices | Basic – Free; Premium – $4.49/mo. or $26.99/yr. |
You Need a Budget (YNAB) is a paid budgeting app with a four-rule method that helps you organize your finances and save money.
With YNAB, you give every dollar a job, meaning you create categories and assign money to them. You embrace your true expenses and break them down into recurring monthly “bills,” and only spend money that is at least 30 days old.
To learn more, read our YNAB review Canada.
Here are the best alternatives to YNAB:
1. Pocketsmith
Pocketsmith is a YNAB alternative that allows you to reflect on your past spending and savings patterns, get direct bank feeds to control your spending, and see your projected finances in 6 months to over ten years.
It is a customizable personal accounting software where you can focus on the things you care about most. You can mix the features you want to design a solution that works best for you and your goals.
If you’re a previous user of Mint or another software, you can import your data to Pocketsmith Canada.
Key features of this app include:
- Automatic bank feeds
- Budget calendar
- Multi-currency management
- Transactions
- Cash flow forecasts
- Net worth
Keep in mind that with the free version, you will have to import all transactions manually.
Cost:
Pocketsmith has three pricing plans:
Basic – free. You will need to manually import all data. You get 12 budgets, 2 accounts, and up to 6 months of projection.
Premium – $9.95/month or $7.50/month when paid annually. Automatic bank feeds, transaction importing, and categorization. Get unlimited budgets, 10 accounts, and up to 10 years’ projection.
Super – $19.95/month or $14.16 when paid annually. Get all premium features plus unlimited accounts and up to 30 years’ projection.
Pros:
- You can connect multiple bank accounts in different currencies and countries
- Financial forecasting feature
- Customize your features and expenses and create different budgets
Cons:
- Limited features with the free version
- It mostly focuses on budgeting and not saving
2. PocketGuard
PocketGuard is one of the best YNAB alternatives. This budgeting app looks at your finances and shows how much money you have after setting aside enough for necessities, bills, and savings.
You can link your bank account, credit cards, investments, loans, and more all in the app, so you see everything in one place. The more accounts you link, the smarter your budgeting.
You get personalized reports with custom categories and hashtags to see where your money is going.
They also have features like a bills manager to track and lower your bills and a subscriptions manager.
Cost: Pocketguard is free to use. You can upgrade to PocketGuard Plus for $7.99/month, $79.99/year, or $99.99 for a lifetime membership.
Pros:
- Sync bank accounts, credit cards, investments and more for automated tracking
- The In My Pocket feature tells you how much you can spend
- Personalized spending reports
Cons:
- You cannot use the app without syncing your bank account
- The free version has limited capabilities
3. Wally
Wally is a top-rated budgeting app that gives you insights into your spending, savings, and goals you’ve set.
You can securely sync your bank account and automatically track your financial habits. Wally shows you up to 2 years of insights on your spending patterns.
You can create flexible budgets to control your monthly spending or save for specific goals. Get real-time updates on your account balances and transactions for the best financial clarity possible.
Wally also tracks foreign currency accounts and cryptocurrencies, which most budgeting apps don’t.
Cost: Wally is free to use, but you can upgrade to Wally Premium for a one-time fee of USD$74.99.
Pros:
- Easy-to-use app
- All data is synced and in one place
- Graphs and charts make it easy to understand your financial health
Cons:
- Some features are not included in the free version
4. Goodbudget
Goodbudget is similar to YNAB because it uses the envelope budgeting method, where you give every dollar a job. The cash for each month’s expenses is taken out of your account and put into virtual “envelopes” for each category.
You take money out of each envelope to spend and only use the money you have in there. That way, you don’t overspend.
You can sync and share budgets with others and track your progress toward paying off your debt.
The major downside to this app is that you need to manually input all your spending and savings habits – it doesn’t sync to your bank account.
Cost:
You can sign up for a free or Plus account. Here’s what each one offers:
Free – $0/month. 20 envelopes, 1 account, 2 devices, and 1 year of tracking
Plus – $8/month or $70 annually. Unlimited envelopes, unlimited accounts, 5 devices, and 7 years of history.
Pros:
- Uses the tried and true envelope budgeting method
- Supports multiple devices
Cons:
- Limited features with the free plan
- No bank account syncing
5. Wallet
Wallet is a budgeting app where you can add up to 3 accounts and categorize them according to where the money comes from. You’ll need to add the data manually unless you upgrade to a Premium account.
Each time you make a purchase, you can add the transaction to Wallet and categorize it.
You can set budgets for specific accounts or categories and get notified if you’re close to reaching them.
Other features include planned payments, financial reports, and a receipt archive.
Cost: Wallet is free to use, but the Premium version, which includes account synchronization, costs $4.49/month or $26.99/year.
Pros:
- Simple and easy-to-use
- You can create categories to record every transaction
- Visual charts and reports
Cons:
- You need to upgrade to Premium if you want your accounts synced
- No multiple accounts without the Premium plan
6. Spendee
Spendee is a top alternative to YNAB Canada. This app lets you track your cash flow and transactions by connecting your bank accounts, crypto wallet, and E-Wallets.
You can see how your money comes and goes each month and see whether you spend less than you earn.
With Spendee, you can create budgets and customizable categories and manage multiple currencies.
Cost:
Spendee comes in 3 pricing tiers:
Free – $0/year. You cannot sync your bank accounts or get automatic categorization. You get 1 cash wallet and 1 budget.
Plus – $14.99/year. No bank account syncing or automatic categorization. You can share wallets with others, get a number of budgets, and an unlimited number of cash wallets.
