One of the common misconceptions about budgeting is that building a budget is technical and relatively difficult. While this is not true, the rise in financial technology has made it possible to budget your money easily by clicking a few buttons on your smartphone. With the availability of mobile budgeting applications, you don’t need a pen and paper to document your budget for the month.
In this post, you will find some of the best budget apps you can start using right now to manage your income. Some of these apps are free to use despite the amazing budgeting features.
What Is The Best Budgeting App Out There?
Honeydue is considered by thousands of users to be the best budgeting app as of 2024. The app has several helpful features that make it easy to track your budget and monitor your expenses. You can definitely manage your money better when using an app like this.
Benefits Of Using Budgeting Apps
If you have never used a budgeting app, here are a few reasons you should download one on your smartphone as soon as possible:
- Saves Time
Before the innovation of budgeting apps, building a budget and managing one’s expenses usually takes some time. By the time you take a pen and paper or a spreadsheet on a computer to write all your bills and budget for them, it would take a few hours. But when using a budget app, it takes only minutes to get this done.
As a working-class individual who’s always busy, you should save time by managing your money with a very good budgeting app.
- Easy To Track
When using a budget app, there’s no need to be worried about tracking your expenses. That’s a very easy thing to do. There are some basic features in most budget apps that help you keep track of your bills. You can take note of the specific dates certain bills are to be paid. Some apps can also send you a reminder if you forget to make certain payments toward your credit card balances or savings accounts.
- No Skills Required
Usually, building a budget doesn’t require any skill. Anyone with basic knowledge of math can budget money. But amazingly, the rise of budgeting apps on mobile phones has drastically reduced the technicality of managing money and paying bills. You don’t need any financial skillset to use the best budget apps.
You can build a working budget, track your progress, and manage your finances much better even if you aren’t a financial expert.
5 Tips For Choosing The Best Budgeting App
Since there are so many budget apps out there, it might be a little bit difficult to identify the one that’s best for you. Hence, here are some factors to consider when choosing the right budgeting app:
1. Ensure It’s Available On Your Device
Before you decide on the particular budgeting app to use, you need to be sure it’s compatible with your smartphone.
Some apps are meant for iOS devices alone, while others are available on Android devices. If you use an iPhone and the budgeting app you want isn’t compatible with iOS, you would have to look for another option. Notwithstanding, some of the best budgeting apps are available on both Android phones and iPhones.
2. Find A Free Version/Free Trial Option
If you are trying to cut down on your expenses, spending money on a budgeting app may not be the best decision. The good news is that some of these apps aren’t premium and are completely free to use.
On the other hand, the ones offering premium plans might also offer a free trial. This means you can use the app for 14 or 30 days without paying a single dollar. If you love the app, you can decide to subscribe to the premium plan.
3. Ensure It Allows You To Create Spending Categories
Every good budgeting app must allow you to customize spending categories. With this feature, you can organize your expenses into preset categories and title them. You can have a better view of each category of your monthly expenses such as transport, utilities, rent, etc.
4. It Should Sync With Your Bank Account And Credit Cards
Most popular budgeting apps can be linked to your bank accounts and credit cards, making it possible to track your income and purchases from your budget app. Other apps without these features still work nice, but since you are looking for an option that makes it very easy to manage your money, ensure you find a budget app that syncs to your checking account and credit cards (if you use any).
5. Use A Secured Version
One of the most crucial goals of any financial technology product is security. When choosing a budgeting app, make sure it is clear about its security features. There should be a multi-factor authentication that identifies the original user of the app. Also, the best budget apps usually have a unique security feature that ensures the app is only accessed through Touch ID or Face ID.
10 Best Budget Apps To Help You Manage Your Money
Picking the right budgeting app to manage your finances is key. Here are 10 amazing mobile apps you can start using right now to build a budget easily:
1. Goodbudget
Goodbudget is one of the best apps that help you manage your money. You can plan for your monthly income by dividing it into multiple categories. This app automatically analyzes each category and gives you clear feedback on your progress. Goodbudget also identifies areas where you spend too much. You can reduce your spending to remain on track.
The app can be used across three platforms (Android, iOS, and the web). You can view your budget regardless of the mobile device you have. Since it’s available as a web app, you can also use your PC, especially if you are at work.
2. Wallet
If you have tried other budgeting apps that weren’t of much help, you should consider using Wallet. It’s a very instrumental budgeting app with a simple user interface.
