The 5 Best Apps for Saving Money in Canada!
As we are seeing the cost of living rapidly rising across Canada, saving money is becoming more and more important for everyone. The first step to saving money, however, is making a budget and sticking to it. It becomes much easier to save money once you start keeping track of your budget.
The first step to saving money is figuring out how much you spend. Monitoring what you spend your money on goes a long way in making a budget and saving your dollars down the road. Once you start tracking every coffee you buy, every snack you purchase and every movie you watch, understanding where your money goes will be the foundation of your budget.
But monitoring your lifestyle takes commitment, and can be hard. That’s why I’ve put together this list of the best apps to help you save money.
These are the top budgeting apps of 2016! As someone living in Vancouver, I’ve refined the list to include companies that have benefits for Canadians. Some of the most prominent financial planning apps on the market only work in the United States, but I’ve cut those ones out from this list.
Coming in at first place is Wally. Wally is a personal finance app that allows you to balance your income and your expenses to better help you understand where your money goes.
Wally can scan receipts, which will make it much easier for you to track your expenses. It will also record where you make you purchases, and learn to connect your expenses with shops at that location. Maybe your mystery credit card statements will start making more sense once you see that they are linked to the cool shops on Granville Island.
Wally also helps you set savings goals, which is one of the most important aspects of budgeting properly. The app allows you to export data in CSV format if you want to plug it into spreadsheets or use it to record your taxes later in the year!
More information about Wally here.
Splitwise isn’t necessarily a budgeting app. Instead, Splitwise is an app to make sure you aren’t paying too much. This app is great for managing your lifestyle and social life.
Splitwise saves you money by allowing you to track your group expenses. If you are often going out to eat with friends, or booking group trips on Airbnb, Splitwise allows you to save money by tracking group expenses. Your friends all join into a group and expenses can be divided amongst the group. Next time you hit Gastown with your friends for lunch, record the meal in Splitwise and keep track of it for your next lunch.
The best feature of the app is the Simplify Debts setting. This nets out payments and makes sure that you don’t have to complete a confusing mix of payments to get all of your money back.
More information here: https://www.splitwise.com/
Such a big part of saving money is ensuring that you aren’t spending too much, and this is where Flipp comes in. Flipp saves you money by finding you the best deals every week. Vancouverites can expect flyers to Ikea and Canadian Tire.
Flipp is made for Canadians by a company in Toronto so you can be sure that it will function well for what you need. Rather than having to sort through flyers in the mail, having all of them in one spot will make it much easier for you to save where you can and stick within your budget.
More information here: https://flipp.com
So much of budgeting comes down to your ability to set and stick to realistic goals [insert internal link]. Sometimes however, the sushi in Kitsilano is too good and setting these goals is much easier than sticking to them. Good Budget is an app to help track your progress towards your savings goals.
Good Budget allows you to segment your funds into regular and irregular spending groups, which will allow you to better track your spending. When your envelope runs out of money, you may want to consider cutting that spending off for the month. Budget tracking is easy when it is automated!
An app that employs the “Debt Snowball” philosophy of paying down debts, Debt Manager will help you get your debts under control. It gamifies debt your paydown by providing goal updates and allows you to play with the numbers to build a debt paydown schedule that works for you.
Debt manager will help you manage your student loan debt or focus on paying down your business loans. It mixes in your debt info with your income information and allows you to focus on the most relevant debts to your life.
Similarly to some of my past articles here as well, Debt Manager does a great job tracking your progress [internal link] towards paying off your debts with interactive charts.
Look up debt manager on iTunes!
Thanks for reading!
If anything on this blog interests you further, please do not hesitate to reach out to me via email at [email protected]nt.ca. I’d love to talk about my financial services and advice in Vancouver, British Columbia’s lower mainland, and Canada in general.
- Brad Blair, CFP, CIM, FCSI, CHS.