January 17, 2022

Best Budgeting Apps

Brandi Marcene
Fortune 500 Editorial Contributor

Budgeting helps you in more ways than you can think of. It gives you a roadmap for your monthly expenditure. In addition, you can use it to track your expenses, save money, and much more. And with the technological advancements, you don't need to keep a diary to record all your expenses. 

Instead, you can download a mobile application from Google Play or Apple App store. However, you might wonder which one is the best. Since there are a plethora of budgeting apps, we have compiled a list of the best budgeting apps. These apps are user-friendly and can help keep track of your expenditure. 

Importance of Budgeting 

Before we move on to introduce you to some amazing budgeting apps, you must know the importance of budgeting. It gives you a clear idea about your earnings, savings, and spending. You can get a comprehensive idea for saving money by bringing down your expenses. 

Moreover, there are many more benefits you can get, such as: 

      Track your spending to reduce futile expenses and eliminate any bad spending habits

      Plan for investments or retirement 

      Avoid going into further debt by setting a way to reduce your current debt 

      Create an emergency fund to deal with any unforeseen expenditure 

These are just some of the benefits you can reap by creating and following a budget. Let's move on to find the best budgeting apps you can take advantage of.

Mint

When it comes to finding the best budgeting apps, Mint is on the top of our list. The application offers a wide range of extensive features for you to manage your budgets easily. The app is free, but there are product ads that will occasionally  pop up.

The best thing about Mint is that it allows you to sync other applications. Therefore, it can automatically record all your transactions, but you can also manually log your daily spending. In addition, the app has exceptional security features to protect your data, including password and fingerprint protection . Here are some pros and cons of the app: 

Pros                                                                                       

      Free TransUnion credit scores                                                           

      No charges for using it

      Gives you the option to track your investment 

Cons

      In-app ads which can be annoying sometimes

      Some complaints about technical issues

YNAB

The YNAB application is ideal for new budgeters looking to save money. You can sync your financial accounts with the app for it to keep a record of every dollar that you spend. In addition, the app helps you to design a budget as per your plans for the future. 

You can register how much you are looking to spend on different expenditures, the amount you want to save, and any other goals you have. Furthermore, the website gives you access to resources and learning material, so you get a better understanding of budgeting. 

Pros 

      A 34-day trial with no cost

      Exceptional customer support and extensive learning material 

Cons

      Has annual charges 

      Requires time for you to learn the app 

      Occasional technical issues with syncing with other apps

Personal Capital

Another great application for anyone with the primary goal of tracking their expenditures while looking for ways to increase their wealth is Personal Capital. The application helps you check your savings, credit card balances, loans, and other investments. 

In addition, Personal Capital groups all recent transactions into different categories. This way, you can see the amount you spend on each of the categories. Moreover, the application is optimal for anyone looking to manage their portfolio or anyone wanting to track their net worth. 

Pros

      Great application for wealth management 

      Has tools to help you plan for retirement and education

      Helps you keep track of your portfolio 

Cons

      Primarily focuses on investment rather than budgetingPeople might contact you for wealth management services

      No feature to enter the transactions manually

PocketGuard

PocketGuard is an app that takes into account your earnings and helps you plan your savings and expenditures accordingly. The app feature"In My Pocket" shows the amount that you have left for your spending. Therefore, you can know how much you can spend for the rest of the period. 

You can download and use the budgeting app for free. However, there is a premium version available with additional features. 

You can sync it to your bank account and credit cards so the app can automatically record all your transactions. The application offers you complete security with Touch and Face ID, as well as passwords to protect your data. 

Pros

     No charges for the basic version 

      Simplified budgets that are easy to understand

      User-friendly 

Cons

      No phone call support

      A number of reviews of customers regarding technical glitches

Zeta

One of the best budgeting apps for couples is Zeta. It can help you keep a joint account of all your expenditures and other financial information . You can sync your apps, manage your bills, and see your total  savings through the application. 

Apart from this, the application can also help you keep a record of your investments. You can find out about upcoming opportunities and use the app to track the investments you have made.

Pros

      Cater to the needs of married, engaged, or any other couples 

      Gives you access to multiple features like contactless payments

Cons

      Issues regarding syncing bank accounts

      Customer support needs improvement

Final Word 

According to this Statista survey, approximately 60 percent of American families were able to accumulate some savings for their future. A key contributor for building savings is budgeting. One of the main reasons why many people plan and make a budget is so they can have a pool of resources. 

These resources can help you achieve your goals, like starting a new business, early retirement, or other endeavors requiring big expenditures. The budgeting apps we introduced to you here can help you with your budgeting progress and are ideal for maintaining a record of your savings, spending, investments, and earnings.

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