Today, we will discuss about the 7 best budgeting apps, but before we kick off, let me share an adage which necessitates this article.
My elementary school teachers regularly said an adage which is now ingrained in my consciousness. The saying goes, “If you fail to plan, you plan to fail.” How true! Nobody plans to struggle to pay bills after working a 9-to-5 for a month, but it happens, especially when people do not plan.
Managing finances can be a daunting task, but it is critical because unplanned finances lead to a poor quality of life. On the other hand, planned finances could make an average income earner seem well-to-do. Anyone who will thrive must live within a budget.
We live in the digital age, where budget management has been made easy by technology. Now, budget management can change from strenuous brain activity to a “one-swipe-away” kind of activity. With the advent of budgeting apps, you can conveniently set financial goals, track your expenses and stay within a budget.
Now, you probably want to know what budgeting app to use for a seamless budgeting experience, especially if you have zero-to-little knowledge about budget management.
In this review, we will delve into the 7 best budgeting apps worldwide. From user interface to features, we will explore what makes each app unique and how it can help you take control of your finances.
The 7 Best Budgeting Apps
YNAB (You Need a Budget)
The YNAB app takes a proactive approach to budgeting, emphasizing the importance of allocating every dollar. It allows users to allocate funds to specific categories, such as groceries, bills and entertainment, thereby promoting mindful spending. YNAB also provides educational resources and live workshops to help users master budgeting.
Why Does YNAB Rank Among the Top 7 Apps for Budgeting?
- YNAB emphasizes the importance of maximizing every dollar earned and living on the previous month’s income.
- It provides valuable educational resources to help users grow in financial literacy.
- It provides robust community support through forums and social media channels which fosters accountability and motivation.
The Drawbacks of the YNAB Budgeting App
- Its complimentary learning curve may be steep for new users.
- It requires a subscription fee which might put off budget-conscious people, although many users argue that the benefits outweigh the cost.
PocketGuard
PocketGuard simplifies budgeting by providing an overview of users’ finances in one place. It categorizes expenses, tracks bills, and assists users in identifying opportunities to save. One distinguishing feature is its ability to analyze recurrent expenses and recommend potential savings, making it an excellent choice for anyone looking to improve their spending habits.
Why Does PocketGuard Rank Among the Top 7 Apps for Budgeting?
- PocketGuard simplifies budgeting by categorizing expenses, tracking bills, and identifying opportunities for saving.
- Its “In My Pocket” feature calculates how much disposable income users have after deducting their bills and savings.
- Users can set customizable spending limits and receive notifications to stay on track.
The Drawbacks of PocketGuard Budgeting App
- The free version has significant limitations compared to the premium subscription, including the inability to track cash transactions or link investment accounts.
- Some users have reported technical glitches such as duplicate transactions.
Goodbudget
Goodbudget uses an envelope budgeting system, which allows users to allocate their money to virtual envelopes for different spending categories. It raises awareness about spending habits and encourages users to prioritize their financial goals. While its manual input may turn off some users, its emphasis on mindful spending is commendable.
Why Does Goodbudget Rank Among the Top 7 Apps for Budgeting?
- Goodbudget’s envelope budgeting system allows users to allocate their money to different spending categories and track their expenditures accordingly.
- Its sync feature encourages accountability and shared budgeting among family members or housemates.
The Drawbacks of Goodbudget Budgeting App
- The free version has limitations on the number of envelopes and accounts, which may be insufficient for users with complex financial situations.
- Some users find the interface outdated compared to other budgeting apps because it has fewer modern features.
Personal Capital
Personal Capital integrates budgeting tools with investment management, catering to users to customers who want to attain long-term financial goals. In addition to creating budgets and tracking expenses, it provides investment advice, retirement planning and net worth tracking. While designed for investors, its budgeting capabilities are user-friendly and robust.
Why Does Personal Capital Rank Among the Top 7 Apps for Budgeting?
- Personal Capital offers robust portfolio analysis and fee optimization solutions.
- It provides a full picture of your net worth by aggregating all your financial accounts and assets.
- It also offers personalized financial advice and access to certified financial planners.
The Drawbacks of the Personal Capital Budgeting App
- The budgeting features are not as comprehensive as those offered by dedicated budgeting apps like Mint or YNAB.
