When it comes to managing personal finances, budgeting is a cornerstone for achieving stability, reaching savings goals, and preparing for financial emergencies.
Top Budgeting Apps Available in 2024
We have seen several apps excel in the budgeting space for their unique features and target audiences. Here’s an in-depth look at our findings:
1. Quicken Simplifi
Quicken Simplifi is designed for those who manage multiple accounts or require an overview of household finances to figure out where their money is going.
With this app, you can consolidate your spending, income, debts, and assets, allowing a complete snapshot of your financial health.
Ideal for families or individuals with significant financial commitments, Quicken Simplifi provides intuitive insights to help reduce monthly expenses and increase savings.
Its detailed reports, transaction categorization, and alerts available within the app make it a solid choice for anyone wanting to manage finances without losing sight of the big picture.
2. YNAB (You Need A Budget)
YNAB has developed a reputation for helping users develop proactive spending habits.
Based on zero-based budgeting, which we will cover in more detail later, this app encourages users to assign every dollar a job, whether it’s saving, spending, or investing.
Its learning curve may initially feel steep, but its workshops, webinars, and forums create a supportive community for those committed to financial transformation.
This is something we recommend that you consider when creating your own app, especially if you have an app that is more difficult to navigate. If you are unsure, consider collaborative software development with a Trio UX/UI developer.
If you want to set strong financial goals and manage them closely, YNAB provides real-time feedback on where you’re at and where you might be overspending. Many find the investment well worth the transformation in financial behavior.
3. CountAbout
Designed with freelancers and small business owners in mind, CountAbout is an app that allows for customizable budgeting without forcing a particular structure.
It offers flexible tracking, and it’s compatible with platforms like Quicken for users who are migrating data.
Its robust reporting features and ability to track income sources make it ideal for self-employed individuals looking for a reliable tool to help you track both personal and business finances.
4. Monarch Money
For those searching for a comprehensive Mint alternative, Monarch Money offers a fresh take on budgeting.
Known for its user-friendly design, which our developers always emphasize when it comes to mobile app development, it caters to various financial goals, from day-to-day budgeting to investment planning.
Monarch Money is a perfect fit for users who need flexibility in their budgeting while also benefiting from investment insights, and its recent updates allow former Mint users to transition easily.
5. Goodbudget
Inspired by the classic envelope budgeting method, Goodbudget helps users allocate funds across different categories, or “envelopes,” to prevent overspending.
While it doesn’t link to bank accounts directly – which is a big factor that you need to consider when you choose the best budgeting app for you – it works well for those who want a digital version of a hands-on budget, prioritizing mindful spending rather than automatic tracking.
It’s a practical choice for people who like the discipline of cash budgeting but prefer a digital format.
Features of the Best Budgeting Apps
While every budgeting app has its unique perks, we have found that the best share a few common budgeting features that enhance the user experience and streamline budgeting:
- Multi-device Compatibility: A budgeting app that syncs across devices—desktop, mobile, and tablet – lets you check finances and adjust budgets on the go.
- Transaction Syncing: Many top apps sync with your bank accounts, automatically categorizing expenses to keep your budget updated.
- Advanced Security: Given the sensitive nature of financial data, most top apps employ encryption and offer multi-factor authentication to secure user information.
These features allow the app developers to provide the best possible experience, helping them stand out in a saturated market and empower users to manage their finances effectively without requiring extensive manual input.
For this reason, we highly recommend you consider adding these features when you are building your MVP or even when you are working on your initial project architecture.
How to Choose a Budgeting App for You
Selecting a budgeting app is a highly personal decision.
Factors such as your budget, financial goals, and preferred budgeting style all play a role.
You should start by assessing whether you need specific features, like debt tracking or investment insights, as each app has different strengths.
For those who need thorough expense categorization, YNAB or Monarch Money could be ideal, while individuals managing both personal and business expenses might prefer CountAbout for its customization options.
Similarly, if you are creating a mobile fintech solution, you need to consider what your target market will be and how to make sure that your option is the best for people in that group.
Most of these apps are also very easily accessible as they are available in most app stores, such as the Apple App Store and Google Play. So, if you are creating your own app, you will need to ensure cross-platform mobile development occurs.
How Can Budgeting Apps Help You Manage Your Money?
Benefits of Using a Personal Finance App
A personal finance app can be a game-changer for those looking to organize their finances.
For one, a budgeting app can help centralize all your financial data, including spending, savings, and income, in one place, giving you a clear picture of how you’re spending your money.
Many apps also provide insights and alerts, helping you keep track of goals like paying off debt or saving for a vacation.
Regular updates allow you to review spending trends, identify unnecessary expenses, and adjust your budget accordingly. This continuous tracking and feedback make it easy to adapt spending in real time.
How Budgeting Apps Help Track Spending
As we’ve touched on already, budgeting apps help users stay aware of their spending patterns.
Many apps – even those with just the most basic budgeting features – allow you to budget and set spending limits on categories, such as dining out or entertainment, and will notify you if you’re getting close to your limit.
With real-time transaction syncing, these apps provide an up-to-date snapshot of your budget, preventing overspending.
Many apps exist that have several features that are dedicated to tracking daily expenditures, providing quick insights into what you can afford, giving you financial clarity, and helping you adjust your budget and set savings goals.
Money Management Strategies with Apps
Many budgeting apps support different financial management strategies, making it easier to incorporate established methods into your budgeting.
For instance, we’ve already mentioned how Goodbudget offers a digital take on envelope budgeting, where funds are divided into categories that represent different spending areas.
YNAB’s zero-based budgeting approach is ideal for users who want each dollar to have a purpose. These features give users flexibility and allow the app to help them apply strategies that align with their financial philosophy and needs.
