Everyone has a different set of needs when it comes to personal financial management.
Keeping up with your finances can be tasking, especially when you have to input your income and expenses manually on a computer or by hand or with pen and paper.
But with practically everybody using smartphones these days, managing your finances on your own is easier to accomplish.
Whether you’re looking for budgeting software, investment planning tools, or retirement calculators – there’s something out there for everyone.
However, it can be challenging to keep up with all the different tools and personal finance software Canada has.
- Quick Overview: Best Personal Finance Software, Canada
- What Is Personal Finance Software?
- Choosing the Right Personal Finance Software Canada
- In-Depth Review: Best Personal Finance Software Canada
- 1. Best Overall and for Spending Habit Building: YNAB (You Need a Budget)
- 2. Runner-Up, Best Overall Personal Finance Software: Quicken
- 3. PocketSmith:
- 4. Best for Zero-Based Budgeting: Mvelopes
- 5. Best for Taxes: TurboTax
- 6. Best for Spreadsheet Management: Tiller Money
- 7. Best for Budgeting using Envelopes: Good Budget
- 8. Best for Multiple Currencies: Spendee
- Best Free Personal Finance Software Canada
- 9. Best Overall Free Personal Finance Software for Budgeting: Mint
- 10. Best for Managing Your Money: KOHO
- 11. Best for Tracking Your Spending: Wally Budget App
- 12. Best for Credit Scores: Credit Karma
- Best Personal Finance Software for Rewards or Cashback
- 13. Drop
- 14. Caddle
- 15. Rakuten Canada
- 16. STACK
- 17. Best e-Couponing/Cashback on Groceries: Checkout 51
- 18. Best for Investing: Wealthsimple Roundup
- 19. Best for Cashflow Management: Moka (formerly Mylo)
- FAQs: Best Personal Finance Software Canada
- Bottom line: How to Choose the Best Personal Finance Software for You
With so much information out there, how do you know which one will work best for your situation?
For this reason, we’ve created this list of the best personal finance software that is worth checking out! They will make managing your money more effortless than ever before.
Quick Overview: Best Personal Finance Software, Canada
Here’s a brief overview of some of the best personal finance software Canada has to offer:
Best Paid Personal Finance Software Canada:
- Good Budget
- Tiller Money
- Good Budget
Best Free Personal Finance Software Canada:
Best Rewards or Cashback Personal Finance Software Canada:
- Rakuten Canada
- Wealthsimple Roundup
What Is Personal Finance Software?
Personal finance software programs are designed to help the everyday person improve their financial planning, budgeting, investments, and monitor their finances in one spot.
These platforms can make finances more accessible and easier to organize while also helping you keep up with your personal learning growth.
Many personal finance software programs also offer financial advice that can help direct you toward significant decisions.
Choosing the Right Personal Finance Software Canada
Understanding your financial goals is the first step to choosing the right personal finance software.
Different software programs focus on various aspects of your finances. Some can help you track your budget, while others may focus on your expenses, net worth, or investment account.
So know your goals and needs to decide which of the personal finance software Canada has might be the perfect option for you.
Additionally, while these companies understandably want to earn a profit, be mindful of your budget and try to use the trial version or find cheaper alternatives in the beginning.
In-Depth Review: Best Personal Finance Software Canada
Here is a list of the best personal finance software. Free and paid options are included. Also included are those that offer a free trial period. That way, you can try a few before purchasing one.
1. Best Overall and for Spending Habit Building: YNAB (You Need a Budget)
If you need explicit instructions, You Need a Budget (YNAB) is the personal finance software for you. YNAB is a personal finance software in Canada that aims to help you improve your financial literacy as you manage your monthly budget. The software offers tutorials to better help you with some of the more complicated financial topics as you start budgeting. YNAB can help you overcome bad financial habits by teaching you basic management principles.
The software automatically links to your bank account and uses your spending information to analyze and track your budget. So, you can monitor your monthly expenses and take action if you’re overspending. However, note that YNAB can not track your investments.
YNAB’s primary objective is to help you avoid overspending and avoid living paycheck to paycheck. So, follow the program and spend your money appropriately, and eventually, YNAB will have you spending money from last month rather than what you just earned.
