Creating and sticking to a budget is one of the most effective ways to take control of your finances. However, manually tracking expenses and income and planning for the future can take time and effort.
This is where budgeting apps come in – they simplify the budgeting process and keep you motivated to reach your financial goals. In this article, we’ll compare the top budgeting apps of 2022 to help you find the right tool for your needs.
We’ll discuss the features, costs, and the pros and cons of some of the most popular options. By the end, you’ll better understand which app is the perfect fit to help manage your money.
Why Budgeting Apps?
Connecting your accounts to a budgeting app streamlines the process in several key ways:
- Automatic Transaction Syncing
Rather than manually entering every purchase, apps download transactions from your bank and credit card accounts to track your spending automatically. This saves time and reduces errors.
- Spending Insights
Apps analyze your transactions to see exactly where your money goes each month. Visual reports reveal spending habits so you can spot opportunities to save. Detailed insights into categories like dining out, transportation, and subscriptions can help optimize your budget for the future.
- Customizable Budgets
Design flexible budgets with housing, food, entertainment, and more categories. Adjust amounts as your needs change. Set specific amounts for variable categories to see which are over or under budget each month easily.
- Financial Goals
Set savings targets for emergencies, travel, and education savings for children or retirement. Budgeting apps keep you on track to reach objectives with progress trackers.
- Convenience on the Go
Access your budget from your phone for quick checks or edits while shopping. Stay on top of finances wherever you are with mobile budgeting apps. Set shopping limits per category to avoid overspending.
- Accessibility
Many budgeting apps are free or cheap, making them accessible to users from all financial backgrounds. Free trials are also common, allowing you to test different apps.
Top Budgeting Apps Overview
Now that we’ve covered why budgeting apps are worthwhile let’s examine some of the most popular options. We’ll highlight their signature features and pricing to help you choose the right fit.
– Price: Free for 30 days, then options for monthly or annual subscriptions ($14.99 – $98.99 per item)
– Available Plans: Monthly or Annual Subscriptions
– User Reviews and Ratings: 4.6 stars with 17.3K Ratings on Google Play, 4.8 stars with 49.2K Ratings on App Store
– Key Features:
– Built for Partners and Families: Budget sharing for up to six people at no extra cost.
– Manage your Loan Payoff: Tools to calculate savings on time and interest with extra payments.
– Expense Tracking: Real-time budget updates, ideal for managing finances with a partner.
– Goal Setting: Categorize dreams, set spending targets, and track progress visually.
– Credit Card Management: Assistance in planning to pay off balances.
– Import Income & Expenses: Manual entry or account linking for a comprehensive financial overview.
– Spending & Net Worth Reports: Detailed insights into spending habits and net worth.
– Safety Features:
– Privacy Protection: Strong commitment to user data privacy with a clear policy.
– Authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011.
YNAB is more than a budgeting tool; it’s a financial companion designed to reduce stress and increase freedom in your financial life. Built for both individuals and families, it allows up to six people to share and collaborate on budgets without any extra cost. This approach not only fosters transparency and teamwork in financial planning but also ensures that everyone involved is moving towards common goals.
With a commitment to privacy and a wealth of resources at your fingertips, YNAB stands out as a guardian of both your financial well-being and personal data. The initial 30-day free trial offers a risk-free opportunity to test its comprehensive budgeting solutions, after which a range of subscription options cater to different needs and budgets. In a world where financial anxiety is all too common, YNAB shines as a beacon of hope, offering a path to a more secure and confident financial future.
– Price: Free version available; subscription options range from $0.99 to $69.99 per item
– User Reviews and Ratings: 4.1 stars with 19.2K reviews on Google Play; 4.6 stars with 12.9K ratings on the App Store.
– Key Features:
– Sync Across Devices: Seamlessly syncs across Android, iPhone, and the web.
– Manual Expense Tracking: Emphasizes manual entry for a hands-on approach to budgeting.
– Envelope Budgeting System: Utilizes digital envelopes to allocate and track spending.
– Comprehensive Reporting: Offers insightful spending and income reports.
– Goal and Annual Envelopes: For savings and long-term financial planning.
– Scheduled Transactions: Plan and track recurring expenses with ease.
– Ad-Free: The basic version is ad-free, offering a clean user experience.
– Safety Features:
– Data Security: Automatic and secure backup to Goodbudget’s website.
– Privacy Protection: Commitment to user privacy with no data selling.
Goodbudget is chock-full of features designed for life on-the-go, from real-time expense tracking across multiple devices to insightful spending reports that help analyze your financial habits. With the ability to sync data across Android, iPhone, and the web, Goodbudget ensures that you and your budgeting partners are always on the same page, regardless of where life takes you. Its emphasis on manual transaction entry might require a bit more effort, but it pays off by providing a clearer picture of where your money is going.
