The Best Budgeting Apps for Managing Your Finances

YNAB is a budgeting tool that operates on a zero-based budgeting principle, meaning every dollar is assigned a job. The idea is to proactively manage your money, whether for groceries, savings, or a debt payoff plan. The app can:

• Connect to your bank accounts
• Track transactions
• Provide real-time budget updates

This app is a stand-alone computer-based budgeting program, but you can access everything through it. YNAB is ideal for people who want to spend intentionally and build financial discipline.

It’s also a great option if you’re looking to stop living paycheck to paycheck since it teaches you to use last month’s income to pay the current month’s bills. Additionally, the app helps you practice YNAB’s ‘aging your money’ method instead of spending it all right away.¹

YNAB’s educational resources, like budgeting workshops and tutorials, help users stay motivated. However, it does come with a learning curve and a monthly subscription fee ($14.99/month or $109/year) after a free 34-day trial period.²

If the math and numbers involved in most budgets easily stymie you, PocketGuard may be a good option. This app guides you through a set-up process and automatically analyzes your spending in select categories.

PocketGuard makes budgeting straightforward by showing you exactly how much disposable income you have.³ The app’s ‘leftover’ feature accounts for your bills, subscriptions, and savings goals—helping you spend responsibly without cutting out the fun entirely.

With PocketGuard, you can:

• Set up more than 70 different budget categories
• Split transactions
• Add notes and hashtags for detailed money monitoring.⁴

PocketGuard costs $12.99/month or $74.99/year.⁵

If you’re a fan of the old-school envelope budgeting method, Goodbudget might be your perfect match. This app lets you set up virtual “envelopes” for different spending categories such as rent, groceries, or entertainment.

While Goodbudget automatically imports your transactions after connecting to your financial accounts, you still need to confirm and categorize them as they appear, potentially encouraging conscious spending.⁶

This app works well for couples or families who want to budget together because it:

• Allows multiple users to access the same budget
• Can sync and share your household budget
• Is visible to everyone when money is spent and deducted from an envelope.

The free version includes ten envelopes, while the premium version offers unlimited and advanced features. Goodbudget’s premium version is $10 per month or $80 per year.⁷

The Empower personal dashboard doubles as a wealth management app, offering far more than standard budgeting tools. It’s ideal for:

• Tracking monthly expenses
• Monitoring investments
• Keeping an eye on retirement funds and overall net worth

Empower acquired the personal finance management app Personal Capital, and while it’s more investment-focused, the dashboard includes budgeting features that give a comprehensive view of your financial health.⁸

The Empower app is free and it’s ideal for those with a mix of budgeting and investment goals. It provides detailed analytics, helping users optimize their spending and long-term financial planning.

The downside? It’s better suited for users with significant assets or comfortable navigating investment tools.

The EveryDollar app, created by financial expert Dave Ramsey, is a user-friendly zero-based budgeting app that helps you manage your finances but can also help you build better budgeting habits.

EveryDollar connects to your bank accounts so you can see all your transactions in one place. From there, you can plan your paycheck spending with different categories, set goals, and track your progress.

Some notable features include:

• Unlimited custom budget categories
• The ability to split transactions
• Insights on your spending
• Due date reminders for bills.⁹

If you follow the Ramsey method of financial management or want a simple budgeting app, EveryDollar is an ideal choice.

While there is a free version of EveryDollar, the features are limited. The premium version costs $17.99/month or $79.99/year after a free 14-day trial.¹⁰

Honeydue is designed with joint budgeting in mind for couples looking to manage their finances together. It helps partners track shared expenses while respecting individual spending habits.

With this app, partners can:

• Share their financial information
• Set spending limits
• Communicate directly within the app

Each user can choose how much financial data they want to share, offering both transparency and privacy.

This app also has built-in communication features allowing you to react to certain transactions or make comments, and automatic bill reminders once you enter your monthly bill due dates.¹¹

Whether saving for a big purchase, preparing for a new baby, or managing regular household expenses, this app suits couples aiming to reach mutual financial goals. Honeydue is free, although it includes optional tipping to support the platform.

Your bank or financial institution may already have a budgeting app or expense-tracking features as part of its mobile banking app.

Your financial institution’s app may not allow account syncing from other banks or investment accounts. However, if you’re just looking to manage your checking account activity and contribute to a few savings goals, this could still be an option worth considering.

Chime’s award-winning mobile banking app helps you stay on top of your money by providing daily balance notifications, transaction reporting, and the option to round up purchases to help you save more money.

Chime’s free budget calculator allows you to plug in your expense categories and create a budget using the popular 50/30/20 budgeting method.

Like any tool or resource, budgeting apps have advantages and drawbacks. Before committing to one, carefully weigh the pros and cons to ensure it’s the right fit for your financial needs.

Pros

• Convenience. Budgeting apps streamline financial planning by syncing with bank accounts and credit cards, allowing you to monitor your finances in real time.
• Tracking transactions. If you’re unsure about where your money actually goes each month, tracking every transaction manually is tedious and time-consuming. Budgeting apps simplify this process by categorizing your expenses automatically.
• Goal setting. Budget apps do more than just show you what you’re spending —they can help you work toward your financial goals with features like progress trackers, reminder alerts, and financial reporting so you can review how each month went with your spending plan.

Cons

• Pricing. While some budgeting apps are free, the plans with advanced features come at a cost.
• Long set-up. The first time you use a budgeting app, it may feel overwhelming. Connecting multiple accounts, categorizing transactions, and customizing budgets can take considerable time and effort.
• Privacy. Budgeting apps require access to sensitive financial data, which raises valid concerns about privacy and security. To sync with your bank accounts, many apps use third-party aggregation tools, which some users worry could pose a security risk.¹²

Choosing the right app for budgeting can be the first step toward achieving financial security. Whatever your preferences, there’s a budgeting app to fit your needs and preferences.

Take the next step in mastering your finances by learning how to create a paycheck budget routine that works for your lifestyle. Whether you use an app or go old-school with pen and paper, the key is to find a system that keeps you consistent and accountable.