Here are the 9 Best Budget Management Apps. Budgeting is very important to attain financial independence and avoid a financial crisis.
Lately, technology has done its trick and provided us with a more efficient and effective way to budget money. There are now apps available to help you budget your money and track your spending. These apps are generally used for budget management. They are also specialized to carry out specific functions to help you budget better and save more.
Apps for personal budgeting tools or an app to keep track of your spending and avoid overspending or even, apps specialized for couples, have been listed below. We have saved you the stress of looking for the budgeting app that best suits your preference and curated a list of apps. Here they are:
9 Best Budget Management Apps
1. MINT: Best for saving more and spending less
Mint is a free budget management app owned by Inuit, the same company that creates Quickbooks and TurboTax. It is one of the longest existing apps and also the gold-standard for most budget management apps. This is because of its features that help you keep track of your spending by syncing to user’s accounts.
It is also free and calculates your credit score for free when you sign up. You have access to multiple bank accounts, plus 401 (k) also, you get a notification when you spend beyond your budget. It not only recognizes credit and debit cards but also cash, the only difference is that you have to input the amount manually.
Your account information is 100% secure, your data and any form of exchange are well encrypted.Asides its budget-helpful benefits it also gives you tips that will help you along the way. Sadly, the mint app discontinues the pay bill option in June. i.e. users are not able to pay their bills.
The app can still add their bills, track the due date and mark bills that have been paid. Although, the app is free they make money by suggesting offers to users such as new credit cards or other investing apps.
2. Pocket Guard: Best to keep you from overspending
Pocket Guard is an app that solves the problem of many users that is, to not overspend. This app takes a snapshot of how much you can spend at a stipulated time. It also categorizes and calculates your expenses, from accounting bills to spending and savings contribution.
The app is available on iOS, Android and Windows and offers both free and paid version as well. For the paid version, it is $3.99/month or 34.99/year, which is known as PocketGuard Plus.
It connects to all your bank accounts and also ensures security on your account information with the use of pins and passwords to unlock.
3. Personal Capital: Best for Investors
Personal capital is an app that is used for investment management services that combine the algorithms used by robot-advisors with access to human financial advisors. Although this app is best for investment it also has features that provide helpful budgeting tools at zero cost.
The cash flow and budgeting tools are not as widespread as other apps but you can connect and monitor checking, savings and credit card accounts, as well as IRAs, 401(k)s, mortgages and loans.
4. Good Budget; for shared envelope budgeting
Good Budget, formally known as Easy Envelope Budget Aid (EEBA), is an app based on envelope system that helps you divide and conquer specific spending into certain categories such as groceries, electricity bills and so on. The app allows for multiple devices to have access to the same account, it the best app for couples or families that have a shared budget.
Good Budget app allows for you to set up payment schedules weekly, biweekly or monthly but can also allow you set at irregular schedules if you’re a freelancer or entrepreneur.
The app is available on iOS and Android but they also have a desktop version available. The free version only allows one account, 2 devices and limited envelopes while the paid version which charges $6 per month and $50 annually, offers unlimited envelops and accounts, up to five devices and other benefits with a history of your budget.
5. Clarity Money: For All-Inclusive Budgeting
Clarity Money is an app that has all-inclusive budgeting and saving tools that help users to link their financial accounts from tons of institutions, coordinate their expenses, track their spending and categorize their spending into different sections.
The free app contains other features such as subscription cancelling, credit score monitoring that presents a more comprehensive financial picture that goes beyond just transactions.
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6. Mvelopes: For Cash Style Budgeting
Cash style budgeting is just like envelope budgeting where you have a certain amount of money budgeted in an envelope for a particular expense until the envelope is empty and your budget for that particular expense is all spent for the month. Although with credit cards and debit cards it becomes more difficult to maintain this style of budgeting, Mvelopes makes it easy to maintain cash style budgeting.
This app is available on PCs as well as iOS and Android. Although there is no free plan, it has 3 amazing paid packages to pick, Mvelopes Basic Package ($4 per month), the Plus Package ($19 per month), and a Complete Package ($59 per month). All these packages come with great benefits that would enable you to have a better budget.
7. YNAB Best for Type-A Personalities
YNAb which is one of the 9 Best Budget Management Apps gives 34 days free to first time users. If you need to get out of debt and break the pay check to pay check cycle then “YNAB, aka You Need A Budget, is for you. They let you connect all your accounts in one place and enable real time access in order to share your finances with your partner.
The board constitutes a goal tracking feature and a debt Paydown feature that is said to render the tools and teaching to enable you get out of debt for good. YNAB also gives detailed reports to enable you measure progress and see areas to improve. Ynab is free for college students
8.Wally: Best for Just Budgeting
If Budgeting is what you need help with, then Wally is for you. This isn’t the easiest app to navigate compared to some others on this list but it helps you track your income and expenses while offering you a snapshot of your remaining budget to enable you limit overspending.
Millennial’s love this app, as this app is free to use and has both iPhone and Android versions (the Android version is called Wally+). Wally has a great support system for virtually all foreign currencies. This makes it a better choice for individuals who live outside of the United States.
9. Simple: Best App Tied to a Bank Account
Simple is not only a budgeting app, but also an online bank account. It replaces your old checking account and has lots of relevant budgeting features built-in. When you manage your budget and banking activities from the same app, it keeps everything under control and makes money management easier.
Income and expenses are tracked automatically, and has a goal feature to motivate your savings. Simple’s trademarked Safe-to-Spend® feature informs you on your budgeting track, and tells you if extra spending might derail your goal.
