Many people find it challenging to create a budget, let alone sticking to one.
As a result, money seems to slip through their fingers, and they always wonder where it all goes, month after month.
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Does this sound familiar to you?
Budgeting Apps can make managing your finances a breeze. You can quickly and conveniently track your spending right on your phone.
With a plethora of budgeting Apps available in market today, this article will shed light on the best ones.
Also, be sure to download our free budgeting worksheet.
And without further ado, let’s dive right in.
Mint.com is a popular personal finance website and budgeting App, with over 20 million users as of 2016. Intuit, the producers of TurboTax and QuickBooks, own Mint. The platform links to a user’s financial accounts and aggregates all the information in one convenient place.
It is available in Canada and the USA.
- It is a free application, making it an excellent choice if you are new to budgeting Apps and looking to test the waters.
- Allows users to link to bank accounts, credit cards, investment and other financial accounts. This linking eliminates manual data entry, saves time, increases accuracy, and makes for a better user experience.
- It allows users to export transactions and reports into spreadsheets for further review and analysis.
- Tracks home values as well as other assets, including art, jewellery, etc. Thus, Mint can provide a complete picture of your net worth, facilitating better financial decision-making.
- It is safe to use with many advanced security features, including security scanning, Touch ID, and multi-factor authentication.
- The App comes with many default categories that may not apply to everyone. Scrolling through unnecessary categories can be both unpleasant and time-consuming.
- Some of the notifications from the App are external advertisements, which can become annoying.
- It may take a bit of time to become familiar with the interface to navigate around on it easily.
- The customer support is not available 24/7.
You Need a Budget (YNAB) is a popular personal finance software that uses a zero-based budgeting approach. The main money management rule embraced by YNAB is to give every dollar a job. This rule ensures that every dollar received is assigned to an expense category before you spend it. Any extra money is saved and thus bringing the budget down to zero.
YNAB was created by Jesse Mecham in 2004 to help him, and his wife manage their finances.
- Option to automatically link all your financial accounts and track your transactions on a real-time basis.
- Offers a file-based import function for those not comfortable linking the app to their financial accounts. If you prefer, you can input your data manually.
- It has a thoughtful and beautiful interface that is very easy to use. Easy navigation results in better and frequent interaction with App helping you manage your finances more effectively.
- Provides a 34-day free trial period to test out the app before committing to the paid plans.
- Gives phone notifications with action items that have to be addressed, for instance, warnings for exceeding a budget category. This feature encourages long-term behaviour change.
- It is safe to use with its built-in end-to-end data protection and bank-grade 128-bit encryption.
- This budgeting App offers excellent customer support, including video tutorials, forums, and live chat for one-on-one help.
- It is a paid app. To continue using the App after the 34-day free trial period, you need to pick one of two plans: an annual plan for USD 84/year or the monthly one for USD 11.99/month.
- There is a bit of a learning curve to master the application.
- It is a straight-up budgeting application and does not offer features such as investment support, credit score checks, bill tracking or bill pay, etc.
- Although the App works internationally, it does not provide linking for financial institutions outside of Canada and the United States.
Every Dollar is also a well-known personal budgeting App from Ramsey Solutions, an organization by the personal finance guru, Dave Ramsey.
Like YNAB, it also uses the zero-based budgeting approach, which assigns every dollar to a category.
- It provides a clean, easy to use, and intuitive interface. It has a few advertisements, which do not interfere with a good user experience.
- The App integrates well with Dave Ramsey’s seven baby steps to financial freedom and gives Ramsey’s Financial Peace University access.
- Offers a pared-down free version that allows you to enter transactions manually.
- Provides excellent customer support. The free version offers customer support via email, while the paid version provides live calls with a real person.
- It is safe to use and employs a multi-layer security approach, including data encryption, firewall barriers, authentication procedures, etc.
- You need to pay to access the App’s full functionality, including financial tracking and automatic linking with financial accounts. The paid version costs $99/year.
