We live in a world full of temptations, where developing unhealthy spending habits is easier than ever. The best budgeting apps offer a lifeline. Advertisements are everywhere, online shopping is just a click away, and credit cards make it simple to spend money we don’t necessarily have. This environment can lead to impulsive purchases and financial stress.
Dave Ramsey emphasizes the proactive nature of budgeting.“By planning your expenditures in advance, you can gain control over your finances rather than feeling surprised or stressed by your spending habits.”
Taking care of your money is really important for your financial health. But there isn’t just one way to make a budget that fits everyone. You need to find a way that works for you. These budgeting apps can help you do just that.
The Best Budgeting Apps For 2024
1.YNAB
Why we recommend it: This app helps you plan ahead for your finances instead of just tracking past spending. It follows the zero-based budgeting system, where you assign every dollar you earn to different categories like spending, savings, and debt.
This makes you more intentional with your money. YNAB offers lots of educational resources to help you learn how to budget and use the app effectively. You can link your checking, savings, credit cards, and loans to YNAB, and it works on various devices like phones, desktops, iPads, and even Alexa.
What to consider: YNAB requires commitment and active involvement in budgeting. It’s best for people who want to be hands-on with their money planning. Also, it’s pricier compared to other apps.
Cost: $14.99 per month or $99 per year, with a 34-day free trial available. College students can use it free for a year.
2. Goodbudget
Why we recommend it: Goodbudget focuses on planning your finances rather than just tracking spending. It uses the envelope budgeting method, where you allocate money to different spending categories each month.
You manually input account balances, cash, debts, and income, then distribute money to envelopes. Accessible on both phone and web, the app provides helpful articles and videos.
Goodbudget offers a free version with limitations and a paid version, Goodbudget Plus, with more features.
What to consider: Since it doesn’t sync with bank accounts, you need to enter every expense manually, which may not suit everyone.
Cost: Goodbudget is free, while Goodbudget Plus costs $10 per month or $80 per year.
3. EveryDollar
Why we recommend it: This app offers a simple zero-based budgeting framework that’s easier to manage than YNAB. Let’s start with EveryDollar’s free version. You manually enter your income and expenses, categorize items, and set bill reminders.
The paid version adds bank syncing, automatic transaction tracking, custom reports, and savings/investment account connections.
What to consider: The free version is basic, and the paid one is pricey. Also, the app lacks pre-trial resources, and its Google Play rating has dropped.
Cost: Free basic version, 14-day free trial for premium. Afterward, $79.99/year or $17.99/month.
4. Empower Personal Dashboard
Why we recommend it: Empower Personal Dashboard, previously Personal Capital, is mainly for investing but its free app also helps budgeters track spending. You can connect checking, savings, credit cards, IRAs, 401(k)s, mortgages, and loans.
It shows spending by category and lets you customize them. It also tracks net worth and portfolios on both phone and desktop.
What to consider: If you want detailed spending and saving plans, you might prefer another app. Empower focuses more on investing than budgeting, even though it offers some budgeting tools.
Cost: Free
5.PocketGuard
Why we recommend it: PocketGuard keeps things simple with its features. You can link your bank accounts, credit cards, loans, and investments to track bills and see how much you have left to spend after covering necessities, bills, and goals.
It also tracks your net worth and lets you choose whether to link accounts or track finances manually. The paid version, PocketGuard Plus, offers a debt payoff plan, transaction exports, and more.
What to consider: While it’s great for a hands-off experience, it might not be ideal if you prefer more control over your finances. Plus, recent Google Play reviews have decreased from 4.4 to 3.6.
Cost: PocketGuard is free, while PocketGuard Plus costs $12.99 per month or $74.99 per year.
6. Honeydue
Why we recommend it: Honeydue lets you and your partner see your finances together in one app. You can sync bank accounts, credit cards, loans, and investments, choosing how much you share. It categorizes expenses automatically and allows custom categories.
You can set monthly limits and get alerts when nearing them. It also reminds you of upcoming bills and allows chatting with emojis.
What to consider: Honeydue focuses more on past transactions than planning future expenses. Its Google Play ratings dropped from 4.1 to 3.4.
Cost: Free
Final Thoughts
Knowing the best budget apps is important because they enable individuals to effectively manage their finances, track expenses, and achieve their financial goals in an ever-evolving digital landscape. With new features and updates, staying informed about the latest apps ensures access to the most efficient tools for budgeting.
In today’s digital era, budgeting apps are essential aids for financial management. Whether you’re monitoring expenses, establishing budgets, or preparing for the future, these apps empower you to reach your financial objectives. Featuring user-friendly interfaces, intuitive functions, and tailored advice, they streamline money management, providing greater control over your finances and paving the way to a stable financial future.
FAQs
What criteria were used to determine the best budget apps for 2024?
The best budget apps for 2024 were selected based on factors such as user reviews, features, ease of use, security measures, and compatibility with various devices and operating systems.
Can these budget apps sync with multiple financial accounts for comprehensive tracking?
Yes, most of these budget apps can sync with multiple financial accounts, including bank accounts, credit cards, loans, and investments, providing users with a comprehensive view of their finances in one place.
Are there any fees associated with using these budgeting apps?
While many of these budgeting apps offer free versions with basic features, some may have premium subscription options or in-app purchases for access to advanced functionalities. Users should review the pricing details of each app to determine any associated fees.
How do these budget apps prioritize security and protect users’ financial data?
Security is a top priority for these budget apps, and they implement various measures to protect users’ financial data. This includes encryption protocols, secure authentication methods, and adherence to data privacy regulations such as GDPR and CCPA. Users can typically find information about the security measures implemented by each app in their privacy policies or security documentation.