Best Budgeting Apps

In this article, we’ll be diving into some of the best budgeting apps out there.

Updated: March 11, 2024
Matt Crabtree

Written By

Matt Crabtree

 

If you’re like many of us, you’ve struggled with budgeting and money management. Trying to save for short-term and long-term goals, or even just making sure you have enough money for day-to-day expenses can be a challenge.

Fortunately, modern technology can give us a great way of tackling these issues and getting our finances in order – budgeting apps!

A budgeting app is a fantastic means of keeping track of your income and expenses, planning and managing your budget, saving money, and even reaching financial goals. With the right app, you can make sure you're spending wisely and optimise your budget.

In this article, we’ll be diving into some of the best budgeting apps out there. We’ll go over the features they offer, how they can help you, and more. So, let’s get started!

ServiceScoreRegister
1. Mint★★★★★Click Here
2. You Need A Budget (YNAB)★★★★★Click Here
3. PocketGuard★★★★★Click Here
4. Wally★★★★Click Here
5. Goodbudget★★★★Click Here

What Are Budgeting Apps & How Do They Work?

Budgeting apps are one of the best tools for modern money management.

They are great for anyone looking to quickly and easily manage their finances. With the help of budgeting apps, you can quickly and accurately track your spending and saving, analyse your financial situation, and make wise decisions about how to allocate your money.

But what exactly are budgeting apps and how do they work? Let’s take a closer look.

At their core, budgeting apps are digital tools that help you stay on top of your spending and saving. They make tracking your money a breeze and can even help you create and stick to a budget. Many budgeting apps sync directly with your bank accounts, making it easy to quickly input your spending and saving.

You’ll be able to see your day-to-day spending in an easy-to-read interface and can even be alerted of any suspicious activity or large charges.

In addition to tracking and monitoring your finances, budgeting apps can help you set and stick to realistic financial goals. You can set up an emergency fund or retirement fund, create a budgeting plan, and track your progress towards your financial goals.

Some apps even offer customizable alerts to help you stay on track, as well as being able to integrate with investment accounts, which lets you easily adjust your investments and minimise risk.

Some budgeting apps also provide users with helpful advice and coaching on how to improve their financial situation which can be paramount in helping you develop good financial habits and increasing your financial literacy. You’ll be able to access resources such as tips and tricks, articles, and even personalised advice from financial experts.

Overall, budgeting apps are a great way to take control of your finances and make sure you are keeping on track with your financial goals. Whether you’re a first-time budgeter or a more experienced one, a budgeting app can be a great tool to help you track, monitor, and manage your money.

What Features Should I Look For In A Budgeting App?

A budgeting app can help you manage your finances on the go, wherever you are.

But with many different apps available to choose from, what features should you look for in a budgeting app?

The best budgeting apps will offer a range of useful features to help you manage your investment account. Here are some of the key features to look out for:

1. Automation

Automation is a great tool for budgeters. It helps you save time by automatically inputting your data and calculating your spending goals. Look out for apps that offer intelligent automation tools and customizable categories. That way you can be sure you’re getting the most accurate information to make informed decisions.

2. Data Analysis & Reporting Capabilities

Good budgeting apps should provide you with detailed reports and analysis. This makes it easier to spot trends, identify areas where you need to cut back, adjust your spending goals and save money. Look for apps that provide you with concise reports, graphs, and visualisations.

3. Automated Savings

Budgeting apps should offer the ability to set up automated savings. This way you can have a portion of your earnings go directly into your savings account so you can start building up a nest egg.

4. Goal-setting

Setting achievable goals is key to successful budgeting. The best budgeting apps should offer goal-setting tools that allow you to plan and track your spending goals in the short, mid, and long-term.

5. Accessibility

Look for a budgeting app that offers multiple levels of accessibility. The app should be compatible with multiple devices, including laptops, desktops, tablets and smartphones. This way you can access and manage your budget from any location.

6. Security

Security features are essential for protecting your financial data. Look for budgeting apps that offer authentication measures such as two-factor authentication and secure encryption. That way your information is kept safe from hackers and identity thieves.

7. Integration

Look for a budgeting app that is able to seamlessly integrate with other financial programs and accounts. This way, you can easily track and manage your finances across multiple platforms.

By doing your research and ensuring the app offers the features that fit your needs, you’ll be able to find the perfect budgeting app. With the right app and tools in place, you’ll be able to take control of your finances and start achieving your goals.