Goodbudget’s ad-free, Free Forever version is a great starting point for those new to envelope budgeting, offering up to 10 regular and 10 annual envelopes. For users looking for more robust features, Goodbudget’s subscription service provides unlimited envelopes and accounts, extended transaction history, and premium support. With accolades from Google, The New York Times, Forbes, and a host of satisfied users, Goodbudget isn’t just a budgeting app—it’s a lifestyle choice for those aiming to live well and do good.
– Price: Free version available; Premium version $7.99 – $129.99 per item, with monthly ($17.99) or annual ($79.99) subscription options
– User Reviews and Ratings: 3.4 stars with 10.9K reviews on Google Play; 4.7 stars with 62.4K ratings on the App Store.
– Key Features:
– Zero-Based Budgeting: Assign every dollar a job before the month begins.
– Bank Connection: Premium feature for automatic transaction streaming.
– Customizable Budgets: Unlimited budgets with personalized categories and line items.
– Expense Tracking: Manually track transactions and monitor spending.
– Savings Goals: Set up and track progress towards savings objectives.
– Reporting: Access custom reports on income and spending habits with Premium.
– Debt Payoff: Tools to help you fast-track debt repayment.
– Educational Resources: Learn from certified financial coaches with Premium.
– Safety Features:
– Secure Bank Connection: Safe and automatic streaming of transactions.
– Data Privacy: Committed to protecting user privacy and financial data.
Budgeting doesn’t have to be a chore, and with EveryDollar, it becomes a stress-free and engaging process that can actually make you love managing your finances. Tailored for those who prefer to have a hands-on approach to their money, EveryDollar introduces the simplicity and effectiveness of zero-based budgeting, where every dollar is given a specific purpose before the month begins. This method ensures that you’re in full control of your financial destiny, guiding you to spend wisely, save diligently, and plan for the future with confidence.
EveryDollar stands out by making budgeting accessible and straightforward, perfect for beginners yet robust enough to grow with you as your financial literacy expands. The app’s free version is a powerful tool for manual budget management, offering unlimited budgets, personalized categories, and the ability to track every transaction. Premium elevates the experience by automating the most time-consuming aspects of budgeting, such as bank syncing and transaction categorization, alongside exclusive features like goal setting, financial coaching, and advanced reporting to deepen your understanding of your financial habits.
– Price: Free app with basic tracking; advanced features may require additional services.
– User Reviews and Ratings: 4.2 stars with 18,091 votes on Google Play; 4.7 stars with 41.1k ratings on the App Store.
– Key Features:
– Integrates bank accounts, investments, retirement accounts (401k, IRA), and debts in one dashboard.
– Net Worth Tracker: Calculates your true net worth to inform financial decisions.
– Retirement Planning: Features tools like a retirement planner and calculator to assess and adjust your retirement strategy.
– Investment Tracking: Monitors portfolio performance against target allocations to minimize risk and maximize returns.
– Budget Management: Automates the organization of expenses by date, category, or merchant.
– Security: Employs multiple layers of security to protect user data and privacy.
– Safety Features:
– Advanced Security Protocols: Dedicated security team ensures the safeguarding of financial data.
Empower Personal Dashboard™ revolutionizes how you interact with your finances, offering a sophisticated yet accessible platform for managing your entire financial life. Unlike traditional budgeting apps focused on monthly expenses, Empower excels in providing a comprehensive view of your wealth, including investments, retirement planning, and net worth assessment.
The app’s integration of various financial accounts into one dashboard allows for a holistic view of your finances, making it easier to track progress towards your goals. Whether it’s seeing if you’re on track to retire by a certain age or understanding the impact of your spending habits on your overall financial strategy, Empower brings clarity and control to your financial planning.
– Price: Free version available; PocketGuard Plus available with subscription options: Monthly – $12.99, Annual – $74.99
– User Reviews and Ratings: 3.6 stars with 2.04K reviews on the Play Store; 4.6 stars with 6.9K ratings on the App Store.
– Key Features:
– “IN MY POCKET” Feature: Calculates disposable income after accounting for bills, goals, and essentials.
– Bank Account Syncing: Automatically updates and tracks your financial transactions.
– Expense Tracking and Budgeting: Offers insights into spending habits and helps optimize monthly budgets.
– Bill Tracker and Subscription Manager: Identifies and manages bills and subscriptions, ensuring you never miss a due date.
– Debt Repayment Planning: Utilizes smart algorithms to suggest the best strategies for paying off debts.
– Comprehensive Analytics: Provides detailed reports for a better understanding of personal finances.
– Security: Bank-level 256-bit SSL encryption, PIN codes, and biometric features for data protection.
– Safety Features:
– Advanced Encryption: Ensures your financial data is secure and private.
– Biometric Security: Offers additional protection with Touch ID & Face ID.
