Best Money Apps Round-up

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Posted in Money Tips
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

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Save Money From the Palm of Your Hand!

In today's technology filled world there are more resources and tools available to us than ever before. Although the traditional pen, paper and calculator method for budgeting still works, mobile apps offer new ways to organize your money and save money.

As we end 2015 and move into a brand new year, it's a great time to make financial changes and start tracking your money to make a plan for every single dollar that comes in to your bank account. Today's episode strays from our usual guest interviews to bring you a round-up of some of the best budgeting apps out there. I interview five past guests to find out which apps they recommend and actually use when it comes to their own finances.

I strongly believe that having the right tools can help you make informed decisions about your money and get you on the right track toward financial freedom. Which tool you use to track your spending is up to you; budgeting isn't a one size fits all approach. Scott Schaefer explains that when it comes to budgeting

the key is that each person has to find what works for them and what their needs are, what their requirements are and really figure out what's going to work for them. But the key is you're tracking it, you're watching your money, you know where you're spending it so you can make some healthy choices for yourself.

Listen to the full podcast to hear about the following ten budgeting apps and how they can help you create a plan for your money and deal with your debt:

  1. Kijiji
  2. Flipp
  3. Reebee
  4. You Need A Budget (YNAB)
  5. HomeBudget
  6. Level Money
  7. Mint.com
  8. Mvelopes
  9. Mobile Banking Apps
  10. Financial Product Comparison Sites including Ratehub.ca

Read the full transcript below.

Resources Mentioned In the Show:

Guests Interviewed In This Episode:

Recommend A Budgeting App

We want to know which apps help you budget your money, save for the future or pay off debt. Let us know what your favourite financial app is and why it works for you in the comment section below!

FULL TRANSCRIPT show #69 with various financial experts

budgeting-apps-transcriptDoug Hoyes: Today we've got a special show for you here on Debt Free in 30. We aren’t going to talk about debt or money specifically, instead, today's show will be all about phone apps and websites that can help you manage your money quickly and efficiently.

I've got a great line up of guests today including Heather Cudmore, Jessica Moorehouse, Steve Stewart, Scott Schaefer and Alyssa Furtado. There's a lot of information in this show and if you're listening to this show on the radio or listening to the podcast on your phone or iPod it may be difficult to take notes. But don’t worry, we got you covered, ever app and website that we mention on the show today will be listed in the show notes for this show over at hoyes.com. Just do a search in the search box for podcast or apps and you'll be able to find everything we're talking about. So, let's get started with my first guest.

We're talking about apps and computer programs that can help you manage your money. I'm joined today by Heather Cudmore who is the Manager of credit counselling at Carizon. And Heather tell me about Kijiji 'cause I never thought of that as a way to help me manage my money better. But you've had some experience with it. Tell me about Kijiji.

Heather Cudmore:  Kijiji is an online classified.

Doug Hoyes: So, it's just like the newspaper from 50 years ago with everything listed.

Heather Cudmore:  But I don’t have to look and read through all of those things. What I do is there's a nice little search engine up at the top, I type in what I want, and actually you can type in the region that you want, and down pops all the different things that are on sale. And maybe not even on sale; that are deals. I'm not a firm believer of buying something new. If I can get something used, or well loved, not used.

Doug Hoyes: Well loved. I like that, well loved, yeah.

Heather Cudmore:  Well loved. If I can find an item that I'm looking for that's well loved, I'm getting a deal with that. And hopefully the family who are giving it to me realize it's going to another family who's going to well love that item.

Doug Hoyes: So, give me an example then of something that you could be looking for there that you would end up buying?

Heather Cudmore:  Basketball net.

Doug Hoyes: Basketball net.

Heather Cudmore:  I have a nephew who wants to practice basketball to get on the basketball team at school.

Doug Hoyes: So, these are one of these big things you put in your drive way, ten feet tall, you fill the base up with water or sand or something. And so what does that cost when I go to the store to buy one brand new.

