![]() ![]() Budgets and financial plans work best together, but each serves a different purpose. In general, a budget serves to track cash flow and prevent overspending, whereas a financial plan is a written report that outlines your short and long-term financial objectives and priorities and sets out a path to achieve them. Research shows that 50% of Canadians don’t have a financial plan, which is shocking.Įveryone needs to make a financial plan – regardless of their age, income, or employment status. Based on my experience, here are a few alternatives to budgeting with : Make A Financial Plan So whether you’re looking to get out of debt, track your cash flow, or save for a specific financial dream (like a house or vacation), a budgeting app like Mint, YNAB, or PocketSmith can help you get to where you want to be.īut it didn’t work for me, so I took a long, hard look at my financial strategy and tweaked it. According to PocketSmith, new YNAB users save on average $600 by month two and more than $6,000 their first year (!). I also read some articles about some concerns about (and other apps and tools that access your information), so I decided to shut it down.ĭon’t get me wrong – a budgeting app can be an amazing tool that can help you achieve financial freedom. I moved beyond budgeting to looking at other financial factors too, such as how to start investing, whether to contribute to a TFSA or RRSP and buying a house. After establishing my career and paying off my student loans, I didn’t need to live as frugally. ![]() I needed a more flexible tool to fit my family’s finances. One month, I might be making five figures, whereas another might bring $1000. It was exhausting, and for us, it wasn’t making a difference in our spending.īut the biggest reason for quitting ? My financial circumstances didn’t fit with this budgeting app.Īs a freelancer, my monthly earnings fluctuate from month to month and trying to stick to a set-in-stone budget just isn’t doable. So I’d have to correct mistakes and be extra diligent about reviewing the numbers. Sometimes got things wrong too, by misclassifying or duplicating transactions. I Just Outgrew įor one, I found the app rather time-consuming: I’d spend an hour a day scrutinizing every financial transaction. The app even sent reminders to pay my bills on time! But eventually, it wasn’t enough. It helped me make a budget (displayed in a colourful pie chart), track my cash flow, and monitor my credit score and savings. I managed my money from one dashboard, linking my bank accounts, mortgage, credit cards, PayPal, and savings accounts to the app. At first, gave me everything I needed: a free and simple budget tool that I could use on my computer or phone. This year, I broke up with my budgeting software. Why I cancelled my account with, and what I did instead. For complete and current information on any advertiser product, please visit their Web site. ![]() Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site. ![]()
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