Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Budgeting apps you can use to help manage your money

Here are some budgeting tools to help you see how much you're spending.

Whether you’re living month to month, in debt, or saving towards a goal, everyone needs a budget.

Luckily we’re living in the space age now! There are loads of cutting-edge budgeting apps that will help you manage your spending. Some apps just look pretty, while others will tell you off for buying too many lattes, remind you when a bill is due, or take money and quietly stash it in a savings pot without you noticing.

Check out our reviews of these budgeting apps

Why should I use a budgeting app?

You don’t have to. You could whip up a financial modelling spreadsheet instead to track your income and expenses each month using an array of formulae…! You could even update your spreadsheet every day and keep hold of receipts and track your expenses.

Or if you’re a bit lazier, you could download a budgeting app today and it could take care of all of that for you.

The real benefit of these apps over manual budgeting and traditional banks is simplicity and ease of use.

The other benefit is that the apps are mostly free!

While some charge a fee, many challenger banking apps don’t (such as Revolut, Monzo, Starling, Monese). For no money, you can visualize your spending on-the-go and in real time.

Learn more about challenger banks here

If they’re free, how do banking apps make money?

A lot of banking apps are drawing in customers with free services, and the companies plan to diversify later with more traditional banking products (such as savings accounts, mortgages, loans, overdraft protection). These products provide the apps with potential revenue in the future.

Some apps are partnering with other fintech startups, to cross-sell each others’ services.

Learn more about digital banking in Canada

Compare apps that reward you for your spending

Name Product Reward Fees Participating Brands Min. to Cash Out
1-10% cash back, or a set $ amount
Link your debit and credit cards to the Ampli app and earn cash back at 50+ big retailers across Canada. Enter promo code AMPLI5 to receive a $5.00 cash back bonus on signup.

Compare up to 4 providers

What about regular savings accounts?

If you’re looking to earn interest on your savings, then these apps might not be for you.

While a few do offer interest most don’t.

The way these apps help you save is by acting as pocket accountants, automatically categorizing transactions so you can budget better. If you think you’re spending too much on eating out, then take a look at the cold hard numbers. Some apps even provide graphs and charts to ram home the message.

In terms of helping you save up, budgeting apps use algorithms to work out how much you can afford to squirrel away. If you choose, they’ll also automatically transfer the money to a savings pot.

More on digital banking

Revolut alternatives in Canada

Revolut alternatives in Canada

Looking for alternatives to Revolut? These challenger banks and financial apps may be just what you need.

Read more…
Ampli cash back app review

Ampli cash back app review

Earn cash back when you link your bank account and make eligible purchases with this innovative mobile app.

Read more…
LBC Digital Bank review

LBC Digital Bank review

Sign up for a bank account or GIC with this online bank to earn high interest rates and pay no monthly fees.

Read more…
Which banking app is best for travelling?

Which banking app is best for travelling?

Planning a trip abroad? Make sure you have a banking app set up and ready to use abroad. Check out our guide to find the best one for you!

Read more…
What is Open Banking?

What is Open Banking?

Open Banking can pave the way to new products and services for Canadians. Find out all you need to know from APIs to regulations with our guide.

Read more…
Wallet by BudgetBakers review

Wallet by BudgetBakers review

Wallet helps you organize your money and personalize budgets and goals. We take a look at its features, pros, cons and premium options.

Read more…

More guides on Finder

Ask an Expert

You must be logged in to post a comment.

Go to site