Best Budget Apps – Top 5 Budgeting Apps Guide In 2023
The majority of people’s attempts to manage their money are a complete and utter failure. As a result, people are searching for something that can provide assistance with managing them.
After that, they might look into their available options for it. As a result, we are providing you with this comprehensive list of the best budget apps so that you may simplify your financial planning.
Nearly everyone is interested in bettering their financial situation and finding ways to save money. As a result, those working in the field of technology are concentrating their efforts on the production of an ongoing stream of financial instruments that will be of assistance.
In addition to that, we looked at a number of different budget programs and chose the ones that would be most beneficial for you to utilize.
You need to look through the following information thoroughly before you jump right in and start using the applications for budget planning.
What Are Budget Apps And How Do They Work?
Apps designed for budgeting can assist you in managing your finances by helping you keep tabs on your bills, keeping an eye on your day-to-day costs, and establishing savings targets. Some of them can even automatically build a spending plan for you and organize your expenditures into categories.
There isn’t a single method that can be applied across the board to all of the different budgeting tools. In order to keep track of your money more accurately, you can connect your bank account to certain budgeting programs and sync your spending in real-time.
To put it another way, the app will automatically update itself to reflect any transaction that you carry out using a debit card.
YNAB, Mint, and Fudget are three examples of budgeting applications that provide you the choice to manually enter every spending, monthly settlement, or savings account. If you don’t feel comfortable attaching your account to an application, you should be aware that these apps give you the choice to do so.
Apps dedicated to budgeting also provide a variety of approaches. Some apps center their attention on a particular approach, such as the pay-yourself-first strategy or the envelope system. Your motivation for creating a budget, as well as the amount of time and energy you are ready to invest, should guide your selection of a budgeting method.
How We Are Choosing The Right Budget App For You
In order to compile this list of the top budgeting apps, we tested and reviewed a total of 15 different applications.
We took a number of factors into consideration, including the availability of the app for both iOS and Android devices, as well as the ratings given by previous users on Google Play and the App Store. On the other hand, we focused our emphasis, particularly on the following characteristics:
- Access to free trials and payment options for subscriptions. Before committing to either a monthly or yearly membership, we strongly recommend that consumers test out the application for at least one month free of charge. Those mobile applications that offered a trial period of at least 30 days were given priority by our team.
- The connecting of accounts. We found that apps that enable you to connect your account to your financial institution were the most useful, despite the fact that the majority of apps allow you to manually enter costs and account information. This can help you save time and energy, and in the end, it can deliver a more accurate perspective of your financial situation.
- Data safety. When dealing with sensitive personal and financial information, you absolutely must prioritize safety. The top selections on our list provide high-grade encryption and support for two-factor authentication.
Mint
Why we think you should have it:
Let’s begin with the extremely high reviews that Mint has received in both the Apple App Store and the Google Play Store. It also has a far larger number of reviews than any of the other apps that we tested. It syncs a wide variety of accounts for no additional cost, including checking and savings accounts, credit cards, loans, investments, and invoices.
When it comes to the actual process of budgeting, Mint will keep track of your expenditures and organize them according to pre-defined budget categories.
You have the ability to put your own spin on any of these limitless categories. Mint will notify you when you are getting close to exceeding the restrictions that you established for each of these categories that you have defined.
In addition to these capabilities for budgeting, Mint may also assist customers in paying off debt, saving more money, and tracking their objectives. The software also displays the user’s credit score as well as their net worth. A definite plus is that Mint offers a wealth of help for its mobile app users, including a comprehensive Frequently Asked Questions section.
Reasons why you might wish to reconsider:
The fact that Mint keeps track of nearly everything for you is simply one of its many outstanding features. But if you want to take a more hands-on approach to your finances, it might not be the best option. There are better options on our list if what you need is an app that helps you prepare for your money rather than one that helps you track it.
Cost: Free
Average user rating on App Store: 4.8
Average user rating on Google Play: 4.4
YNAB
Why we think you should have it:
YNAB has the highest rating on Google Play out of all the applications on our list, and it also shares the highest rating on the Apple Store with a few other apps.
