Best overall financial app: MoolahMate
Montreal-based MoolahMate is an up-and-coming app—and a viable alternative to Mint. It’s a user-friendly money tracker and budget planner that can help Canadians track their finances. Currently, you can receive a 30-day free trial. After the trial period ends, you can sign up for an annual membership (USD$50) or a monthly membership (USD$5).
Once you have connected your financial institutions to your account, it takes up to 24 hours to automatically download all your transactions so you can view them in the app. This allows you to easily see where your money is coming from and going to. MoolahMate also allows you to create customized reports, add to-do lists and set reminders for key dates, such as when your property taxes are due. Plus, it has articles to help you increase your financial knowledge, and forums where you can ask questions or discuss different financial topics with the community.
Best budgeting app: YNAB
YNAB has been around for two decades. It’s a time-tested and reliable app for those who prefer a hands-on approach and greater customization. With YNAB’s zero-based budgeting method, you can allocate a purpose (such as debt, bills and savings) to every dollar in your account, helping you align your spending with your priorities. You can create a spending plan that allows some wiggle room for unexpected expenses, while saving towards your long-term goals.
YNAB offers a 34-day free trial. After that, a subscription costs USD$14.99 per month or USD$99 per year (which works out to USD$8.25 per month). The app is already worth the cost for individuals, but you can also share a subscription with up to five people, making it even more valuable for families.
Best debt management app: Debt Payoff Planner
For those who are carrying multiple debts and are unsure of how to organize them all, the Debt Payoff Planner is a great free tool for creating a step-by-step plan to become debt-free. The app allows you to compare the snowball versus avalanche approaches to debt repayment, and to see how making extra payments could help you pay off debt faster. What’s more, Debt Payoff Planner celebrates your small victories as you track your progress, which is a fun way to stay motivated along your debt repayment journey.
Best stock market investing app: Blossom
Blossom has been making waves in the investment industry, and it was one of the top 50 financial apps of 2023 in the Apple App Store. It’s an intuitive and user-friendly social platform that boasts a community of 100,000 DIY investors. Each member can choose to publicly display their investment portfolio, so other members can see their holdings, asset allocation and portfolio performance. The platform also offers educational videos, portfolio analysis and dividend-tracking tools. What’s really cool is that Blossom has also teamed up with high-profile personal finance content creators, so you can get insights into what they’re investing in.
Best payment app for entrepreneurs: Wise
Some small-business owners have employees based in other countries or global clients that pay in different currencies. These entrepreneurs usually encounter high transaction fees through PayPal or their financial institution. But Wise offers a business account that has no hidden charges or monthly fees. Registering the account costs $42, and then you simply pay for the services you use, whether that’s sending or converting money (for as low as 0.42% of the transaction amount) or receiving SWIFT payments in Canadian dollars (for a $10 flat fee). You can accept payments in the real-time exchange rate of more than 80 countries. You can also make international purchases online or in-store using a debit card that has multiple currencies, without paying foreign transaction fees.
Achieving your financial goals for 2024 and beyond
Before committing to a new app, take it for a test drive to see if it fits your lifestyle and helps you progress toward your financial goals. If it doesn’t suit you, try a different app. There’s a constant stream of new apps entering the market, so check your app store regularly for new tools that can help you better manage your finances.
