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Ways Your Mobile Can Help with Budgeting

For many of us, our mobile bill is one of the most expensive hits on our wallets each month. But it doesn’t just have to cost you money - your mobile can also save you money. How? By putting budgeting capabilities right at your fingertips. It doesn’t have to be a complex, time-consuming process, either. There are so many ways to easily and quickly keep track of your spending and saving - down to even the smallest daily purchases. Check out these three ways mobile budgeting apps can help you manage your money.

Mobile Budgeting with Banking Apps

Gone are the days where you have to wonder before making a purchase: Do I have enough in my bank account to pay for this? With mobile banking apps available from most financial institutions, you can pull out your phone, enter your password (or even use TouchID technology) and find out how much is in your account in just seconds. Making it a habit to check your account balances at least a few times a week - if not once a day - can help you avoid expensive overdraft fees. Here are a few other perks to mobile banking apps:


  • Make deposits, account transfers and bill payments. Within your banking app is the power to make cheque deposits using your phone’s camera, so you don’t have to wait. You can also transfer from your chequing to your savings, helping you reach your savings goals faster. Paying bills on time is easier when you can do it right from your mobile.
  • Set limits and goals in your accounts. Some banking apps offer a nifty budgeting feature that allows you to set limits on how low you let your bank account run or set goals within your savings accounts to let you know when you reach a savings milestone.
  • Travel and wire money. While not available in every mobile banking app, some larger financial institutions even let you book flights within the application. Others make it easy to wire money all over the world or use money converters for travelling. You might even be able to check your points balance and redeem those points for gift cards or flights.

Mobile Budgeting with Money Management Apps

If you want a more in-depth money management practice, look beyond banking apps and towards budgeting apps. There, you’ll find a wide range of tools to help you manage debt, save for special occasions, or even just track your spending. Here are a few recommended budgeting apps.

Mint Personal Finance App
Connect all your bank accounts in one place and track all withdrawals and deposits. You can label spending to get detailed reports on where your money is going so you can adjust your spending where and when needed.

Receipts App
Don’t stuff those purchase receipts into a shoebox. Neatly file them in the digital space in the Receipts app. All you have to do is take a picture of the receipt and the app will do the rest, such as categorizing the entries. On non-Apple mobiles, look for SmartReceipts Pro.

Debt Minder
If you’re looking to get out of debt, then managing your bill payments is the first step. Debt Minder lets you file all of your debts like credit cards and student loans and set them up based on interest rates and level of importance so you can watch those numbers tick down over time.

Mobile Budgeting with Investment Apps

Mobile apps aren’t just good for budgeting, though. Your phone can make you money with the use of investment apps - and there’s an app for every level of investment experience. For the investing pros, Questrade’s app is a robust trading app that has lower fees and a wide range of trading options. Weathsimple offers commission-free trades with no account minimums - good for the beginners. And if you think you don’t have enough spare change to invest, then you haven’t met Mylo, the micro-investing app that rounds every purchase up and invests the change. So, for example, if you make a $1.71 purchase for your Double Double, Mylo takes the remaining $.29 and invests it.

Of course, this should not be used as investment advice; make sure to seek out professional opinions prior to investing!

Other Ways to Manage Money Using Your Mobile

Besides mobile budgeting apps, there are also other ways you can use your phone to manage your money. Here are a few additional ways you can track your spending and save money.

Create Lists. When you go to the store, it can be easy to overspend by picking up items that you don’t really need. One way to avoid this is to use your mobile to make a shopping list that you stick to. There are a couple ways you can go about this. One, you can use the Notes app to write down the list yourself. Or, you can use store apps to create a list and get an idea of what the costs will be before you ever get there.

Use the Calculator. Knowing how much you are going to spend, factoring in all associated fees and taxes, will do wonders for your budget. You can either use the calculator app that comes with your phone or download a sales tax calculator such as this one to help you figure the costs based on your province.

Curate Digital Coupons. Save big every time you shop with coupons, by either downloading the particular store’s app or by downloading a coupon app that offers savings at multiple participating stores. For more tips on saving with coupons, check out this article.

With so much technology right at our fingertips, we can quickly transform our mobile into a budgeting tool that we can take with us anywhere. Between banking apps, budgeting apps, investment apps, and even other tools to manage money, you’ll get back on track in no time! And if you need a little support along the way, reach out to 310-LOAN to see how we can help with a payday loan today!

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