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You could get over 10 times** the average national savings account rate with our featured partners below.
*Annual Percentage Yield
**Accurate as of August 2024, assuming FDIC average savings rate of 0.46% and $2,500 deposit.
Best Budgeting Apps of September 2024
Rather than manually tracking your spending, you can use budgeting apps that sync with your financial accounts, monitor transactions and notify you about overspending. These money management apps are also useful for setting goals and watching your progress. Whether you prefer a free and simple budget app or a premium option with advanced cash management tools, there’s an option that fits your needs. Here are our picks for the best budgeting apps, which we’ll detail below:
- You Need a Budget
- PocketGuard
- Goodbudget
- Microsoft Excel or Google Sheets
- Empower (formerly Personal Capital)
- Everydollar
You Need a Budget
Cost$14.99/month or $99/year (after free trial)App Store Rating4.8/5Google Play Rating4.6/5
Overview
You Need a Budget uses the zero-based budgeting technique in which you plan to put your entire pay toward specific spending categories. This makes the app ideal for controlling your spending, getting out of debt and having leftover money. Plus, its approach is flexible for reallocating category funds as needed.
You can securely link eligible credit card and bank accounts, or add data manually. YNAB can automatically assign money to typical expenses, and you may change spending targets and add irregular expenses. It supports custom categories and views, transaction flags and split transactions. However, it doesn’t offer reminders for upcoming bills.
With the web app, you see your net worth, spending and expenses versus income. The mobile apps only show your net worth report and your money age, which refers to how financially ahead you are. There are also overspending and credit card use alerts and a loan planner tool.
You can use the YNAB website or get the app for Android and Apple Devices, including the Apple Watch. Its current app ratings are4.8 out of 5 starson the App Store and4.6 out of 5 starson Google Play. Plus, you can use limited features on Alexa devices.
YNAB offers a 34-day free trial. You’ll then pay $14.99 monthly or $99 annually. Six household members can use the subscription.
Pros and Cons
Pros Customizable, flexible budgeting Account linking capabilities Long free trial period Cons Not ideal for paying or tracking bills Pricier subscription fee Doesn’t connect with investment or loan accounts
PocketGuard
CostFree version; Plus is $7.99/month or $34.99/yearApp Store Rating3.7/5Google Play Rating4.6/5
Overview
PocketGuard is designed for monitoring your bank, debt and investment accounts from more than 18,000 banks and showing your remaining cash with the “In My Pocket” feature. It suits users seeking advanced budgeting features including category budgets, and debt payoff and savings goal support. It’s also known for monitoring potential fraud.
The free version has basic tools for making a monthly budget, editing transactions and tracking income and monthly bills. There are also several reporting options. But limiting you to three months of transaction data, it provides fewer options for tracking cash, using categories and customizing transactions. Plus, you can’t access debt payoff and financial goal tools or link more than two bank accounts.
You can pay $7.99 monthly for PocketGuard Plus or choose between $34.99 annual and $79.99 lifetime plans. This upgrade extends the basic budgeting features with customization options and tools for financial goals. Notable features include:
- No limits on budgets, financial institutions or cash accounts
- Savings and debt-payoff tools
- Six-months+ transaction history
- Support for splitting transactions
- Transaction images
- Support for exports
- Customized categories
- Extended cash transaction and transfer tracking
PocketGuard’s tools are available through its website, Android devices and Apple devices, including the Apple Watch. Its apps have ratings of3.7 out of 5 starson Google Play and4.6 out of 5 starson the App Store.
Pros and Cons
Pros Extensive financial institution and account support Automatic and custom budgeting tools Bill payment and goal tracking features Cons Paid version required for many features Potential discrepancies with transaction syncing
Goodbudget
CostFree version; Plus is $8/month or $70/yearApp Store Rating4.8/5Google Play Rating4.6/5
Overview
Goodbudget lets you budget and fill digital envelopes with money for specific expenses and goals, including debt payoff and savings. Since you’re supposed to stop spending once a particular expense’s envelope runs out, this is a great option if you prefer simplicity and want to stay disciplined.
You can get a free version that supports 20 total envelopes, lets you add one bank account and works on two household devices. It only offers support through a forum and keeps one year of your financial history.
The paid version, which costs $8 monthly or $70 yearly, supports unlimited envelopes and accounts on five household devices. It shows your financial history for seven years and offers support via email.
While Goodbudget doesn’t let you link financial accounts, you can import bank and credit card transactions from compatible files. You can also add and manage your bank, credit and loan transactions manually. Plus, it supports scheduled payments, debt-tracking features and reports of your envelope-specific and overall spending.
You can get Goodbudget’s iPhone and Android apps or use its web app. Goodbudget has4.6 out of 5 starson the App Store and4.1 out of 5 starson Google Play.
