Best Budget Apps for This Year
There are many great budgeting apps out there, but no matter which one you choose, you can be sure that it's been highly rated by users
While many budgeting apps merely track spending and categorize expenses, several offer a wider range of features to enhance financial management.
If the idea of budgeting has you dreading spreadsheets and complex calculations, fear not! There’s a whole world of budgeting apps out there that can make managing your finances a breeze. These nifty tools not only simplify the process but also provide valuable insights into your spending habits.
Jordan Benold, a certified financial planner from Frisco, Texas, emphasizes the benefits of using budgeting apps: “These apps can help you visualize your expenses and prompt you to ask important questions about your spending patterns.”
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What are budgeting apps?
Budgeting apps are software applications that help you track your income and expenses, create and manage a budget, and reach your financial goals. They can be a great way to get your finances under control and save money.
There are many different budgeting apps available, each with its own unique features and benefits. Some popular budgeting apps include Mint, YNAB, and PocketGuard. These apps can help you track your spending, set spending limits, and automate your savings. They can also provide you with insights into your spending habits and help you identify areas where you can cut back.
Why budgeting apps are important
Gain Control of Your Finances
In today’s fast-paced world, it’s easy to lose track of your finances. Money can slip through your fingers like water, leaving you wondering where it all went. That’s where budgeting apps come in. These handy tools can help you take control of your finances and make informed decisions about your spending.
Take the Guesswork Out of Budgeting
Budgeting apps eliminate the guesswork from budgeting. They can track your income and expenses, categorize your spending, and even set financial goals. This information can help you identify areas where you can save money and make adjustments to your budget accordingly. Additionally, many budgeting apps offer personalized insights and tips to help you improve your financial habits.
Benefits of Budgeting Apps
- Take control of your finances: Budgeting apps can help you track your income and expenses, categorize your spending, and set financial goals. This information can help you identify areas where you can save money and make adjustments to your budget accordingly.
- Automate your finances: Many budgeting apps can automate tasks such as bill payments and transfers. This can free up your time and help you avoid late payments and fees.
- Set financial goals: Budgeting apps can help you set financial goals and track your progress towards them. This can motivate you to stay on track and achieve your financial objectives.
- Improve your financial literacy: Budgeting apps can help you learn more about your finances and develop healthy financial habits.
- Reduce stress: By taking control of your finances, you can reduce stress and anxiety about your money.
The best budgeting method for you
The best budgeting method for you will depend on your individual needs and preferences.
How do you choose the best budgeting app for you? When choosing a budgeting app, it is important to consider your needs and features. Some things to consider include:
- Your budget
- Your financial goals
- Your spending habits
- Your technical skills
- Your desired features
The Best Budgeting Apps
1- EveryDollar
2- YANP
3- Monarch
4- Honeydue
5- PocketGuard
6- NerdWallet
8- Goodbudget
App Tests
Before we started reviewing budgeting apps, we consulted with 8 certified financial planners to get their insights on the most effective budgeting methods and tools. We also researched online reviews and eliminated apps with low ratings or a small number of reviews. This left us with 13 apps to test, and we opted for the premium version whenever available.
As we used each app, we evaluated its features and their effectiveness. We considered the ability to connect with various accounts, auto-categorize transactions, generate suggested budgets, compare monthly spending, provide graphs and other visuals, project spending, offer support, and any other unique features. We also assessed the app’s design, intuitiveness, and overall ease of use.
In addition to evaluating the apps’ features, we also considered whether they achieved their intended purpose. For example, we assessed how well apps designed for couples or zero-based budgeting met their specific goals.
Finally, we considered whether we would continue using each app after our review process was complete.
