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Like YNAB, Monarch divides expenses into categories and guides its users in budgeting their funds into the appropriate categories each time they get paid. US-based Monarch, which was named by the Wall Street Journal as its Best Budgeting App of 2024, recently launched in Canada. Mobile/Desktop accessibility: Both Monarch YNAB also offers resources such as articles, videos, podcasts, and a DIY Money Planner workbook to help you succeed in your financial planning.Ĭost: After the 34-day free trial, the cost is $18.49 CAD per month or $124.99 for an annual subscription.*** This also means you'll have to update your account every time you pay bills. The manual entry work here is intentional, as it's part of how YNAB keeps its users engaged in their spending. For example, if you charged $50 to your credit card to pay for gas, you'll transfer $50 from your credit card expenses into your "gas" category in YNAB. YNAB can be synced with bank and credit card accounts for ease of automation.** You'll still have to assign charges from your debit and credit card transactions into the different categories in YNAB, so there's some manual entry involved. For example, in the case of an unexpected traffic ticket, you could pay for it from funds assigned to your clothing category for the month. YNAB is also designed to help you save manageable chunks each month for future expenses and allows for flexibility in moving funds around.
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YNAB takes a zero-based budgeting approach, where all expenses are categorized and each dollar you earn is assigned a category, including savings. You Need A Budget (YNAB)ĭo you ever wonder where all your money goes? You Need A Budget (YNAB) is designed to take the mystery away and has been ranked by Forbes Advisor as the Best Budgeting App for Achieving Financial Goals in 2024. With features ranging from personalized spending advice to collaborating with others to manage household expenses, the apps discussed can shift the way you engage with your money, and perhaps empower you to reach your financial goals. Some of these apps require manual updates to keep users actively engaged, while others take a "set it and forget it" approach, using AI to categorize your spending into appropriate categories. While Mint had long been a popular financial management app in Canada, with its discontinuation as of January 1, 2024, many of its former users may now be seeking alternative platforms.īelow is an overview of some top-ranked budgeting apps available in Canada. Some apps also include functions to monitor investments and remind you about upcoming bills. Using an app can help you organize your finances in one place, including paying bills, budgeting and tracking expenses, paying off debt, and saving for the future. While some apps mainly focus on expenses and savings, some also dedicate strong attention to investment performance. For example, apps are now available to not only help individuals manage their money but for couples and families as well. The popularity of budgeting apps has been on the rise over the past decade and has evolved to serve diverse financial situations, goals, and areas of focus. Do you ever feel like your money slips through your fingers, leaving you questioning your financial choices? Need a way to track how you're spending? Budgeting apps may be the answer.*