In this post, we provide an overview of some innovative mobile apps that can help you monitor your investments and save for the future.
Many Canadians are experiencing higher levels of financial stress due to job loss, temporary layoff, or simply the stress of living in an economy in flux.
But thankfully it’s never been easier to monitor your investments and save with the help of some innovative mobile apps.
Mint (www.mint.com/canada)
Mint consolidates your financial accounts into a one-stop site. With over 20 million users, this free app is available for Android and iPhone and connects with most banks across Canada.
Mint categorizes your transactions (cash, credit cards, and loans) and create a budget for you based on your spending. You can set up email alerts to help avoid fees and warn you when you've overspent.
Mylo (www.mylo.ai)
Originally launched in 2017, this app has already been downloaded by more than 500,000 Canadians.
Whenever you use your debit or credit card, the payment is rounded up to the nearest dollar and the difference is invested in a personalized diversified portfolio of low-cost exchange traded funds. You can set investment goals and make one-time deposits and withdraw your money anytime.
The cost is free but portfolio manager, Tactex Asset Management, charges a flat fee of $3 each month for access to registered and non-registered accounts.
Mylo is available for Android and iPhone. The app sends you monthly cash back rewards and Mylo customers can also donate to your two favorite charities. When customers donate to Canadian charities, Mylo rounds up the amount and donates the difference.
Wealthica (www.wealthica.com)
This advertisement-free app links your accounts from more than 80 financial institutions across Canada so that you can see your financial status free. Currently, it tracks over $5 billion in investor assets across the country.
Once you've synced the app with your financial institution, you can view your accounts get transactions alerts and create a set of basic reports for free. If you want more detailed portfolio analytics, this can be added to your account for a subscription fee.