Top 6 Budget Apps Canada 2023: Reviews & Rankings

Hannah Collymore
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Reviewed by Kristina Knight, Journalist , BA
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KOHO

KOHO

Best Overall

4.8 stars - votes

MInt

Mint

Best Free Budget App

4.7 stars - votes

YNAB

YNAB

Best Paid Financial Education App

4.3 stars - votes
Top 6 Budget Apps Canada

If you are a financially responsible person, then you know that budgeting is one of the best ways to manage your money and make sure it is being spent wisely. Budget making apps are tools that help track spending, investment management, and money management. It helps you plan for your future and make the right decisions, so you can save more money and spend less in the long run. 

There are many budgeting apps in Canada that can help you manage your monthly budgets, and conduct cash flow tracking in multiple currencies, and are completely free. you can now connect your bank accounts, investment accounts, and credit card accounts to an app making it easier to manage everyday spending. Taking your personal finance seriously is a huge step toward securing your financial future. In our detailed review, we will explore the best free budgeting apps in Canada and paid budgeting apps.

Top 6 Budget Apps Canada 2023

Benefits of Using a Budget App

Track Your Financial Account

Having a budget app will help you to keep track of your finances. You can see how much money you have left and how much money you need to save, which is very useful for saving up for things like vacations or wedding expenses. You can also see how much money has been spent on certain items, so if something is not working out right now, then it’s easy for you to change it before the next check comes in. This way, you know where all your money is going. 

Helps You Monitor Important Bill Payments

You can set up reminders for bills needed so that you never forget again.

  • You can set up reminders for bills
  • Bills from your bank and credit card companies, such as monthly payments or late fees
  • Gas and electric bill payments (if you have a smart meter)
  • Car insurance and registration payments (if you have a smart meter) Water bill payments (if you have a smart meter)

Plan Special Events 

Planning for a special event is one of the many benefits of using a budgeting app. If you’re planning to take your partner on an expensive vacation, or buying flowers for their anniversary, it’s important that you have enough money saved up so that nothing unexpected comes up during the planning process or when the big day arrives.

Helps You Monitor Your Spending Habits

Personal finance apps will allow you to see how much money you have left in your account at any time, even if you are away from home. This can be especially useful to prevent you from going over your budget. If a person’s checking account is empty and there isn’t enough money in their savings account, a budget app can give them an alert that they need to buy something before they run out of funds again.

Factors to Choose a Budget App

Top 6 Budget Apps Canada

Budgeting apps work like accountants. They are a simple way to track your spending and gain a better understanding of your finances. They can help you save money, plan for future expenses and even make more money if you know how to use them properly. Before choosing the best budgeting app for your needs though, there are some things to consider:

Compatibility 

An important factor to consider is whether the financial app is compatible with your bank. If you want to import transactions from another financial institution or credit unions, make sure that it can do that.

Another thing to look out for is if the app for manual transaction entry into its records. This could be helpful if you don’t trust any of the other apps on your phone or tablet and want control over how much money goes where, when, and why (for example: saving up for something special.

Features

When choosing a budgeting app, it’s important to consider what features you want from your app. Are the most important ones:

  • Tracking your expenses and earnings
  • Building reports based on previous months
  • Having access to tax information (if applicable)
  • linking multiple bank accounts
  • investment monitoring

These are some of the features the best budgeting apps all have and should be considered when choosing one.

Cost

There are several different ways to pay for personal finance apps. There are free budget app options, while some financial apps have a monthly fee and others are available after a one-time payment. If you want more features or access to certain features that require additional payments, such as personal finance coaching, then you will have to opt for a premium version.

Flexibility 

Some apps offer flexible cancellation options within their terms of service (ToS). Other things to consider include the refund fee, policy, and the time it takes for the refund to reflect in your account. 

Availability of Real-time Updates & Account Balance 

Account balances and real-time updates are important for budgeting. If your app does not offer these features, it may be difficult to keep on top of your finances. Real-time updates help you track when bills will be sent out so that you can ensure they arrive on time and don’t miss any payments. This can prevent late fees or penalties from being applied when there isn’t enough cash available in an account at the end of the month.

Customer Support 

Customer support is one of the most important factors to consider when selecting a budgeting app. You will want to be sure that you have 24/7 access to customer support and that it can help you with any issues you may have with your account or app. The best budgeting apps except some free apps will offer live chat, email support and phone calls with real people who are trained in financial matters.

Hidden Fees

You should also be aware of any hidden fees before signing up. Most apps have a free trial period, so you can try them before you buy. 

Data Tracking 

The next thing to consider is whether the app you’re considering tracks your spending habits over time. If so, how does it do so? If an app keeps track of what you’ve spent and where the money went, then it’s an easy way for them to help keep a budget in check.

