Dany M.
Managing your money can be tough but equally important. Budgeting helps you keep track of your spending, save for future goals, and avoid debt. Luckily, technology has made this easier with budgeting apps. These apps can help you monitor your finances, set budgets, and achieve your financial goals.
There are many budgeting apps available, each with unique features. We'll review the top 10 budgeting apps of 2024 so you can get an idea of which app perfectly fits your needs.
When selecting the best budgeting apps, we took a careful evaluation approach to ensure their quality and usefulness. We aim to offer a diverse list catering to various financial needs and preferences.
Here is our curated list of top budgeting apps:
Rocket Money - Best Overall
Honeydue - Best for Couples
Monarch Money - Best for Comprehensive Financial Planning
Quicken Simplifi - Best for Zero-Based Budgeting
Goodbudget - Best for Cash Envelope System
YNAB (You Need A Budget) - Best for Debt Payoff & Proactive Financial Planning
Empower - Best for Investors
PocketGuard - Best for Simplicity
EveryDollar - Best for Beginners
Zeta - Best for Families
Rocket Money, formerly known as Truebill, is an all-in-one financial management app that helps users track expenses, manage subscriptions, and optimize their finances. It stands out for its comprehensive feature set and user-friendly interface, making it a top choice for overall budgeting needs in 2024.
Automatically categorizes transactions from linked accounts, providing a clear overview of spending habits.
Analyzes bills for potential savings and negotiates with service providers on your behalf to lower costs
Identifies recurring charges and helps cancel unwanted subscriptions
Allows creation of custom budgets with spending alerts
Helps set and achieve savings goals through automated transfers
Provides free credit score updates and monitoring
Sends notifications for upcoming bills to avoid late fees
Calculates total assets minus liabilities for a comprehensive financial picture
Free Plan: Includes basic budgeting, account syncing, and spending insights. They also offer a 7-day free trial to explore advanced features.
Premium Plan: $6 to $12 per month (user-selected), billed annually. Includes advanced features like custom categories, premium chat support, and real-time account syncing.
Rocket Money charges a fee of 35% to 60% of your first year's savings if you successfully reduce your cost using the Bill Negotiation service, based on the percentage you choose within this range.
iOS Rating: 4.2/5 stars (70.7k reviews)
Android Rating: 4.3/5 stars (58.8K reviews)
Pros:
Comprehensive financial management in one app
Effective at finding and canceling unwanted subscriptions
Potential savings through bill negotiation
Free credit score monitoring
User-friendly interface with customizable features
Cons:
Some advanced features require a premium subscription
Bill negotiation service takes a percentage of savings
Limited customer support hours
Rocket Money is ideal for users seeking an all-in-one financial management solution.
Honeydue is a popular budgeting app for couples to manage their finances together. Launched in 2017, it aims to provide transparency and collaboration in financial matters, making it easier for partners to track expenses, manage bills, and communicate about money.
Automatically categorizes transactions from linked accounts for real-time tracking.
Allows users to monitor individual and joint accounts, toggling between the two
Provides a shared calendar for bill reminders and upcoming expenses
Enables users to label expenses as individual or shared
Offers a chat function to discuss financial transactions and issues within the app
Supports a joint bank account with no fees, no minimum deposit, and instant activity alerts
Provides customizable alerts for new expenses and potential fraudulent activity
Free Plan: Includes all features, with optional in-app tips ranging from $0.99 to $9.99 per month
Joint Bank Account: No fees or minimums, access to over 55,000 surcharge-free ATMs
iOS Rating: 4.5/5 stars
Android Rating: 3.8/5 stars
Pros:
Specifically designed for couples, promoting transparency and collaboration
Free to use with optional tipping
Joint bank account with no fees and instant alerts
Customizable alerts for new expenses and potential fraudulent activity
Cons:
Cannot be accessed from a desktop browser; mobile app only
Limited features for investment tracking and financial goal setting
Honeydue is the best option for couples who want to manage their finances together.
Monarch Money is a comprehensive personal finance app, users can manage their money, track expenses, and achieve financial goals. Launched in 2018 by a Silicon Valley startup, Monarch has quickly become a popular choice, especially after the shutdown of Mint in early 2024.