If you get off track and happen to overspend, YNAB will tell you what needs to be done to get back on track. You’ll have to make some sacrifices, but the guidance advantages it offers put it apart from other personal finance software in Canada.
2. Runner-Up, Best Overall Personal Finance Software: Quicken
Quicken is one of the personal finance software Canada that you can find in the market today. This unique accounting application is designed to help managers, families, and business owners manage their finances under one roof.
Quicken has been around for almost 30 years now, with its first release occurring in 1983 by Daniel Bricklin and Bob Frankston. It was initially built on a desktop version, but it’s also available to run as an app on your mobile devices.
Quicken offers a range of tools in the following areas: budgeting, bills, accounts, and investments. For budgeting, it gives you the chance to input your purchases and income side by side so that you can better see how much money is going out compared to how much is coming in. Regarding bills, you can also see what you are constantly paying out for things, such as utilities and other similar bills. You will see how much is due as well as the money left over.
For accounting purposes, you will be able to combine your banking and credit card bills into one place to get a clearer idea of how much you’re spending.
Then you can track your investments, whether as part of your investment portfolio, savings, or 401k pension plan. This means you know how much your investments and savings are worth, although short-term fluctuations in stock markets are common and shouldn’t cause you to panic.
Altogether, Quicken brings together your budgeting, banking, and investment reporting into a single dashboard, which you can view from your desktop or even via your cell phone from the mobile app.
Overall, Quicken brings your budgeting, banking, and investment reporting together into an easy-to-view dashboard.
✔ Best Personal Finance Software for Foreign Currency
✔ Best Personal Finance Software for Multiple Currencies
✔ Best Personal Finance Software for Retirement
PocketSmith is a personal finance software that helps you keep your finances in check. It lets you analyze financial trends with a built-in custom report assistant. PocketSmith offers excellent features for keeping track of all your money, including funds across multiple accounts, institutions, and credit cards.
You’ll see all of your transactions in a single dashboard so that you always feel like you’re in control of your spending. You can set up recurring reminders to remind you when bills are due, create budgets that notify you when you’re about to overspend, and generate reports that help you understand your financial standing.
Unlike some other personal finance software, PocketSmith can handle foreign currencies. You see your balance in both the base currency and the original foreign currency. It can also track investments and show you their value, even those in silver, gold, or bitcoin.
4. Best for Zero-Based Budgeting: Mvelopes
The traditional envelope budgeting system helps you stay on budget by managing your money in envelopes. Once you’ve broken down your budget, divide it into separate envelopes based on the financial goals that are most important to you.
For example, your monthly personal budget is $1,200, and you want to spend it on rent, utilities, food, and your car. You can split it up into four envelopes with the names rent, utilities, car maintenance, and food spending. This way, you will only have access to cash for each of these expenses when it’s time to use them.
Mvelopes automatically do this for you in digital form. So instead of having to carry around actual envelopes, you just have to open up Mvelopes on your phone or computer. You can set the app up in minutes by connecting your personal account and then creating categories for spending, such as dining out, groceries, and entertainment.
Once you’ve done this, select an amount of money that will fit into each category so that you won’t overspend. Choose the financial goals that are most important to you.
In the personal finance software Canada market, Mvelopes takes a unique and personal approach to budgeting that helps you get on top of your finances without sacrificing time or energy. You can customize it as well so that it works with your spending habits.
5. Best for Taxes: TurboTax
TurboTax is a super easy and user-friendly personal finance software for filing your taxes. Although you may not need TurboTax to manage your finances throughout the rest of the year, TurboTax can be incredibly helpful when it’s time for taxes.
Even though it’s not the cheapest tax preparation tool, it is consumer-friendly. The app walks you through every facet of your tax preparation to ensure that everything you file remains accurate and error-free.
The process of entering your tax information is straightforward. You can import the W-2 information from your employer, or you could take a picture of it while the software transfers it into the form automatically for you.
TurboTax remembers much of your info from previous years and will ask whether there have been any significant changes. The most basic version of the tax software lets you file your federal and state return for free as long as all you use is form 1040 with no attached schedules.
On the higher end, TurboTax Live offers one-on-one advice with a CPA or Enrolled Agent to answer your questions about tax returns. Paid versions of TurboTax provide features to help you find deductions that might have been otherwise overlooked. You can use the web version or download the software on your device for added security.
