The Best Budgeting Apps for Your Finances: Review
Managing your money through manual spreadsheets can become tedious and overwhelming, especially if you have a dozen accounts! While it’s a great exercise to get comfortable managing money, a budgeting app can simplify the process. Whichever method you choose to budget, both will help you break free from the paycheck-to-paycheck cycle, build your savings, and get you serious with your long-term money goals. A budgeting app just speeds up the process!
With so many apps available, choosing the right one can be challenging, but we’ve done the research to help you find the best budgeting apps that can streamline your budgeting process.
1. Empower (Formerly Personal Capital)
Empower is best known for its investment tracking features, but it also offers a solid budgeting tool for those who want to manage both their spending and long-term wealth-building.
Best For: People who want a FREE budgeting app that also tracks investments and net worth.
Key Features:
- Tracks spending and income trends.
- Monitors net worth and retirement accounts.
- Investment fee analyzer to reduce unnecessary costs.
- Customizable spending reports.
- Monthly cash flow analyzer.
- Bank synchronization for automatic transaction updates.
Cost: Free for budgeting tools; optional advisory services require fees. You may receive a call once a year from a financial advisor to sign up for the optional advisory service.
Get clarity on your money with Empower!
2. Monarch Money
Monarch Money is a budgeting app that combines powerful financial tracking with a clean, user-friendly interface. It’s designed for individuals and couples who want full control over their finances with an emphasis on long-term planning.
Best For: People who want a highly customizable budgeting experience with investment tracking and a clean, aesthetic interface.
Key Features:
- Customizable budgeting and financial planning tools.
- Visual reporting tools.
- Collaboration features for couples and families.
- Tracks investments, net worth, and cash flow.
- Ad-free experience with strong security features.
Cost: $14.99/month or $99.99/year (30-day free trial available).
The modern way to manage money
3. YNAB (You Need a Budget)
YNAB is one of the most powerful budgeting apps available, designed around a proactive approach to money management. It’s likely the most widely used budgeting app right now. Instead of simply tracking expenses, YNAB encourages users to assign every dollar a job, making sure money is allocated purposefully. This method of budgeting is called zero-based budgeting.
Best For: People who want a hands-on budgeting approach and prefer zero-based budgeting.
Key Features:
- Zero-based budgeting to help you plan for every dollar.
- Bank synchronization for automatic transaction updates.
- Goal-setting tools for savings and debt payoff.
- Detailed financial reports to track spending habits.
Cost: $14.99/month or $109/year (34-day free trial available).
4. Rocket Money (Formerly Truebill)
Rocket Money helps users not only track their spending but also cancel unwanted subscriptions and negotiate lower bills.
Best For: People looking to cut down on unnecessary expenses and subscriptions.
Key Features:
- Automatically detects recurring subscriptions.
- Bill negotiation service to reduce costs.
- Budgeting and spending insights.
- Net worth calculation.
- Savings account integration for autopilot savings.
- Phone widgets to stay on top of upcoming bills and recent transactions.
Cost: Free with optional premium services (ranging from $6-$12/month).
Which Budgeting App is Right for You?
Choosing the right budgeting app depends on your financial needs and how involved you want to be in managing your money. If you prefer a free budget app, Empower or Rocket Money might be for you If you prefer a hands-on approach, YNAB may be best. If you want automated tracking, Rocket Money could be the way to go. And if you’re also focused on investments and net worth, Empower or Monarch Money might be the right choice.
No matter which app you choose, the key is to stay consistent and use it as a tool to help you make better financial decisions. Budgeting is the first step toward financial freedom—so why not start today?
What budgeting app do you use? Let me know in the comments!
