I decided to research into budgeting apps, because let’s say the truth, most of us are terrible with money, It’s not born out of habit, it’s just the way money is, and our incessant needs and I’ve got to tell you, they’ve completely transformed how I handle my finances.
Today, I will be sharing with you the budgeting apps I’ve come across and researched. I tested dozens of them, and they all have their strength and weaknesses, but they all achieve they fundamental purpose, which is to help you budget, and avoid waste, if they work for me, they should work for you.
Why You Should Listen to Me
Before I delve in, you might be wonder what makes me qualify about telling you about budgeting apps. Well, I’ve spent the last few years with some of these apps personally . I’ve also seen firsthand how some of these budgeting apps work with some of my friends and how, and I’ve also learned that there’s no one-size-fits-all solution. What works for someone who works as a freelance might not work for another who works a standard job, and that’s fine!
What Makes a Great Budgeting App?
I’ve discovered that the best budgeting apps share some common features. Here’s what I look for:
First and foremost, it needs to be user-friendly. If I’m spending more time figuring out how to use the app than actually budgeting, that’s a problem! The interface should be clean, intuitive, and dare I say it – maybe even fun to use.
Security is ultra important, and non-negotiable. When we’re talking connecting out bank account and cards to view statement or more for the budgeting app, we need seriouse bank-level encryption and security measures. I always make sure an app is security compliant before recommendation
Automatic synchronization is a huge plus. Budgeting apps that can auto import my transactions, backup and synchronize are a big win for me. Manually entering transactions can be repititive, boring and plain annoying.
Ability to also control how the budgeting app can be modified to suit a personal taste, can make things more interesting
Finally, let’s get to the talk of this article – my top picks for budgeting apps!
1. Mint
I definitely have to start with Mint, because it’s just to reliable, honestly one of my most dependable apps. It is also free, which is already a huge plus in my book, and it checks everything in your list as an all round best for budgeting apps.
What I Love About Mint:
- The automatic categorization of expenses is surprisingly accurate. I rarely need to go in and make corrections, which saves me tons of time.
- Their bill tracking feature has saved me from charges on late payments.
- The investment tracking feature gives me the status of my financial health without jumping around from app to app.
- Their credit score monitoring is free and useful for keeping a check on your finances.
What Could Be Better:
- The ads can be really bit annoying, but it’s acceptable since it’s a free service.
- The investment features are not sweet as other investment apps, but okay if you just want to do some basic tracks.
2. YNAB (You Need A Budget)
YNAB has a very high subscription fee ($14.99/month or $98.99/year as of my last check), which is quite a lot, especially for a budgeting app. But this app is rather unique It’s based on zero-based budgeting, which is giving every dollar a job.
Why YNAB might be cool for you:
- The education materials are top notch. YNAB offers free workshops and resources for their customers that enables you understand budgeting at a high level
- Their “age your money” concept will help you break the dreadful paycheck-to-paycheck cycle.
- The goal-tracking features are motivating. When I used it, I was able to save for a vacation without having to touch my credit card
- Their customer support is also phenomenal, which is expected for a paid budgeting app, they always respond within minutes.
The Not-So-Great Parts:
- The learning is quite steep compared to the other budgeting apps. It took me close to a month to really get comfortable with their method.
- The price tag might seem high, but you can more than the subscription cost using it.
3. PocketGuard
Sometimes you just want something straightforward that tells you how much you can spend without going broke. That’s where PocketGuard shines. I usually recommend this for friends and clients who want to begin their budgeting journey.
What is great about PocketGuard:
- It has this “In My Pocket” feature which shows you exactly how much you can spend after you have accounted for your regular bills, your other necessities, and goals
- Also, their bill negotiation can save you money on monthly subscriptions.
- The interface is very clean, compared to most most apps.
- They also have a free version with lot’s of features that can get you started.
Room for Improvement:
- You can’t customize the app like others.
- Some very useful features would require you to pay for their subscription
4. Personal Capital
Personal Capital is more than just a budgeting app, yet, I included it because it’s a very useful financial app, which was necessary as I’ve started focused more on investing and long-term wealth building.
Why I would recommend Personal Capital:
- The investment tools are great – You can see all your accounts, including retirement accounts, in one place.
- The retirement planner will help you stay on track with your long-term goals.
- They also have a net worth tracking feature – watching that number grow never gets old!
The Downsides:
- The budgeting which are the focus aren’t as robust has the main budgeting apps.
- They’ll also try to sell you some wealth management services, which I don’t recommend (though you can easily decline).
5. EveryDollar
I recommend EveryDollar, If you are trying to get out of debt. It’s based on his zero-based budgeting approach but feels more streamlined than YNAB.
What I Appreciate About EveryDollar:
- The interface is incredibly clean and user-friendly.
- It’s great for following Dave Ramsey’s Baby Steps if that’s your thing.
- The free version is perfectly usable if you don’t mind manual entry.
- They have some debt payoff features that are well-designed.
What Could Improve:
- Automatic transaction importing requires the paid version, which is fine, if you plan on paying at first.
- The reporting features aren’t as great as some other budgeting apps.
Tips for Getting Started With Any Budgeting App
After trying all these apps, I’ve learned a few things about making the most of whichever one you choose:
- Start Simple
Don’t try be to concerned with creating the “perfect budget” immediately. Begin with basic categories like housing, transportation, food, and utilities. You can always add more of them later.
app supports them. - Give It Time
I you use a single budgeting app for at least two months you decide it’s the best for you. It is usually about learning about the app, and how it analyzes your information - Use the Free Trial
Most paid apps will offer you free trial period, same for budgeting apps. Take advantage of this to really test out the features and see to it, it’s the best for you. - Connect All Your Accounts
To get the best out of these budgeting apps, connect all your accounts – checking, savings, credit cards, and even investment accounts if the app supports them, but please, make sure you use an app that has a good review, and popular for it’s security, also be careful, and never disclose you account credentials.
My Final Thoughts
After all the apps I’ve checked out and researched, I’ve learned that the “best” app is simply the one you’ll use consistently, and comfortable with, and also provide the basic features. Don’t get too caught up in features you’ll never use – focus on what matters to you.
If you just want to begin budgeting, I recommend Mint or PocketGuard. They’re free, user-friendly, and offer enough features to get you started simply and easily.
If you are focused on building wealth and investment tracking, Personal Capital is recommended
The most important thing to is to find the right tool that would help you achieve your goals. Start with one, give it a shot, and switch if it’s not working, or comfortable for you. Your financial needs are personal, and the app you use should be companion to you.
Have you tried any of these apps? I would love to hear about your experience! And if you have any questions about any of these budgeting apps, or you feel I may have missed something, feel free to reach out. Bet Smart, Be Smart.
N/B: This is not a sponsored post
