Are there any apps for monitoring expenses?

In the digital age of modern Calgary, where 85% of Canadians do not use cash regularly, mobile apps for expense tracking have become indispensable tools for financial planning and budgeting. Home to over 80% of Alberta's fintech companies and recognized as one of North America's top 30 fintech hubs, the city offers residents a wide range of both national and locally developed solutions for managing their personal finances. From traditional banking apps from major Canadian banks to innovative startups such as Neo Financial and Helcim, Calgarians have access to the latest spending control technologies.

A unique feature of the Calgary market is the combination of global leaders in the fintech industry with local innovations created specifically for Canadian needs. With over 150 fintech startups in the city and $383 million in investments in the province in 2024 alone, the digital financial tools ecosystem continues to expand, offering consumers increasingly personalized and functional solutions for managing their spending. These apps not only help track spending, but also integrate with the unique features of the Canadian banking system, tax structure, and consumer loyalty programs.

National leaders: proven solutions for expense control

YNAB (You Need A Budget): best for strategic planning

YNAB has been named the best app for achieving financial goals in 2024 by Forbes Advisor and consistently ranks first in Canadian financial expert ratings. The app uses a zero-based budgeting philosophy, where every dollar of income is assigned to a specific spending or savings category, creating a proactive approach to financial planning.

YNAB's unique system includes four basic rules:

  • Give Every Dollar a Job (every dollar has a purpose)

  • Embrace Your True Expenses (planning for irregular expenses)

  • Roll with the Punches (flexibility when you go over budget)

  • Age Your Money (reduce dependence on your next paycheck) This methodology has helped users save an average of $600 in the first two months and over $6,000 per year.

YNAB offers a complete ecosystem of apps for web, iOS, Android, iPad, Apple Watch, and even integration with Alexa. Family features allow up to six people to share a single subscription, making it cost-effective for households. The cost of $14.99/month or $109/year after a 34-day free trial may seem high, but statistics show that 91% of users have changed their relationship with money for the better.

Calgarians will especially appreciate the ability to plan seasonal expenses and create funds for irregular payments, such as winter heating or summer vacations. YNAB allows you to plan several months in advance, which is critical in an economically cyclical city like Calgary.

Mint (until closure in 2024): transition period and alternatives

Mint was the most popular free budgeting app in Canada for over a decade, but Intuit announced its closure on January 1, 2024. This created a significant imbalance in the market and forced millions of Canadian users to look for alternatives.

Mint's advantages included:

  • Full integration with Canadian banks
  • Automatic transaction categorization
  • Free access to credit scores
  • User-friendly interface

Former Mint users are actively discussing alternatives on Reddit and other platforms. The most common recommendations include YNAB for serious budgeting, Buxfer for Canadian specifics, and PocketSmith for long-term planning.

PocketSmith: Advanced Financial Forecasting

PocketSmith stands out from its competitors with its powerful cash flow forecasting and long-term planning capabilities. The app can forecast your financial situation years in advance, making it indispensable for planning big purchases like a home in Calgary.

Pricing plans:

  • Free — basic needs
  • Premium — $12.95 USD/month
  • Super — $24.95 USD/month (unlimited accounts, advanced analytics)

The tax planning and RRSP/TFSA management features are especially useful for Calgarians. The cash flow calendar allows you to visualize upcoming payments and income, which is critical for energy sector workers with variable bonuses.

Canadian banking apps: integrated solutions

TD MySpend

A specialized tool for tracking spending and savings, integrated with all TD accounts. Analyzes the last 13 months of spending, allows you to set goals and track progress.

RBC myFinanceTracker

Automatically categorizes expenses and creates budgets, available free to all RBC customers. Allows you to compare your spending with other Canadians.

BMO Spend Dynamics

A corporate solution for business customers: photo receipt capture, expense coding, and expense report submission. Integrated with BMO Corporate Cards.

Innovative Canadian startups

EMOH Pay

A Canadian alternative for smart budgeting with integration of all major banks. Offers AI recommendations, TFSA and RRSP support, and automatic expense tracking. The free plan makes it accessible to most users.

Butterfly: specifically for newcomers

Butterfly, developed by Credit Canada, is a unique app created by newcomers for newcomers. The app focuses on sustainable spending planning rather than detailed tracking of every penny, making it ideal for those who are just adapting to the Canadian financial system.