Net Worth tracking with best-in-class data connectivity
Flexible budgeting tools with rollover capabilities
Recurring bill and subscription management in a calendar view
Investment portfolio tracking and performance analysis
Customizable reports for visualizing spending patterns
Personalized financial dashboard
Goal tracking for major purchases and retirement planning
Consolidated transaction view across all accounts
Collaboration feature for partners at no extra cost
Monarch Money offers a subscription at $14.99 per month or $99.99 per year (equivalent to $8.33 per month).
iOS Rating: 4.9/5 stars
Android Rating: 4.7/5 stars
Pros:
Focus on long-term savings and goal achievement
Easy for families to share and collaborate
Multiple ways to sort and categorize purchases
Highly customizable transaction categorization
Consistent experience across web and mobile platforms
Cons:
Higher price point compared to some alternatives
It may have a slight learning curve for new users
Monarch Money is ideal for:
Individuals and couples seeking comprehensive financial management
Users focused on long-term savings and goal-tracking
Those who prefer a balance of automation and manual control
Former Mint users looking for a robust alternative
Quicken Simplifi is a budgeting app designed to simplify financial management while offering robust features for users who prefer a zero-based budgeting approach. Launched by Quicken, a trusted name in personal finance software, Simplifi aims to provide a streamlined experience for tracking spending, managing budgets, and achieving financial goals.
Automatically categorizes transactions from linked accounts
Customizable budget creation with zero-based budgeting capabilities
Real-time updates and syncing across devices
Goal tracking for savings and debt payoff
Detailed spending reports and insights
Bill tracking and reminders to avoid late fees
Cash flow projections to help plan future expenses
With Simplifi, you can get a 30-day free trial, after which it costs $2.99 per month when billed annually.
iOS Rating: 4.2/5 stars
Android Rating: 4.3/5 stars
Pros:
Effective zero-based budgeting tools
Real-time updates and syncing across devices
Detailed spending reports and insights
User-friendly interface backed
Cons:
Subscription costs may be higher than some alternatives
Limited investment tracking features
Quicken Simplifi is ideal for:
Users who prefer a zero-based budgeting approach
Those looking for a clear overview of their cash flow and spending patterns
Individuals who want a user-friendly budgeting tool backed by a trusted name in personal finance
Goodbudget is a budgeting app that digitizes the traditional envelope budgeting system, making it ideal for users who prefer this method of money management.
Digital envelope budgeting system
Syncing and sharing budgets across devices
Expense tracking with manual transaction entry
Debt tracking and payoff planning
Savings goals for big expenses
Reports and graphs for spending analysis
Web and mobile app versions are available
Goodbudget offers a Free Plan and a Plus Plan. The Plus Plan costs $10 per month or $80 per year and includes unlimited envelopes.
iOS Rating: 4.6/5 stars
Android Rating: 4/5 stars
Pros:
Effective for those who prefer envelope budgeting
Helps users plan spending in advance
Good for couples and families managing shared finances
Encourages financial awareness through manual entry
Cons:
No automatic syncing with bank accounts
Limited features in the free version
Manual transaction entry can be time-consuming
Goodbudget is ideal for:
Users who prefer the envelope budgeting method
Couples or families wanting to manage shared finances
Those who want to be more hands-on with their budgeting
Users looking for a proactive approach to financial planning
Founded in 2004, YNAB follows a zero-based budgeting system and the envelope method. The app is known for its proactive approach to budgeting and its focus on helping users gain control over their spending and achieve financial goals.
Securely links to bank accounts and imports transactions automatically.
Users assign every dollar a job, whether for expenses, savings, or debt repayment.
Allows users to create personalized budget categories beyond the default options.
Teaches the "Four Rules" method for budgeting
Enables setting and monitoring of financial goals, such as emergency funds or paying off debt.
Provides detailed spending and net worth reports with visual graphs and charts.
Available on the web, iOS, Android, Apple Watch, and Alexa devices.
YNAB Together feature allows budget sharing with up to six people at no extra cost.
Offers workshops, blog articles, and community forums to help users improve their budgeting skills.
Monitors investment performance and progress.
Helps users plan debt repayment strategies.
YNAB offers a monthly subscription for $14.99 and an annual subscription for $99 per year (equivalent to $8.25 per month). A 34-day free trial is available, and they offer a 100% money-back guarantee.
iOS Rating: 4.8/5 stars
Android Rating: 4.7/5 stars
Pros:
Encourages proactive financial management
Highly customizable budgeting categories
Robust reporting and goal-tracking features
Ad-free experience
Strong security measures
Excellent customer support
Cons:
Higher price point compared to many competitors
Steeper learning curve for new users
Requires significant time investment and regular engagement
No free version is available
YNAB is best suited for users who want to take a proactive approach to budgeting and are willing to invest time in managing their finances.