In the dynamic world of personal finance, PocketGuard stands out as a beacon for those seeking simplicity and efficiency in managing their money. This innovative budget app and money manager harnesses the power of smart algorithms to demystify budgeting, making it more accessible and user-friendly than ever. Whether you’re a financial novice or looking to streamline your budgeting process, PocketGuard offers a suite of features designed to put you firmly in control of your finances.
At the heart of PocketGuard is the “IN MY POCKET” feature, a financial game-changer that tells you exactly how much you can safely spend after all obligations are met. This clarity empowers you to make informed spending decisions, fitting seamlessly into your lifestyle without the guesswork. And with top-tier security measures in place, including 256-bit SSL encryption and biometric safeguards, you can rest assured that your financial data is secure and private.
– Price: Free
– User Reviews and Ratings: 3.4 stars with 2.41K reviews on Google Play; 4.5 stars with 8.5K ratings on the App Store.
– Key Features:
– Shared Financial Visibility: Couples can connect individual or joint bank accounts to view finances collectively.
– Customizable Sharing Levels: Decide how much financial information to share with your partner.
– Comprehensive Budgeting Tools: Set monthly limits on various spending categories and monitor progress together.
– Bill Reminders: Get notifications for upcoming bills to ensure timely payments.
– Custom Categories: Tailor your budgeting categories to fit your unique financial situation.
– Communication Tools: Utilize in-app messaging and emojis to discuss finances and transactions.
– Expense Splitting: Easily divide up expenses and track balances between partners.
– Automatic Categorization: Simplifies expense tracking by automatically organizing spending.
– Extensive Bank Support: Compatible with over 5,000 banks for seamless account integration.
– Robust Security: Features bank-level encryption, SSL/TLS, passcode & TouchID, and multi-factor authentication.
– Safety Features:
– Encrypted Data: Both in storage and in transit to protect your financial information.
– Multiple Layers of Security: Including passcode & TouchID and multi-factor authentication for enhanced safety.
Recognized as the best personal finance app for duos, it offers a unique blend of features designed to foster collaboration, transparency, and mutual financial goals. By allowing partners to tailor their sharing preferences, Honeydue caters to a wide range of privacy needs, ensuring that both individuals feel comfortable and in control of their shared financial journey.
The app’s standout feature is consolidating bank balances and transactions, offering a holistic view of the couple’s financial health. This, combined with the ability to set and track spending limits across custom categories, empowers couples to manage their household budget effectively. Honeydue’s bill reminders and in-app messaging further enhance communication, making it easier than ever for couples to stay on the same page about their finances.
Conclusion: Choosing the Right App for You
With dozens of budgeting apps on the market, choosing the right one can seem overwhelming. Evaluating your specific needs and preferences will lead you to the best fit. Consider the following factors as part of your selection process:
- Budgeting Method: Do you prefer the envelope budgeting structure, where funds are allocated to categorized envelopes? Or do you like the flexibility of general budgets without rigid categories? Apps like Goodbudget and Honeydue use envelopes, while EveryDollar offers a more flexible approach.
- Account Connections: Will you manage finances manually or want bank syncing for convenience? Apps requiring entry, like Goodbudget, are best for cash users while bank-linking apps excel for those with multiple accounts.
- Budgeting Needs: Are you just starting and focusing on tracking expenses to gain awareness? Or are you ready for longer-term planning and wealth management tools as well? Empower caters more to retirement goals, while PocketGuard simplifies daily limits.
- Relationship Status: Do you budget solo or jointly with a partner? Apps designed for couples, like Honeydue, offer collaborative tools for sharing management.
- Costs: Consider free trials and longer-term subscription costs. Monthly fees are more flexible, but annual plans offer better value if the app meets your evolving needs.
- Experience Level: First-timers benefit most from simplicity, while advanced users require robust features and customization. YNAB demands time to learn but proves worthwhile.
- Commitment Level: Subscription apps like YNAB involve long-term use for full value. But step-stone apps such as EveryDollar deliver budgeting basics without long reviews. Test multiple options to identify your ideal permanent solution.
Considering these factors leads to selecting a budgeting app customized to your unique money management needs and habits, setting the stage for financial success.
Making and sticking to realistic spending plans takes ongoing effort but pays off tremendously. The right budgeting app can take much of the struggle out of the process, keeping you motivated. Each app covered offers unique strengths, so consider your financial patterns and future goals to select what suits you most.
Then, take full advantage of helpful education resources to manage money wisely for future financial security. Using a budgeting app is just the first step. Monitor your progress regularly and adjust your budget to sustain financial behaviors.
Seek opportunities to automate savings or minimize habits like daily spending to meet long-term financial wellness. Overall, finding the right money management tool is an investment in your future that will pay you back for years to come.
