Our favourite budgeting apps

Gone are the days of balancing your chequebook manually. Today, so much of our budget planning can be done online. Budgeting apps make it easy to create and maintain your household budget by making use of something you always have with you: your mobile device.

Let’s face it: we use apps to help us with everything. Whether it’s losing weight, creating a grocery list or ordering your coffee, there really is truth to the statement “there’s an app for that”.


So it should be no surprise that when it comes to creating a household budget there are a wide variety of apps to choose from. Depending on the level of support you’re looking for, there’s an app that will suit your needs. Let’s look at some of the top budgeting apps.


Mint

This one has probably been around the longest, but as they say a good thing never goes out of style. Mint is popular because of its ease of use. You simply link your bank account to your Mint app, and it will then start tracking how and when you spend your money. Expenses will be categorized, allowing you to see how much of your income goes to necessary expenses versus things like eating out. You can also set up your Mint app to alert you when you approach your spending limit for the month.


Mint also helps you stick to your budget because it’s free.


Debt Master

This app helps you to organize, manage and pay off your debt in an order that makes sense, based on the advice of leading debt experts. You can also customize your plan to account for things like introductory rates that are lower, or payment holidays. Finally, it charts your progress, so you can see how much you’re chipping away at your debt payment by payment.


Debt Master is available in a free version, as well as a more detailed version with extra features for under $3 (a one-time fee).


Good Budget

The old-fashioned envelope method has come to the digital era with Good Budget. This app allows you to allocate a certain amount of money per month to different spending categories (groceries, transportation, etc.). This means you can set aside a certain amount of money for the expenses that matter to you, and still have a set amount of money every month for savings and debt repayment. From there, Good Budget will help you track your spending, so you can make sure you’re not going over your planned spending.


Finally, Good Budget allows you to sync information from multiple devices meaning that you and your spouse can both track what you spend.


Good Budget has both a free and paid program, depending on the level of support you want.


Mylo

If you’re looking for a way to save more money every month, this is the app for you. Mylo rounds your purchases up to the nearest dollar, and then invests the difference for you. So that morning coffee that cost you $2.50? Milo would round that up to $3.00, and invest the extra $0.50 for you. You can customize the way your money is invested, based on factors like risk tolerance and financial goals.

 

Mylo is available for $1 per month.


Wally

Another app that allows you to track your spending, Wally allows you to enter your monthly income versus expenditures. To make life easier, it offers you the option to scan your receipts through your mobile device, and will then categorize them appropriately for you. This makes it even easier for you to track where your money is going.


Wally is also easy on the pocketbook, as it’s free.


Whether you’re new to creating and maintaining a household budget, or are simply looking for a more effective and accessible way to track the budget you already have in place, these apps will save you time and hassle.