Empower, formerly known as Personal Capital, is a comprehensive financial management platform that excels in investment tracking and retirement planning. It offers robust features designed to help users manage their investments, track their net worth, and plan for the future.
Investment Tracking - Monitors investment accounts and provides performance analysis through the "You Index," comparing your portfolio to major indexes.
Retirement Planner - Offers detailed retirement planning tools, including Social Security income projections and retirement savings analysis.
Budgeting Tools - Provides personalized budgeting features with scenarios, charts, and cash flow tables to help users forecast their financial future.
Savings Planner - Helps users determine if they are saving enough annually to meet retirement goals and maintain an emergency fund.
Cash Flow Management - Tracks income and expenses, providing insights into spending habits.
Net Worth Tracking - Displays a comprehensive view of assets and liabilities, updated in real-time.
Fee Analyzer - Analyzes investment fees and provides recommendations to minimize costs.
Investment Checkup - Evaluates asset allocation and provides recommendations for optimizing investment portfolios.
Employs multi-factor authentication and AES-256 encryption to protect user data.
Users may be able to schedule free calls with a financial advisor if they have at least $100,000 in investments.
The core personal finance and budgeting tools are free to use. Users can also add investment management services for 0.89% of their money for accounts under $1 million.
iOS Rating: 4.8/5 stars
Android Rating: 4.3/5 stars
Pros:
Comprehensive suite of free financial tools
Detailed investment tracking and analysis
Personalized retirement planning
Access to licensed financial advisors
User-friendly interface
Cons:
High minimum asset requirement for wealth management services
Higher fees compared to some competitors
Occasional syncing issues with financial accounts
Empower is ideal for:
Investors looking for comprehensive investment tracking and analysis
Individuals seeking detailed retirement planning tools
Users who want a free financial dashboard to manage their finances
High-net-worth individuals who can meet the minimum asset requirement for wealth management services
PocketGuard is a comprehensive personal finance and budgeting app that help users manage their money, track expenses, and achieve financial goals. Launched in 2015, it become popular for user-friendly interface and automated features.
Expense Tracking - Automatically categorizes transactions from linked accounts, providing a clear overview of spending habits.
In My Pocket - Calculates how much disposable income you have after accounting for bills, goals, and necessities.
Bill Tracking - Monitors upcoming bills and sends reminders to avoid late fees.
Savings Goals - Allows users to set and track savings goals.
Spending Limits - Helps users set limits on specific spending categories.
Cash Flow Management - Provides insights into income and expenses to help manage cash flow.
User-Friendly Interface - Simple design makes it easy to use.
PocketGuard offers a Free Plan, which includes basic budgeting, expense tracking, and bill tracking. The PocketGuard Plus plan costs $12.99 per month or $74.99 per year (billed annually at $6.25 per month).
iOS Rating: 4.6/5 stars
Android Rating: 3.9/5 stars
Pros:
User-friendly interface with a minimal learning curve
Automated expense tracking and budget creation
Unique "In My Pocket" feature for quick spending decisions
Strong security measures (256-bit SSL encryption)
Bill negotiation services to help lower expenses
Ad-free experience
Cons:
Some key features are only available in the paid version
No manual account options
Limited customization in the free version
Some users report syncing issues with certain banks
No credit score monitoring
PocketGuard is ideal for:
Users looking for a simple and straightforward budgeting app
Users seeking an automated approach to budgeting
Those who want to gain better control over their spending
People looking to lower their monthly bills
People who prefer a visual representation of their finances
EveryDollar is a personal budgeting app developed by Ramsey Solutions, the company founded by financial expert Dave Ramsey. Launched in 2015, EveryDollar is designed to help users create and maintain a zero-based budget, where every dollar is assigned a specific purpose. The app aims to simplify budgeting and help users gain control over their finances by following Ramsey's "7 Baby Steps" methodology.
Zero-Based Budgeting - Helps users allocate every dollar of their income to specific expenses, savings, or debt payments.
