Since summer travel is at an all-time high, I wanted to share some of my go-to apps to help you prepare, enjoy and SAVE for that vacay (let’s face it, we’re all in need of a little escape after a few years of ever-changing travel restrictions). Unfortunately, I don’t have any advice for helping track down your lost luggage (aside from maybe flying carry-on), but I DO have some thoughts about everyone’s favourite word, BUDGET! Whenever you see the word budget, I want you to think of a much less scary word: BALANCE. It may not feel glamorous, but having a proper budget can help you save AND spend wisely while enjoying your holiday – one that you will be truly grateful for – during those post-vacation blues.
So how does one effectively balance travel these days? While some may turn to that tried and true Excel spreadsheet to keep them on track, a mobile app may be the future of your vacation expense tracking! Here are a few apps that may be worth testing to see if they work for you!
First up is YNAB. What’s great about this app is that the company offers a free trial for 34 days (no credit card required); after that, the cost is $98.99 annually. While on the costlier side, users seem to be paying for a high degree of privacy and security when it comes to syncing banking information and other personal data, which is… frankly, a MUST. Alternatively, you can manually enter each transaction, helping you to be fully mindful of your spending. YNAB also offers a proactive budgeting approach, enabling you to set limits BEFORE you spend, rather than a reactive one that tracks what users have already spent.
Here’s the gist of how it works! After signing up, the user creates a budget and assigns every dollar a purpose, such as accommodations or a car payment. The goal is to eventually get at least one month ahead, so you’re spending money you earned 30 days ago and not money you don’t have yet. A Bonus – you also have extensive access to educational resources and customer support to keep you on track.
Check out the website for more information and how the app works.
Next up, I looked into Mint, which is the one I hear about most often, mainly because it’s free and easy to use for balancers of all levels. If you’re fine with receiving some ads while using the app, then I’d stick with the free version. If not, Mint presents a premium option that you can opt into for around $4.99/month. Just like other budget apps, you can sync your financial accounts within the app or manually add transactions as you go. Something that might be worth noting is the app’s potential inability to link up with some of Canada’s smaller banks and credit unions. My favourite part about Mint? The app automatically organizes your spending into categories, giving you a more wholesome glance at your spending. The app also offers monthly bill tracking, including payment reminders to avoid pesky late fees.
What I found interesting about this app is the new “Bill Negotiation” feature. This feature flags Mint users about monthly service payments that might be reduced with some bargaining and then hands these off to a third-party service, Billshark, to negotiate on their behalf. Of course, Billshark takes a cut of what they saved users, just like any other third-party company, but hey, it might be a worthwhile endeavour.
Check out the website for more information about the various features and free educational resources.
Wallet: Budget Expense Tracker
Next, I looked into Wallet: Budget Expense Tracker. Similar to the apps reviewed above, Wallet gives users an informative overview of all their financial activity. There are three different versions of this app, each with its own set of features, but the free version’s main difference is that you can’t automatically sync to your bank accounts or add additional information for family members. This app feels like it would work especially well for goal-oriented individuals because it shows users how to set specific goals (like saving for a vacation) and then helps the user actively stay on track by carefully monitoring their finances. Wallet will also let you know if your spending and saving habits line up to make your dreams a reality! Users can make customized budgets and set up systems that work best for them to manage various debts and payments. It even allows you to take pictures of receipts to be archived… how trendy!
Check out the app profile in your phone’s app store to view all the other neat functionalities of the Wallet app.
Last but not least, I wanted to review Zeta as it’s one of the few budgeting apps geared towards couples. Whether the couple lives under the same roof or not, users can sync various accounts to track spending, set joint goals, and manage bills together for free. A few standout features include sharing controls (no rock-paper-scissors for who gets the remote,) shared and personal budgets (balances), and bill reminders depending on where you are in your relationship. Unfortunately, the only thing users can’t take advantage of in Canada is the Zeta Joint Card, so they may have to manually send money via their traditional bank accounts by e-transfer. However, whether you’re a user or not, what people worldwide can opt into is Zeta’s Money Date Mag, an online publication covering love and money in the modern age that includes articles to help boost your financial knowledge.
Check out the Zeta website to see if their app might be a good fit for you and your travel buddy, and plan for that dream holiday.
While maintaining a balance may be on many people’s back burner, it’s a good habit to get into to ensure that you’re aware of your financial practices and that you’re able to reach your financial goals. As I said, if you’re in the habit of manually tracking your spending in an Excel sheet (how vintage of you!), then don’t let this interrupt your flow! However, if you find it too tedious of a task (who might I ask, doesn’t love to excel like me?!), you may want to look into some budgeting (balancing) apps to help automate the process!
For more finance-focused information that will help keep you on track (minus the confusing industry jargon), ensure you’re following me on social (Instagram + Facebook + LinkedIn)!
