Over the past decade, budgeting apps have gained a lot of popularity, meeting the diverse financial needs of individuals, couples, and families. These financial management tools range from basic budgeting tools to advanced platforms focused on investments and financial goal tracking. With Mint now discontinued in Canada, many users have been on the hunt for alternative budgeting apps.
From tracking expenses and paying bills to monitoring investment and savings, these apps offer a one-stop solution for financial management at all levels. Some require manual inputs while others harness the power of AI for automatic expense categorization. Let’s dive into some of the top-rated budgeting apps available that you may want to test out as you get ready for financial planning in 2025!
You Need A Budget (YNAB)
Every dollar has a job with YNAB, an app that uses the zero-based budgeting approach. Each dollar earned is allocated to specific expense categories like savings, expenses, or goals. This helps users stay on top of spending and be prepared for unexpected costs by reallocating funds between categories as needed. The ability to sync bank accounts and credit cards allows for some automation, though users must still manually assign charges to categories to stay engaged.
YNAB also offers a wealth educational resources, including articles, podcasts, and a DIY Money Planner workbook.
- Cost: After a 34-day free trial, $18.49 CAD/month or $124.99/year.
- Accessibility: Available on both mobile and desktop.
Monarch
Monarch, recently launched in Canada, offers a comprehensive view of your financial health, going beyond traditional budgeting. Users can sync their bank, credit card, and investment accounts, and even add assets like real estate or collectibles. Monarch updates account balances multiple times a day, providing a timely snapshot of net worth and spending.
With a more automated setup than YNAB, Monarch minimizes the need for manual entries, making it ideal for users who prefer a hands-off approach but still want detailed financial insights. This app is great for those looking to manage their finances effortlessly while staying informed about their overall financial health.
- Cost: After a 7-day free trial, $20.72 CAD/month or $96.74/year with “WELCOME” code.
- Accessibility: Available on both mobile and desktop.
PocketGuard
PocketGuard simplifies spend tracking with its “In My Pocket” feature, showing how much money is left after bills and savings goals are met. This app automatically syncs with your bank and credit cards, making it easy to categorize expenses and manage recurring bills. PocketGuard also offers features for debt repayment tracking, bill reminders and subscription management.
- Cost: After a 7-day free trial, $17.95 CAD/month or $103.65/year.
- Accessibility: Available on both mobile and desktop.
Fudget
Fudget is a straightforward, no-frills budgeting app designed to help users track their income and expenses without the hassle of complicated features or bank account syncing. This is great for someone who does not want to share their bank information. In addition, its minimalist design is perfect for people who prefer to manually enter their transactions and maintain a simple record of their spending. Users can create lists of expected expenses and check off each item as it’s paid. Fudget also offers quick calculations, making it easy for tracking one-off expenses and making on-the-go adjustments.
- Cost: Free version available, or Fudget Pro for $28.18/year (7-day free trial), offers unlimited budgets on multiple devices and many other additional customization features.
- Accessibility: Available on both mobile and desktop.
KOHO
While not a budgeting app, KOHO functions as a budgeting tool on top of being a prepaid, reloadable Visa. It tracks your spending in real time, categorizes expenses, and provides insights to help you stay on top of your budget. One of KOHO’s standout features is its cashback rewards program, which gives users cashback on certain purchases. Additionally, users can set savings goals within the app and use the “RoundUp” feature to automatically save small amounts. KOHO’s budgeting features are fully integrated with its spending, making it an all-in-one financial management tool.
- Cost: Free basic account, or $9 CAD/month or $84/year for KOHO Extra, which offers higher cashback and other premium features.
- Accessibility: Available on both mobile and desktop.
Budgeting Spreadsheet
Excel is a great tool that provides complete control over how you organize your finances while safeguarding your privacy, as it does not rely on third-party apps connecting with your bank or credit card accounts. Whether you prefer to create your own budgeting template or download free templates online, Excel allows you to input income and expenses manually, categorize transactions, and generate charts or graphs to visualize spending patterns.
If you’re looking to further elevate your financial tracking, you can even set up formulas to automatically calculate savings, track debt payments, and project future financial goals based on your current spending habits.
Another major advantage of using Excel is its flexibility. You can customize it to meet your specific needs, whether that’s managing a personal budget, household finances, or even small business expenses. While it does require more manual entry, the level of customization is virtually limitless!
- Cost: Excel is part of the Microsoft Office suite, which may require a subscription ($8.25 CAD/month for Microsoft 365 Personal), but free alternatives like Google Sheets offer similar functionality.
- Accessibility: Available on desktop (Excel) or online (Google Sheets).
Nelson Soh, CPA, CA is a TEDx Speaker, best-selling author of Life Literacy and the 100 Day Money Mindset Journal. Nelson is also the co-founder of FSQ Consulting, a business consulting firm, and one of CPA Financial Literacy Program volunteers. You can follow Nelson on LinkedIn, TikTok, or Instagram to learn more about financial and life literacy.
Disclaimer: CPABC does not endorse any of the services or products mentioned in this article. It is the reader’s responsibility to research and review the services and products independently.
