5 Budgeting Apps That Can Help You Live Richer

5 Budgeting Apps That Can Help You Live Richer

If you have trouble budgeting your money, you’re not alone. Creating a budget can be overwhelming, and sticking to a budget isn’t easy — especially if it’s your first time working with one. A budget is an important personal finance tool. It helps you keep track of your money […]

The best budgeting apps of 2021 offer a range of services and options that give you personal financial assistance at your fingertips.

Best Free Budget App: Mint

logo, company name: Intuit Mint logo December 2019

There’s a reason Mint has consistently been named the best budget app that’s available for free. First, it’s completely free to use — there’s no paid upgrade. Second, it’s easy to use, making Mint a great app both for personal finance newbies and for in-depth budgeters who like to really track where their money goes.

The Mint budgeting app helps you balance your budget by tracking your expenses. It connects to all of your bank accounts and automatically updates whenever you make transactions. You can categorize your budget and receive an alert when you exceed your limit.

Mint allows one user per account. If you want a friend or family member to budget alongside you, Mint notes that you can sign up for a separate account in their name and link it to your bank and credit card accounts.

  • Target users: Personal finance newbies and in-depth budgeters
  • Categories: Income, Miscellaneous, Entertainment, Education, Shopping, Personal Care, Health & Fitness, Kids, Food & Dining, Gifts & Donations, Investments, Bills & Utilities, Auto & Transport, Travel, Fees & Charges, Business Services, Taxes
  • Goal setting: Goals are also included in the budget.
  • Unique feature: The app keeps track of your spending and sends you alerts.
  • Linking: The app connects with your bank accounts to keep you up to date on your finances.
  • Ability to transfer money: Not available
  • Fees: Completely free app
  • Support: Help is available via live chat.

Best Zero-Based Budget App: You Need A Budget

You Need A Budget — also known as YNAB — tracks your spending and lets you know how you can pay off your debt, start saving and more. It’s an excellent choice for zero-based budgeting.

Visual learners will appreciate the detailed graphs and color-coding, which give a quick glimpse of how much money you’ve spent. The combination of an easy-to-use interface, an impressive learning library and a robust online community make this the best debt app.

  • Target users: Best for visual learners and those who like detailed reports
  • Categories: Customize categories to fit your needs
  • Goal setting: You can create and set goals to fit your lifestyle.
  • Unique feature: The website has an impressive library of lessons that explain how and why to budget.
  • Linking: The app links to bank accounts.
  • Ability to transfer money: Transfer money from one budget category to another
  • Fees: Free trial for 34 days. After that, purchase a monthly plan for $11.99 or an annual plan for $84.
  • Support: Help is available via email and the online community; YNAB also offers videos, a podcast and free workshops.

Best Budget App for College Students: PocketGuard

If YNAB isn’t in your budget, check out PocketGuard. This free budget app offers a simplified budgeting snapshot that will help you organize bills, expenses and subscriptions and set up custom categories. Sync your bank accounts and credit cards to the app, so you’ll know how much cash you have to spend at any time.

  • Target users: Personal finance newbies and in-depth budgeters
  • Categories: Categories include Bills, Income and Goals. You can also create custom categories.
  • Goal setting: Yes
  • Unique feature: The app shows what you have available for everyday spending.
  • Linking: Yes, you can link your checking, credit and savings accounts.
  • Ability to transfer money: N/A
  • Fees: Paid and free versions
  • Support: Help is available within the app and via email.

Best Budget App for Couples: Goodbudget

By using the old envelope budgeting method, Goodbudget lets you track your envelope and account balances and sync them to multiple devices. You can make envelopes for all your budgeting categories and reserve money in each one based on that category.

You can also save for big purchases, create a workable budget, and share budgets with family and friends. With the shared envelope system, this app is the best family budget app or the best budget app for couples.

  • Target users: Families, couples, and budgeters who like manual budgeting
  • Categories: Sample categories include Groceries, Eating Out, Date Night and Kids.
  • Goal setting: Yes, goals are also included in the budget.
  • Unique feature: The envelope system takes a digital form.
  • Linking: This app does not link with your bank accounts.
  • Ability to transfer money: N/A
  • Fees: In addition to a free plan, Goodbudget offers the Plus plan, which costs $7 per month or $60 per year.
  • Support: Help is available by phone or via email.

Best Wealth Management App: Personal Capital

Personal Capital shows you your net worth, assists you in managing your investments and helps you plan for retirement. Use the dashboard to get an overview of your financial life. If you’re an active investor, use the Personal Strategy tool to take stock of your current portfolio.

  • Target users: Investment-focused budgeters and those planning for retirement
  • Categories: You can create up to 30 custom categories.
  • Goal setting: Yes
  • Unique feature: Personal Strategy tool for analyzing your portfolio
  • Linking: Yes, you can connect to cash, credit card, loan and investment accounts.
  • Ability to transfer money: Yes
  • Support: Assistance is available via email or the support portal.

Advantages of Using Apps

Budgeting apps offer several advantages over manual budgeting methods:

The Benefits

  • Time-saver
  • Easy-to-use interfaces to keep in touch with your finances
  • An assortment of tools designed to help you understand where your money’s going and set savings goals
  • Allow access to your financial information via smartphone
  • Safe — as long as you choose a reputable app and protect your phone
  • Allow tracking of goals and progress

How To Choose a Budgeting App

The best budget app for 2021 is the one you’ll actually use. You may need to try out a few different apps before you find the one with the features you want and need. Here are some tips:

  • Take advantage of free trial periods.
  • Use the free trial period as an opportunity to find out how well each app works.
  • Choose an app that’s compatible with your device.

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