Since 2016, prospective home buyers have been required put down at least 5% of the purchase price of a new house as a down payment - and anything less than a 20% requires mortgage insurance. But saving for a down payment isn't always easy. Luckily, there are a few innovative apps out there to help you save money and begin to take that important first step towards becoming a homeowner.
We're providing this list of apps in order to show you what's out there, but take your time before buying or using one of them in order to ensure they're right for you.
Probably the most popular financial app available on the market today, Mint [is available on the web as well as for Apple and Android devices. Mint does a lot more than just help you budget for a down payment. It can also link to your bank accounts so you can track your spending, help you identify areas where you can save and even help improve your credit score.
If you're not keen on taking the time to enter your financial transactions into your phone, Digit might be right for you. Available on the web as well as Apple and Android devices, Digit analyzes your spending habits automatically and then provides insights and recommendations. Digit also lets you save up automatic deductions so you can save up for a large financial goal (such as a down payment).
Qapital is a useful app for people who have trouble sticking to a budget. It lets you set up a "guilty pleasure" rule that automatically sends money into a savings account whenever you spend money on a fancy restaurant or expensive night out. Qapital is a mobile-only app that can be used on any Apple or Android mobile device.
Short for "You Need a Budget," YNAB can be used on the web, Windows and Mac computers, any Apple or Android mobile device, and even Alexa and the Apple watch. YNAB is perfect for people who have never set up a budget before and want easy yet thorough control over their spending habits. YNAB also has lots of tips and useful information on their online forum.
Available for Windows, Android, and Apple mobile devices, IOU helps you keep track of all of your debts. Whether you owe your friend $5 for lunch or the bank $5,000 for a car loan, IOU helps keep you stay on top of how much you owe and when you need to make your next payment.
Not a financial planning or savings app, Gas Buddy allows you to find the closest pump with the best prices and remind you when it's time to do things like getting an oil change, all in an effort to save you money. Gas Buddy is available as an app for both Apple and Android mobile devices.
Checkout 51 is the first coupon/rebate app designed specifically for Canadians. The app shows you special price offers from nearby stores and gives you cash back on groceries and other common items. Available in both French and English, Checkout 51 works on both Apple and Android mobile devices.
A Groupon company, Snap is similar to Checkout 51 in that it offers savings on everyday items as well as cash rebates. But Snap also often includes rebates on fresh fruit and vegetables, not just dry goods and other non-perishable food items.
Available in both French and English, Flipp essentially scours all the advertisements from local retailers to show you what's on special near you. Flipp also includes coupons from leading manufacturers to help you save money on everyday purchases. Available for both Apple and Android mobile devices as well as on your desktop computer.
As the name suggests, Ebates is an app dedicated to giving you cash back for purchases at top retailers like Joe Fresh, Lululemon, and Amazon. You can even set up alerts to notify you of great details. Unlike other rebate apps, Ebates is strictly for Canadians and is available in both French and English. Ebates works on the web as well as both Android and Apple mobile devices.
Zweet is an easy-to-use digital coupon app that offers substantial savings on everyday food items and supplements. Once you've loaded it on your Android or Apple mobile device, you use Zweet to take photos of your store receipts in order to get cash back as well as points towards future rewards. Available in both English and French.
By unleashing the power of your mobile device, it's easy to take control of your spending as well as find great details on everyday items like groceries and fuel for your car. When you're empowered to see where your money is going, control your spending, and save on prices wherever possible, it's easy to put away enough for a down payment on the house of your dreams.