Heather Cudmore:  I think they're about $400 or $500.

Doug Hoyes: So, many hundreds of dollars.

Heather Cudmore:  Many hundreds of dollars. Actually, you already know around your neighbourhood there's somebody at the end of the lane way who's got one of those who's probably sooner or later going to put a free sign on top of it. I don’t do a whole lot of driving around in the neighbourhoods so I go to Kijiji.

Doug Hoyes: So, you can type into the search engine "basketball net".

Heather Cudmore:  Yep.

Doug Hoyes: And then when one comes up in your geographic area where some guy wants $20 for it.

Heather Cudmore:  I'm there.

Doug Hoyes: You're there. Okay cool and that's an obvious way that you can save money by not buying something brand new, but helping get rid of something somebody else wanted to get rid of.

Heather Cudmore:  Because your kids are growing up and you're not going to need that sporting equipment. You know, the basketball nets, the hockey nets, you know, they're probably taking up room in the back of your garage and wouldn’t it be nice to yeah, let some other family have it?

Doug Hoyes: So, you can make a couple of bucks getting rid of it. The person who needs it saves a huge amount of money. So, Kijiji is one area where we've got our own little marketplace, what about ways to save money through technology when I'm shopping at a regular store, then? What have you got on your phone, your iPad that helps you do that?

Heather Cudmore:  My two best apps for shopping is Flipp and Reebee. They're the sales flyers.

Doug Hoyes: So again, these are just like the flyers I used to get in the newspaper, but now they're on my phone.

Heather Cudmore:  Yes.

Doug Hoyes: And so how is that better? Now I'm reading this flyer on a tiny little phone instead of being able to spread it out on my table. That doesn't sound better to me.

Heather Cudmore:  Well, yes it is because when I'm looking at those two apps I don’t go through and look through the whole flyer. What I try to find out is things that I know are going to be on sale. Ketchup, let's take ketchup for example. Ketchup is always on sale. So, I can just do a search and both of those apps will tell me where ketchup is on sale. That's if I run out of ketchup.

But the typical person that looks through a flyer will go through and buy extra things. Not only is ketchup on sale, this is on sale, that's on sale. Or they may not be on sale because yeah, you can't always trust the sales flyers with things that are on sale. But I go through and I look at all the different pictures. And oh wait I could use that, I could use that, I could use that. Where if I'm only using those two apps, I sign on to what I need to buy and I find out where it is on sale. Now the next thing too is because I live in the city and I drive in and out I drive by all the great places to buy groceries at. So, I don’t make a special trip to one store just to buy something that's on sale. I'm driving by.

Doug Hoyes: So, you know that store ABC has the laundry detergent on sale this week and you need it, you're going to be buying it in the next week or two anyways so great, I stop in there, I get that and all I'm looking at is the thing I needed to buy and that's why looking through the flyers isn’t a great idea 'cause you say hey I'd like that, I like that, you can really narrow it down. And these apps that you mentioned, they're covering more than one grocery store, then.

Heather Cudmore:  Actually they cover not only grocery stores, all the retail stores out there, everything.

Doug Hoyes: So, I don’t have to look through stores ABC's flyer, I'm looking in effect at every single flyer, not at the store but at the thing I want to buy and I can save a significant amount of money by doing that.

Heather Cudmore:  Yeah, I go back to my plan. How much money do I have to buy for groceries this week? What else can I buy by buying all of those things on sale and getting my plan before I go there? I'm saving big money.

Doug Hoyes: Perfect. Excellent, thanks very much, Heather.

So, Heather just told us about a number of apps including Flipp. I've never used Flipp but it sounded familiar so I did a quick search on my computer and I figured out where I'd heard of it before. I first heard about Flipp in an article written earlier this year about the best free phone apps to help you organize your life. That post was written by Jessica Moorhouse, who was my guest back on show number 55 in September.

