With national household debt ballooning to nearly 164% of personal income, Canadians over the age of 18 are facing unprecedented levels of debt and experiencing the accompanying burden of financial stress. This image below from Loan & Go Canada presents the breakdown of common types of debt afflicting Canadians:
Living frugally and being mindful of our purchasing habits can help reduce financial stress. We all try to mind our money and pay back our debt responsibly, but staying on top of it all can be difficult. With the help of insightful developers and handy mobile devices, we can use technology to keep our finances organized. Check out these free apps specifically designed to help you reduce your personal expenses!
Checkout 51 is a homegrown digital coupon app that lets you use e-coupons to earn cash back on your groceries. The company updates their new list of offers every Thursday morning, allowing the user to pick the ones they like for the week. After you purchase your choices at any store, upload a photo of your receipt, and when your account reaches 20$, they send you a cheque. This app gives you an opportunity to not only save on your grocery bill, but also to get paid to do so!
Expensify is an app that targets employees tired of filling out exhaustive expense reports for the company. It can easily be used to track everyday living expenses as well. The app lets you capture photos of receipts and their SmartScan technology fills in all the details for you. The expense is then categorized under the report (category) of your choosing. If you lose a receipt, the app can import the appropriate credit card transaction from your account. You can also track your time and mileage for business travel, creating reports quickly on the go.
The minds behind TurboTax and QuickBooks developed Mint, a smarter spending app that pulls all of your account, cards, and investments together to help track spending, develop a budget, and receive bill alerts to encourage saving and responsible spending. Custom charts and graphs give you a visual representation of how and where you are spending your money, along with tips on reducing unnecessary fees. The app also allows you to check your credit score for free with suggestions on how to improve it. Mint prides itself on its secure platform built to protect customer data.
Tracking everyday expenses can be a gruelling task for a frugal individual. Luckily, using simple financial organization apps like Checkout 51, Expensify, and Mint can make life much easier and pave the path to financial freedom. These technological tools can keep your spending organized so you can reduce your financial stress and get back to enjoying life.