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Learning to budget is a vital skill as you step into adulthood. For many young people, it can seem intimidating. Budgeting is a basic part of financial literacy and forms the foundation of good habits that pave the way for success in personal finance.
The good news is, there are numerous mobile apps out there designed to make budgeting a breeze. However, the sheer number of options can make it tough to pinpoint which budgeting app best fits your unique needs. To simplify your search for the perfect tool to manage your spending, here are some top-rated budgeting apps you might want to consider. Remember, budgeting doesn't have to be overwhelming. With the right tools at your fingertips, you'll be well on your way to mastering your personal finances.
Best for General Budgeting: YNAB
You Need a Budget was established in 2004 and initially offered users the ability to track expenses on a customized spreadsheet. In 2015, YNAB was officially launched as a mobile app, offering an entirely new budget tool to users. The concept is the same, though — users need a budget to plan for future expenses and become financially autonomous.
Features
While some people may benefit from a minimalist approach to money management, others will be empowered by a suite of budgeting features that allow for total control over finances. If this describes you, you will want You Need a Budget. Easily track your daily cash flow and view the status of your financial accounts while planning proactively for the future. If you crave a hands-on solution for your spending habits, this is it.
Advantages
The biggest thing that sets YNAB apart from other apps is the unique money management philosophy it imparts to users. The app relies on a strategy called zero-based budgeting that requires users to make a plan for every dollar that’s deposited into their account. YNAB’s algorithm will generate suggestions for how much of your income should be allotted to each expense category, and it also recommends automated savings goals. Another great advantage is the range of ways you can use YNAB. In addition to a mobile app, you can download the program on your computer desktop, Alexa, iPad, or Apple Watch.
Disadvantages
YNAB relies on constant input provided by users. You will be prompted to make daily decisions about your money, and for some users, this can be exhausting. If you are easily stressed out, or if you simply want a less demanding budget tool, YNAB might not be the best option.
Cost and Rating
- Free trial for 34 days, $14.99 per month, $98.99 annually, free for one year for college students
- Google Play Rating: 3.2
- App store rating: 4.8
Learn more with Budgeting for Beginners
Best for Couples’ Budgeting: Honeydue
If you share expenses with a partner, budgeting is no longer a solo endeavor. When you need to figure out how to harmoniously share funds, even if you still maintain separate checking accounts, this app could be the one for you. Honeydue allows for partnered budgeting to manage household expenses while still retaining your preferred degree of financial independence.
Features
Honeydue empowers users to budget together by syncing both partners’ accounts, credit cards, loans, and other financial information. You can control the privacy settings to determine how much or how little your partner is able to view. Like other budgeting apps, you can use it to track spending habits and save money — but unlike other apps, you can also set shared goals to hold both you and your partner accountable. Set monthly limits on customized expense categories, and both parties’ spending will contribute to the weekly or monthly limit.
Advantages
The greatest advantage of Honeydue is the autonomy it affords users. Rather than forcing you into an all-or-nothing infrastructure, the app allows you to customize how joined with — or separate from — you want your finances with your partner to be. This means you can maintain your own individual budget for your financial responsibilities while still designating the expenses that you wish to share.
Disadvantages
Much like Mint, Honeydue offers limited tools for future financial planning. Its budgeting features primarily function as an overview of your current financial status, and its money management tools respond to your past transactions. Users who want more predictive analyses and tools may find this unsatisfying. You might also be irritated by the advertisements contained in the app.
Cost and Rating
- Free
- Google Play Rating: 4.1
- App store rating: 4.5
Learn more about Financial Goals
Best for Simplicity: Fudget
Users who prefer the control of manual data management will love Fudget. Compared to other entries on this list, it may seem rudimentary, but its unpretentious interface might be exactly what you’re looking for. It functions much like a calculator with easy addition and subtraction tools.
Features
There’s something to be said for a budget tool that takes automation out of the picture. Rather than linking your bank accounts and doing all the work for you, Fudget requires users to manually track their own spending habits. You can do this by creating customized expense categories, easily adding incoming funds, and quickly deducting outgoing expenditures. You can also upgrade to the premium version of the app to sync it with a desktop version, too.
Advantages
The simplicity of Fudget is its superpower. You won’t find another app that offers the same straightforward approach to money management. This can be advantageous for anybody who wants to adopt a more active role in their budgeting. The autopilot approach that most other apps take might minimize your need to actually develop budgeting skills. With Fudget, you’ll be forced to learn.
Disadvantages
Of course, some people aren’t ready to dive head first into manual money management — and that’s okay. The bells and whistles that other apps offer can be genuinely helpful for people who want to learn strategic ways to control their spending habits. Similarly, Fudget doesn’t offer any insights or budgeting features to coach new users.
Cost and Rating
- Free for basic, $3.99 for premium version
- Google Play Rating: 4.6
- App store rating: 4.8
Best for Wealth Management: Personal Capital
If you want to upgrade your money management game and dip your toes into investing, Personal Capital is the best app for doing so. It offers an overview of spending habits and recent transactions and translates that data to calculate a user’s net worth.
Features
In addition to synchronization with bank and credit card accounts, this app offers management tools for IRAs, 401(k)s, loans, and mortgage accounts, too. Recent transactions are categorized by expenditure, and you can get a clear overview of where your money goes each month. The result is an engaging set of tools for beginners who want to do more with their money. Users will also enjoy the wealth of educational resources contained in the app that will help them build the confidence to invest.
Advantages
The most important advantage of Personal Capital is its ability to manage an investment portfolio alongside your bank accounts. Most other apps force users to choose between one or the other, but this dual capability offers users more leverage. The app’s automated investment advice is also valuable to beginners who aren’t quite sure where to start. The app utilizes an algorithm that is designed to optimize tax liability and minimize potential risk, which is ideal for newbies.
Disadvantages
As is the case with many other apps on this list, Personal Capital has limited tools for planning a financial future. Users who want to create a detailed plan for their money simply won’t find that capability with this app. Some users may also be frustrated by the inability to manually add transactions to the app’s data. Ultimately, unless you are planning on getting into investing, there are likely better apps for budgeting functionality.
Cost and Rating
- Free Google
- Play Rating: 4.3
- App store rating: 4.7
Find a Budgeting App for Your Financial Style
Gaining control over your spending habits is no easy feat. It’s even harder, though, if you don’t have the right budget tool to help you do so. You can track your spending and reach your personal finance goals when you choose the best budgeting app.