I follow Jessica on Twitter and I remember her tweeting about attending a launch event for the updated version of Flipp. So, then who better to explain how this thing works than a person who uses the app and has researched it. So, let's welcome her back on the show. Jessica, welcome thanks for being here. How are you doing today?

Jessica Moorhouse:  I'm doing well, thanks for having me.

Doug Hoyes: Great, well thanks for being here. Before we talk about this app I want to talk about when you were on the show back in September we discussed your website and I understand you're in the process of re-branding it and starting in early January 2016 your website will have a new name. So, give us the overview. What's the address of the new site?

Jessica Moorhouse:  Sure, so I'm kind of moving away from my old name of Mo Money Mo Houses and I'm just going to be known as my name, Jessica Moorhouse. So, my new website will be jessicamoorhouse.com

Doug Hoyes: And that's Moorhouse.

Jessica Moorhouse:  That's right.

Doug Hoyes: What about the podcast then?

Jessica Moorhouse:  The podcast is going to stay the same. It's still going to be the Mo Money podcast, so, no changes there. But yeah I just kind of thought it was time for a bit of a refresh. I've had Mo Money Mo Houses the blog for four years now and I'm kind of reaching 30 it's time to kind of go to the next chapter. And so, I thought just going with my personal name for my personal brand just made sense.

Doug Hoyes: Excellent. And well, for a guy who's company's website is hoyes.com I'm fully on board with what you're doing. I think it's a brilliant idea. So, I will put links in the show notes to both the new website and to the link to iTunes, which is probably the easiest way to get your podcast. So, now tell me about Flipp. So, tell me about this app. What is it? How does it work? What can you use it for?

Jessica Moorhouse:  For sure. It's basically a free app that you can just put on your phone. And it's really handy to save you money when it comes to buying household goods and groceries. I was actually just at the grocery store the other day and we did make kind of a haphazard list right before we rushed out the door. But then when we got there we were like, huh, let's actually look at the Flipp app and see what's on sale. We were at Sobey's so what's on sale at Sobey's today. But what's great is you can plug in your postal code of wherever you are and it'll show you what's on sale at the grocery stores in your area. So, you can kind of maybe decide maybe where to go based on who has the best deals.

Doug Hoyes: So before I go to the store I can say I need to buy laundry detergent.

Jessica Moorhouse:  Exactly and you can just use the app, type that in. You can type in specific products. Say you need laundry detergent and it'll show you in your kind of area where you should buy it for the cheapest price.

Doug Hoyes: Got you. And then you can kind of plan there.

Jessica Moorhouse:  Exactly.

Doug Hoyes: The app is right on your phone you said. And what does the app cost you?

Jessica Moorhouse:  It's free. That's what's great. It saves you money and beyond just doing kind of the price comparisons, which I do find very helpful, it also has all the flyers so you can kind of flip through them and kind of make a grocery list that way. There's also grocery list features so you can actually make a list in the app to save you some time. And it also shows you coupons. So, if something on sale, maybe there's also a coupon you can use and you can use it that way. And you can save it onto your phone, but I think in order to use the coupons you do have to print them at home.

Doug Hoyes: Excellent. So, it's free, you can plan in advance or even if you happen to be standing at the grocery store you can still take a quick look and see what's out there. So, kind of a no-brainer then in terms of an app to use.

Jessica Moorhouse:  Totally a no-brainer for sure.

Doug Hoyes: I like that free and a no-brainer. So, final question for you and that's great, that's an app people can check out and again I'll put links in the show notes. Neither you nor I are getting paid anything to be promoting this. We're just telling people that this is something that's a good thing. That's why we're talking about it.

Jessica Moorhouse:  Yeah, it's a good app.

Doug Hoyes: So, final question for you. Do you have any other advice for consumers who want to save money but perhaps don’t have the time or inclination to be using apps and other technology to shop around? What would be your one piece of advice for people looking to save money?

