The ability to track and manage your personal finances can go with you wherever you bring your phone. There’s no end to the options of how you can keep on top of everything. There’s official banking apps, budget trackers, investment apps, and lots of other options for you to try. Here’s what I’m using:
Daily Budget is a great app as I mentioned in my previous post about tracking all of your purchases. You set your daily budget by inputting your income, listing your recurring expenses, and inputting how much money (or percentage of your leftover money) you want to save every month.
You can enter your income on a weekly or bi-weekly basis and it will automatically scale that down to a daily level. The same goes for the expenses. Once you finish this, you’re given your daily budget, which shows you how much money you have every day as discretionary spending.
By tracking your expenses, the app will tell you how you’re doing on a day-to-day basis in relation to your budget. The main screen is blue when you’re doing good (it’s like it’s telling you to relax!) and when you’re not doing well, the screen is orange-ish.
You can see above, my February hasn’t been the best for staying on budget.
This app can be changed out for your own bank’s app since there is zero reason to have the app for a bank you don’t use. I like the RBC app particularly (I used to also use TD) because it allows me to keep track of my specific bank accounts, pay my bills, see where my credit card is at, and deposit cheques via my phone.
I do manual transfers to my Questrade and Wealthsimple accounts throughout the month when I have extra money to invest, which is handy to do on the fly, for example on the train on my way to work.
Mint is a great app to take a look at your finances holistically. It takes all of my accounts from my bank, online investment brokerages, manually inputted property (like a house or condo), and robo-advisors and combines all of their balances to give me my own net-worth. Which is interesting and fun to see it slowly build and grow as time goes on.
This app allows me to assess my overall financial health at one click. I don’t use this app often because it’s not really necessary to check your net worth every single day, but it’s nice to have and will send me notifications when I’ve got irregular spending habits, like spending more money on fast food one month compared to the next (it’s like a little slap on your wrist every month).
If you invest money or want to start, the pre-installed stocks app on the iPhone works well for tracking specific stocks. All you need to do is select what stocks you want to track, and voila, it’ll show you daily updates on how the stock is doing by percentage or base points, you can easily see weekly, monthly, or yearly graphs of how the stock is performing and you can see news on the stock. It’s simple, it’s uncomplicated, and it’s an easy way to assess how your portfolio is doing on a given day.
Wealthsimple is a great service that automatically invests your money with very low fees based on your risk tolerance and what kind of portfolio you want. It’s an easy way for beginners to learn the ins and outs of investing without taking too much time out of your day.
The app is great to keep track of your investments and read their magazine news and tips, and quickly add funds to your portfolio. Have you ever used Wealthsimple before? If not, use my referral link here to get $10,000 managed FOR FREE for 12 months.
And that’s it! I don’t use a complex assortment of different apps to cover every single possible need because I find that the best way to manage my money is by using a simple system.
Any questions? Any of your own suggestions? Let me know in the comments below!
Thanks for reading, eh!