Wallet can be linked to your bank accounts, producing accurate reports of your financial transactions. These reports can help you figure out where you save more money or spend less. Basically, the app helps you create a balance when it comes to managing your income. Wallet is completely free. You can access all the features without ever subscribing to any premium plan.
3. YNAB (You Need A Budget)
YNAB is without doubt one of the best budget apps for anyone. The app was created for people who want to organize their finances down to the last penny.
Using a zero-based budgeting method, YNAB allows you to budget every single dollar from your paycheck. You are leaving no stone unturned. This doesn’t mean you have to spend your entire salary every month. Instead, it’s about spending money purposefully and ensuring that every penny is accounted for.
This app offers a free trial for the first 34 days, after which you will be prompted to sign up for a monthly subscription plan of $14.99.
4. Personal Capital
It’s important to build wealth while managing money. This is why Personal Capital was created. The app doesn’t only help you budget your money, but also offers opportunities for investment and financial growth. You can invest your savings and watch your monthly cash flow increase with time. It’s free and can be accessed on the web.
5. AndroMoney
This is one of the best budget apps to help you manage your money effectively. You can easily customize your budgets, create multiple accounts, and receive income summary reports anytime you want to monitor your progress. Although you have to enter your income and expenses annually, the app has a simple user interface that makes it much easier to do.
There is a free version available but you may have to see some ads occasionally. You can choose to make a one-time payment of $3.99 to use the app for as long as you want without ads.
6. Honeydue
It would be impossible to create a list of the top budgeting apps without mentioning Honeydue. This app is fantastic because it was designed for couples (although a single person can use it).
As a couple, you can create different accounts and split expenses between you. Unlike some budgeting apps, Honeydue allows you to set monthly spending limits to curb your expenses and help you live below your means. You can also set notifications for upcoming bills so you don’t miss the payments.
Surprisingly, this app doesn’t offer any monthly subscription packages for now. It’s one of the free budgeting apps that couples can use.
7. Fudget
If you prefer a manual approach to budgeting, then Fudget is one of the best budget apps for you. Since there’s no automatic syncing to your bank accounts and credit cards, you would have to input all income and expenses manually. Unlike other apps, Fudget doesn’t automatically sort your expenses into categories. You have to do that yourself but it’s not a complicated process at all. It is similar to using a spreadsheet.
This app is free to use. But if you want to access more premium features, you can upgrade to Fudget Pro for a one-time payment of $1.49. You can get the most out of the app by using the pro version.
8. Mint
This is one of the best free budget apps, especially for people who have never used a budgeting app. Mint helps you to sync your accounts automatically. You can also enter your transactions manually if you like. Like some budgeting apps, Mint automatically notifies you when you are about to hit your spending limit. This is very important when you are trying to curb your spending habit.
Another amazing thing about this app is that it offers practical tools like a subscription manager and investment tracker. You may not use all the features at once, but they’d definitely come in handy. It’s safe to say that Mint has everything you need in a good budget app.
9. PocketGaurd
Just as the name implies, PocketGaurd helps you protect your pocket. This app analyzes your spending habits, assesses your accounts and financial goals, and then sends a report on how you can balance your budget without overspending. The app needs to be connected to your bank accounts because it needs real-time access to these accounts to work efficiently.
Unlike other apps that manage your money, PocketGaurd doesn’t have a simplistic approach to budgeting. But with time, you can understand the app better. The app is free to use, but for more efficiency, it’s best to subscribe to the premium monthly plan for $7.99.
10. Rocket Money
If you are looking to reduce your spending on subscriptions, this is one of the best budget apps to rely on. With Rocket Money, you can gather all your subscriptions in one place, which gives you a better view of how much they cost.
The app can also automatically cancel unwanted or unused subscriptions to save you some money. This is a great way to avoid wasting money on subscriptions you don’t use. You could save a lot of money by using this app consistently.
Rocket Money is not some random app on the internet with no credibility. This app is currently helping thousands of people within and outside America manage money. It’s also one of the best money-saving apps, according to Forbes.
Final Words On The Best Budgeting Apps
Choosing the ideal budgeting app to manage your finances is a big decision. In fact, it may take time to find the right app that is suitable for your financial situation. You should cut yourself some slack until you get it right. Although this post has listed some of the best budget apps, it’s safe to do your due diligence still and learn more about these apps.
You can try a few options, exploring the various features to see which app best suits you. Mind you, it’s not compulsory for you to use a premium budgeting app. Some free options have all the basic features you need to build a working budget and manage your salary effectively.
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