Jessica Moorhouse:  Sure. Well, I guess in terms of grocery shopping and buying stuff for the home, my number one thing is never go shopping hungry. I always spend way too much money when I go to the grocery store and I haven’t eaten dinner yet.

And also the second thing is just kind of be smart about it. So, if you don’t want your grocery bill to be $200, then really look at what you're spending your money on. Maybe you shouldn’t buy crackers, and crackers aren’t even good for you. So, cut that out. Or lots of the things that are pre-made or not healthy for you they're also some of the most expensive things. So, that's some of the things that I do to save money is, you know, we don’t buy cookies, we don’t buy dessert, we don’t buy some of those fun, yummy things because they're not really good for us but they also cost more money. So, we just kind of focus on what's good for us and usually that's stuff that's worth spending the money on, like meat and vegetables and stuff like that.

Doug Hoyes: And so ultimately, if you don’t need it, don’t buy it. You can't go wrong.

Jessica Moorhouse:  Exactly. If you don’t need it, don’t buy it. And you know what you need, you know. You don’t need that bag of chips, just put them down. [laughter]

Doug Hoyes: Stick with that. Well, that makes perfect sense. I appreciate that, thanks very much for being here, Jessica.

Jessica Moorhouse:  My pleasure.

Doug Hoyes: So, Heather and Jessica have told us about some apps to help us with managing with our spending, what about taking it to the next level and actually doing your budgeting either with an app or on the computer? Let's talk to my guest and find out more.

I'm here with Steve Stewart who we've talked in the past about various elements of credit and debt, so, Steve, I'd like you to tell me some practical things either tips or computer programs or apps or tools that you've used in the past that have helped you manage your personal budget, your household finance, your money in general, what kind of stuff do you use?

Steve Stewart:   I'll tell you what the biggest game changer is for me and it's a budgeting program called You Need a Budget. We call it YNAB for short. It's not mine, it's something Jessie Meacham created. It started as a spreadsheet and it developed into this wonderful software program. It's cross platform so it can be installed on PC's or Macs and you can tie them together using a program or a service called Drop Box or use Google Drive. And what that does it keeps all your data in the Cloud so that if one person on one computer enters something, like my wife gets home from the grocery store and she enters it on her computer, in 10 seconds it's on my computer. It shows that that money has been spent.

So, not only does it show me what we budgeted for the month, but it also keeps track of our spending during the month an we've been able to keep track of how much we have left. Not only that, they have free iPhone and Android apps so that while I'm out and about myself, like if I'm at the gas pump, as soon as that pump clicks off, I open up the YNAB app on my phone, I enter the transaction there and again 10 seconds later it's already updated on our home computers. We don’t have to worry about this pile of receipts we have to enter at the end of the week. We don’t have to do all that stuff. And we just found that it's very easy to keep track of our spending throughout the month so we don’t bust any of my categories.

Doug Hoyes: And obviously this is a radio show not a video so we can't hold it up and show people who are driving in their cars right now listening to this. So, I'm at the gas pump and I pull out my Android phone, my iPhone, whatever I've got. I click on the button to open up the app, and then does it have like some kind of drop down menu where I can select gas station, grocery store, that kind of thing?

Steve Stewart:   What's even better about YNAB is that you start by opening up your app, you enter a transaction and it already recognizes if you've been there before and you've let it save the location, it's a GPS enabled option, it already fills in that thing for you. And it might even recognize if I'm at the gas station, I'm probably buying gas so it helps to make that entry go by even quicker.

Doug Hoyes: So, really all you're doing at that point is entering the $20 you spent and that's that.

Steve Stewart:   Pretty much.

Doug Hoyes: And so can you spell that out for us? So, how do we find this thing?

Steve Stewart:   You find it at youneedabudget.com

Doug Hoyes: youneedabudget.com, perfect. And that's both got a phone app and something that you can use right on your desk top.

Steve Stewart:   Uh huh.

