Struggling to save for that dream vacation or secure your future? Try tracking your expenses with a user-friendly budgeting app. These tools provide a clear picture of your spending habits, allowing you to identify areas for saving so that you can reach your financial goals. Check out this list of the best budget app options!
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- 1. Best for Viewing Spending Habits at a Glance: Wallet
- 2. Best for Couples: Honeydue
- 3. Best for Planned Expenses: EveryDollar
- 4. Best for Paying off Debt: PocketGuard
- 5. Best for Envelope-Type Budgeting: Goodbudget
- 6. Best for Streamlined Budgeting: Buddy
- 7. Best for Zero-Based Budgeting: YNAB
- 8. Best for Identifying Trends - Monarch
1. Best for Viewing Spending Habits at a Glance: Wallet
Price: Free with premium options
Wallet is my go-to app in terms of budgeting, as it has all the features I need and more. The app lets me input all my expenses based on various categories, including planned payments. The option to sync balance and transactions with your actual bank is not available in the free version, but I prefer the manual route anyway. The best part is that all expenses are shown in a pie chart, so you can have a clear view of where most of your funds are going.
With this app, I can set budget-saving goals, and Wallet will notify me when I’ve exceeded my spending allowance, which I find super-convenient. It also doubles as a shopping list app and lets me check the exchange rate for various currencies.
You can even add in your loyalty cards. A new Investments feature has been added to the app recently, but isn’t available for users on the free version.
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2. Best for Couples: Honeydue
Price: Free
The Honeydue app makes it easy for you and your partner to reach financial goals as a team. Signing up is a bit tedious, as you must first create a profile complete with a profile picture, which is a little unnecessary for a financial app. But once you connect with your partner, everything goes smoothly.
Both of you will need to connect your bank accounts and credit cards to allow the app to track your spending habits. You can also set up recurring payments, aka bills, from the app.
For even greater convenience, Honeydue includes a Split Expenses feature to easily track what you owe each other. In addition, the app has a dedicated messaging section to keep all your financial chats in one place.
3. Best for Planned Expenses: EveryDollar
Price: Free with premium options
EveryDollar is a budgeting app founded by personal finance expert and radio personality Dave Ramsey. The app makes use of a so-called zero-based budgeting system, so the aim at the end of each month is for all of your income, minus all expenses, to equal zero.
With EveryDollar, you can create customizable budgets and set saving goals. However, the free version is pretty bare bones and only allows you to input your expenses manually. If you want to connect to your bank, and have access to paycheck planning, custom budget reports, and financial coaching, you need to upgrade to a premium account, which isn’t cheap.
The app is split into three sections: Planned, Spent, and Remaining. Expenses are grouped under pre-set categories so that you don’t overlook any planned or impulsive spending. If you need more, you can manually add them. In my experience using EveryDollar, the Android app was a little slow to load at times, but the Web version worked quite smoothly.
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4. Best for Paying off Debt: PocketGuard
Price: Free with premium options
PocketGuard is a budgeting app to consider, especially if one of your main goals is to pay off your debt. Featuring a modern interface, the app lets you connect your bank accounts for a more streamlined approach.
You can set a monthly budget for each expense category to ensure you don’t overspend, but in the free version, you can only manage two categories.
PocketGuard features a personalized debt payoff feature, which unfortunately isn’t free, where you can add your debt balance and interest rate. The app will create an effective debt payoff scheme and a viable payment schedule for you.
5. Best for Envelope-Type Budgeting: Goodbudget
Price: Free with premium options
Goodbudget is a budgeting app that groups your expenses in digital envelopes, aka spending categories. When you first start using the app, you have to add your specific envelopes. (The number is limited to eight in the free version.)
Once you’ve created them, you can assign money to each category. Unlike most apps on this list, you can’t connect your bank accounts, so you’ll have to add every expense, income, debt, etc., manually.
Goodbudget also includes a reports section to view your spending habits at a glance in a pie chart. The app also compares income vs. spending behavior, to get an idea of the percentage of your earnings that you spend each month.
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6. Best for Streamlined Budgeting: Buddy
Platforms: iOS
Price: Free with premium options
If you want to do your budgeting in style, check out the Buddy app. Featuring a simple and clean interface, it lets you track your income, spending, and savings. It also allows you to share budgets with other people, such as loved ones or friends, but only in the paid version.
Buddy doesn’t link to your bank accounts, so you’ll need to add all data manually, which for me wasn’t a major inconvenience. You can input expenses by category, and even create a plan with recurring expenses.
Buddy also lets you create saving goals and allows you to export your data in CVS format. The premium version also includes access to insights to help you manage your finances better in the future.
7. Best for Zero-Based Budgeting: YNAB
Price: $14.99/month
YNAB is another app that smoothly takes advantage of the zero-based budgeting system. After answering some preliminary questions about your spending habits and goals, you’ll be asked to input your regular bills and estimated expenses. Connect your bank account, or input your income manually.
Once all this has been set up, you can have the app immediately assign money to all the categories you filled out, which is really convenient. With your budget categories funded, use any leftover money to make strategic adjustments or begin saving for future goals. The goal is to achieve a $0 balance at the end of the month.
While learning the basics of YNAB is easy, allowing you financial advice on managing your cash inflow better, you should also check the YNAB website, where you can find a library of educational resources. YNAB is a paid app, but the good news is that it offers a free trial (no credit card needed!), so you can give it a go before you decide to purchase.
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8. Best for Identifying Trends – Monarch
Price: $99.99 yearly
Monarch Money is a zero-based budgeting app that provides a one-stop shop to manage all your finances. It lets you quickly link your credit cards, savings accounts, loans, and investments to gain a complete view of your financial health.
The app automatically tracks your transactions, eliminating the need for manual entry. It categorizes your expenses with ease, providing a clear perspective of where your hard-earned money goes. Monarch also identifies areas where you might be overspending and can provide informed adjustments to your budget. It allows you to set specific financial targets, complete with deadlines. When you stay on track, and your spending falls below your income, Monarch will divert funds toward your goals.
Monarch goes beyond simple budgeting. Its customizable dashboard offers powerful widgets that unlock financial trends. Compare spending habits month to month, track progress toward your saving goals, and monitor investments all in one place. Another option is to add a financial advisor or partner to stay on track and achieve your goals together.
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Now that you’ve saved enough cash for your next holiday, you may want to get up to speed with the best travel apps that can make international trips easier. Since we’re talking about sunshine and beaches, you may also want to take a sneak peek at our list of recommendations to help you save your battery while you travel.
Image credit: Pexels. All screenshots by Alexandra Arici.
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