BE IT RESOLVED
Keep your New Year’s pledges in your pocket with one of these finance-focused mobile apps.
Making resolutions is easy, but keeping them can be a real challenge. Just think about all those pesky ones you recycle year after year, and hope to actually keep this time around. Better financial management is a popular plan as the calendar changes over, and if it’s on your list, you’re in luck: This resolution is not only possible, but also pretty painless thanks to a slew of great finance apps. Whether you simply want to see where your money is going or want to set strict budgets to save in 2016, Josh McConnell outlines the apps designed to help you manage your money.
Mint
Platforms: iOS, Android, web Cost: Free Developer: Intuit At a glance: If you are looking for the juggernaut of personal finance apps, Mint is the app others are trying to knock off its throne. Made by Intuit, the software company behind QuickTax and QuickBooks, Mint has long been a favourite due to its almost overwhelming amount of options.
What to expect: There is much to love with Mint. There are charts galore, pulled automatically from financial data in your various banking and credit card accounts. As purchases are made they are automatically slotted into different spending categories (which are customizable), allowing you to see exactly where money is coming from and going to.
Perks: You can have Mint nudge you through email or app notifications when there is unusual spending in a particular category, when a bill is due soon and more. And of course, with all of this data available, you can create personalized budgets to help you keep all of that information in check, right down to the smallest detail. There is also a smartwatch companion app.
The downside: To take full advantage of Mint, you have to be comfortable with inputting very personal information, including bank account and credit cards numbers. Intuit says all data is secure and encrypted, plus many people already offer the same information to the company through QuickTax. Thankfully, Mint requires a password each time the app is accessed, so you don’t have to worry about leaving it open on your phone.
Wally
Platforms: iOS, Android Cost: Free Developer: Napkin SAL At a glance: Sometimes simplicity is key. The developer — a startup called Napkin — wanted to make a personal finance app that’s easy to use, free and visually pleasing, so it created Wally a few years ago. The app is continuing to grow in popularity and has won accolades from users and tech critics alike.
What to expect: Wally is a slicklooking app, with colourful charts and text in an easy-to-navigate layout. You can set up budgets, reminders and other useful alerts. The app does rely on you inputting your transactions one by one, but that can easily be done if you pull the app on your phone after each purchase or deposit. This approach also means you don’t have to hand over bank or credit card account information.
Perks: Wally’s developers say no data is stored on remote servers and instead stays on your mobile device. This means there is nowhere for hackers to attack, so that concern is largely eliminated. And you can opt to back up your own data if you like. Wally can also use GPS to determine where you shop the most, but really your receipts will do the talking there.
The downside: There is more work involved with Wally, since transactions need to be added manually. But you do have the option to take a photo of a receipt, and the app will pull financial data from it for easy entering. The app’s biggest downfall, though, is that it’s mainly designed for individual use, so it can be tricky for families to use on multiple devices. Napkin says it plans to add optional paid features in the future though, including multiple-account tools that should broaden its application.
Chronicle
Platforms: iOS, Mac Cost: $5.79 for iOS or $16.99 for Mac desktop Developer: LittleFin LLC At a glance: “Jack of all trades, master of none” is a popular saying that Chronicle seems to take to heart. Instead of bogging down the user with charts and tables like other apps, Chronicle focuses specifically on managing your bills. Yes, there is a section that helps you track your spending and plan accordingly, but first and foremost, Chronicle wants to keep your bills in check.
What to expect: A well designed interface offers multiple ways to see which bills are due soon, including a very handy calendar view. Time to pay a bill? An internal browser will pop up to help you make your payment without leaving the app. There is also an Apple Watch component to warn the user when dates get closer.
Perks: One of the most impressive features is Chronicle’s archival capability. After paying bills, you can input searchable confirmation numbers, letting you find a bill at a later date if needed. Or you can simply scroll through different payees or date ranges to see your history. Receipts can also be scanned and downloaded again in the future. If you go all in with Chronicle and pick up its Mac counterpart, the data can be synced between both applications through iCloud — not a must-do, but handy for if you decide to get both apps, or want to access the information from various devices.
The downside: First, the price. Compared to free, the nearly $6 price might seem high. Chronicle gets even pricier if you include the optional Mac software, but the good news is the developer offers free trial versions on its website, chronicleapp.com, so you can try before you buy. Second, Chronicle is only available on Apple operating systems.
Good Budget
Platforms: iOS, Android, web Cost: Free, or $ 16.99 for three months of Plus Plan
Developer: Dayspring Technologies
At a glance: Good Budget uses the envelope budgeting method — traditionally, one envelope of cash for each category, which goes dry as you spend — as its differentiator. Instead of spending money and then using the data to see where you need to cut back, Good Budget makes you decide ahead of time how much to spend for each category — and you then have to stick to that commitment, or you run out of cash.
What to expect: Good Budget has basic charts and planning tools like other finance apps, but its main interface is simple status bars for each envelope. As you spend money from each category and input the information into the app, it will tell you exactly how much remains in the various envelopes. It’s similar to other financial methodologies, except the progress to zero helps reinforce the idea of scarcity.
Perks: In addition to the budgeting tools, Good Budget has numerous reports for you to reference. Plus, if it seems like you’re on course to spend more than you’ve budgeted for an envelope, the app can suggest a blackout period on that category’s spending to get you back on track. Data is synced to the developer’s servers, which are encrypted, and users can log into the app’s web interface for a few additional reports.
The downside: Yes it’s free, but with a catch. The Forever Free version caps users at 10 monthly envelopes and 10 annual envelopes, but there is also a paid Plus Plan that offers unlimited envelopes for more detailed budgeting, as well as syncing across five devices. That syncing is important too, as the app heavily advertises its family- sharing capabilities. The cost? $ 16.99 for three months or $ 27.99 for six. Ouch.
Your bank
Platforms: Varies Cost: Free Developer: Varies At a glance: OK, so this is a bit of a cheat, but you might be surprised by the mobile apps your bank offers. Though apps from your bank wouldn’t replace specialized financial planning offerings like ones already mentioned, they can still prove useful when used in conjunction with the others.
What to expect: Most bank apps have the usual features — checking account balances, transferring money, paying bills and even depositing cheques — but some also offer smartwatch functionality or various reminders.
Perks: Some banks offer additional apps to help with financial needs outside of day- to- day banking. Bank of Montreal and Scotiabank, for example, have separate applications for mortgages and portfolio management. TD Canada Trust also has an app for accepting point- of- sale payments, if you feel entrepreneurial.
The downside: Unfortunately, official apps from banks aren’t exactly known for great interfaces or functionality. But the point here is to check to see what kinds of apps your bank offers — you might be surprised by how much more useful they have become in recent years.
You might be surprised by the mobile apps your bank offers. Bank of Montreal and Scotiabank, for example, have separate applications for mortgages and portfolio management. TD Canada Trust also has an app for accepting point-of-sale payments.
— Josh McConnell