With smartphones playing a pivotal role in our daily lives, it only makes sense that they would eventually become an integral part of money management.
Today, consumers who want to budget and track their spending can choose from a variety of robust app options. These often go beyond basic budgeting and can be customized to provide spending alerts, automate savings and run financial reports.
The best budgeting app for you will depend largely on your preferences and personal goals. Here’s a look at nine money-management apps and where each excels. All are compatible with Apple and Android devices, unless otherwise noted.
— Simplifi by Quicken.
— Empower.
— YNAB.
— Goodbudget.
— BusyKid.
— PocketGuard.
— Honeydue.
— Monarch.
— Your Bank’s App.
Please note that the popular app Mint will be shut down by owner Intuit as of Jan. 1, 2024, so it’s not in this list; Intuit will integrate its user base into Credit Karma.
[Simple and Free Budgeting Tools]
1. Best for Budgeting Beginners: Simplifi by Quicken
Quicken has long been one of the most recognizable names in budgeting software, and the company has a mobile app for those who are looking for a streamlined budgeting tool.
The Simplifi app allows people to link and sync an unlimited number of bank, credit card, loan and investment accounts from more than 14,000 financial institutions. The app can automatically detect regular bills and recommend a personalized spending plan. Users can set up a watch list for monitoring certain categories of spending, such as dining out, and receive alerts when their spending reaches a certain level.
Simplifi by Quicken is ad-free, and users pay $5.99 per month or $35.99 when billed annually. Promotions are sometimes offered to lower the price, and the app comes with a 30-day money-back guarantee.
2. Best for Tracking Investments: Empower
Formerly known as Personal Capital, Empower distinguishes itself from other apps by including a wealth management component. The app can be linked to a variety of financial accounts for budgeting, tracking net worth and monitoring portfolio performance.
Its free budgeting tool can be used to create a detailed plan, and users can easily make adjustments as needed. You can also set savings goals, and the app can track net worth in real time.
Empower is a free budget app to download and use. However, there is a fee for some services such as personalized investment advice.
3. Best for Zero-Based Budgeting: YNAB
Previously known as You Need a Budget, YNAB is both an app and a software program that can be used across multiple platforms to create zero-based budgets. Users can link bank accounts, create a budget and continuously sync data, offering an ideal solution for those who want to watch financial transactions in real time. The app can also track goals and create reports detailing financial progress.
“You Need a Budget is a fantastic service as it allows folks to set a budget based on their income and make adjustments when unexpected financial circumstances occur,” says Robert Farrington, founder of the website The College Investor. “This app is especially perfect for college students as they can use the service for free for a year.”
For others, YNAB costs $14.99 per month or $99 per year if paid annually, making it one of the more expensive budgeting apps available. However, you can try it for free for the first 34 days. The YNAB website also offers budgeting tools, such as forums, podcasts and videos, to help people create a budget and stick to it.
4. Best for Envelope System Budgeting: Goodbudget
The envelope system is a popular budgeting technique that has traditionally involved dividing cash into envelopes earmarked for certain purposes. When the money in an envelope runs out, that means it is time to stop spending in that category.
Goodbudget operates on this concept and allows users to deposit money into digital envelopes that can be synced across multiple devices. This allows spouses and partners to easily see how much is available to spend in each category. The app also includes tools to save for future expenses and pay off debt. However, be aware that Goodbudget won’t sync to your bank account, and transactions must be entered manually or imported.
The free version of Goodbudget allows for the creation of up to 20 envelopes total and can be used on two devices. For unlimited envelopes, access on five devices and seven years of account history, upgrade to a Plus account at a cost of $8 per month or $70 when billed annually.
[Read: How to Create and Maintain a Family Budget.]
5. Best for Teaching Children to Budget: BusyKid
If you want to introduce your children to the concept of budgeting, BusyKid offers a way to do that. The app allows children to track chores and, when parents pay an allowance, it automatically gets allocated to saving, spending and sharing categories.
“Everything we do here at BusyKid is to prepare kids for the financial realities of the world,” says Gregg Murset, a certified financial planner and CEO of BusyKid. That means tying money to work, such as chores, and providing kids with a Visa debit card to use for their spending money.
Children can use the app to browse stocks and charities for their saving and sharing money, but parents get final approval on the use of those dollars. Kids choose how they use money allocated for spending, but parents can review purchase activity. That’s something Murset encourages so families can have conversations about wise spending habits.
BusyKid has an annual fee of $48 for up to five children, and there is a 30-day money-back guarantee. Money held in BusyKid accounts is insured by the FDIC.
6. Best Streamlined Budgeting App: PocketGuard
PocketGuard has a clean and simple interface that makes it easy to quickly see where your money is going and how much is available to spend.
“For those looking for a simple and easy-to-use budgeting app, PocketGuard is a great option,” says Boris Dorfman, founder of LBC Capital Income Fund, a private lender for real estate investors. He notes that the app allows users to link their financial accounts, create budgets, and track their spending in real time. It will also send alerts when they are nearing or exceeding their budget, making it easy to stay on track.
PocketGuard categorizes spending and calculates how much is left after the bills are paid, providing a simple way to create a budget automatically. You can set savings goals as well, and PocketGuard will automatically deduct and track contributions toward those goals.
The basic version of PocketGuard is free to use while PocketGuard Plus costs $7.99 per month or $34.99 per year. There is also a one-time lifetime purchase option of $79.99. The paid version includes additional tools such as customization options and the ability to split transactions among categories.
7. Best for Tracking Expenses With a Partner: Honeydue
“For couples looking to manage their finances together, Honeydue is an exceptional app,” Dorfman says.
Honeydue allows couples to link financial accounts, set joint budgets, and view each other’s spending.
“Additionally, Honeydue provides a ‘chat’ feature to communicate about finances, making it easy for couples to stay on the same page financially,” according to Dorfman.
Honeydue can connect to accounts at more than 20,000 financial institutions across five countries. It will also send reminders for upcoming bills. Although not required to use the app, users can open a joint bank account through Honeydue, as well.
Both the Honeydue app and its joint bank account are free to use, but the trade-off is that you may have to contend with some in-app advertising.
8. Best for a Customizable Display: Monarch
If you want more control over your app’s dashboard and display, check out Monarch. This app gives users freedom to change up their desktop and phone dashboards by rearranging widgets and turning off any they’d rather not see.
“It has great tracking and bank connectivity features,” Farrington says. “It also features unlimited customization for spending categories and digestible visuals to help people understand how they spend their money.”
Monarch will track your net worth, place recurring bills on a calendar and let you test different budget scenarios to see how they will impact your financial future. It also makes it easy to collaborate and share information with a partner, whether that be a spouse or a financial advisor.
You can try Monarch for free for seven days. After that, it costs $14.99 per month or $99.99 per year if paid annually.
[READ: Budgeting Templates to Take Control of Your Money.]
9. Best for Minimalists: Your Banking App
Some people like using multiple apps, but if you’re a digital minimalist, the best budget app might be one that is already on your phone. Before downloading something new, see if your current banking app offers budgeting tools. For instance, the Chase Mobile app has a spending and budgeting tool.
“(It) offers in-depth, customized views that help you track what you’ve bought to prevent overspending and help you stay on budget,” says Sonali Divilek, head of digital products and channels at Chase.
It also has a snapshot feature that provides automated daily insights that highlight categories with the most spending.
Other banks may have similar robust tools available that can help you analyze spending, develop a budget and track purchases by category.
More from U.S. News
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9 Best Budget Apps originally appeared on usnews.com
Update 11/08/23: This story was published at an earlier date and has been updated with new information.