Doug Hoyes: Fantastic, that's a great tip. Thanks very much, Steve.

Steve Stewart:   Thank you.

Doug Hoyes: We just heard Steve Stewart talk about YNAB or You Need a Budget. I want to give our listeners as many ideas as possible so I'm joined now by Scott Schaefer a Hoyes Michalos trustee, who's based out of our Kitchener and Stratford offices. Scott, thanks for joining me. YNAB is a great budgeting application; you've done some research on a few others, so tell me about some of the others that you've found.

Scott Schaefer: I find there's four other ones that I find a lot of people that I deal with are using nowadays. Each one has different features; each one affects or works differently for different people. For example, there's one called Home Budget. It's probably the more expensive version, it's $4.99. It's not that much money but it's a little bit more money where a lot of them are free. This one's really neat because it does a lot more family sharing. So, couples can use it together. They can sync their budgets, they can work together as a team. So, it's a little bit more dimensional for those type of situations.

Where other ones, if people like a bear boned, a basic version of something, there's one called Level Money. It's a no frills app. It connects to your bank accounts, your credit cards so it sucks the data in for that and it's pretty much a no frills, it's just a free app it just tracks the details and then kind of spits out the reports for people.

If someone wants a lot more detail there's another one called mint.com. It does all your basic budgeting features, it does all the tracking and it scans in all your bills and all that kind of stuff, but it also tracks a lot more of your financial health and your wealth and different things like that. So, you can tie in more investments, you can tie in your overall portfolio so it goes above and beyond just your monthly budgeting.

If people like the envelope system, well they've created a version for your phones as well. It starts off with the letter M and then it starts with a V of envelopes so it's menvelopes. And it's your envelope system banking but it's done strictly through your phone. So, no longer do you need to stuff the money in the envelopes you do it all through the app itself so it kind of segregates it that way.

So, those are my four go to apps that I find people are using. The key is each person has to find what works for them and what are their needs, what's their requirements and really figure out an app that's going to work for them. But they key is you're tracking it, you're watching your money, you know where you're spending it so you can make some healthy choices for yourself.

Doug Hoyes: Yeah, and you're right, everybody is different. Some people want the free app, some people are willing to pay a few bucks, some people are more worried about security issues, I know. Some people are worried with things like [min.com] for example, which has access to your banking information so that's great because it can summarize it all for you, allocate it all for you but maybe you're uncomfortable about having a third party access your information.

So, you've got to decide for yourself what makes the most sense. And I think it certainly makes sense to research two or three of them, try them out. Most of them have trial versions so you can see what works for you.

Now those are budgeting apps, what else do you see with respect to using your phone? And I guess let me ask you the obvious question, we just talked about banking, well, I assume all of the banks have an app on their phone. I know the bank I'm with, I can look at my account on the phone, obviously I've got to punch in my password and everything. Do you find more and more people are accessing their bank account on a mobile device?

Scott Schaefer: Absolutely. It's right there. It's instantaneous. You always know what's going on. I mean at first we used to have to go see tellers, then they had phone banking and then there was online banking and now we bank on our phones. So, the banks have evolved their apps continuously, I just noticed that PC Financial has just done an update. Every bank out there has an app that can track your money.

But it's tracking your bank accounts, it's not actually tracking your spending habits. So, it's great to look at what you have for knowing what's in your bank account, what's on your credit cards, what you're spending. But it doesn’t track every dollar that you spend in cash, or otherwise.

There are some really cool features coming out. Tangerine's got one called Small Sacrifices. So, it's encouraging people to save money so if they choose not to go out for lunch that day where they normally would go out, they hit the small sacrifice button and they type in the amount that they would have spent on lunch and that money is taken from their bank account that they would have spent otherwise and it gets transferred into their savings account. So, the banks are starting to become a little bit more creative with making the apps a lot more interactive.

