Managing our Personal Finances has never been easier, thanks to the rise of budgeting apps. These innovative tools not only help us keep track of our expenses but also provide valuable insights into our financial habits. In fact, a staggering 73% of smartphone users have already embraced these apps to take charge of their financial well-being.
With such a high adoption rate, it’s clear that individuals are recognizing the benefits of using finance apps. These apps offer a range of features, from tracking expenses and setting savings goals to providing personalized recommendations for better financial management.
However, with the multitude of options available, choosing the right app can be overwhelming. That’s why we have taken the time to thoroughly assess each app’s functionalities and carefully consider user feedback.
Our goal is to provide you with a curated list of the top choices that will empower you to take control of your finances and achieve your financial goals. So, sit back, relax, and let us guide you through the exciting world of personal finance apps. Whether you’re a seasoned investor or just starting your financial journey, we have options for everyone.
YNAB
You Need a Budget (YNAB) stands out as a powerful tool for individuals seeking a hands-on approach to budgeting, you can useYNAB as your personal finance apps. By following the zero-based budgeting system, YNAB empowers users to proactively plan their financial decisions, assigning every dollar they earn to specific categories such as spending, savings, and debt.
Why We Recommend YNAB
YNAB’s unique approach to budgeting sets it apart from other apps. Rather than merely tracking past transactions, YNAB encourages users to plan ahead for their financial decisions. By actively deciding how to allocate their income as soon as they get paid, users become more intentional with their money and gain a deeper understanding of their financial priorities.
YNAB’s hands-on nature prompts users to make informed choices about their spending, savings, and debt management, fostering a greater sense of control over their financial lives.To support users in navigating the learning curve of budgeting, YNAB provides a wealth of educational resources on its website.
These resources offer detailed guidance on budgeting techniques and how to effectively utilize the app, ensuring that users have the necessary tools to succeed.
Another advantage of YNAB is its seamless integration with various devices, including phones, desktops, iPads, Apple Watches, and even Alexa.
This multi-platform accessibility allows users to manage their finances conveniently and efficiently, regardless of their preferred device.
Considerations to Keep in Mind
While YNAB offers a comprehensive budgeting experience, it is important to note a few considerations before committing to the app. YNAB’s approach requires a level of commitment and active participation from users. It is best suited for individuals who are willing to invest time and effort into planning their finances and making intentional decisions about their money
Additionally, compared to other apps on the market, YNAB’s pricing is relatively high. Users can choose between a monthly subscription of $14.99 or an annual subscription of $99. However, YNAB does offer a free 34-day trial for users to test the app before making a financial commitment. College students can also take advantage of a free one-year subscription to YNAB.
Goodbudget
Goodbudget stands out as a good personal finance apps and hands-on envelope budgeting tool, prioritizing proactive financial planning over transaction tracking. It operates on the envelope budgeting system, allowing users to allocate their income to specific spending categories, or “envelopes.”
Unlike some alternatives, Goodbudget doesn’t directly link to bank accounts; instead, users manually input their balances, cash amounts, debts, and income. This manual approach may require more effort but empowers users with a deeper understanding of their finances.
Accessible via both mobile and web platforms, Goodbudget also provides extensive support resources, including articles and videos. While the free version has limitations on accounts, devices, and envelopes, Goodbudget Plus unlocks additional features for a fee of $8 per month or $70 per year.
However, potential users should consider that because Goodbudget doesn’t sync with financial accounts, all expenses must be manually entered, which may deter those seeking a more automated solution.
EveryDollar
When it comes to zero-based budgeting, EveryDollar is a standout app that offers a simple and user-friendly approach. In this section, we will explore the features that make EveryDollar a recommended choice for individuals seeking a straightforward budgeting experience. We will also discuss the app’s pricing and considerations to keep in mind before making a decision.
