If you want to get smart with your money, creating – and sticking to – a monthly budget is essential. Without one, it’s easy to lose sight of your long-term goals and neglect the steps necessary to reach them.
“Contrary to popular belief, budgeting is about gaining freedom, not restricting your life,” said Bernadette Joy, personal finance coach and CNET expert review board member. “By doing a proper budget at the beginning of the month, you can have a clear picture of what your priorities are and what you are not focused on in a given month. Budgeting is singularly the most important financial skill I learned to become debt-free and a millionaire because it taught me how to prioritize what matters most to me.”
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And budgeting doesn’t have to be tedious. There are plenty of apps out there to make it easier to monitor your income and spending, set goals and stay on track. Even better, many budgeting apps offer basic features for free or a trial period to test out premium features. To help you narrow down your options, we’ve compiled a list of the best budgeting apps and what they can do for you.
Best budgeting apps
What is a budgeting app?
A budgeting app is a software program that helps you track your expenses, income and spending and draft a budget from the convenience of your mobile device, tablet or computer. Most budgeting apps sync to your bank accounts so you can automatically monitor your activity in one place. The best budgeting apps also provide snapshots of your financial history, help you make savings projections and assist with other goals, such as paying off debt.
What you need in a budgeting app
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With so many budgeting apps available online, you need one that’s easy to use, provides a variety of financial tools and connects with external accounts, all at a reasonable cost. From there, it largely depends on your needs and preferences.
“I don’t believe in apps being perfect, so primarily, use one that works for your personal needs,” said Shang Saavedra, founder and CEO of Save My Cents and CNET Financial Review Board member. “I do like having some manual adjustment aspect to the app as I don’t think full automation makes sense because we all see our money differently.”
How do budgeting apps work?
Budgeting apps provide a way to keep track of your income and spending in one place. Most budgeting apps connect to your bank and track your spending, bills, due dates and other key information to help you stay on top of your finances. The best budgeting apps also have features that help you establish savings goals and monitor other aspects of your financial life, such as your credit score or net worth.
Is a budgeting app worth it?
Budgeting is one of the best ways to get a handle on your finances, and a budgeting app can help make it easier. But it’s ultimately up to you to make the appropriate changes to improve your finances. A budgeting app can’t hold you accountable at the end of the day, but it can help you stay organized and make a long-term plan.
Is it better to pay for a budgeting app or use a free app?
If you can find the features you need in a free app, start there, especially if you’re trying to save money. There’s no need to add an additional expense if a free app provides the services you need. If you need more than a free app can provide, start with a trial plan to a paid app so you can get a feel for the app before committing.
What are the alternatives to budgeting apps?
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Google Docs provides free monthly budget templates that are handy if you’re interested in a no-frills, basic system that’s easy to set up.
Some banks also provide budgeting software along with their digital banking platform. Capital One’s mobile app allows you to categorize expenses and create separate savings accounts to track different goals. H&R Block’s banking app, Spruce, has a check register view that allows you to easily monitor categorized expenses, work toward established savings goals and automate savings transfers.
You can also take advantage of financial coaching or investment planning services. Some banks or credit unions, such as Alliant Credit Union, offer financial services if you open an account.
FAQs
How we tested budgeting apps
Our banking editors test and rate budgeting apps based on first-hand experience and product features. We consider the user experience, interface, support options and overall value compared to the price of each budgeting app. We also evaluate key features, including the ability to set savings goals and connect to external accounts securely.
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Category: Finance
