Expert Curated List of the Best Budgeting Tools and Savings Apps

Budgeting is an important aspect of financial management. It helps you track your expenses and take control of your spending. It also allows you to see opportunities to save money, prepare for emergency expenses, pay off debt or achieve your financial goals.

Some people may find budgeting challenging. A budgeting tool or savings app can be a great addition to your financial planning strategy. It can help with monitoring spending, encourage saving and identify unhealthy habits.

Generally, the best budgeting tool may vary depending on personal financial goals and needs. Comparing the pros, cons and features of different tools, knowing what factors to consider and learning how to make the most of budgeting tools can help you find the right app suitable for your situation.

Getting on a budget can improve one’s financial situation. It helps ensure you achieve your long-term financial goals, including building a nest egg, planning retirement or preparing for unexpected expenses.

However, developing the proper habits can be difficult, especially for beginners. Having the right tools can help. This is where budgeting tools and savings apps come in.

There are various options available in the market. Each one offers different features and advantages. But generally, budgeting apps help monitor finances, identify unhealthy spending habits, encourage saving and achieve financial goals.

MoneyGeek reviewed eight of the most well-known budgeting apps available in the market to help you find the best tool that fits your financial situation and needs. To determine who each app is best for, MoneyGeek checked user ratings, best features and costs.

1. Mint

Best For: Budgeting beginners

Mint is a great option for newbies and individuals interested in basic budget tracking. The app has high user ratings in both the App Store and Google Play, reflecting a positive customer experience in general. It allows you to link different financial accounts for better monitoring.

However, the app is ad-supported. Additionally, if you’re looking for a more hands-on experience instead of just tracking transactions, Mint may not be for you.

2. YNAB

Best For: Hands-on budgeting

You Need a Budget (YNAB) is an excellent option for people who want to be more hands-on when it comes to financial management and budgeting. The app is also good for beginners willing to spend a few bucks. Among its best features are the loan calculator, spending and net worth reports and account synchronization. It also uses zero-based budgeting, wherein you allocate all your money to certain expenses.

3. Goodbudget

Best For: Traditional budgeters

If you’re used to the traditional budgeting method that uses envelopes, this may be a good option for you. The app allows you to divide your income into different expenses categorized into envelopes. This helps prevent overspending on one category.

However, the free subscription only offers limited access. You can only use two devices, one account, 20 envelopes and debt tracking. If you want unlimited envelopes and accounts and access from five different devices, you’ll have to pay $8 per month or $70 per year.

4. EveryDollar

Best For: Basic budgeters

EveryDollar is a free app. It’s best for individuals looking for a simple budgeting tool. If you want to access other features, such as bank synchronization and spending reports, you’ll have to be a premium member. This can cost you $12.99 per month or $79.99 per year.

5. Personal Capital

Best For: Investors

Personal capital has a budgeting feature but may be considered as a wealth management tool. Its best features include an investment checkup and net worth calculator. That said, you may get financial advice from human and robo-advisors.

6. PocketGuard

Best For: Overspenders

PocketGuard uses the SMART (Specific, Measurable, Achievable, Relevant and Timely) goal strategy, which helps individuals focus on well-defined and attainable financial goals. The app allows you to link financial accounts, making tracking spending easier and preventing overspending.

PocketGuard is a free app. However, special features like the debt payoff plan and adding categories are available only to paid users.

7. Honeydue

Best For: Couples

Budgeting for couples is Honeydue’s main focus. It allows you and your partner to sync your financial accounts for better monitoring. You can set bill reminders to avoid penalties. You can also communicate with your partner through the built-in app feature. If you and your partner decide to bank together, you can also get the Honeydue joint bank account.

8. Digit

Best For: Passive budgeter

Digit is best for people looking for a hands-free budgeting experience. Instead of manually inputting data, the app analyzes your expenses and automatically moves your deposits to your bills’ accounts to ensure timely payments. You can also keep track of your car payments and budget your rent payment. However, the free subscription only lasts for six months.

Comparing different budgeting apps is the best way to find the most suitable choice for your financial needs. The table below details a comparison of eight apps.

Each person has different needs and circumstances. That means the budgeting tool that works for most people may not be suitable for others. Aside from researching what each app can offer, it would also help to review your preference.

For instance, some people may find free apps to be enough. However, others may opt for paid subscriptions due to the added perks.

MoneyGeek considered well-known budgeting apps and conducted a review considering various factors, including available features, customer ratings and user reviews in both the App Store and Google Play, pricing, pros and cons. MoneyGeek also determined who each app is best for to help you in choosing the right tool based on your needs.

There are many resources available to help you achieve financial success. MoneyGeek compiled a list of relevant resources to help you get started.

• Choose Foundation: Sign up for the organization’s Financial Independence 101 training course and learn how you can become financially independent.
• Consumer Financial Protection Bureau’s SMART Goals Tool: Learn how to set your goals and determine what values motivate you the most.
• Consumer Financial Protection Bureau’s Spending Tracker: Download CFPB’s spending tracker and evaluate your weekly expenses.
• Consumer.gov: Learn more about budgeting, why it’s important, how to make one and other ways to save money.
• Federal Student Aid Estimator: If you’re a student, the Federal Student Aid offers this estimator to help you set a budget for the financial aid you may receive.
• Investor.gov: Learn about investing and calculate the amount you need to achieve your financial goals using Investor.gov’s different financial planning tools.
• National Financial Educators Council: Become more financially literate with the help of NFEC’s financial literacy services and resources.
• Nav.it: Get professional tips and learn techniques you can use for better money management to achieve financial wellness.
• Quickbooks Business Expense Tracking: If you’re running a business, you can use Quickbooks’ business expense reporting software to track and manage your business’ finances.
• U.S. Department of the Treasury: Access information, tips and guides on personal finance and financial relief programs.
• Utah State University: Many consumers tend to overspend during the holidays. Get tips for better budgeting and holiday spending.