What Are the Pros and Cons of Budgeting Apps?
Benefits of Budgeting Apps
Budgeting apps allow for seamless spending and savings tracking, making it easy to stay on top of finances without manual updates.
They automate much of the tracking process, giving you more time to focus on actual budgeting decisions. This automation also ensures that all of the information is accurate, as human error is no longer possible.
Additionally, many apps provide robust data analytics, helping you gain insights into spending trends and making it easier to forecast expenses.
Finally, many budgeting apps on the market at the moment also include elements of financial education, helping you manage your personal finances better in the long run.
Common Drawbacks of Budgeting Apps
Even though there are a dozen budgeting apps available on the market that have become incredibly popular, budgeting apps aren’t perfect.
Security can be a concern for users who store sensitive banking information in third-party apps.
Subscription costs can also add up, with some apps charging monthly or annual fees that may feel unnecessary if you’re just looking to manage a simple budget.
Additionally, certain apps have a learning curve, especially those that encourage specific budgeting styles like zero-based budgeting.
For instance, YNAB requires a commitment to understanding its system, which may not appeal to all users, especially if they can’t afford to use more than a free app.
Is a Budgeting App Right for Everyone?
Budgeting apps can provide value to most users, but they may not suit everyone.
For those with irregular incomes or who prefer manual tracking, spreadsheets or traditional envelope budgeting may be a better fit.
Similarly, if you don’t want to share financial data online, pen-and-paper or offline tools can provide the same budgeting framework that allows you to see where your money is going without digital connectivity.
How Do Budgeting Apps Compare: Free vs. Paid Versions?
Features of Free Budgeting Apps
Free budgeting apps often cover basic budgeting needs, such as expense tracking, setting up budgets, and limited goal tracking.
Many popular apps, including PocketGuard and EveryDollar, offer free versions that allow users to get a feel for digital budgeting without a financial commitment.
These free versions usually lack some of the premium features like advanced analytics or investment tracking, but they’re sufficient for individuals who want a straightforward budget.
If you are creating an app, we would highly recommend that you offer a free version. There are a variety of other ways that you can monetize your app without needing to rely on subscriptions.
Should You Invest in a Paid Budgeting App?
Paid versions often come with premium features like investment monitoring, customizable categories, and more detailed spending analytics.
If you are someone with complex finances, you may find the monthly fee worth it, especially if the app offers tools for managing debts or investments.
Apps like Monarch Money or YNAB provide additional value by integrating goal-based tracking and deep insights.
Also, if you’re serious about financial management, a paid app may be an investment that offers significant returns in terms of savings and financial awareness.
Free Trials: Are They Worth It?
Most paid budgeting apps offer a trial period to help users assess whether the app suits their needs.
Taking advantage of these trials allows you to experience premium features firsthand, helping you decide if they justify the price.
During the trial, you can explore all features, set up basic budgets, and see how easy it is to maintain. By the end of the period, you’ll have a clear idea of the app’s value.
Likewise, if you are designing an app with features that will be locked behind a paywall, consider offering a trial to hook users.
What Budgeting Methods Can You Use with Apps?
Zero-Based Budgeting with Apps
Zero-based budgeting assigns every dollar to a specific purpose, whether saving, spending, or investing. In theory, you should get to the end of the month with nothing in your account if you have budgeted accurately.
YNAB is well-suited to a zero-based budgeting strategy, giving you a clear roadmap to maximize each dollar’s impact. However, this is not the best approach for everyone.
Envelope Budgeting Using Digital Tools
Envelope budgeting helps users allocate funds across spending categories by assigning a set amount to each “envelope.” If you like to use cash, you may get actual envelopes and separate your money.
Goodbudget makes this method digital, allowing you to set limits in each category and encouraging disciplined spending.
Using envelope tools is a great option if you are new to budgeting or transitioning to using digital tools for the first time.
Creating a Personal Budget with an App
Creating a budget starts by entering income and categorizing expenses. This can be quite an intensive process at the start, especially if you have complicated finances. You may already need a good idea of what your expenses tend to be.
However, these budgets only become more accurate as time passes.
Many apps let you adjust limits as you go, providing immediate insights into spending and savings and helping you make informed adjustments mid-month if necessary.
Are There Alternatives to Budgeting Apps?
Best Money Management Apps for 2024
Beyond traditional budgeting, there are some other apps that you can consider to help you manage your money.
Rocket Money is a great option for negotiating the rates of your services, as well as helping you manage your subscriptions.
Spendee is also a relatively popular option to help you visualize your finances. It is also a great option if you need a budgeting tool for your whole household.
Budgeting Apps for Couples: Sharing Financial Goals
For shared financial goals, apps like Honeydue are designed for couples.
Honeydue supports individual and joint budgeting, providing insights on shared expenses, bill reminders, and real-time updates to keep partners aligned financially.
Another great option is Zeta, which allows you to manage shared and individual expenses.
And, of course, there is Goodbudget, which we have already mentioned above.
Exploring Non-App-Based Budgeting Tools
Alternatives to popular budgeting tools, like spreadsheets and the envelope system, allow for manual control over finances, which is ideal for those wary of sharing data online.
Spreadsheets can be tailored to track specific goals, and cash envelope systems provide a tactile way to manage discretionary spending.
However, both come with their own disadvantages and take a lot more effort on your part as opposed to the automated versions of budgeting apps.
If you want to create a budgeting app that helps you and others around you, reach out to us here at Trio.
Our developers are incredibly experienced but are also trained in soft skills like effective client communication, so you do not need to worry about having any technical knowledge of your own.