- Does not have the capability to track investments, check credit scores, bill tracking or bill pay.
- There is no way to export data, and as such, the App has minimal reporting capabilities.
- Does not support services outside of Canada and the United States.
KOHO is a Canadian fin-tech application. It is not quite like a typical budgeting app. KOHO is a reloadable VISA card and App designed to help users save, earn cash back on purchases, and track spending habits.
You can load money onto a KOHO card through e-Transfers, direct linking to your bank account or direct payroll deposits. KOHO can be used anywhere that a regular VISA card is accepted.
It best serves as a budgeting app for specific expense categories. For instance, you can load $1,000 per month to cater for all your living expenses. The App notifies you whenever you make a purchase; it automatically categorizes each payment and shows you remaining balance.
- Encourages behaviour change by helping you rein in spending. You cannot spend more than the amount loaded on the App.
- There are no banking fees, such as account fees, ATM withdrawal fees, or transfer fees. Further, KOHO reimburses any expenses related to funding your account.
- It automatically (and instantly) tracks your spending, eliminating the need to track expenses manually.
- Offers a bill pay feature which allows you to track your spending as well as pay your bills on time.
- Provides a savings feature that can regularly move over a specified amount to reach a given savings goal.
- It’s compatible with the Apple Pay functionality and thus provides the convenience of making in-store purchases with your phone.
- Offers a cash back of 0.5% on all purchases.
- Has a referral program that can pay you up to $60 for everyone that you refer.
- Though accepted in the same places as a VISA card, it is not a credit card and therefore does not build your credit.
- It does not provide any investing functionalities, and as such, you need to find alternative means for all your investment needs.
- Limits the amount you can load ($20,000 maximum) and the daily amount you can spend ($3,000).
- It is currently only available in Canada.
Good Budget is a budgeting app based on the envelope budget approach. The envelope budgeting system is a simple way to plan and track spending in each budget category by keeping cash in envelopes. Good Budget provides a digital alternative to the physical envelope budgeting system.
It was founded in 2009 as an envelope budgeting software and has evolved to include check book reconciliation, accounts, etc.
- Syncs between various devices, making it suitable for family budgeting or any group of people using the same budget.
- Provides spending reports allowing you to analyze your expenses by payee, budget, month, income vs. spending, etc.
- It offers excellent flexibility with budgeting periods – you can create budgets weekly, bi-weekly, monthly, etc.
- It is available on the web, android, and iPhone to any user worldwide.
- The free version is sufficient for an average user’s needs and provides a total of 20 envelopes.
- It does not link to your bank accounts, and transactions need to be entered manually or imported. Therefore, it can be time-consuming and error-prone.
- There is a bit of a learning curve to master various aspects of the App, such as filling out the envelopes.
- The free version offers a limited number of envelopes and thus does not accommodate additional spending categories.
- You have to get the paid version to access an unlimited number of envelopes. The cost is USD 7/month or USD 60/year.
Wally is a personal finance App designed to help you track your finances in one place. It allows you to manage all your accounts, set financial goals, create budgets, and track your progress along the way.
Wally was founded in 2013, with its headquarters in California, United States.
- The user interface is simple, sleek, and intuitive.
- It has a broad global network with 15,000 banks available in 70 countries.
- Tracks foreign transactions with 200+ currencies, making it ideal for travel and any international purchases.
- Provides flexible budgeting periods allowing for customization to meet various user needs.
- It uses bank-level security features with end-to-end encryption, thus making it safe to use.
- Provides easy-to-understand insights through interactive charts and graphs.
- The standard version is free.
- Data must be entered manually for the standard version. Syncing with financial institutions is only available with a paid add-on.
- Paid add-ons to unlock more of the App’s features can become expensive.
- Customer support is only available through a chat-bot style option within its website, which could be frustrating for users who may need more hands-on assistance.
