Best Financial Apps of 2017

Dorota Haskins, Chartered Professional Accountant |

Today is National App Day, so I have compiled a list of the 4 best financial apps for Canadians. Each of the apps reviewed is available on both Android & iOS platforms.

You probably already do your banking, track your credit card statements and pay your bills online, but wouldn’t it be nice to manage it all in one place? Having to keep track of all that information separately can get frustrating. You can easily lose track of what you have to pay and when – to help address this issue, “there’s an app for that“. Unfortunately, not every app is worth the time and effort to download and learn. I’ve downloaded most of the credible financial apps out there, tested them and come up with a list of my 4 favourites.

4 of the best financial apps

1) Mint

Intuit has really stepped up their game with this app. It is one of the best and more user-friendly financial apps out there. You can pull in information from all your bank accounts (including your mortgage!), credit cards and bills. It updates your information in real-time every time you log in. In addition to seeing each of your transactions, it automatically categorizes them and sets up a budget based on your historical spending. You can modify your budget as you like and adjust the categories (since it doesn’t always get it right). The best part is this financial app is FREE!!!

2) YNAB (You Need A Budget)

If you’re looking for a budgeting app, this is the best out there! The way it works is that every dollar earned has a purpose and it will force you to live within your means. If you happen to exceed spending in one area, it will help you identify where you can make adjustments to balance your budget. You can use this financial app free for 30 days, and then a monthly subscription fee of $8.99 (billed annually). Students can get the app for free for 1 year with proof of school enrollment (contact YNAB before you download the app).

3) Spendee

Easy-to-use spending tracker & budgeting app that lets you categorize your expenses, create budgets and take photos of your receipts. In addition to the free version, there are 2 option premium packages. For $1.99/month ($14.99/yearr on an auto-renewing subscription) you can create multiple budgets and shareable wallets. Take it one step further for $2.99/month ($23.99/year on an auto-renewing subscription) and you can sync Spendee with your bank accounts.

4) Wally

Expense tracking and categorization made easy with the ability of the scanning feature which populates the data from a picture of your receipt. This is a great app for those just getting started with budgeting and expense tracking. It doesn’t require banking information and therefore won’t bring in your spending or income from those accounts. Data entry is limited since you simply have to snap a picture and the information from the receipt is populated into the app. While the scanning feature worked for me, some of the reviewers of this app claim it doesn’t work them. If you’re not one to ask for receipts, then this app wouldn’t be of much use to you. The app is free to download and use.

Final Thoughts

Before you go downloading any financial apps, make sure you review the features and determine which one you are actually going to use! There is no need to download an app that you initially set up and then never open again.

There are literally hundreds of financial apps out there, but not all will suit your needs. I would suggest trying out a couple different apps and see which one appeals to you most.

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