By Hope Van Noppen

(Listen to the “Let’s Talk Money with Dave and Reb” podcasts on September 6 and 13, 2024 to hear Hope’s conversation with the co-hosts as they explore the benefits of spending plan and budgeting tools.)

Here it is! The list you’ve all been waiting for! 

Here are my top five financial tools for budgeting for 2024! To understand my perspective, I am a 20-something single female in my last year of university. I investigated many tools and apps, but have decided on these five as the most cost-effective and easy-to-use options.

Tangerine 

Tangerine is an online bank that is the best app for connecting your pre-existing bank accounts with a budgeting tool. I love how customizable it is and how the budgeting features prioritize saving. You can find more information at : https://www.tangerine.ca/en/personal 

Pros

• Connects with your banking apps
• You can set up auto payments for bills
• It’s a bank so you can e-transfer, withdraw money, etc.
• Reliable, free
• Can automatically divide your paycheck into separate accounts—you can set it up so whenever money comes in, it automatically sets aside some of the money for savings
• Very personalized and customizable

Cons

• You have to open new bank accounts to access the budgeting tools
• The budgeting tools work best if you have most of your money moving through Tangerine, so this would require moving money from all your other bank accounts into the Tangerine accounts
• A bit less intuitive/more complicated to set up and requires being a bit more “tech savvy”

Wallet by Budgetbaker 

Wallet is a user-friendly budgeting app that clearly lays out the budget and tracks monthly spending easily. It has a ton of features that do not exist in other apps, like the debt tracking and investment portfolios. You can find more information at : https://budgetbakers.com/ 

Pros

• Easy to use
• Includes investment tracking
• Gives an income/expense report and graphics that compares different months and pay periods to each other as well as how on track you are with the budget.
• Able to set reminders that encourage you to do your finances
• Can add planned payments you’re anticipating and sends you reminders to pay it
• Tracks investments, debts (best app that tracks your debt), loyalty cards, grocery lists
• Fun and easy to use to create savings goals

Cons

• To have more than three accounts in the app or access some of the features, you have to pay (8$/month)(40$/annually)
• It says it syncs with your bank account, however it’s an American app so it may not work with Canadian banks. Users also report that there are often issues with the syncing of the bank account so I’d recommend just manually inputting your data.

Budget with Buckets 

Budget with Buckets is an app that prioritizes both individual and communal budgeting. One account can be shared among an entire household. It is quick to learn and provides quick customer support. All around, it is a solid app. I highly recommend watching the videos on the website. After I did that, I found it enjoyable to use and easy to understand! You can find more information at : https://www.budgetwithbuckets.com/ 

Pros

• Free unlimited trial period with a $85 one-time purchase fee that can be shared amongst a whole household (communal budgeting feature)
• Video guides to help guide you through setting up the account
• Allows you to track your debt
• Gives graphs 
• Allows you to save in different ways (ie. depositing a certain amount each month, trying to save by a certain date, etc) and tells you how far from your goal you are
• Able to sync with your bank, although it’s a complicated process. I’d recommend manual input, especially if you are trying to connect bank accounts between multiple people 
• Good customer support

Cons

• No mobile app
• $85 one-time fee, but there is a free unlimited trial

You Need a Budget 

You Need a Budget is a popular budgeting app that connects well, and does so safely, to external bank accounts. It easily guides you through setting up the app and provides a ton of external resources for managing your finances. You can find more information at: https://www.ynab.com/ 

Pros

• Easy-to-use and guides you through setting up the app with a ton of videos on how to best utilize the app
• Bank account integration
• Available to download on your computer and/or phone
• Offer free workshops (however I haven’t been to any so I can’t endorse their material) and a ton of resources
• Most popular/praised app = great customer support
• Able to assign/’refill’ your money into specific accounts each month/pay day/week
• Has graphs that show your progress each month and how much you’re saving
• It can link to your bank accounts and is the safest app I’ve found that allows for these connections.

Cons

• Paid subscription of $20 a month or $150 annually, so it is on the pricier side
• No free option after the trial
• A bit more complicated to figure out. I found the app user interface a little crowded because of all the information it contained. However, there’s also a ton of resources to help you set it up.

Money Manager 

This app is perfect for people who have never had a budget or have simple finances to manage. You can find more information at : https://www.realbyteapps.com/# 

Pros

• Very simple/basic:a step up from a spreadsheet
• Free 
• Good for people who don’t have a lot of complicated finances or who have never developed a budget before

Cons

• Doesn’t sink with your bank account
• Is very simple 
• Is an older program so not very aesthetically pleasing
• There isn’t any work being done on the app so if you have issues or want things improved there won’t be any resolution
• Doesn’t have a lot of the features or helpful saving tools that the other apps do have

These budgeting apps will provide you with a good place to start in creating a financial plan that works for you, and all of them have a free trial, so try a few! While there is no magic app that will create the perfect budget for you, putting in time and effort into creating a system that works will help you become aware of where your values lie. The process will help you decide what you want to prioritize on your financial journey.