Another important thing to consider is whether or not the app has a clear user interface. A good user interface should be easy to navigate, with features clearly labeled and easy to find. It should also include helpful tips that provide more information about how each feature works, if necessary.

KOHO

KOHO

  • Free 
  • Retirement calculator 
  • Investment account portfolio and expense tracker
MInt

Mint

  • Link multiple financial accounts
  • Free to use
  • Net vaue calculator
YNAB

YNAB

  • Categorized spending for every dollar
  • Shared budget for couples
  • Create custom categories
PocketGuard
  • Automated budgeting 
  • Monthly expense calculator
  • Direct import of multiple accounts
Personal Capital

Personal Capital

  • Investment portfolio and wealth tracker
  • Enhanced financial security
  • Free investment tools
GoodBudget

GoodBudget

  • Excellent user interface
  • Free
  • Spending reports

Top 6 Budget Apps Canada January 2023

Top 6 Budget Apps Canada

KOHO

KOHO isn’t just a budgeting app; it also doubles as savings accounts where you can do everything from receiving money, paying bills, and a savings account. Its best features are that it is free and you can receive up to 5% cashback on all purchases. If you’re looking for an all-in-one e-wallet and personal finance app, the KOHO is your best bet.

  • User-friendly interface
  • Available for iPhone users and Android users
  • Free to use
  • Round up features saves spare change
  • No credit cards reward program
  • Poor customer support

KOHO is a free personal finance app that helps you budget, save and invest. It’s available for both iOS and Android, which helps people manage their finances and track their spending habits The app has a 4.6 star rating on the Google Play Store, so it seems like an obvious choice for Canadians who want to save money.

The features of KOHO include:

  • A savings plan (with automatic withdrawals) that can be customized to fit your needs
  • An investment portfolio with options such as fixed-income securities or mutual funds
  • A spending tracker so you know where your money goes every day
  • A budgeting tool that helps you track your spending and find ways to save 
  • An expense tracking feature so you can see where your money goes every month 
  • A retirement calculator that shows how much money will be available when you retire
  • A financial planning tool that helps you plan for the future A free credit score that’s updated monthly.

Mint

MInt

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Read Mint Reviews

If you are new to budgeting and you want to try something new but functional then Mint is for you. Its key selling points are auto-categorizing of spending, syncing multiple financial records, an excellent user interface, and the ability to upload receipts.

  • Free to use
  • Can calculate net value
  • Syncs multiple financial accounts seamlessly
  • Highly secure
  • Poor customer support
  • Long setup time
  • Free credit tracking

Mint is one of the best budget apps that helps you track your finances. It is great for tracking multiple accounts, like checking what you spend on groceries or rent. You can also use Mint to set up savings goals, get a sense of where your money is going each month and even learn about the best places to invest.

The free app has an option called “Budgeting with Partner” that lets you share expenses with someone else so they can see how much money they’re cutting into their own budget by helping pay down debt or saving up for something big like buying a car.

Mint is available on both iOS and Android. It’s free to use, but there are some premium features you can unlock with a paid subscription.

YNAB (You Need A Budget)

YNAB

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Read YNAB Reviews

YNAB is well-suited for experienced budgeters who know how to navigate a budget tool. Its most valuable feature is its ability to run multiple budgets at the same time.

  • Excellent user-interface (easy to customize) 
  • Excellent cash envelope system
  • 34-day free trial
  • Can sync to multiple devices
  • No bill and investment tracking features
  • High learning difficulty compared to other budgeting apps

You Need A Budget (YNAB) is one of the best budgeting apps that helps you get your finances in order. It is designed to make it easy for experienced budgeters to track their spending, figure out how much they can afford, and stay on top of their money.

Unlike other budgeting apps, YNAB is also great if you want an app that doesn’t require any data entry or internet access – just download it on your phone and get started. The desktop version works similarly except that there are more features available when using the desktop version.

YNAB has a four-step process for budgeting: record what you have and where it goes, give every dollar a job, roll with the punches and keep your eyes on the goal. The first three steps will help you get organized so that you know exactly where your money is going and how much of it there is. The last step will help you figure out what your financial goals are and how to meet them.

PocketGuard

PocketGuard

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Read PocketGuard Review

Personal Capital is an investment centered finance app for people who are looking to manage their portfolios and control their expenses. You may have to subscribe to the paid version to get the best out of the app.

  • Retirement calculator 
  • Investment checkup tool and fee analyzer
  • Education planner
  • Real-time net value checker
  • Personalized investment strategy
  • Data encryption and fraud protection
  • Added fee for investment monitoring
  • Limited budgeting features compared to other apps

Personal Capital is one of the best budgeting apps for Canadians that helps you track your spending, investments, and net worth. The app is available for iOS and Android. It has a free version, but there are also paid versions.

