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In the fast-paced world fuelled by the digital revolution, having a budgeting app a click away is a sure way of keeping finances in order. Such tools are essential as they allow people to connect with their financial accounts and track spending. Besides, they come in handy in categorizing expenses, making it easy to identify an expenditure that is eating a big chunk of income.
Most people wish to spend less and save more. However, that is not always the case. Day to day reality around work, family lines, and commitments has made it difficult to track spending, let alone save. For people serious about keeping finances in check, there is always a way.
While it is tough to find the time, let alone the motivation to budget, some apps have been curated to address all the basic budgeting needs.
| Budgeting app | Features | Cost | Availability | Compatibility | |
|---|---|---|---|---|---|
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- Free 34-day trial -100% money-back guarantee -Strong customer Care -Syncs bank accounts and credit cards -Top-level security and privacy |
$84 a year $11.99/ month |
All over Canada | IOS, Android | |
 |
-Easy to use -Perfect for controlling overspending -Syncs bank accounts -Offers smart bill reminder |
Free | All over Canada | iOS, Android | |
 |
-Free and Easy to use -Transunion credit score s -Sync bank accounts -Offers live tracking of withdrawals and deposit |
Free | All over Canada | Desktop, iOS, Android |
|
 |
-Ideal for building wealth -Retirement planner tool Net worth tracking tool -Highly secure |
-Free primary app -Charges 0.89% for accounts under $1 million on money management services |
|||
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-Easy to use the app -Simple, clean dashboard -Highly customizable -Supports a variety of currencies |
$4.99/month | All over Canada | iOS | |
In a field where one is likely to be spoilt of choice, choosing a budgeting app can be a bit overwhelming. When it comes to selecting a budgeting app, there are essential things to look out for.
Depending on the device one often uses, it is important to sign up for a budgeting app compatible with the device of choice. Likewise, it is essential to check the app’s compatibility on different devices. The best budgeting apps are readily available in the big app stores, App Store, and Google Play.
If you are new to budgeting apps, it would be wise to sign up for an app that is available for free or offer a free trial. This way, you get to feel whether the app has what it takes to address your needs without spending a dime at the start.
However, free budgeting apps come with limited features. Likewise, once you have mastered how the app operates, you will be able to upgrade to the paid version with more budgeting features.
It is important to sign up for a budgeting app that can automatically link with your bank accounts and credit cards. Synchronizing the app with credit cards or bank accounts makes it possible to keep track of all payments carried out automatically.
If you are to synchronize your bank accounts and credit cards, then it would be wise to sign up for a budgeting app with advanced security features to avoid being hacked. Like any other financial product, security should be of the utmost importance when dealing with budgeting apps.
A budgeting app is a mobile application or software that comes with tools that help people keep track of their money. Most apps are designed to provide insights on where the money is being spent, how much. In addition, such applications offer valuable information on where to make necessary adjustments and manage finances better.
In the past, as well as today, maintaining a budget is mostly through pieces of paper, a notebook, or an excel sheet. However, amid the digital revolution, budgeting apps have made life a lot easier.
Budgeting apps have become increasingly popular, given their ability to categorize expenses. Most apps allow people to categorize various expenses like transport, groceries, eating out, and entertainment. In addition to default categories, one can always add a category. Categorization makes it possible to know with ease how much money is being spent on all items.
The automatic update has to be one of the best features that allow people to link their bank accounts with the app. Likewise, it becomes easy to keep track of spending as every purchase on a debit or credit card is automatically updated.
A budgeting app makes it easier to set a budget for each category; conversely, averts the temptation of overspending on unnecessary items. With the help of a budget, it becomes easy to ensure efficient use of finances, reducing the risk of spending money haphazardly.
Budget apps also provide reports of expenses and budget items in terms of graphs and pie charts, conversely providing a clear view of where the money is going. A visual representation makes it easy to look at how expenses are panning out and where necessary adjustments need to be made.
The answer is yes, and no. The safety net comes down to the budgeting app one is using. While some leverage advanced security features to protect people’s data, some don’t. Therefore it is important to only sign up for budgeting apps available in the two big app stores Google Play Store and App Store, for optimum security.
Yes, there are budgeting apps that allow people to use their services and tools free of charge. However, such apps come with limited features for budgeting. If one wishes to access advanced features, they would have to sign up for a subscription.
In most cases, budgeting apps help people keep track of their expenses and keep their finances in order. Whether an app works or not depends on the level of seriousness and determination in using the app.
Most budget apps don’t offer financial advice. In most cases, they offer general recommendations on how to approach finances.
