Did you know that over 30% of Canadians believe they have too much debt? The more you understand about your personal finances, the better prepared you’ll be. And many Canadians could use some help with their finances.
Some people go to a financial advisor to help them straighten things out. Unfortunately, the average rate for a financial planner is between $100 and $500 per hour. That’s not a bill most many people can afford right now.
With inflation spiraling out of control, people are looking for alternative solutions. Thankfully, technology is here to save the day. Financial apps are software applications that connect with your bank account. And you can use them right from your phone.
They can help track your expenses, set payment reminders, manage your investments, and more. They are a great alternative to hiring a financial advisor and provide plenty of options. Keep reading to learn about the best finance apps of 2022.
You Need a Budget (YNAB)
You Need a Budget is a personal finance app that helps give your budget a makeover. The app lets you sync your bank account and import your transaction data.
One of the company’s main tenants is assigning a purpose for every dollar you own. YNAB can help you pay off debt and improve your monthly spending for less than a dollar a day.
Price: $20.30 per month or $134.09 per year
Pros:
- Free trial for 30 days
- Decrease debt
- Helpful budgeting
- Great customer support
Cons:
- Steep learning curve
Intuit Mint
Mint is one of the more popular budgeting apps right now. With over 25 million users, Mint can help you get your spending straightened out.
And the best part? It’s free. Link your bank account and credit cards, and watch as Mint offers reflexive advice. You can also view your credit score for free and receive advice on how to improve it.
Price: Free
Pros:
- Easy way to track your budget
- Credit health oversight
- Track investments
- Free financial app
Cons:
- Annoying ads
Personal Capital
Personal Capital is another free-to-use app that focuses on investing. However, the app also features some budgeting tools to help you manage spending.
Not only does Personal Captial let you track bank accounts, but you can also monitor mortgages, loans, 401(k)s, and much more. This app will be an investor’s best friend.
Price: Free
Pros:
- Retirement planning
- Education planning
- Net worth tracker
- Portfolio management
Cons:
- Lacks budgeting options
EveryDollar
EveryDollar is a budgeting app that offers free and paid services. It can be compared to a more straightforward version of YNAB.
The free version allows you to input your monthly transactions manually and set payment reminders. The premium version allows you to sync your bank accounts and gets you access to money management experts.
Price: $81.26 for three months, $135.44 for six months, or $176.08 a year
Pros:
- Free 14-day trial
- Great for budgeting
- Get expert financial advice
Cons:
- Expensive premium version
- Free version lacks depth
PocketGuard
PocketGuard is a financial app that helps users prevent financial overspending. It’s a great app for budgeting. And it will help you address problem areas in your finances.
PocketGuard automatically tracks your income and monthly payments. Then it sets a limit on how much you can spend per day. The app offers free and paid versions.
Price: $10.82 per month, $47.40 per year, or $108.35 for life
Pros:
- Manage overspending
- Personalized spending reports
- Budgeting and saving money
Cons:
- Free version is limited
Mobills Personal Finance
Mobills is like your own personal finance manager on your phone. It helps you budget and organizes your spending. The app features impressive visuals and categorization for your spending habits.
It offers you interactive charts to help with managing your money and lets you adjust as needed. Mobills offers both free and paid financial services.
Price: Free version or Pro from $20.30 a month / $67.71 a year
Pros:
- Excellent visuals
- Budgeting charts
- Budget categorization
Cons:
- Free version has limited options
Prism
Prism helps you manage and organize your bills. You can add payments and bank accounts to the app, giving you a complete overview of your finances. Prism is mainly for tracking and paying bills.
It will assist you with payment reminders and keep you up to speed with your account balance. Check out Prism for free financial management.
Price: Free
Pros:
- Payment reminders
- Easy way to manage bills
- Free financial app
Cons:
- Only suitable for handling bills
Spendee
Spendee is a unique financial app because it’s family-friendly. You can create shared wallets with family members and manage your household budget.
The app categorizes your transactions which helps you see how you spend your money. Spendee also features a bill tracker to help you remember to pay bills on time every time.
Price: Free version and paid plans from $4.05 a month / $31.14 a year
Pros:
- 7-day free trial
- Great for family and friends
- Supports multiple users
- Affordable premium plans
Cons:
- Limited features with free version
- Can only sync accounts with premium
Goodbudget
Goodbudget is a great financial app for future budget planning. It features an envelope budgeting system that divides your income into specific categories (envelopes).
There’s no way to sync bank accounts, so you’ll have to manually enter your financial information and expenses. You can use Goodbudget on mobile or a computer.
Price: Free version or Plus from $10.84 a month / $94.82 a year
Pros:
- Great for beginners
- Easy-to-use
- Supports multiple users
- Helpful budgeting technology
Cons:
- Can’t sync accounts
- Limited free plan
Do You Need Financial Apps or a Loan?
Whether you’re planning for your future, managing current finances, or preventing past mistakes, there’s bound to be a financial app for you. These are our current favorite financial apps, and we hope you discovered one that will help you master your financial life. But apps can’t do it all.
If you live in Canada and you’re currently struggling with your finances, Kingcash is here to help. Get an instant cash loan of $500 to $750, and we’ll let you pay us back in 120 days. Times are tough, but Kingcash will always lend a hand. Get a loan today!
