Budgeting is one of those things that we all know we should do, but often don’t. It can be hard to keep track of our income and expenses, especially when we have multiple accounts, cards, and bills. It can also be boring and tedious to manually enter every transaction and categorize every purchase.
But what if there was a way to make budgeting easier, faster, and more fun? What if you could use your smartphone to manage your money, set goals, and track your progress? What if you could get personalized advice and insights on how to improve your financial situation?
That’s where budgeting apps come in. Budgeting apps are mobile applications that help you plan, monitor, and control your spending and savings. They can connect to your bank accounts, credit cards, loans, and investments, and automatically update your budget with real-time data. They can also help you create custom categories, set spending limits, track your net worth, and more.
But with so many budgeting apps out there, how do you choose the best one for you? To help you out, we’ve compiled a list of the five best budgeting apps. We’ve checked each app based on its features, usability, design, and cost. We’ve also highlighted the pros and cons of each app, so you can make an informed decision.
1. You Need a Budget (YNAB)
You Need a Budget (YNAB) is one of the most popular and powerful budgeting apps on the market. It follows the zero-based budgeting system, which means you assign every dollar of your income to a specific category or goal. This way, you can plan ahead for your expenses and savings, and avoid overspending or under-saving.
This app also helps you deal with unexpected costs or changes in your income. It has a feature called “Age Your Money”, which encourages you to spend money that is at least 30 days old. This means you’re not living paycheck to paycheck, but rather using money that you’ve saved in advance. YNAB also has a feature called “Roll With The Punches”, which allows you to adjust your budget as needed. This means you’re not stuck with a rigid plan, but rather flexible enough to adapt to your circumstances.
YNAB has a sleek and intuitive interface that makes it easy to use. It syncs with your bank accounts and credit cards and automatically imports your transactions. It also has a web version and a desktop app that you can access from any device. YNAB also offers extensive support and education resources, such as live workshops, podcasts, videos, blogs, and forums.
Pros:
- Follows the zero-based budgeting system
- Helps you break the paycheck-to-paycheck cycle
- Allows you to adjust your budget as needed
- Syncs with your bank accounts and credit cards
- Offers extensive support and education resources
- Costs $14.99/month or $99/year after a 34-day free trial
- Requires some learning curve and commitment
- May not work well for irregular income or multiple currencies
2. Mint
Mint is one of the most widely used and trusted budgeting apps in the world. It’s free to use and offers a comprehensive range of features that help you manage your money. Mint connects to your bank accounts, credit cards, loans, investments, and bills, and automatically updates your budget with real-time data. It also categorizes your transactions and shows you how much you’re spending on each category.
Mint also helps you set goals and track your progress. You can create custom goals for saving, paying off debt, investing, or anything else you want to achieve. Mint will show you how much you need to save or pay each month to reach your goal, and how long it will take you to get there. Mint will also send you alerts and reminders when you’re close to reaching or exceeding your budget or goal.
Mint has a user-friendly and attractive interface that makes it easy to navigate. It also has a web version that you can access from any device. Mint also provides useful insights and tips on how to improve your financial situation. It shows you your credit score and net worth, as well as personalized recommendations on how to save money or lower your interest rates.
Pros:
- Free to use
- Connects to your bank accounts, credit cards, loans, investments, and bills
- Categorizes your transactions
- Helps you set goals and track your progress
- Provides useful insights and tips
Cons:
- May have some issues with syncing or accuracy
- May have some ads or promotions
- May not work well for multiple currencies or cash transactions
3. Acorns
Acorns is a budgeting app that helps you save and invest your spare change. It connects to your bank accounts, credit cards, loans, investments, and bills, and automatically rounds up your transactions to the nearest dollar. It then invests the difference in diversified portfolios of exchange-traded funds (ETFs) that match your risk profile and goals.
Acorns also help you save for retirement with an individual retirement account (IRA) that offers tax benefits and low fees. It also rewards you with cash back when you shop at select retailers that partner with Acorns. You can earn up to 10% cash back on your purchases, which will be automatically invested in your Acorns account.
Acorns has a simple and elegant interface that makes it easy to use. It also has a web version and a desktop app that you can access from any device. Acorns also offers extensive support and education resources, such as articles, podcasts, videos, blogs, and newsletters.
Pros:
- An easy and effortless way to save and invest
- Offers extensive support and education resources
- Provides useful insights and tips
- Rewards you with cash back at select retailers
Cons:
- High fees on small account balances
- No tax-loss harvesting or access to human advisors
- May not work well for irregular income or multiple currencies
4. Oportun (Digit)
Oportun is a budgeting app that helps you save money automatically and effortlessly. It connects to your bank account and analyzes your income and expenses. It then calculates how much money you can afford to save each day, week, or month, and transfers that amount from your checking account to a separate savings account.
This app also helps you save for specific goals, such as an emergency fund, a vacation fund, a debt payoff fund, etc. You can create custom goals with names, amounts, and deadlines. Oportun will automatically save a portion of your income for each goal, and notify you when you reach your target. Oportun also rewards you with a 0.5% annual bonus on your savings, which is paid every three months.
Oportun has a minimalist and elegant interface that makes it easy to use. It also has a web version that you can access from any device. It also offers a no-overdraft guarantee, which means it will never transfer more money than you can afford and will refund any fees if it does.
Pros:
- Helps you save money automatically and effortlessly
- Helps you save for specific goals
- Rewards you with a 0.5% annual bonus on your savings
- Offers a no-overdraft guarantee
Cons:
- Costs $5/month after a 30-day free trial
- May not have as many features or integrations as other apps
- May not work well for multiple currencies or cash transactions
5. Qapital
Qapital is a budgeting app that follows the envelope system, which is a traditional method of managing money. The envelope system involves dividing your income into different envelopes or categories, such as rent, groceries, entertainment, etc. You then spend only the money that is in each envelope for that category. This way, you can control your spending and save more money.
Qapital helps you create virtual envelopes for each category of your budget. You can customize the name, amount, and frequency of each envelope. You can also sync your envelopes with your bank accounts or credit cards, or manually enter your transactions. Qapital also helps you track your spending and saving progress with charts and reports.
Qapital has a simple and modern interface that makes it easy to use. It also has a web version that you can access from any device.
Pros:
- Follows the envelope system
- Helps you create virtual envelopes for each category of your budget
- Helps you plan ahead and forecast your cash flow
- Helps you create custom goals
- Enables you to save money in four ways
Cons:
- Free version has limited features; Plus version costs $3/month, Complete version costs $6/month, and Master version costs $12/month
- Requires some manual input or adjustment
- May not work well for irregular income or multiple currencies
Which budgeting app are you going to try? We’d love to hear from you.
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