Instead of tracking their previous purchases, users of this software will be encouraged to instead prepare ahead for their future financial choices. The zero-based budgeting methodology, which YNAB adheres to, requires users to devise a strategy for how they will spend each and every dollar they bring in.
When you get paid, you notify YNAB of the percentage of that money that should be allocated to various categories, such as costs, objectives, and savings.
When you are forced to make a decision about what to conduct with your money, the notion is that you will treat it with greater intention because of the increased responsibility that comes with the decision-making process.
YNAB puts you in the driver’s seat with all of these different decision-making opportunities. The website of YNAB provides various instructional resources that explain precisely how to create a budget and utilize the app in order to assist users in overcoming the learning curve associated with the program.
YNAB gives you the ability to integrate several financial accounts, including credit cards, loans, and checking and savings accounts. The app is compatible with mobile devices, desktop computers, iPads, Apple Watches, and Amazon Alexa devices.
Reasons why you might wish to reconsider:
You need to be dedicated to YNAB in order to succeed with it. Because of the way it was developed, it is most useful to users who wish to be actively involved in budgeting and financial planning. In addition, when compared to the prices of the other applications on our list, this one has a somewhat steep price tag.
Cost: You can pay either $14.99 each month or $98.99 for the entire year, but first you get a free trial that lasts for 34 days. YNAB is offering a free year of service to all college students.
Average user rating on App Store: 4.8
Average user rating on Google Play: 3.2
PocketGuard
Why we think you should have it:
Although PocketGuard may not have the most comprehensive collection of capabilities available, this is one of the reasons that we appreciate using it. The app’s primary focus is on making things easier.
You can track your bills, link your bank accounts, credit cards, loans, and investments, and do all of these things at the same time. Using this information, the app will display how much money you have left over to spend after you have deducted money for things like essentials, bills, and ambitions.
Additionally, PocketGuard monitors your net worth and provides you with the option to avoid linking your accounts in favor of manually monitoring your financial situation. A debt payoff plan, the ability to export your transactions, and other features are available in the commercial edition of PocketGuard called PocketGuard Plus.
Reasons why you might wish to reconsider:
This program takes care of a lot of responsibilities for you. That’s great if you want to have a somewhat hands-off experience, but it makes it more difficult to make financial plans.
Cost: The most basic version of PocketGuard is available at no cost. The monthly cost of PocketGuard Plus is $7.99, the annual cost is $34.99, and the one-time cost is $79.99.
Average user rating on App Store: 4.7
Average user rating on Google Play: 4.2
Fudget
Why we think you should have it:
Fudget is an option to take into consideration if you would rather not synchronize your various bank accounts and would like a plain, calculator-like interface over more advanced capabilities.
You generate lists of money coming in and money going out, and Fudget keeps track of your balances. The design of the Fudget is really straightforward. There are not really any categories for the budget at all. The Pro account gives you more features and capabilities, including the ability to export your budget.
Reasons why you might wish to reconsider:
If you would prefer to categorize your costs, gain insights, or do just about anything other than the bare essentials, you will probably find this software to be too basic for your needs.
And if you don’t think you can be bothered to record each and every expenditure, it’s probably best to go elsewhere. In addition, there weren’t very many user guides that we could find.
Cost: Free to use if you already have Fudget; a one-time payment of $3.99 is required to subscribe to Fudget Pro.
Average user rating on App Store: 4.8
Average user rating on Google Play: 4.6
Rocket Money
Why we think you should have it:
Launched in 2015, Rocket Money is a mobile application for managing one’s finances and negotiating one’s bills. This platform, accessible through a mobile device, assists you in keeping track of your regular expenditures and payments, so preventing you from going into debt.
And Premium members receive benefits such as the company’s bill negotiating service and the ability to cancel subscriptions, both of which have the potential to save you money on bills that you are overpaying for or that you do not use.
Since its beginning, Rocket Money has reportedly helped more than 3.4 million of its users save over $245 million in total. This information is available on the company’s website. In addition, the app has assisted in the cancellation of over 155 million dollars worth of unused subscription payments, resulting in even more cost savings.
