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How Mobile Apps Can Help You Budget

Person using a budgeting app on their phone to track spending and manage their monthly budget in Canada.

How Mobile Apps Help You Budget in Canada

What is the best free budgeting app for Canadians?

Quick Answer: The one that meets your budgeting needs

There are many free budgeting apps for Canadians. Apps like Mint, YNAB, and Wealthsimple let you link your accounts, set spending limits, and track where your money goes. The best one depends on your needs. If you want a simple overview, try a free app first. If you want more detail, a paid option might be worth trying. Most apps take about 15 minutes to set up.

Why Budgeting Apps Are Worth Trying

One in three Canadians lives paycheque to paycheque. Tracking your spending is a great first step. A budget helps you control expenses, reduce debt, and keep more money in your pocket each month. But a budget only works when you use it regularly. A mobile budgeting app makes regular use easy.

A budgeting app lives on your phone and goes where you go. Check your balance before buying something, log a purchase right away, and see your full financial picture in seconds.

They’re Convenient 

If a budget is hard to use, hard to find or too complicated to understand, it’s probably not a budget you’re going to stick to in the long run. Forget complex spreadsheets and paper budgets. With a budget app on your phone, you can easily bring your budget with you everywhere you go. And with spending information at your fingertips, you can make better purchasing decisions along the way. 

They’re Easy to Use 

Once you’ve done the initial setup, which includes linking bank accounts and credit cards and providing income/expenses, a budgeting app continuously syncs your finance information. Whenever you want a real-time picture of where you stand with your budget, simply open the app. It’s all right there. 

They Keep You Organised 

Do you have multiple checking and savings accounts? Several credit cards? No problem. Budgeting apps allow you to manage multiple accounts all in one place. One simple platform shows you where your money is going, how much money you have left to spend and what you need to do to keep your spending under control.   

They Help You Track Spending 

Here’s how to start saving money: know where your money goes. It’s hard to remember what you spent last week. It’s even harder to remember what you spent last month. A budgeting app shows you exactly where you spend your cash, giving you an eye-opening look at your purchasing habits.  

They Offer Helpful Tools

From money-saving tips to budgeting tips, budget apps have a ton of tools available to help you manage your finances. There are tools that show you where you can trim spending. There are tools that highlight credit card and bank fees. You can even run special reports to see how much you spend on things like gas, restaurants, credit card payments, etc. The more you know, the more control you have over your cash.   

The Bottom Line

Getting started with a budgeting app takes less than 30 minutes. Once set up, you get a real-time view of your money every day. Small changes, like cutting one unused subscription or spending less on takeout, add up over time.

If you are working through a tight month, Speedy Cash is here to help. We offer fast payday loans to Canadians who need access to funds between paycheques. Apply online or find a Speedy Cash location near you.

Speedy Cash offers payday loans only. Approval and funding are subject to eligibility and vary by province. Apply anytime online – funding takes place during business hours.

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