Why We Recommend EveryDollar
EveryDollar provides a zero-based budgeting framework that is both effective and easier to manage than some other budgeting apps, It is also one of the best personal finance apps. With the free version of EveryDollar, users manually enter their income and expenses throughout the month without syncing their accounts.
This hands-on approach allows for greater control and visibility over their budget. Users can categorize their expenses and set reminders for bill payments, ensuring they stay on top of their financial obligations.
For those looking for more advanced features, EveryDollar offers a premium, paid version. With this version, users can connect their bank accounts, allowing transactions to automatically appear in the app. This streamlines the budgeting process and provides a more accurate representation of their financial situation.
The premium version also offers custom reports and recommendations based on users’ spending habits. Additionally, users can connect their saving and investing accounts, providing a holistic view of their financial goals.
Considerations to Keep in Mind
While EveryDollar offers a straightforward budgeting experience, there are a few considerations to keep in mind. The free version of EveryDollar is relatively basic, lacking some of the advanced features available in the premium version. Furthermore, the premium version comes with a higher price tag, which may not be suitable for everyone’s budgetary needs. Additionally, the app’s website provides limited resources to help users understand its functionality before signing up for a trial. It is worth noting that EveryDollar’s overall rating on Google Play has fallen from 4 to 3.4 over the past couple of years, indicating some user dissatisfaction.
Empower Personal Dashboard
Empower Personal Dashboard, formerly known as Personal Capital, is primarily recognized as an investment tool. However, its free app also offers features that are valuable for budgeters looking to track their spending. In this section, we will explore the reasons why Empower Personal Dashboard is recommended, as well as potential considerations to keep in mind.
Why We Recommend Empower Personal Dashboard
Empower Personal Dashboard provides users with a holistic view of their finances by allowing them to connect and monitor various accounts, including checking, savings, credit cards, IRAs, 401(k)s, mortgages, and loans. While the app’s primary focus is on investment management, its free version includes features that are beneficial for budgeting purposes.
Users can gain a snapshot of their spending by viewing recent transactions categorized by expense type. The app also allows for customization of categories and provides a clear overview of monthly spending in each category.
An additional advantage of Empower Personal Dashboard is its net worth and portfolio tracking capabilities, which empower users to monitor their overall financial health. The app is accessible through both mobile devices and desktop platforms, ensuring convenient access to financial information.
Considerations to Keep in Mind
It is important to note that while Empower Personal Dashboard offers budgeting features, its primary strength lies in investment tools. If your primary goal is detailed spending and saving planning, you may find other apps with more comprehensive budgeting capabilities to be a better fit for your needs.
This offers a more tailored experience for users interested in managing their investments alongside their budgeting efforts.
PocketGuard
PocketGuard is a personal finance apps that excels at simplifying the financial management experience. While it may not offer the most extensive range of features compared to other apps, its emphasis on simplicity makes it a recommended choice.
Why We Recommend PocketGuard
PocketGuard’s strength lies in its ability to simplify the budgeting process. By connecting your bank accounts, credit cards, loans, and investments, the app provides a comprehensive overview of your financial situation.
PocketGuard then calculates how much you have available to spend after accounting for necessities, bills, and savings goals. This snapshot gives users a clear understanding of their disposable income and helps them make informed spending decisions.
In addition to tracking spending, PocketGuard also provides insights into your net worth and offers the option to manually track your finances if you prefer not to link your accounts. The app offers a paid version, PocketGuard Plus, which includes additional features such as a debt payoff plan and the ability to export transactions.
Considerations to Keep in Mind
While PocketGuard’s simplified approach is beneficial for those seeking a more hands-off experience, it may not be suitable for individuals who prefer a more detailed and proactive approach to budgeting.
The app’s focus on simplicity means that it does much of the work for you, which may limit your ability to actively plan and allocate your funds according to your specific financial goals. It is also worth noting that user reviews on Google Play have declined from 4.4 to 3.6 in the past year, indicating some user dissatisfaction.
