Budgeting can feel like a huge chore.
The mere thought of managing multiple accounts, such as savings, investments, and retirement, can be overwhelming. However, realistically, it’s a task that cannot be ignored.
But fear not! There is a solution that can make your life easier: budgeting apps. These nifty tools are specifically designed to take care of the tedious work for you, and what’s even better is that some of them are perfect for couples.
Gone are the days of manually tracking expenses and painstakingly creating budgets on spreadsheets. With the help of budgeting apps, you can now effortlessly manage your finances, all with just a few taps on your smartphone.
These apps are equipped with features that simplify the process, making it a breeze for couples to stay on top of their financial goals.
Whether you’re saving up for a dream vacation or planning for a future together, these budgeting apps have got you covered.
In this blog post, we’ll look at the six best budgeting apps, what you should consider when using choosing one, and if it’s safe to link your bank account to a budgeting app.
The Best Free Budgeting Apps
Here are six free budgeting apps that could make staying on top of your finances a little bit easier!
#1. YNAB (You Need A Budget)
YNAB is known for the way it helps you plan your budget in advance.
It tells you to give every dollar a job and put your spending in order of importance. It has tools like keeping track of goals and planning how to pay off debt.
#2. PocketGuard
By connecting to your bank accounts and putting your activities into categories, PocketGuard gives you an overview of your current financial situation.
It also helps you set limits on spending and goals for saving.
#3. EveryDollar
EveryDollar is a budgeting app created by financial guru Dave Ramsey that helps you put every dollar into a group.
It makes managing your money easy and straightforward.
#4. Empower Personal Wealth
Empower Personal Wealth is best known as an app for keeping track of investments, but it also has tools for making budgets.
It gives you information about your finances, your net worth, and how you spend your money.
#5. Goodbudget
Goodbudget uses a method called “envelope budgeting,” in which you put money into different “envelopes” for different types of spending.
It’s like putting cash in an envelope, but with a computer.
#6. Spendee
Spendee has tools for tracking expenses, making a budget, and keeping track of bills.
Visualizations and reports give you information about how you spend your money.
Best budget app for couples
When you combine your personal finances with your partner’s, it’s not just about splitting costs. It’s also about setting savings goals together to build your future.
Creating a better financial picture for you and your partner is the first step towards making a budget.
With the Honeydue budgeting app, you and your partner can easily see a big picture of your earnings without having to log into a bunch of different accounts every time.
In other words, you and your partner can share loans, investments, checking accounts, and savings accounts. However, the app lets you and your partner choose which accounts to join.
You can also use the app to keep track of your spending and make sure you both pay your bills at the same time. If you or your partner spend more than a certain amount, you will both be notified. Partners can also use the app to split costs with each other.
Honeydue also has a shared bank account for you and your partner. The account gives each partner a debit card and gives them free access to ATMs. There are no regular fees or minimums.
What to look for in a budgeting app
Compatibility with your device(s).
Before registering for an app, verify its accessibility and compatibility with your device(s).
Free version / free trial.
Many budgeting apps available on the market are free to use.
Note, however, that these apps typically have limited features or a large number of in-app advertisements that you will likely be required to view.
It may seem counterintuitive to pay for a budgeting app, but the premium services offered by subscription-based apps can sometimes justify the monthly or annual fee.
Ensure that there is a complimentary version or trial period that you can utilize prior to making a purchase.
Syncs to your bank accounts and credit cards.
Look for a budgeting app that syncs with your accounts or offers both options so that you can make adjustments as needed.
The majority of budgeting apps connect to your bank accounts and credit cards to automatically monitor your income and expenditures. Others, however, require you to manually enter your transactions, which can be time-consuming and difficult to maintain.
Allows customization.
Basic budgeting apps will organize your expenses into predefined categories, allowing you to track how much you spend on food, transportation, etc.
While predefined categories typically cover the essentials, it’s convenient to have an app that allows you to create your own or modify the names. For example, naming a category after your pet.
Security features.
As with any online digital product, make sure you are aware of its safety and security features.
The finest budgeting apps provide security features such as:
- multi-factor authentication to verify your identity
- encrypted data with access codes
- biometrics such as Touch ID and Face ID
Is it safe to link my bank account to a budget app?
Most budgeting apps have extra security features to keep hackers from getting your financial information.
But that doesn’t mean you should be completely careless when using budgeting apps. If hackers get your password, they may still be able to get to your bank information.
Final Thoughts
In today’s fast-paced world, it can be hard to keep track of your money.
There are many things that budgeting apps can do, like keep track of expenses, tell you about bills, and even help you set goals.
With real-time updates and easy-to-use interfaces, you and your partner can easily keep track of your buying habits and make smart financial decisions.
In the end, the best budgeting app for you will rely on your specific financial goals, preferences, and how you like to manage your money.
Before committing to one, it’s a good idea to try out a few different apps to see which one fits your needs the best.
Editor’s note: This article was originally published Aug 25, 2023 and has been updated to reflect current market options.