Spendee is a money management application that allows users to track their income and expenses on mobile phones.
It was founded in 2017, with its headquarters in the Czech Republic.
- Uses bank-level security features and encryption, and thus all details entered into the App are safe.
- Provides a basic free version.
- Supports multiple currencies making it very convenient for international travel.
- Offers flexibility by allowing users to create budgets for each spending category.
- The alerts and reminders feature notifies you when a bill is coming due or when you are about to exceed your budget.
- Has a simple and intuitive user interface, which makes it easy for you to keep track of your finances.
- The shared wallet feature makes it easy to coordinate finances for multiple users sharing the same budget.
- The basic version of the App does not provide automatic syncing with bank accounts, as well as additional features such as shared wallets for group budgeting needs.
- The interface uses a comma instead of a decimal point, which is not the typical numbering convention and thus is confusing.
- Customer support is only available by email.
Moka (previously Mylo)
Moka is a fin-tech application popularly known for rounding up spare change on your purchases and investing the difference. It works both as a money management tool as well as a Robo advisor.
Moka was founded in 2017, with its headquarters in Montreal, Canada. It is currently available in Canada and France.
- Puts your savings contributions on autopilot, and it helps you reach your financial goals passively.
- It utilizes bank-level security measures, including 256-bit encryption and secure SSL connections.
- Has a referral program that provides an easy way to make some extra cash when you refer a friend to the application. The referral bonus is $5 each for you and your referral.
- Offers cash back opportunities and deals when you spend with popular brands, including Uber Eats, Apple Music, HelloFresh, Staples, etc.
- It is currently only available in Canada and France.
- Has a small cost of $3 per month (plus tax) to gain access to automated savings, investing features, and unlimited fully-managed portfolios.
Wallet is a budgeting App that helps users to save money, budget, and track expenses from one location.
It an application by BudgetBakers.com and was founded in 2010.
- Allows you to sync multiple financial accounts.
- The basic version of the App is free for iOS and Android users.
- Allows users to take and archive pictures of their receipts, which can be a useful feature for tax purposes or work-related expense reimbursements.
- It has a user-friendly interface with graphics that provide a quick overview of your finances.
- The paid version of the App allows for cloud syncing across various devices and platforms.
- Enables users to set specific goals (such as saving for a trip) and keeps track of your spending regarding achieving the set goals.
- Provides period to period comparisons which can help you to analyze spending better and spot any emerging patterns.
- The free version does not automatically sync with financial accounts, and data must be entered manually.
- To access basic features (such as account syncing, adding multiple users, etc.), you have to pay US$4.99/month or US$28.99/year.
- The platform displays various Ads, which can be annoying.
PocketGuard is a money management application that supports financial institutions in Canada and the United States.
- Has a unique feature that negotiates your bills for you to get some savings.
- Provides an autosave feature that can help you reach your savings goals passively.
- It keeps track of how much money you have for discretionary spending after paying bills and meeting your savings targets.
- It uses bank-level security features, including 256-bit SSL encryption.
- Offers a free basic version.
- Takes a commission off any savings that it negotiates on your bills.
- Does not accommodate users who do not wish to sync their bank information as it does not provide an option to import data or create offline accounts.
Personal Capital (Bonus)
Personal Capital is a fin-tech application that serves as both a personal wealth manager and an online financial advisor. It is registered with the U.S. Securities and Exchange Commission (SEC). It provides a dashboard where you can get a quick snapshot of your finances, including investments.
It was founded in 2009, with its headquarters in California, United States.
- It helps you with your budgeting needs and investment tracking, providing a holistic view of your finances.
- Allows users to link multiple financial accounts and aggregates all your information in one place.
- Has a bill alert feature that lets you know when bills are coming due.
- Provides excellent 24/7 customer support via phone and email
- Limited in its capabilities to create custom budget categories.
- May not be suitable for users who are solely looking for money management and are not investors.
- Personal Capital is limited to United States investors only.
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