Rocket Money is an “all-in-one” personal finance app, and as such, it contains a number of tools that can assist you in tracking your spending as well as reducing that spending.
To get started with Rocket Money, you will first need to connect all of your different bank accounts to it so that it can track your transactions and assist you in creating a budget. This is also how the app keeps track of your monthly subscriptions to ensure that you are aware of just what it is that you are paying for.
Because all of your subscriptions are consolidated into a single tab, you are always aware of the total amount that you are spending on a monthly basis. As a result, you won’t accidentally spend money on subscriptions that you don’t use.
Rocket Money’s two most important features, which also serve as the app’s differentiating factors, are subscription and bill management. Furthermore, it also includes tools that will assist you in keeping track of your expenditures.
The spending insights page provides an overview of your recurring expenditures and income, as well as the number of outstanding invoices and the amount of money available for discretionary spending.
Reasons why you might wish to reconsider:
Because of the extensive number of personal finance management tools that it incorporates, Rocket Money positions itself as an “all-in-one” app. However, there are certain limitations to the free edition of Rocket Money, such as the inability to build an infinite number of budgets or to organize those budgets into unique categories.
Rocket Money’s free version is sufficient for the task at hand if you are looking for an easy way to keep track of all of your recurring monthly expenses and subscriptions. There are, however, superior and cost-free options available, whether you’re looking for budgeting software or an all-in-one finance tool.
Cost: Rocket Money Premium has a “pay-what-is-fair” pricing mechanism, which allows users to determine the amount of money they will pay each month. The range of possible monthly payments is from $3 to $12.
If you choose a sum between $3 and $4, your payment is made once per year; all other amounts are paid on a monthly basis. This indicates that the cost of Rocket Money Premium might range from as little as $36 per year to as high as $144 per year, depending on how charitable you are feeling.
Average user rating on App Store: 4.4
Average user rating on Google Play: 4.3
Conclusion
The vast majority of budgeting apps are available for free download; however, in order to use all of the features offered by these applications, you will need to subscribe to the app or pay a one-time fee.
Make sure that you examine features, costs, accessibility, and the level of security that an app provides before deciding which one to use for budgeting.
- Price – Every conceivable kind of financial plan has its own dedicated budgeting app. While some mobile budgeting applications are free to use, some require a paid subscription on a monthly or yearly basis.
There are a few apps on this list that charge monthly subscription fees, and those prices range from $0.99 to $14.99. When selecting a subscription plan for a budgeting tool, it is important to consider which features are most important to you as well as those that you can live without.
- Accessibility – An accessible mobile application for budgeting should include all or the majority of these characteristics:
- Be accessible on mobile platforms such as Android and iOS
- Have a reasonably priced paid version available
- Offer free periods of trial
- Features – Each program that helps you create and manage a budget provides a unique set of tools to manage your spending. When making your decision, you should take into consideration which of the following instruments will be most beneficial to you in achieving your financial objectives:
Syncing and connecting accounts: link and connect a number of different accounts. Because of this, it will be much simpler for you to obtain an accurate picture of your financial situation and plan accordingly.
Calculator for keeping tabs on your expenses: Having all of your financial information in one location makes it easier to monitor spending and identify fraudulent charges.
Bill payment reminder: You may minimize late penalties and other avoidable charges by integrating your credit card and loan accounts, as well as by setting up a reminder system that is fully adjustable.
Some mobile budgeting apps have additional capabilities, such as the capability to build an investment portfolio, register a joint bank account, or make credit card applications, among other things. When you take charge of your financial situation, knowing your credit score is a crucial first step.
- Security – The majority of budgeting applications require you to connect your bank account before it can effectively monitor your spending and remind you to pay your bills.
You may further protect the information you store by using a password that is both unique and robust for your account. Using a password manager is a great tool for storing passwords in a secure location and generating robust passwords.
Avoid having a complacent attitude regarding the safety of your data. By utilizing identity theft protection services, you can ensure the safety of your private and financial information.
This is a list of the best budget apps currently available. Make the most of your newly gained knowledge of your financial situation by putting your attention into using the most effective strategies we’ve discovered for spending less money in order to accumulate a larger reserve fund.