6. Best for Spreadsheet Management: Tiller Money
Tiller Money is a personal finance software that is best for spreadsheet management. It automatically updates your credit card, chequing account, loan, and investments into Excel or Google Sheets so you can see all your money in one place.
Tiller helps you organize your data with templates or customize a spreadsheet to meet your specific needs. It also sends you a daily email containing transaction summaries as well as your account balance.
7. Best for Budgeting using Envelopes: Good Budget
Goodbudget is a budget software with both free and paid plans and works using the envelope budgeting method. It allows you to create personal categories for your expenses. Once you’ve categorized the amounts into different envelopes, simply spend from each one instead of carrying around cash. If you overspend in a category, use it as an opportunity to figure out why and make changes so that it doesn’t happen again.
The personal finance software Canada helps you be more aware of how much money you’re spending, not just on the amount, but where it’s going. It also makes budgeting a lot easier by showing you a summary of your finances at all times. And with easy-to-use tools like alerts and notifications for bills or payment due dates, Good Budget can help you meet your personal budget goals.
It comes with an optional health-tracking feature so you can see how much you’re spending on food and eating out so that you can make changes to eat better and save more money. The personal finance software Canada also has detailed reports and PDF export features too.
8. Best for Multiple Currencies: Spendee
Spendee is a personal finance software that works for personal, and business uses, too. The personal finance software does support multiple currencies, allowing you to manage your personal and work finances separately. Budgeting also becomes more accessible with Spendee because you’ll get actual alerts on when your bills are due and when they’ve been paid.
It offers an attractive overview of your finances and is excellent at setting intelligent budgets. You’ll also get access to detailed personal expense reports as well as suggestions about how to improve your finances. It can also help you manage debt, so you don’t fall behind on loans and personal bills.
Spendee also has a split bill feature with Spendee, which allows you to track money spent with friends or roommates easily. With this personal finance software, it’s easy to keep track of shared expenses and personal finance. The app is available on iOS and Android.
Best Free Personal Finance Software Canada
Should You Choose a Free Personal Finance Software?
The world of FinTech is full of various similar budgeting apps and financial planning software. You’ll want to choose one that suits your specific needs in terms of design, support, and product features.
Here is some free personal finance software Canada has for managing your money.
9. Best Overall Free Personal Finance Software for Budgeting: Mint
Mint is a free digital budget planner that brings all of your financial data together, showing you a summary of your spending, budget, bills, and credit score. You can sync up your bank and credit card information to help identify areas where you spend the most.
For more accountability, Mint provides alerts for things like due dates and low balances. With these features, you can avoid paying expensive fees due to late payments and overdrafts from your bank account.
Mint will create a personal budget for you based on your past spending if you have budget categories. If there aren’t any categories set up, Mint will use its default ones. You can also categorize spending yourself to personalize your software and see where extra money is going.
The app is available for download and usage on iOS and Android devices free of charge.
10. Best for Managing Your Money: KOHO
KOHO is another personal finance software for Canadians. It is a reloadable Visa card and app that performs as a budgeting tool, prepaid spending card, and money-saving app. It can be used for personal and business uses, too. This personal finance app is excellent for tracking spending habits because it will allocate you a budget that correlates with your income.
This personal financial software keeps track of your income, expenses, assets, debt, and net worth in one place so that you have a visual representation of your finances. In addition, this personal finance software can be used to send and request money from friends and family members quickly and conveniently.
For personal use, KOHO helps keep track of personal spending and any budget breaks with a weekly snapshot of expenses at a glance. Your finances will also be encrypted for extra security when accessing this personal finance software. KOHO users are said to save 15% and almost $500 in the first three weeks of using the app, on average. KOHO is available on iOS and Android devices for free.
11. Best for Tracking Your Spending: Wally Budget App
Wally is a personal finance software that is great for tracking spending and saving. It’s perfect for personal or business use and is available on iOS and Android devices free of charge. Wally is easy to use and includes security measures such as two-factor authentication so that unauthorized parties cannot access personal information.
You can track expenses, manage budgets, and keep up with financial goals all in one place. It even has a travel mode to help you keep tabs on spending while abroad or travelling for work purposes.