One good feature I do find is the ability to send money or transfer money through the app. So, if you're trying to save money and you want to put it into a special savings account, all the banks have now on their apps, a little button you can hit that says transfer or send money. And you can send the money to your savings account, which may be at a different bank so you don’t see it every day, you just put the money out of sight out of mind and you just transfer it and start saving money that way.

Doug Hoyes: And I guess what you're saying is a banking app is for managing money. So, I can see what transactions have gone through my account. But it's not a budgeting app, it's not allocating them to groceries and gas and all my other expenses; so for pure budgeting it's probably not going to be your banking app. But if you are wanting to actually move money around, then that's what the banking app is for. So, there's really two different things, there's a budgeting app and a banking application.

And I think that, the Small Sacrifices for example is a good one, that if I really want to be focusing on saving money then I skip lunch, hey great I'm going to, I brought my own lunch today, I'm going to throw $10 in my savings account. If I can do that right from my phone, then it makes it really easy. I don’t have to go back to the computer, like you said I don’t have to go into a teller. And that's what we're talking about, it's ease of use right in front of you and that's what's going to make it more powerful to use.

Scott Schaefer: Absolutely.

Doug Hoyes: Excellent. So, I appreciate that and I think the final point for everyone to understand is, we're not necessarily endorsing any of these apps. We're not necessarily recommending them, the purpose of today's show was to give people as many different options as are out there.

And I know it's kind of hard when you're listening, particularly if you're listening to this on the radio in your car or something to remember all this stuff, so what we're going to do is put links to everything on the show that we talked about today over at our website at hoyes.com. So you can click on the links find all these apps. Most of what we talked about today are free apps; so, it doesn’t cost you anything to use them and that way they're all there. Try them out; test what works for you. It's got to be something that works for you or else there's really no point to it. So, Scott thanks very much for joining me today.

Scott Schaefer: Thanks for having me.

Doug Hoyes: Thanks very much. We're going to take a quick break and then come back to wrap it up. You're listening to Debt Free in 30.

Let's Get Started Segment

Doug Hoyes: It's time for the Let's Get Started segment here on Debt Free in 30. I'm joined now by Alyssa Furtado who is the founder of Ratehub.ca which is not an app per se but it is a website which works perfectly well on your mobile phone so you can certainly think of it as an app. Alyssa tell me what Ratehub.ca does and why should our listeners care about it?

Alyssa Furtado: Ratehub is a financial product comparison website built exclusively for Canadians. And so, our users come to our site and they tell us a little bit about themselves. If they're looking for a mortgage, what type, what term, what city they're located in. And we help them find the best products. So, on the mortgage side we show them all of the rates that are available sorted from lowest to highest and also show them some of the features that go alongside products. So, in the mortgage space, things like the pre-payment options, the length of time that they can hold their rate for and really just try to empower the user to make the best financial decisions.

Doug Hoyes: What does it cost to use this site?

Alyssa Furtado: For users it absolutely free and we're able to make money from the website by charging people to advertise on the site or forming connections. If the user wants to talk to one of the mortgage brokers we will make a direct connection.

Doug Hoyes: I'm a bit of a cynic, so I always like to ask the cynical questions here. So, is this - like when I click on and get referred to a lender am I always going to that same big bank? That's where it all goes to, this is just a front for one guy?

Alyssa Furtado: No, definitely not. And on the mortgage side we work with over 50 brokers across Canada. We list all of the banks. The banks don’t pay us for leads and connections, but they do a lot of advertising with us and we just send the user directly to the bank's website. So, basically whoever that user wants to get in contact with, we very happily make that connection.

Doug Hoyes: And so, if I want the best rate on a mortgage, then your site is going to show it to me with the best rates up at the top then, that's how it works?

Alyssa Furtado: Exactly.

Doug Hoyes: And, is it as simple as well pick the lowest rate, that's all that matters?

Alyssa Furtado: It's a good question. I think that features are very important. So, if you're looking for a credit card for example, first of all you want to figure out are you paying off your balance each month. If so, a rewards credit card that offers a lot of great points and bonuses would be most appropriate.