Premium – $22.99/year. You can sync your bank accounts and get automatic categorization plus all features of the Plus plan.
Pros:
- User-friendly interface with colourful charts
- Customizable features
- You can be alerted when you go over budget
Cons:
- No bank account syncing or automatic categorization unless you upgrade to Premium
7. EveryDollar
EveryDollar works as a zero-based budgeting app that is a bit simpler than YNAB. With the free version, you need to manually enter all transactions, so consider upgrading if you want your bank account to sync automatically.
You can categorize items in your budget and set reminders for bill payments. You can also create customizable budgets and savings goals like many of the apps on this list.
The Premium version allows you to connect to your bank account, with your transactions automatically appearing in the app. EveryDollar gives you custom reports and recommendations based on your habits.
Cost: $12.99/month or $79.99/year.
Pros:
- Uses the zero-based budgeting system, which is said to be the most effective
- Create customizable budgets and savings goals
Cons:
- You need to upgrade to premium to make use of most features
- No automatic spending tracking or bank account syncing with the free version
Best Free YNAB Alternatives Canada
Out of this entire list, the following two budgeting apps are the best free alternatives to YNAB. With a free account, they include most features.
8. KOHO
KOHO is a free spending and savings account with a mobile app and a prepaid Mastercard.
You get 1% cash back on grocery purchases and bill payments and up to 2% cash back if you sign up for a Premium account. Up to 5% cash back is also available at partner stores.
You earn interest on your entire account and get a reloadable prepaid Mastercard with no fees or interest, as you are using your own money.
Although KOHO is not just a budgeting app, it helps you spend mindfully and save more money. The KOHO mobile app is a budgeting app that helps simplify your finances with balance updates and spending insights after every purchase.
KOHO claims that the average user saves 7% of the money they put into their account.
Cost:
The KOHO Standard account is free with no account fees and 1% cash back on groceries, gas and transportation.
The KOHO Premium account costs $84/year or $9/month. It gets you 2% cash back on groceries, restaurants, and transportation and up to 5% at participating retailers.
Pros:
- No annual fee for the Standard account
- Earn cash back on all purchases
- The card is linked to a budgeting app with spending insights
Cons:
- 1.5% foreign currency transaction fees
- The app does not track spending across any other bank accounts
Read our full KOHO review or sign up for a $40 bonus.
9. Mint
Mint is a free YNAB alternative budgeting app. It syncs to your bank account to help manage your spending, savings, and more.
All your financial activity, including spending, credit cards, savings accounts, and bills, can be tracked in the app. Your transactions are automatically sorted into categories and visual data like graphs and charts.
You can create custom categories and budgets. Mint also gives you access to your credit score for free and has personalized suggestions on ways you can save.
You can decide to connect your bank account or enter transactions manually, but Mint works much better when your accounts are synced.
Cost: Mint is free to use. There are no premium versions available for an added cost.
Pros:
- Your transactions are synced to the app and automatically put into categories
- Get visual data about your finances
- It is completely free and easy to use
- Get alerts via notifications, email, or text
- Free access to your credit score
Cons:
- To keep the app free, there are many ads
- Account synchronization can be faulty at times
- Lack of investing features
What Are Budgeting Apps?
Budgeting apps help track your spending, saving habits, and overall finances.
These are generally apps or websites that track your income, expenses, savings, investing, or a combination of all to improve your finances.
Some budgeting apps connect to your bank account and credit cards to automatically track your spending and update your budget.
Why Should You Use a Budgeting App?
Most budgeting apps are user-friendly and connect to your bank account to automatically keep track of your financial habits. If you don’t like manually tracking your expenses, apps like YNAB and Mint can help.
If you get instant notifications when you’re approaching your monthly budget or when you’ve made a purchase, you will become more aware of your spending and can likely avoid going over your budget.
Lastly, saving money can be fun! With the right apps, you can engage with features you usually wouldn’t have if you tracked everything manually. Some apps give you cash back rewards or offer fun, colourful progress bars.
FAQs
Yes, YNAB works in Canada. It is a top budgeting app that supports most major banks in the country.
No. Truebill is a US-based company that does not support international institutions, including banks in Canada and Mexico.
Yes, Honeydue works in Canada. They support over 20,000 financial institutions, including banks in Canada.
In the YNAB vs Mint Canada debate, you should look at a few different factors. Mint and YNAB are very different apps, as YNAB uses the zero-based budgeting strategy, and Mint does not. Mint is free to use, while YNAB costs $14.99/month or $98.99/year. Take a look at the features and pricing to decide which is better for you.
Mint and YNAB are two of the top budgeting apps in Canada. However, you need to look at the pricing and features of all on this list to determine which is the best one for you.
There is no free version of YNAB, but you get a 34-day free trial when signing up. If you are a college or university student, you can get YNAB for free for a year.
YNAB is considered overpriced to many people, which is why they may look for a YNAB cheaper alternative. It is one of the most expensive budgeting apps on the market, with a fee of $14.99/month or $98.99/year.
Related:
I have a many years old permanent version of YNAB and I still use it although it has a couple of bugs that crawl out a couple of times a year. Support was great in the early days and would respond personally and quickly if I had a question. Then they had to come up with the subscription model in order to maintain development and basically keep the business going. I perfectly understood that but, yes, I now think it has become overpriced. I occasionally dabble in alternatives but will likely continue with my old, dusty, original YNAB.
@Derek: Lucky you! First time I am hearing of a free YNAB version. Yes, it’s pricy.