The app provides Canadian average expenses based on location and household size, includes questions relevant to newcomers (such as money transfers home), and does not require linking bank accounts for maximum simplicity. It is free and available in several languages.

Budgety: a new Canadian alternative

Budgety is a new Canadian company developing a user-friendly budgeting app focused on Canadian-specific needs. Although it currently works with manual entry, the company promises to add bank syncing in the near future.

Features include flexible single-category or multi-category budgets, customizable reminders (e.g., alerts when you reach 70% of your budget), and regular feature updates based on user feedback. As a young Canadian company, Budgety demonstrates the potential for local innovation in the fintech sector.

International solutions with Canadian support

Buxfer: a comprehensive financial platform

Buxfer offers comprehensive expense tracking and budgeting with support for over 200 Canadian financial institutions. The app supports all major Canadian banks, including RBC, TD, Scotiabank, CIBC, BMO, as well as credit unions such as Servus and ATB.

Unique features include multi-currency support, investment tracking, retirement planning, bill tracking, and advanced rules for automation. A flexible pricing structure allows users to choose a plan that suits their needs.

Banktrack: best for bank integration

Banktrack stands out for its best-in-class bank integration, supporting over 120 banks through Open Banking or Direct Access. The app offers personalized dashboards, customizable spending limits, and automated alerts via WhatsApp, SMS, email, or Slack.

The drag-and-drop interface makes it easy to create and customize financial reports, and affordable pricing (starting at €16.58/month) makes it accessible for businesses and individuals. High security standards include encryption and read-only access without storing banking passwords.

Specialized apps for business

Bookipi: free business expense tracker

Bookipi offers a free expense tracker for freelancers and small businesses with secure bank connections and unlimited “wallets” to separate personal and business expenses. The app is especially useful for consultants and freelancers who need to track project-specific expenses.

Features include receipt storage via photo capture, multiple budgets with different spending limits, automated categorization, and visualization via charts and graphs. The free model makes it attractive for small businesses with limited budgets.

SAP Concur: enterprise-level expense management

Concur Expense from SAP is an enterprise-grade solution for large organizations. The app automates the entire expense management process from receipt scanning to approval workflows and reimbursements.

Integration with existing systems including ERP, corporate credit cards, and QuickBooks ensures a seamless workflow for finance teams. Real-time visibility into company spending helps optimize spend and spot fraudulent claims.

Local Calgary initiatives and ecosystem

Calgary's Fintech Hub: Local Innovation

As one of Canada's leading fintech hubs, Calgary is home to unique local innovations in expense management. Neo Financial, Calgary's most successful fintech startup, has seen 150,000% growth in three years and ranks #1 on Canada's Top Growing Companies list.

Platform Calgary and the Digital Commerce Bank Foundation are providing $1 million in funding over four years to fintech startups looking to grow their business in Calgary. This creates a favorable environment for the development of new expense management solutions.

Alberta's Regulatory Sandbox

Alberta became the first province in Canada to establish a regulatory sandbox for innovative financial products. This allows fintech companies to test new expense tracking and budgeting solutions in a safe regulatory environment before full launch.

Choosing the right app: practical recommendations

For beginners: simplicity and automation

Newcomers and those just starting to track their expenses may want to consider free solutions such as Butterfly (for newcomers), EMOH Pay (Canada-specific), or banking apps such as TD MySpend or RBC myFinanceTracker.

For serious budgeting: YNAB and PocketSmith

Users who are ready to invest in a comprehensive budgeting solution will get the most value from YNAB for proactive budgeting or PocketSmith for long-term financial forecasting. Both apps pay for themselves through improved financial discipline.

For businesses: specialized solutions

Small business owners may want to consider Bookipi for free basic tracking or SAP Concur for comprehensive enterprise solutions. BMO Spend Dynamics is suitable for existing BMO corporate clients.

Combined approach: maximum efficiency

Many successful users employ a combination approach: a banking app for real-time account monitoring, a specialized budgeting app for planning and goal setting, and a business app for expense management if needed.

Calgary offers residents the widest selection of expense tracking apps among Canadian cities, combining global leaders with local innovations. From free banking solutions to premium budgeting platforms, everyone can find the right tool for their financial needs and technical skills. The key to success is understanding your financial goals, being willing to engage regularly with your chosen app, and leveraging the advantages of Calgary's unique fintech ecosystem to achieve financial wellness. With continued investment in local fintech innovation and regulatory support, Calgary remains at the forefront of digital expense management solutions in Canada.