When creating monthly budgets, some people prefer cash-envelope systems, spreadsheets, or even handwritten lists of expenses. However, if you’re looking for something a little more modern, digital budgeting tools might be a better fit. Here, we’ve compiled a list of some of the best budgeting apps available.
5 of the Best Budgeting Apps Out There
Whether you’re looking for a simple way to track your spending or want to discover cutting-edge automated budgeting tools, there’s a budgeting app for you.
Financial technology companies abound, and more people are taking an interest in managing their money. As a result, new personal finance apps and budgeting tools are popping up seemingly every day. Here are five standouts worth considering.
1. Simplifi
Wondering how to automate your budget? Just download Simplifi.
Simplifi stands out among expense-tracking apps because it’s made by Quicken. However, it isn’t a standout on name recognition alone. Unlike many budget-tracker apps, Simplifi is more focused on planning for the future.
If you’re saving for a vacation or trying to build up your 401(k), Simplifi can analyze your income, goals, and expenses to create a personalized spending plan. No need to worry if your circumstances change or you have an unexpected expense—the app adjusts your plan in real time.
As personal finance apps go, Simplifi is relatively affordable. Although it doesn’t come with a free trial, it’s only $5.99 per month.
2. You Need a Budget (YNAB)
YNAB is consistently ranked as one of the top budgeting tools. It’s based around the zero-based budgeting system, which involves assigning every dollar a “job.”
That level of planning might sound overwhelming, and it’s not for everyone. However, it works for many: The YNAB website claims that on average, users save $600 in their first month and $6,000 in their first year.
YNAB comes highly recommended, but it’s also more expensive than many budgeting apps. You can test it out over the course of a 34-day trial, and if you like it, you can pay $109 for an annual membership or $14.99 for a monthly subscription. If you’re a college student and provide proof of enrollment, you’ll get 12 months free.
3. Copilot Money
If you want to accurately track your spending but get overwhelmed trying to categorize and account for all your expenses, check out Copilot Money. This app connects to all of your accounts, monitors your spending, and automatically divides your expenditures into categories. You can then set spending limits for each category.
If you’re wondering which finance app is best for beginners, Copilot Money is a strong contender. Thanks to the power of automation and AI analysis, you’ll get personalized spending analysis and suggestions for saving.
Unfortunately, Copilot Money doesn’t have a free version. However, it does offer a free one-month trial. After the trial period ends, you’ll pay $13 per month or $95 for an annual membership.
4. PocketGuard
Setting budget categories and spending limits is easy. Sticking to them is hard. If you want a budgeting app that holds you accountable, PocketGuard is worth considering.
The app sends you a notification each time you get close to your spending limit for a given category. If you have a paid membership, you can create customized debt-payoff plans as well.
PocketGuard has a lot to recommend it, but its main downside is the price. There’s a free version, but it only allows you to set two budget categories, which won’t be enough for most people. After a seven-day free trial, you have the option of paying $12.99 per month or signing up for an annual membership for $74.99.
5. Goodbudget
Most budgeting apps cost something, which may strike some users as ironic. Which budgeting app is truly free?
Look no further than Goodbudget. Although there’s a paid version, the free Goodbudget app is fully functional—it just limits users to 20 total envelopes.
This is one of the simplest apps on the list, so it’s a great choice if you’re not as tech-savvy or just want a straightforward way to manage your money. Goodbudget is essentially the digital version of the classic “envelope system” budget.
When you begin your monthly budget, you’ll assign money to different categories, each of which has its own envelope. As you log your transactions, each envelope’s balance decreases. Unlike most budgeting apps, this one doesn’t sync to your bank account, so you’ll need to enter each transaction manually.
While Goodbudget is somewhat light on features, it has one major advantage: It lets you share your budget with your partner and/or family members.
What Is the #1 Budgeting App?
After scrolling through our selection of the best budgeting apps, you might be left wondering which one is the absolute best. Different people look for different features when choosing financial planning apps, which means no one app is best for everyone.
Not sure how to choose a budgeting app? Sometimes, the best approach is to do a trial run. Budgeting can be stressful and tedious, but when you have an intuitive budgeting tool that meets your needs, taking charge of your finances will become that much easier.