The Personal Capital team uses data from over 100 financial institutions to provide users with an overview of their finances by showing them where every dollar goes in real time. They also offer access to their service via SMS text message or over the Internet using web browser extensions on Google Chrome and Mozilla Firefox browsers (web app).

In addition to being a great budget app, Personal Capital also offers a free retirement planning tool called Path. The Path tool uses Monte Carlo simulation to show the probability of success for different investment strategies. It also provides users with an estimate of how much income their portfolio will generate in retirement and how long it will last.

Personal Capital

Personal Capital

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Read Personal Capital Reviews

If you have an overspending problem, then PocketGuard is the best budget app for you because its system focuses on debt payoff and expense control. 

  • Free basic budgeting features
  • Direct import of financial details
  • Savings and debt payoff tools
  • Controls spending to meet desired goals
  • Limited free features
  • Poor user interface
  • Pricey in-app purchases

The best part about PocketGuard? It does not require any signup or membership fee; all the features are free! This means that anyone can take advantage of its functions right away without paying anything extra (though there are some special paid packages available).

GoodBudget

GoodBudget

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Read GoodBudget Reviews

For people who don’t feel safe importing their bank accounts into a budget app, Goodbudget is a perfect fit. Its simple budgeting features helps users manage their finances without the need to do too much.

  • Offers useful financial resources
  • Simple budgeting tools
  • Up to date spending report
  • Free version
  • Limited features in free version
  • Doesn’t link to financial accounts 
  • No investment tools/resources

GoodBudget is a great budgeting app that helps you keep track of your money, both weekly and monthly. It’s also good for those who prefer to see their budget in a simple, clean interface.

You can set up automatic transfers from your bank account to the app so that everything happens automatically—no need to worry about remembering when it’s time for payment or how much should be sent out each month!

You can add multiple accounts (like credit cards) into one single thing called “Request” which will help you organize all of these different accounts together into one place where they’re easy to access at any time. 

Final Thoughts

Now, you can get a hold of your monthly spending and reach your saving goals with the help of a personal finance expert. The best budget app for you boils down to your financial needs. You can break the paycheck-to-paycheck cycle if you start taking your finances seriously and these apps can help you keep tabs on your money and make better financial decisions.

Frequently Asked Questions (FAQs)

Is it safe to connect your bank account to budgeting apps? 

Safety depends on the budget app you choose. Always choose apps that offer end-to-end encryption. Although most budgeting apps are owned by reputable Canadian financial institutions, there’s usually no little to worry about. If you want the highest level of security, then you can opt for a Canadian financial institution that has budgeting tools integrated into their bank apps. 

Can I use a budgeting app without connecting to my bank account?

Yes, you can. Budgeting apps like Goodbudget allow you to input your financial details without linking your financial accounts.

Can a budgeting app help me with my credit score? 

Yes, it can by sending notifications when it is time to make monthly payments. This will save you from late payments that can affect your credit score.

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ABOUT THE AUTHOR

Hannah Collymore
Hannah Collymore, MBA
Business Advisor
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Hannah is a seasoned writer based out of Pennsylvania. With years of experience in various writing niches, she provides SEO and on-demand content for Businesses in all industries

ABOUT THE REVIEWER

Kristina Knight-1
Kristina Knight, Journalist , BA
Content Writer & Editor
linkedin
Kristina Knight is a freelance writer with more than 15 years of experience writing on varied topics. Kristina’s focus for the past 10 years has been the small business, online marketing, and banking sectors, however, she keeps things interesting by writing about her experiences as an adoptive mom, parenting, and education issues. Kristina’s work has appeared with BizReport.com, NBC News, Soaps.com, DisasterNewsNetwork, and many more publications.

+ 5 sources

  1. Financial Consumer Agency of Canada. Making a budget – Canada.ca. Canada.ca. Published 2019. Accessed January 4, 2023. https://www.canada.ca/en/financial-consumer-agency/services/make-budget.html
  2. The Ultimate Budget Planner App. Koho.ca. Published 2023. Accessed January 4, 2023. https://www.koho.ca/cpc/budget-planner/
  3. Budget Tracker & Planner | Free Online Money Management | Mint. mint.intuit.com. Accessed January 4, 2023. https://mint.intuit.com/
  4. YNAB. Personal Budgeting Software for Windows, Mac, iOS and Android. You Need A Budget. Published 2019. Accessed January 4, 2023. https://www.youneedabudget.com/
  5. PocketGuard. PocketGuard | Your Personal Money & Bill Organizer. PocketGuard. Accessed January 4, 2023. https://pocketguard.com/