Honeydue
Honeydue is a personal finance apps designed specifically for couples, offering a shared platform to view both partners’ financial pictures. With the ability to sync various financial accounts and customize sharing preferences, Honeydue aims to simplify financial management for couples. In this section, we will explore the reasons why Honeydue is recommended, as well as potential considerations to keep in mind.
Why We Recommend Honeydue
Honeydue’s unique focus on facilitating financial collaboration between partners sets it apart. The app allows both partners to sync their bank accounts, credit cards, loans, and investments, providing a comprehensive view of their combined financial situation. Partners have the flexibility to choose the extent of information they share with each other, ensuring a tailored and transparent financial management experience.
The app’s free version automatically categorizes expenses, while also offering the option to create custom categories. Partners can collaboratively set monthly limits for each category, receiving alerts when approaching these limits. Additionally, it sends reminders for upcoming bills and includes a chat feature with the ability to send emojis, fostering communication around financial matters.
Considerations to Keep in Mind
While Honeydue excels in providing a platform for shared financial management, it leans more towards reflecting and learning about past transactions rather than proactive planning for future expenses. Additionally, the app’s Google Play ratings have declined from 4.1 to 3.4 over the past two years, indicating a potential decrease in user satisfaction.
How to identify the best budget apps
Identifying the best budget apps is crucial for individuals looking to effectively manage their finances. To determine the top budget apps, various criteria were considered.
These criteria include:
Syncing of various financial accounts
The apps should allow users to sync different types of financial accounts, such as bank accounts, credit cards, loans, and investments. Users should also have the option to opt out of syncing if desired.
Planning ahead for financial decisions
The apps should go beyond simply tracking past transactions and provide features that help users plan for future expenses and financial goals.
Expense categorization
The apps should automatically categorize expenses to help users understand their spending patterns. Customization of categories should also be available.
Bill tracking and reminders
The apps should have the ability to track bills and send reminders for upcoming due dates, ensuring users stay on top of their financial obligations.
Sharing financial information with partners
For apps designed for couples, the ability to share financial information with partners should be available, allowing for joint financial management.
Accessibility across devices
The apps should be accessible through both mobile apps and desktop platforms, providing users with flexibility in managing their finances.
Additionally, nice-to-have features such as credit score tracking, net worth calculation, investment tracking, and detailed help guides were considered. The experiences of real users were also taken into account by reading reviews in the iOS App Store and Google Play. Only apps with a minimum rating of 4.5 stars out of 5 in the iOS App Store or 3 out of 5 on Google Play, along with at least 1,000 reviews, were included in the list. The ratings were checked and updated on February 15, 2023.
Final Thoughts
Personal finance apps are overwhelming, but with the right tools, managing your finances becomes simpler and more efficient. Each app reviewed here offers unique features and benefits tailored to different budgeting styles and preferences.
Whether you prefer a hands-on approach with detailed tracking or a more simplified overview of your finances, there’s an app to suit your needs. By considering your financial goals, budgeting preferences, and desired features, you can find the perfect app to empower you on your financial journey.
FAQs
How do I choose the best budgeting app for me?
Consider your budgeting style, financial goals, and desired features. Look for apps that align with your preferences, whether you prefer hands-on budgeting, simplified tracking, or collaborative financial management for couples.
Are these budgeting apps secure?
Most reputable budgeting apps use encryption and other security measures to protect users’ financial information. However, it’s essential to choose apps from trusted sources and follow best practices for securing your accounts, such as using strong passwords and enabling two-factor authentication.
Can I try these apps before committing to a subscription?
Many budgeting apps offer free trials or basic versions with limited features. Take advantage of these opportunities to test the app and see if it meets your needs before committing to a subscription.
How often should I review my budgeting app?
It’s a good idea to review your budgeting app regularly, such as weekly or monthly, to track your spending, adjust your budget as needed, and stay on top of your financial goals. Regularly reviewing your finances helps you identify areas for improvement and stay accountable to your budgeting goals.