By Jerry Wilson
Managing your finances can be challenging without the traditional checkbook. Personal finance apps simplify tracking expenses and monitoring bank balances. These apps offer insights into spending patterns, facilitate bill payments, and even provide updates on credit scores and investments. Simplify your money management with these convenient tools.
Mint receives high ratings in both the App Store and Google Play and has the most reviews compared to other apps. It is a free app that syncs various types of accounts. Mint tracks expenses and categorizes them according to a personalized budget. Users can set limits for each category and Mint notifies them if they are approaching those limits. In addition to budgeting features, Mint offers "Mintsights" to help users pay down debt, save money, and track goals. The app also provides credit score and net worth information. Mint provides extensive support, including a detailed FAQ. However, if you prefer a more hands-on approach to budgeting, other apps may be more suitable. Mint is free with a rating of 4.8 on the Apple Store and 4.3 on Google Play.
YNAB (You Need a Budget) is a financial planning app that encourages users to plan ahead for their financial decisions. It follows the zero-based budgeting system, where users make a plan for every dollar they earn. Users can allocate their income to different categories such as expenses, goals, and savings. YNAB provides educational resources on budgeting and app usage to help users navigate the learning curve. The app allows users to link their checking and savings accounts, credit cards, and loans. It is available on various platforms including phones, desktops, iPads, Apple Watch, and Alexa. However, users should be committed to keeping up with YNAB as it requires active participation in financial planning. Additionally, the app has a high price compared to other similar apps on the market. The cost is $14.99 per month or $99 per year, but there is a free 34-day trial available. College students can use YNAB for free for a year.
Goodbudget, a budgeting app, utilizes the envelope system to assist users in managing their monthly expenses. It is particularly beneficial for individuals seeking to prioritize and improve their financial situation. With outstanding ratings on the App Store and Google Play, Goodbudget has been recognized by Forbes Advisors as one of the best budgeting apps of 2023. By utilizing apps like Goodbudget, individuals can develop positive habits, effectively manage their spending and saving, and analyze income and spending trends through detailed reports. Notably, the app's features and fees are accurate as of October 6, 2023. One advantage of Goodbudget is that its free version offers similar functionality to the paid version, albeit with a few limitations. Additionally, the app regularly announces enhancements on its website and provides resources like podcasts and courses to support users throughout their budgeting journey. However, it is important to note that the free version restricts users to one account and does not offer any investing resources or tools.
Empower was chosen as the top pick for wealth management due to its comprehensive approach, considering investments alongside bank accounts. The platform offers an investment component and access to financial advisors. However, the fees for wealth management are relatively high, and it may not be suitable for those seeking a straightforward budgeting tool.
We recommend EveryDollar for its simple zero-based budgeting framework. The free version requires manual entry of income and expenses, while the premium version connects to your bank account and offers custom reports and recommendations. However, the free version is basic and the premium version is expensive. The app's website lacks resources for new users and its overall rating on Google Play has fallen. The basic version is free, but the premium version costs $79.99/year or $12.99/month.
Prism is our top choice for bill payment due to its strong focus on this function and extensive range of billers. Additionally, the app is free. The pros include convenient payment due date reminders and the ability to view all of your accounts in one place. However, it should be noted that Prism has limited features and solely offers bill payment functionality.
Honeydue is a platform that aims to improve communication and transparency about household finances for couples. Instead of using traditional methods like texting or calling, couples can chat within the app about expenses and bills. The app also provides automated bill reminders to ensure clear communication. Couples can decide within the app if expenses will be split evenly or if one person will be responsible. To get started, users can integrate their bank accounts, with over 20,000 financial institutions supported. Additionally, Honeydue offers the option to open a joint bank account that is FDIC-insured, with no fees or minimums. The account comes with a free debit card and provides instant notifications to partners. However, the app does not have a desktop version, lacks a feature to track progress towards financial goals, and does not offer reporting or analytics.
- The best budgeting app is the one that best suits your personal finances. Each recommended app has features to avoid budgeting mistakes and can apply to different money-managing styles and goals. Some banks also offer budgeting tools within their own apps.
- There are several excellent free budgeting apps to choose from. The best free budgeting app for you is the one that will best serve your personal financial goals. To find the right app, download a few and test them out for yourself.
