Summer is a lot of fun, but it can also be a costly time of year. By the time fall rolls around, you may be looking to get your finances back on track. Luckily, you don't have to do it all on your own! There are some fantastic apps out there that can help make your financial life a whole lot easier. Plus, they cater to Canadians with varying financial backgrounds. So whether you have a low credit score, or need to focus on saving, there’s an app that can help you achieve your financial goals.
Let’s take a look at how technology in your pocket can help you get back on track this fall.
We love KOHO because it's a modern no-fees alternative to your everyday bank account. The account comes with a prepaid Visa card that earns cash back on every purchase and an integrated app that helps you spend smarter and save more. KOHO is great for taking control of your money because you get insights into your spending and real-time balance updates after each transaction. Unlike most bank accounts, there are great features to help you build savings without even realizing it. You can use the code BORROWELL and receive an extra 1% cash back for 90 days when new users use this code on sign-up.
Most Canadians would benefit from having a financial plan, so why do so few of us have them? Cost likely has something to do with it. If you have a low income, it can be cost-prohibitive to pay for a financial plan and it also may be a little intimidating. There's also the very real feeling of not having "enough" for the future. Thankfully, Planswell has made building a financial plan completely free so you can learn where to start.
All you need to do is answer a few questions about yourself. Then, Planswell will provide you a free financial plan in less than 3 minutes. The founder’s goal was to make financial planning available to all Canadians, not just the super-wealthy, and they've definitely achieved it with the Planswell app.
Have you ever wanted to check your credit score on the go? Thanks to the new Borrowell mobile app, accessing your credit score and credit report just easier. Get your free Equifax score and report on your Android or iOS device with the Borrowell app.
If you know your credit score isn't where you'd like it to be, there's no need to panic. Molly, the Borrowell Credit Coach - Canada's first AI-powered credit coaching tool - can help you improve your score from your phone. Molly helps educate you about the important factors that make up your credit score and provides personalized tips and product recommendations to help you improve it.
For example, she’ll tell you exactly what’s impacting your credit score, such as a recent credit card inquiry or the length of your credit history. This allows you to track changes on your credit profile and see how your credit score is changing over time. Molly will also let you know how you’re doing compared to the rest of Canada.
Saving money in a traditional savings account is fine and dandy for the short-term, but if you’d like to save towards long-term goals like homeownership or retirement, it's important to invest your money. A few years ago if you wanted to invest you’d have to book an appointment with your neighbourhood bank branch. But that was then and this is now. Thanks to the invention of robo advisors, investing has become much more accessible and less costly.
What is a robo advisor? It’s a low-cost alternative to the big banks. Through a robo advisor like Wealthsimple, you can get financial advice or investment management online at a fraction of the cost. The Wealthsimple app puts a financial advisor in your pocket. Through the app, you can view your investment’s performance, add funds and secure your PIN. Whether you’re looking to invest $500 or $5,000, the Wealthsimple app works great for those just starting out.
If you’re anything like most Canadians, you live a busy life. At the end of a long day the last thing you want to do is look at your budget. This is where Mint can help. Mint is the budget tracking and planning app that helps you manage your finances.
If you’ve never used a money management app before, the first time can be slightly intimating. Mint caters to financial beginners by making the process as simple as possible. When you sign into the app, you’ll see important numbers to pay attention to, including your net worth. A newer feature MintSights takes a closer look at your finances for ways to save even more money.
We hope you enjoyed our list of the top 5 financial apps! Whether you download one of them or all of them - we know you have what it takes to get your finances back on track this fall.
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