For a lot of families, September is time for a bit of a reset. A new school year has started, work gets busier and for many people, it’s a time to reflect on whether you’re on the right track to accomplish your goals this year. So, it seems like the perfect time to set yourself up for financial success.
While there are tons of apps out there promising to improve your finances, it’s hard to know where to start. Luckily, we’ve curated a few options specifically for Canadians that want to get on track and head into fall with their finances under control.
Tackle Debt: Debt Manager
This app uses the “snowball” method of tackling debts. Enter your loans and payment information, set a priority for each one, and then check out hypothetical scenarios. What if your interest rates were to rise? What if you doubled up the monthly payments on your car loan? Seeing how much interest and time you’d saving with certain changes, you can make better decisions and get the added benefit of seeing your progress over time.
Get the Bigger Picture: Credit Karma
Remember the old days when you had to pay to have real-time access to your credit score? Not anymore. Credit Karma gives you a clear little dashboard with your credit score, accounts and even personalized recommendations for credit cards or products based on your profile.
Save Money Painlessly: Mylo
Another way to save money without having to think much about it. This cool app quietly puts your spare change into an investment account by rounding up your daily purchases and withdrawing once a week. Mylo is available for both iOS and Android and it will only set you back $1 each month.
Budget Better: YNAB
You Need a Budget (YNAB) gets down and dirty with the details, plus syncs with all your financial accounts. Using a “budget every dollar” approach, you prioritize how you’ll spend your money, then simply follow the plan. It’s easy to make changes, and with a visual and easy to use dashboard, maybe budgeting doesn’t have to be bad.
Set Boundaries: GoodBudget
This app is a home budget app based on the envelope budget system, so it will appeal to those who like to set boundaries and see their budget in a visual way. Be held accountable to the goals you set, and create a budget that reflects your values and priorities in life.
Get Organized: Receipts
Are you on a mission to declutter? Do you find yourself scrambling when it comes to tax time? Receipts is owned by Wave, a Canadian company that helps file bills. All you have to do is take a picture of your receipts and upload to the app. The app then extracts information from the receipt, lets you sort it based on category, and even edit later if you need to.
Learn Something New: Bloomberg
Ready to go beyond your finances and learn more about what’s going on in the business world? Being financially savvy is a great skill to have, and Bloomberg is a great source to soak up all you can. If you have stocks, you can keep tabs on how they’re doing, or simply learn more about Canada’s markets or the global economy.
What do you think? What must-have apps have you stumbled across in your quest to save, budget or plan? Are you looking for a mortgage rate calculator in BC? We’ve love to hear from you.