However, if you are carrying a debt or worried about your ability to re-pay, you'd want to be looking at a balance transfer credit card or low interest credit card. So, it's definitely important to think about what's most important to you, and then look for the specific products and features that are going to help you achieve your goals.

Doug Hoyes: And so, really your site is about empowering people to do some thinking for themselves. Is that what it comes down to?

Alyssa Furtado: Exactly. And so when we're talking about Ratehub, we often focus on the rate comparisons or the product comparisons. But it is important to mention that we do a lot of our traffic and a lot of our users really appreciate all of the calculators that we've built, all of the education centres and content. And I think that they're just as excited about that as actually the comparison products.

Doug Hoyes: So give me an example of a calculator, then?

Alyssa Furtado: A great one would be our mortgage payment calculator. Many calculators online show you, okay what's your mortgage, and they'll show you your payments. But ours actually takes into account what you're putting down, shows you things like CMHC Insurance, calculates your land transfer tax for you by city, shows you any rebates if you're a first time home buyer and that actually shows you how much you should expect to pay on the day your house closes and how much you should be expected to pay each month to carry the mortgage.

Doug Hoyes: Wow. So that's something pretty powerful then 'cause we all go, okay I'm buying a house, the mortgage rate is this, this is what I got to pay, but it's more complicated than that. There's a lot more to it than that and yours builds that in. So, you can actually tell if I live in Toronto or, I mean obviously I have to tell you, but whether I live in Toronto or Windsor or Barrie or wherever it will figure out land transfer taxes based on where I live?

Alyssa Furtado: Exactly.

Doug Hoyes: Wow, that's very cool, then.

Alyssa Furtado: Yeah, so those are a lot of the tools that consumers really get excited about 'cause again, they're empowered with information.

Doug Hoyes: And that's the idea, if you do some research upfront you can find some things out. And it's not just for mortgages what else does your site cover?

Alyssa Furtado: So, we also compare credit cards, GIC's and high interest savings accounts.

Doug Hoyes: So, if I have already paid off all my debt and I've got money sitting in the bank then I can go to your site and figure out where the best place is to put my money.

Alyssa Furtado: Exactly.

Doug Hoyes: And in your experience, 'cause you've been doing this for a number of years now, is there really a difference? Like am I going to get basically the same mortgage rate anywhere or does it matter?

Alyssa Furtado: No, there's definitely large differences. And most of the research shows that you'll get a lower rate or a higher rate depending on the product that we're talking about; mortgages versus GIC's. The more you shop around, the more quotes you get. And so, if you just walk into one financial institution and they know that, they're very unlikely to get very competitive with their rates. Personally, for my mortgage I went with a local credit union who was doing a very large campaign to get a bunch of new customers on board. And so they had very low rates that ended up saving me thousands of dollars over my five year term.

Doug Hoyes: So, this is not something trivial. These are big numbers. Excellent. So the website is Ratehub.ca and it's completely free for users to get quotes, to use the calculators, read the blog and making use of all the other resources. Great, thanks very much for being with me today, Alyssa.

Alyssa Furtado: Thanks so much for having me.

Doug Hoyes: Thank you.

Doug Hoyes: Welcome back. On today's show my guests shared with us a lot of great ideas on many different apps that can help us manage our money and save money quickly and easily.

So, as we move through 2016, let's resolve to make our lives simpler by using some of the great technology that exists today on our phones, in the palm of our hands.

We covered a lot of different apps. So, for a full list with links to everything we discussed today, please go to hoyes.com for more information. Thanks for listening, until next week, I'm Doug Hoyes. That was Debt Free in 30.

About J. Douglas Hoyes

Doug is our co-founder and is a Licensed Insolvency Trustee, Consumer Proposal Administrator, certified Insolvency Counsellor and Chartered Professional Accountant.

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