The Best Budgeting Apps in 2024

Are you looking to get your finances under control, but don’t know where to start? Don’t worry, you’re not alone.

Many of us struggle to keep a budget and track our spending.

Fortunately, there are a number of budgeting apps that can make this process easy and painless. To help you find the right one for you, we’ve rounded up the best and mostly free budgeting apps.

1. Mint

Designed to bring you financial peace of mind and help you manage your money with ease, Mint is an invaluable tool for anyone looking to get a better handle on their finances.

Mint gives users a holistic overview of their financial situation. You can link all your financial accounts to the app, including bank accounts, credit cards, loans, investments, and more, giving you a snapshot of your total net worth.

Then, you can create personalised budgets for different spending areas across all your accounts so you can easily keep track of your spending and meet your financial goals.

Mint also offers a wide range of financial services, such as credit monitoring, bill reminders, and personalised money tips. This can help you stay on top of your finances, so you can make smart decisions with your money.

Mint is possibly the best free budgeting app on the market, so you can start budgeting without having to pay any hidden bank account fees.

2. You Need A Budget (YNAB)

YNAB offers you a powerful tool to help you quickly get a grip on your finances, stay on top of your budget, and have financial freedom.

YNAB is built on the premise of “giving every dollar a job”. This means that you assign specific categories for your estimated income and expenses, so that each dollar earned and spent is accounted for and can be tracked. Their platform helps you create a budget that works towards your financial goals and keeps you on track, while helping to identify areas where you can save money and make better financial decisions.

Once you've created a budget, YNAB automatically tracks your spending in real-time with the help of bank-level security. YNAB also has powerful reports that can help you identify common spending patterns and provide insights on how to better budget. All of this helps you better understand your spending and save money to reach your financial goals.

YNAB also helps you break down your budget into distinctive categories, including budgeting for today, budgeting for the future, covering your expenses for the month, and investing for the long-term.

And for beginners, they also offer an array of educational tools which help to make budgeting straightforward and easy to understand. For example, there are tutorials on budgeting techniques and videos that explain various concepts, as well as financial advice from experts.

Finally, there's an active and helpful community growing at YNAB to help you stay motivated and connected to people who are also on their financial journey. Best of all, YNAB offers a free trial, so you can get started with budgeting right away before considering the $99 annual subscription fee.

3. PocketGuard

PocketGuard is a budgeting app that helps users create and manage a budget. It’s easy to use and takes the hassle out of budgeting for you. All you have to do is enter your income and expenses into the app and it will create a budget for you.

The app helps you stick to your budget by providing daily and weekly reminders, breaking down your spending across categories and displaying detailed insights into your spending habits.

It also helps you easily track and analyse your spending trends and make better financial decisions. You can even set up bill reminders and track when bills are due so you never miss a payment.

In addition, with PocketGuard you can easily create savings goals, set household budgets and get alerts when you exceed your budget limits. The app even offers automated money transfers, so you can set aside money for savings and bills in advance.

There's a free version of PocketGuard available on both the app store and Android devices, but if you want to get the most out of the app, you can upgrade to the PocketGuard Plus subscription, starting at £6.50/month. Plus subscribers get access to more financial insights, priority customer support, and family budgeting tools.

4. Wally

Wally helps you stay on top of your finances by tracking your spending, setting goals, and providing easy-to-follow guidance.

First of all, let’s start by talking about one of Wally’s main features—tracking your spending. All you have to do is connect your bank accounts and credit cards to Wally and the app will keep tabs on your spending, income, and even your credit score.

You can also track different types of expenses by adding “Tags”. For example, if you’re tracking your grocery expenses, you can add a “Grocery” Tag. With Tags, you can easily see where your money’s going and adjust your spending accordingly.

Another key feature of Wally is setting financial goals. You can create short- and long-term financial goals and Wally will help you reach them by giving you tips and personalised advice. Plus, Wally provides you with progress updates so you can stay on track.

Finally, one of Wally’s best features is its friendly interface. It doesn’t take long to figure out how Wally works and the app’s design complements its user-friendly features. With a simple, modern look and a few helpful features, Wally helps you keep your finances in check without overwhelming you.

5. Goodbudget

Goodbudget is a budgeting app that helps you track your spending and save more. With Goodbudget, you can get a clear snapshot of your finances and take control of your money.