Account Aggregation - Allows users to link their bank accounts, credit cards, and other financial accounts for automatic transaction import (available in the Plus version).
Customizable Budget Categories - Users can create and customize budget categories to fit their unique financial situations.
Expense Tracking - Automatically categorizes transactions and provides tools for manual entry and adjustment.
Goal Setting - Option to set and track financial goals, such as paying off debt.
Reports and Insights - Offers visual reports and insights into spending habits and budget performance.
Subscription Monitoring - Helps users identify and manage recurring subscriptions.
Debt Snowball Calculator - Available as part of the Ramsey+ bundle, this tool helps users plan and accelerate their debt payoff.
Available on computers and can be accessed on phones and tablets.
Free version
Includes many features, such as creating monthly budgets, customizing budget categories, setting up sinking funds, and tracking savings goals.
Premium version
Costs $17.99 per month or $79.99 per year after a 14-day free trial. Subscriptions can be canceled at any time after the trial ends. The premium version and the EveryDollar mobile app are not available internationally.
iOS Rating: 4.7/5 stars
Android Rating: 3.4/5 stars
Pros:
Easy to set up and use, making it great for beginners
Effective goal-setting tools
Automatic transactions import
Syncs across multiple devices
Integration with Dave Ramsey's financial planning methods
Access to financial coaching and educational resources
Cons:
No automatic transaction syncing in the free version
Premium version required for advanced features
Some users report issues with duplicate transactions
Limited customization compared to some other budgeting apps
EveryDollar is ideal for:
People new to budgeting who need a straightforward, easy-to-use tool.
Those who follow or are interested in Dave Ramsey's financial principles and "7 Baby Steps" methodology.
Individuals who want to implement a zero-based budgeting system.
Zeta is a budgeting app specifically designed for couples and families, offering tools to manage joint and individual finances. Launched by Zeta, the app aims to simplify financial management for modern households by providing features that cater to shared expenses, bill tracking, and goal setting. Zeta also offers joint and personal bank accounts through its partnership with Piermont Bank.
Joint and Personal Accounts - Allows couples to manage both shared and individual accounts.
Account Aggregation - Syncs with various financial institutions to provide a comprehensive view of finances.
Expense Tracking - Automatically categorizes transactions and tracks spending.
Bill Tracking - Includes an in-app bill calendar to manage and remind users of upcoming payments.
Savings Goals - Helps users set and track financial goals.
In-App Communication - Allows partners to add notes to transactions and communicate about spending within the app.
Net Worth Tracking - Provides a detailed view of net worth by aggregating all accounts.
Employs two-factor authentication (2FA) and AES-256 encryption to protect user data.
Zeta Concierge - Dedicated support to help with account setup and ongoing financial management.
Zeta is a budgeting app that offers a free version and a premium version called Zeta+ for $6.99 per month (Billed annually) or $9.99 per month (Billed monthly):
Free version: Includes up to three bank accounts and three household members, and offers basic features like digital banking, Zeta Pay, and an envelope system.
Zeta+: Includes up to four accounts and four household members, and offers premium features like Automation+, which provides custom automations for bills and goals, and Cards+, which offers more virtual cards and additional card controls.
iOS Rating: 4.5/5 stars
Android Rating: 3.8/5 stars
Pros:
Specifically designed for couples and families
Free to use with no monthly fees for basic accounts
In-app communication
Comprehensive suite of features for managing shared finances
Access to personalized support through Zeta Concierge
Cons:
Limited Advanced Features
Occasional syncing issues reported by users
No credit monitoring
Learning curve for new users
Zeta is ideal for:
Couples and families looking to manage their finances together
Users who want to track both joint and individual expenses
Those who need a comprehensive tool for budgeting, goal setting, and bill splitting
Families seeking personalized support for financial management
Traditional methods of managing finances can be challenging, but budgeting apps can be pretty handy. Here are some reasons why you should use a budgeting app:
Budgeting apps act as your personal financial assistant, always ready to help you manage your money more effectively. They offer a level of convenience that traditional budgeting methods can't match, allowing you to access your financial information anytime, anywhere.
Gone are the days of manual calculations and tedious data entry. Budgeting apps automate much of the process, making it easier to track your spending, set financial goals, and stick to your budget. This ease of use encourages consistent financial management.
With a budgeting app, you get a comprehensive view of your financial situation. These apps can link to your various accounts, giving you a real-time snapshot of your income, expenses, savings, and investments all in one place.