- Some users may find its interface overwhelming due to many features and data.
EveryDollar
EveryDollar, like YNAB, uses a zero-based budgeting strategy in which each dollar is assigned a specific purpose. It allows users to create custom budgets, track expenses and monitor their progress towards their financial goals.
Why Does EveryDollar Rank Among the Top 7 Apps for Budgeting?
- EveryDollar uses a zero-based budgeting approach which encourages mindful spending.
- It has a relatively simple and intuitive user interface.
- Subscribers gain access to additional features such as bank account syncing and priority customer support.
The Drawbacks of EveryDollar Budgeting App
- The free version lacks significant features available to premium subscribers, limiting functionality for some users.
- Automatic transaction syncing is only available for subscribers with a paid subscription, which may put off budget-conscious individuals.
Wally
Wally offers a minimalist yet effective approach to budgeting, with features such as expense tracking and receipt scanning. Its user-friendly design allows for a hassle-free budgeting experience. Wally also supports multiple currencies, making it ideal for international users.
Why Does Wally Rank Among the Top 7 Apps for Budgeting?
- Wally’s minimalist interface makes it easy to input expenses and track spending habits on the go.
- Users can take photos of receipts for easy expense logging, thereby eliminating the need for manual data entry.
- Wally supports multiple currencies which is attractive to international clients.
- Wally provides insights into spending patterns through visualizations and reports.
The Drawbacks of the Wally Budgeting App
- Wally has limited budgeting features compared to other apps. For instance, there is no feature for setting savings goals or tracking debt.
- Some users have reported occasional bugs or crashes, especially after software updates.
Honeydue
Honeydue, the “lovers’ budgeting app,” is designed for couples to manage their finances jointly and stay updated about each other’s financial activities. It fosters transparency and communication around money matters, helping couples work towards common financial goals.
Why Does Honeydue Rank Among the Top 7 Apps for Budgeting?
- Honeydue allows partners to manage their finances and set financial goals together.
- It facilitates communication between partners by providing real-time spending reports and bill reminders.
- Users also appreciate the privacy features that allow them to hide specific transactions from their partners.
The Drawbacks of the Honeydue Budgeting App
- Some users find its interface complex and overwhelming, especially when managing multiple accounts and transactions.
- Honeydue’s limited integration with financial institutions outside of the United States of America limits its value to international couples.
Mint: The Best, or Not?
At the moment, Mint seems to be people’s favorite budgeting app because of its user-friendly interface and comprehensive features. With Mint, all of your financial information—bank accounts, credit cards, loans and investments—are conveniently consolidated in one location. Mint presents customizable budgeting tools which allow users to set financial goals and receive alerts when they exceed their spending limits. It also sends bill reminders.
If you are familiar with budgeting apps, you may have wondered why Mint did not come up until now. Well, here is why. According to its owner, Mint will shut down on March 23, 2024, and will be absorbed by Credit Karma. Although Mint is the current favorite budgeting app, it may not exist in a bit. Hence, it is not among the 7 best budgeting apps in our books.
Ready to Choose Your Budgeting App?
Each of the top 7 budgeting apps caters to different people with different needs. When choosing a budgeting app, you need to carefully consider important factors, such as the subscription cost, the security, and the user interface.
This review subtly reveals that not all budgeting apps offer significant value without subscriptions. Some budgeting apps do not automatically sync user’s financial accounts. Some budgeting apps do not have user-friendly interfaces, which can be especially annoying on mobile view. Also, not all budgeting apps have military-grade security, such as 256-bit and multi-factor authentication.
So, among the best, choose wisely and choose early. Remember, “if you fail to plan, you plan to fail.”
Frequently Asked Questions
What are the 7 best free budgeting apps in 2024?
The 7 best free budgeting apps are PocketGuard, Goodbudget, Personal Capital, Every Dollar, Wally, Honeydue and Expense IQ.
What are the 7 best free budgeting apps in 2024 for iOS?
The 7 best free budgeting apps for iOS are PocketGuard, Goodbudget, Personal Capital, Every Dollar, Wally, Honeydue and Expensify.
What are the 7 best free budgeting apps in 2024 for Android?
The 7 best free budgeting apps for Android are PocketGuard, Goodbudget, Personal Capital, Every Dollar, Wally, Honeydue and Expense IQ.