The key feature of Goodbudget is its commitment to helping you build a budget that works for you. It’s designed to be an easy-to-use budgeting tool that enables you to:

  • Set up your account and enter income and expenses
  • Track spending and saving goals
  • Monitor your budget to get a better understanding of how money is flowing in and out
  • Access budgeting tools like budget reports, charts, and other visuals
  • Connect accounts to automate bank and credit card transactions

Goodbudget is perfect for budgeting beginners and experienced budgeters alike. It’s easy to set up and manage your budget, so you can start tracking your finances right away. You can also customise your budget to fit your lifestyle, so you can save money where you need it most and stay on top of your finances.

Goodbudget also helps you save money by offering budgeting features like envelope budgeting and goal tracking. With envelope budgeting, you can set up virtual “envelopes” for expenses like rent, groceries, and entertainment. This helps you allocate money for each expense and ensure you’re not overspending.

Goal tracking is another way Goodbudget can help you save money. With this feature, you can set up savings goals and track your progress. You can set up both short-term and long-term goals, so you can save for a rainy day or put money away for a big purchase.

Whether you’re just starting to learn about budgeting or have been at it for a while, these budgeting apps can make it easier to keep track of your spending and make sure you’re staying on track. Give one of them a try and see how it can help you reach your financial goals.

Should I Choose A Free Or Subscription-Based Budgeting App?

If you’re just getting started with budgeting or need a budget app to help you stay on track with your finances, a free budgeting app may be a great place to start.

Free budgeting apps have limited features, but they are a great way to get familiar with budgeting basics and learn how to manage your finances.

Free apps can also help you keep a budget of simple expenses and track your spending, allowing you to easily identify trends in your spending and create an effective budget plan.

For those who want more advanced features and need a budget app that can help track more complex financial information, a paid budgeting app may be the better option.

Paid budgeting apps come with a variety of features designed to make budgeting easier. These apps can help you sync your accounts, track your spending, create budgets, and even give you insight into ways you can save more money. Most paid budgeting apps also come with helpful resources, such as tutorials and financial advice, to help you manage your finances better.

Ultimately, deciding between a free or paid budgeting app comes down to your specific budgeting needs. A free budgeting app may be a great starting point if you’re just getting started or need basic features. However, if you need more robust features and require more complex budgeting tools, a paid budgeting app may be the better option.

Are Budgeting Apps Really Worth It?

When it comes to managing money, budgeting apps can be a fantastic asset. But are they really worth it?

That depends on what type of budgeting app you’re using, and how well you’re using it. Let’s take a closer look at what budgeting apps can do for you, and how to use them most effectively.

At their most basic, budgeting apps are designed to help you effectively manage your expenses, as well as look for areas where you can save money. They often also offer features like in-app tutorials to help you understand your finances better, or alerts for when you're approaching your budget.

One of the great benefits of budgeting apps is that they act as a form of discipline.

You can look at your spending in real-time and be aware of where you’re spending your money, which can make it easier to stick to your budget.

Additionally, budgeting apps are often connected to your bank account, so they can provide an accurate overview of your financial situation. This can help you make more informed decisions, as you have more data on hand.

But if you’re using the wrong type of budgeting app, or you’re not taking full advantage of the features it offers, then you may not see the full benefits. That’s why it’s important to find an app that’s suited to your personal goals and habits.

For example, if you’re looking to reduce your spending, but you’re still impulse shopping, then an app that offers purchase reminders may be more effective.

What Security Measures Do Budgeting Apps Have In Place To Protect User Data?

We all know that budgeting apps help us manage our financial affairs. But with all the recent news of data breaches and online scams, it’s important to ensure that these apps are taking proper steps to protect our data.

So, what exactly do budgeting apps have in place to protect our information?

For starters, many budgeting apps use encryption technology to protect your data. Encryption is a form of data security where your data is encoded into an unreadable format, and can only be decrypted using an authorised code. This means that even if your data is intercepted by someone, they won’t be able to access it without the code.

Budgeting apps also use Multi-Factor Authentication (MFA).

This is a form of identity verification that requires more than one form of authentication to verify a user’s identity. This could include something like a password, a pin code, or even biometric authentication like a fingerprint. Having multiple layers of authentication helps to protect your data from unauthorised access.

The last thing budgeting apps have in place to protect your data is data backup. This means that if your data is ever compromised or lost, it can quickly be backed up and restored, without you having to worry about whether or not you’ve lost any of your information.

These are just a few of the security measures that budgeting apps have in place to protect user data. It’s important to do your research on any app you’re considering using, and make sure that it has strong security measures in place. This will help you to feel safe and secure as you use the app to manage your finances.

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