12. Best for Credit Scores: Credit Karma
Credit Karma is a free platform that offers many different personal finance tools, such as credit scores, bill payment calendars, calculators, alerts, balances, and more.
Credit Karma does offer free credit scores, but it will also help with budgeting so you can stick to a personal financial software Canada spending plan.
It also gives you tips and tools to improve your personal finances as well as your credit score. Logging in does not affect your credit score. Additionally, Credit Karma now offers high-yield savings account on top of it.
Best Personal Finance Software for Rewards or Cashback
Imagine getting rewarded for your expenses! These money-saving apps offer you rewards points or cashback when shopping in-store or online.
Drop is a free cashback app that automatically rewards you when you shop using your registered debit or credit cards at participating retailers in the U.S. and Canada.
All you have to do is download the Drop app, link your bank account, and start earning whenever you make purchases at your favourite retailers.
Your account gets credited with points that can be redeemed for several popular gift cards such as Amazon, Cineplex, Starbucks, iTunes, etc.
Caddle is a great cashback app for shopping and is most effective when used with Checkout 51 to double up your cash rewards. Every week, Caddle has new offers at select stores that come from brands you’ve already pinned.
Apart from product offers, Caddle also pays you to complete surveys and watch product advertisements.
15. Rakuten Canada
Rakuten (Ebates) is an online cash-back website that rewards its users when they shop. Rakuten has partnerships with over 750 stores in Canada, making it easy to earn rewards.
If you’ve earned cash back from Ebates, you can choose between PayPal and cheque to redeem your points. They have paid more than $1 billion since the company’s inception.
The STACK Mastercard and app is a free, cross-border prepaid card that triples as cashback, savings, and budgeting app with rewards on all purchases.
It has a simple, intuitive interface that is designed to help you manage your finances. You can set up personal goals with the app’s budgeting feature and make automatic savings.
STACK personal finance software gives you access to all its financial features at no cost when using its Mastercard.
17. Best e-Couponing/Cashback on Groceries: Checkout 51
Are you looking for ways to save on groceries? There’s a cash-back app worth checking out – Checkout 51. The free app has offers every week that are on your shopping list from the grocery store.
Simply shop at your favourite store as you usually would usual, and then upload your receipt through the app to get the cashback advertised for each one of your purchases. The cashback discounts can go up to 30% on some items.
You will receive a credit to your account when you collect $20 or more in cashback. The Checkout 51 app is available on iPhone and Android.
18. Best for Investing: Wealthsimple Roundup
Wealthsimple is one of Canada’s most popular Robo-advisor. The app has a roundup feature that takes your spare change to invest in a low-cost ETF portfolio. Wealthsimple allows its customers to invest their money in a portfolio that is managed automatically. It saves you time and energy while earning your business higher returns.
19. Best for Cashflow Management: Moka (formerly Mylo)
Moka personal finance software has a personal savings feature. Purchases are automatically rounded up to the nearest dollar and saved with every purchase you make. It will analyze your finances, calculate the cost of living and save for future spending.
The innovative app allows you to set up personal goals and monitor your progress toward them.
FAQs: Best Personal Finance Software Canada
Bottom line: How to Choose the Best Personal Finance Software for You
Managing one’s money requires long-term commitment, so don’t settle for what may be helpful at the moment but will not last. Don’t be afraid to explore various personal finance software tools. All of the software mentioned here has a trial version, and we recommend taking advantage of it.
When choosing personal finance software, consider who you are as an individual and your financial goals. Do you want something that requires little investment or one that is deep enough to pull you in? Then take 2-3 tools for a test run to see how they function in real-world situations.
Make a list of questions you want to be answered, such as:
- What is the right monthly savings to meet my retirement goals?
- How can personal finance software help me achieve more personal/family goals?
- How long would it take me to pay off my credit cards if I increased my monthly payment by $50?
You get the point, I hope! Try to find answers to your questions about each tool. If you do this, the chances are that you will know which product suits your needs.
Overall, pick something that you think will work best for you. Don’t be afraid to experiment until you find what suits you best. Invest time searching for personal finance software and personal finance tools to help meet your financial goals. Happy Budgeting!
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Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.
Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.
Backed by Solid Credentials: MBA in Finance Canadian Investment Funds (IFIC) Graduate Masters Degree in International Business Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting
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