One of the most valuable features of budgeting apps is their ability to categorize and analyze your spending. This insight helps you understand where your money is going and identify areas where you might be overspending.
Whether you're saving for a vacation, planning for retirement, or trying to pay off debt, budgeting apps offer tools to set and track your financial goals. A budgeting app can help you stay motivated and focused on your long-term financial objectives.
Many budgeting apps include bill tracking and reminder features. These tools ensure you never miss a payment. You can avoid late fees and fines and maintain a good credit score.
Reputable budgeting apps use advanced security measures to protect your financial data. While it's natural to be cautious about sharing financial information, these apps often employ the same level of security as banks.
Some budgeting apps allow you to share your financial information with a partner or advisor. This works as an extra layer of accountability and support in achieving your financial goals.
When choosing a budgeting app, it's important to look for features that help you manage your finances without confusion. It should work well on smartphones and tablets, syncing smoothly across devices for convenience.
Here’s a detailed breakdown of what to look for in a budgeting app:
Core Functionality
The app should link to bank accounts, credit cards, and investment accounts to automatically import transactions.
Users should also be able to add transactions and categorize income and expenses with customizable labels.
It should support various budgeting methods (e.g., envelope, 50/30/20, custom) and allow users to set budget limits for different categories. Unspent funds should roll over to the next period.
The app should let users create short-term and long-term financial goals, set specific saving targets, and track progress. Goals should link to budget categories.
It should track due dates and payment amounts for bills, set up reminders, and automate payments. Bills should be categorized for budgeting purposes.
Advanced Features
The app should connect multiple financial accounts, giving a complete financial overview.
Users should create, edit, merge, or delete personalized spending categories to track their habits effectively.
The app should generate clear charts and graphs to help users see spending patterns, income trends, and budget progress.
It should monitor investment portfolios, including stocks, bonds, and mutual funds, and track performance and returns.
The app should manage multiple debts with details on due dates and interest rates, create debt payoff plans, and track progress.
Users should be able to join built-in saving challenges to boost savings and set specific saving goals with fun elements.
The app should provide articles, tips, and resources on personal finance, helping users learn about budgeting, saving, investing, and debt management.
The app must use strong data encryption and protection measures, offer two-factor authentication, and regularly update security features.
Besides the features, good customer support is important to help users solve issues quickly. Finally, having user forums or social features can help users share tips and support each other, making budgeting easier and more enjoyable.
Budgeting apps are great, but they’re not the only way to manage your money. Here are some other methods that might work for you, depending on what you prefer and need
If you like to crunch numbers, spreadsheets might be your thing. You can use Microsoft Excel or Google Sheets to create your own budget.
Pros: Highly customizable, free or low-cost, and you can tailor it to your specific needs.
Cons: Requires some knowledge of how to use spreadsheets, and you have to enter data manually.
If you like a hands-on approach, pen and paper might be the way to go. Writing down every expense can make you more mindful of your spending.
Pros: Simple, no tech needed, and it can make you more aware of your spending habits.
Cons: Time-consuming and easy to lose or damage.
This method involves putting cash into envelopes for different spending categories. Once an envelope is empty, you can’t spend any more in that category.
Pros: Encourages disciplined spending and is easy to understand.
Cons: Not practical for all expenses, like online purchases, and requires carrying cash.
Financial software can offer more comprehensive tools for managing your money. These programs often include features for tracking investments, planning for retirement, and more.
Pros: Comprehensive financial management and automated tracking.
Cons: It can be expensive.
Yes, many budgeting apps can be used for business expenses. Look for features like expense categorization, receipt scanning, and the ability to separate personal and business accounts.
The cost of budgeting apps varies. Free versions are available, but premium features typically range from $3 to $15 per month. Annual subscriptions often offer a discount.
Most budgeting apps allow you to sync with your bank account, which helps automate the tracking of income and expenses. This feature ensures that your budget is always up-to-date.
Reputable budgeting apps use bank-level security measures, such as 256-bit encryption and multi-factor authentication, to protect your financial data. Always check the app's security features before use.
Yes, there are many free budgeting apps available. Some popular free options include:
Goodbudget (free version with limited features)
EveryDollar (free version available)
Rocket Money (formerly Truebill, offers a free version)
NerdWallet (completely free)
August 21, 2024
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