Reviewing Top Financial Apps for Budgeting in 2021

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.

Tired of wondering where your hard-earned money is going? You need a budgeting app.

Budgeting app Features Cost Availability Compatibility
- 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
-Easy to use the app
-Simple, clean dashboard
-Highly customizable
-Supports a variety of currencies
$4.99/month All over Canada iOS

Choosing a budgeting app


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.

Availability


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.

Free Version / Free Trial


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.

Does it sync with bank accounts and credit cards?


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.

Transparent about security features


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.

What is a budgeting app?


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.

There’s no doubt about it, managing finances is hard, but luckily this problem has not gone unnoticed. A swathe of apps and tools are available to help everyday consumers meet their financial goals, and here we’re going to take a look at some of them to see how they can help you better your financial future.

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 app Features


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.

Why you need a budget app


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.

In the fast-paced world where things can be lost much easily, a budgeting app makes it easier to keep track of payments. In this case, they help track payments that need to be made, be it utility bills or credit card outstanding.

Frequently asked questions about budgeting apps


Are budgeting apps secured?

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.

Are budgeting apps free?

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.

Do Budgeting apps work?

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.

Do Budget apps offer financial advice?

Most budget apps don’t offer financial advice. In most cases, they offer general recommendations on how to approach finances.

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Ruchi Gupta

Author

Ruchi Gupta is an experienced researcher and analyst who has worked with some of the largest financial institutions in Nigeria and India. She holds a first degree in Accounting and Post Graduate Diploma in Business Administration. As a writer, she specializes in the Canadian financial sector and global stock markets.

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