Pros and Cons
Pros Straightforward budgeting method Supports bank and credit transaction imports Financial reports with both plans Cons No financial account linking Limited free version Not ideal for investments
Microsoft Excel or Google Sheets
CostSheets Free; Excel $6.99/month or $69.99/yearApp Store RatingSheets 4.8/5; Excel 4.7/5Google Play RatingSheets 4.1/5; Excel 4.8/5
Overview
While not exclusively budgeting apps, Microsoft Excel and Google Sheets can help you track your income, expenses andsavings goals. They may be the right option if you prefer customizing things and don’t mind having to manually track data and use formulas.
You can make spreadsheets from scratch or use the many budgeting templates available online or through the apps. Some templates let you budget for several months at a time, and you can add and edit categories as needed. Since no account linking is available, you’ll need to add, update and analyze the numbers regularly.
Spreadsheets are more tedious than typical budgeting apps and aren’t ideal for real-time tracking. They also lack common features including transaction alerts, bill reminders or detailed reports. This makes spreadsheets more suitable if you’re comfortable managing money on your own.
Excel and Google Sheets have free web versions and Android and iOS apps. The App Store ratings are4.7 out of 5 starsfor Excel and4.8 out of 5 starsfor Google Sheets. The Google Play ratings are4.8 out of 5 starsfor Excel and4.1 out of 5 starsfor Google Sheets.
You can also pay for Microsoft Office 365 to get the desktop Excel version. A personal plan costs $6.99 monthly or $69.99 annually.
Pros and Cons
Pros Extensive customization options Many templates for getting started Free options available Cons Requires manual tracking Potential learning curve using formulas Lacks common budgeting app features
Empower (formerly Personal Capital)
CostFreeApp Store Rating4.7/5Google Play Rating4.1/5
Overview
Empower Personal Dashboard is a free app made for comprehensively tracking your bank accounts, debts and investments. While it mainly focuses on showing how your net worth and account values change over time, it also has a budgeting tool ideal for seeing your general spending trends.
You can link your bank, investment and debt accounts from any supported financial institution, or you can enter account names and balances. However, the app won’t let you add transactions manually. It will use your account information for the budget and net worth and cash flow reports. You can also use debt payoff, savings and investment analysis tools.
When checking the budget feature, you’ll see a snapshot of your income and expenses, including your average spending over the last three months. While you can set monthly and category limits, it lacks the advanced spending tools some competitors offer. It does let you add receipts, use custom categories and split transactions.
There are Empower Personal Dashboard apps for Android and Apple devices as well as the website. The Google Play app rating is4.1 out of 5 stars, and the App Store app rating is4.7 out of 5 stars.
Pros and Cons
Pros No subscription fee Wide range of supported accounts Extensive investment and retirement tools Cons Basic budgeting features Doesn’t support manual transactions
EveryDollar
CostFree version; Plus is $17.99/month or $79.99/yearApp Store Rating4.8/5Google Play Rating4.6/5
Overview
EveryDollar takes the zero-based budgeting approach and helps with managing your spending so you can pay off debt and save money. Created by Dave Ramsey, the app is ideal if you follow his financial advice — since the features are based on it.
There is a free version with basic features for making, customizing and tracking budgets. However, you have to add your transactions manually since this version doesn’t support connecting accounts. The free option does support helpful options for splitting transactions, saving monthly toward goals and adding due dates.
With the premium version, you get the free features plus support for more than 10,000 financial institutions for conveniently syncing bank account and credit card transactions. Other key premium features include:
- Detailed spending and income reports
- Paycheck planning tool
- Advanced tools for financial goals
- In-app financial recommendations
- Support through group coaching calls
- Reminders for bill due dates
- CSV budget export option
You can use the EveryDollar website or the Android or Apple apps. It receives4.7 out of 5 starson the App Store and3.4 out of 5 starson Google Play. The premium version has a 14-day free trial after which you can pay $17.99 monthly or $79.99 annually. The subscription is for a single household.
Pros and Cons
Pros Convenient, extensive budgeting features Bill tracking support Several goal-setting tools Cons Paid version needed for many features No investment tracking tools
>> Related: Learn more about the best cash advance apps
What To Look for in a Budget App
When researching budgeting apps, look beyond just the basic features, pricing and platform options. Below are the most important factors and why they matter.
| Feature | Description |
|---|---|
| Platform availability | Is the app available on desktop and mobile? Can it be accessed via web browser? |
| Connected accounts | Does the app sync with bank accounts, credit cards, loans, and investment accounts? How many accounts can be connected? |
| Budgeting tools | Can you set budgets by category or timeline? Are there alerts for overspending? |
| Reporting | What spending reports and financial summaries are available? |
| Customer support | Is in-app, email, chat, phone support available? What are users saying about the support experience? |
| Security | How does the app protect user data and account information? |
| Cost | Is the app free or paid? What subscription options are available? |
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Platform Availability: While popular apps usually work on both Android and Apple phones, many also work through a web browser. Make sure you can conveniently access your app on the platforms you use most. Note that certain platforms may not support all the features.
Connected Accounts: To save time entering transactions, look for apps that automatically sync this data. Some apps just connect with credit card and bank accounts, while others support investment and loan accounts, too. Make sure the app works with your financial institutions.
Budgeting Tools: Apps may focus on a certain budgeting system or offer flexibility. Setting monthly spending goals by category is especially common, but you may prefer a different timeline. Spending progress bars, overage notifications and automatic expense categorization are also useful features.
Reporting: Budget apps should show detailed reports of where your money goes each month, how your income and expenses differ and how much money you’ve saved. You may also want reports showing how you grow your wealth.
Customer Support: Budget apps can take time to learn and have glitches occasionally. This makes it important to choose an option with prompt support through the app, by phone or online.
Security: Providing your sensitive financial details comes with concerns about security breaches. Any budget app should show how it safeguards your data and account. Multi-factor authentication, encryption and data retention policies are examples.
Cost: To avoid financial strain, look for free or low-cost budget apps with your needed features. Check the subscription options since getting an annual one may save money over making monthly payments.
>> Related: Learn more about the best money-savings apps
Choosing the Right Budget App
Before picking a budgeting app, write down important features you need. Maybe you prefer a budgeting method, such as envelope budgeting, or the option to make category budgets. If savings and debt payoff goals are important, seek apps with those tools. Other key features are financial account linking, detailed reporting and support for multiple users.
Make sure the budgeting app works on your preferred platforms and doesn’t limit key features on certain ones. Check the app’s security details to ensure it keeps your data safe. Plus, look at Google Play and App Store reviews to see common app complaints.
Finally, decide on a free versus paid app. Using a free version usually means having fewer features, but it can provide basic tools and saves you money. A paid app will more likely have unlimited financial account linking and advanced budgeting and goal setting features. Consider a free trial before you commit to any paid app.
Pros and Cons of Budget Apps
Using budget apps, especially those linking with financial accounts, is more convenient than accounting for each transaction and monitoring balances yourself. You can instantly check your spending limits and progress toward savings goals and change your financial behaviors based on that data. These apps can also help keep you disciplined and avoid fees, especially if you use transaction alerts.
For premium apps, the subscription fees can get pricey, though you can look into free options or save through annual or lifetime plans. There’s a risk you could rely on apps too much for budgeting money or forget to account for other goals. This makes learning about personal finance and getting professional advice important. Plus, you should prepare for a potential app’s learning curve and use any tutorials and guides offered.
Pros
Convenient tracking and monitoring
Instant picture of your spending
Helps with financial discipline
Cons
Potential subscription fees
May cause overreliance
Take time to learn
Managing Your Money With a Budgeting App
When using a budgeting app, first make sure your initial account balances and transactions are correct. Then look at your typical expenses to decide a spending amount per category. While your app might recommend amounts, you may need to make adjustments. Set aside cash for savings goals and debt payments as well.
To get the most out of your app, regularly sync or add transactions manually. You may find it helpful to use custom categories to better organize them. Check your transactions lists and spending reports often to learn about your spending habits, including areas where you often overspend.
When you’re close to your limit, it’s usually better to stop spending than to move money from another category. But if you do, make sure to change the spending limit for that category. It also helps to enable overspending alerts if your app supports them.
>> Related: Learn more about the best apps to manage subscriptions
Security of Budgeting Apps
When linking financial accounts, you’ll log in directly to your institution securely and not provide your credentials to the app. This means the app can only see financial information and not touch your money.
Budgeting apps usually use strong encryption and 24/7 monitoring to keep others from stealing your financial data. Plus, they should have policies against selling your personal data.
Additionally, you can usually use multifactor authentication so someone can’t log in to the app with just your password and username. This often involves a text message or verification app. Biometric authentication is another secure option.
The Bottom Line: Is a Budgeting App Right for You?
As long as you actively manage your finances, a budgeting app can be a helpful tool for saving time, visualizing your spending and reaching your goals. Just know the features and functionality you want and pick an app that fits your budget and works with your bank. Apps vary and require discipline, so consider testing free options first.
Today’s Top Banking Offers
You could get over 10 times** the average national savings account rate with our featured partners below.
*Annual Percentage Yield
**Accurate as of August 2024, assuming FDIC average savings rate of 0.46% and $2,500 deposit.
FAQ: Budget Apps
While its free version is limited, PocketGuard may be the best free budget app due to its customization options, detailed reports and fraud monitoring. Empower can also be a good free option for basic budgeting features and unlimited account connections.
YNAB, Goodbudget, PocketGuard and EveryDollar are all good budget apps for couples since multiple household users can access them. You can also consider couple-specific apps, such as Honeydue, to make it easier to manage your combined finances.
Considering your needs and desired app features will help you choose between a free and paid budget app. You might use a free budget app over a paid one if you only need limited features and don’t mind potential ads.
Several budget apps let you log in with your bank account credentials to sync account data. While this is convenient, make sure that you pick a reputable app with good security.
Empower is one of the top budget apps that offers detailed features for tracking your investment performance. You can also use PocketGuard to watch your investment account balances.
*Data accurate at time of publication
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
