The 7 Best Budgeting Apps for 2024

Hitting your long-term financial goals starts with knowing where your dollars are going on a daily basis and how they’re helping you move closer toward your long-term goals.

One way to do that is by creating and maintaining a budget.

A budget shouldn’t be restrictive.

It should help you allocate the money you have flowing into your account each month into the spending categories that matter most to you now and in the future.

If you need a little help getting organized and creating a budget, a budgeting app will be your best friend.

Though there are many budgeting apps available, and to help you choose, I have done thorough research on the 7 best budgeting apps for 2024.

Keep reading to find the perfect tool to streamline your financial management and propel you toward your wealth-building goals!

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7 Best Budgeting Apps for 2024

In this section, we’ll look at the 7 best budgeting apps that can help you easily budget your income.

Let’s get started.

1. PocketGuard

PocketGuard is one of the best budgeting apps to track your spending and manage your finances efficiently.

With PocketGuard, users can set bill reminders, fee alerts, create savings goals, and more.

What’s more?

PocketGuard’s personalized debt payoff plan allows users to add all their debt balances and interest rates, and the platform determines the most effective repayment strategy, creating a schedule.

Additionally, PocketGuard offers a desktop version for those who prefer budgeting on computers and Touch ID on mobile for extra security.

Features

“In My Pocket” feature tracks disposable income.
Insights tool categorizes spending habits.
Bill-tracking organizes and negotiates bills.
Plus subscription offers a debt payoff plan.
Desktop version available.
Touch ID for mobile security.

Pros

Clear understanding of disposable income.
Insightful breakdown of spending habits.
Convenient bill organization and negotiation.
Personalized debt repayment strategies.
Free basic plan available.

Cons

Monthly subscription fees for advanced features.
40% cut of savings if bills are successfully negotiated.

2. You Need a Budget (YNAB)

You Need a Budget (YNAB) is a game-changer in financial management philosophy, emphasizing the allocation of every dollar earned to a specific purpose.

Rather than relying on vague percentage-based rules, YNAB empowers users to meticulously plan their monthly income, ensuring proactive control over their finances.

Features

Centralized layout provides a comprehensive overview of income, spending, debts, and bills.
Flexible budgeting allows for inclusion of non-monthly expenses.
Shared budgeting facilitates collaboration with partners or family members.

Pros

Strategic allocation of funds enhances financial planning effectiveness.
Detailed dashboard simplifies tracking of income and expenses.
Collaborative budgeting fosters financial teamwork.
Generous 34-day free trial offers ample evaluation time.
User-funded model ensures data privacy and security.

Cons

Absence of a free version necessitates a subscription post-trial.
Monthly subscription fee of $14.99 might be prohibitive for some users, though annual subscription option is available at $99.

3. EveryDollar

EveryDollar seamlessly combines traditional budgeting methods with modern technology, offering users a familiar yet efficient approach to managing their finances.

By organizing expenses into a classic spreadsheet format, users can easily track each transaction, while the option to export data as a CSV file adds versatility to financial analysis. Integration with bank accounts streamlines manual entry by automatically importing transactions, enhancing user convenience.

Features

Classic spreadsheet organization for transactions.
Custom spending categories for personalized budgeting.
Calendar feature with bill due date reminders.
Free version includes customizable budget and savings features.
Premium version offers bank account connectivity, automated recommendations, and financial coaching.

Pros

Familiar spreadsheet layout simplifies expense tracking.
Customizable spending categories enhance budget personalization.
Calendar reminders help users stay on top of bill payments.
Free version provides essential budgeting tools.
Premium subscription offers advanced features and financial guidance.

Cons

No free bank account connectivity, available only in Premium.
Premium subscription cost of $17.99 per month or $79.99 annually may be steep for some users, despite the 14-day free trial.

4. Goodbudget

Goodbudget modernizes the envelope budgeting method by digitizing it, allowing users to allocate funds to virtual envelopes for different expense categories.

Each envelope serves as a designated pool of money for its assigned category, ensuring disciplined spending.

Features

Virtual envelope budgeting system for expense categorization.
Multi-user synchronization enables household budgeting collaboration.
Dedicated savings envelope facilitates joint savings goals.
Debt account feature aids in tracking payoff progress.
Basic plan includes 20 virtual envelopes and syncs up to two devices.

Pros

Modernizes traditional envelope budgeting for digital convenience.
Enables collaborative budgeting among household members.
Facilitates joint savings efforts for common financial goals.
Helps users track and manage debt repayment effectively.
Free basic plan offers essential budgeting features.

Cons

Plus subscription required for unlimited envelopes and more device syncing.
Plus subscription cost of $8 per month or $70 annually may deter some users from upgrading.

5. Rocket Money

Rocket Money provides a straightforward budgeting experience for users seeking simplicity.

Its intuitive app and desktop platform offer essential budgeting features along with advanced tools for comprehensive financial management.

Features

Intuitive app and desktop platform for easy navigation.
Notifications and reports, including bill increase alerts and monthly spending reports.
Automated transfers to savings accounts for effortless saving.
Free version with basic features.
Premium version available for a monthly fee of $4 to $12, offering the same features regardless of payment amount.
Bill negotiation service offered, costing 30% to 60% of first year’s savings (user’s choice).

Pros

Simple and easy-to-navigate platform.
Notifications and reports help users stay informed about their budget.
Automated transfers streamline the saving process.
Flexible pricing options for premium version.
Bill negotiation service available to help save money on bills.

Cons

Free version may lack advanced features.
Cost of bill negotiation service may deter some users from utilizing it.

6. Honeydue

Honeydue caters specifically to couples, enhancing shared financial management with its unique features.

Unlike typical budgeting apps, it not only allows users to link their bank accounts but also organizes them into individual and joint accounts, simplifying management for couples with shared finances.

Features

Organizes linked bank accounts into individual and joint accounts.
Customizable categories for setting monthly household spending limits.
Notifications for bill due dates facilitate collaborative financial planning.
Built-in chat feature promotes communication and transparency.
Free to use with optional tips ranging from $1 to $10.

Pros

Streamlines shared financial management for couples.
Customizable spending limits foster collaborative budgeting.
Bill due date notifications help partners stay organized.
Built-in chat feature facilitates communication about transactions.
Free to use with the option to support the app with tips.

Cons

Lack of advanced features compared to some other budgeting apps.
Reliance on optional tips for revenue may affect long-term sustainability.

7. Wally

Wally simplifies budgeting and expense tracking, especially for users with financial accounts in multiple countries.

With compatibility in 70 different countries, Wally offers global capabilities, allowing users to connect unlimited bank accounts in any currency.

Features

Compatibility with accounts in 70 countries for global financial management.
Unlimited bank account connections with automatic tracking of transactions.
AI technology predicts upcoming bills and provides timely notifications.
Customizable rules and categories for personalized budgeting.
AI chat service called WallyGPT offers financial assistance and insights.

Pros

Streamlines financial management for users with accounts in multiple countries.
Automatic tracking of transactions enhances convenience.
AI technology predicts bill due dates and offers personalized guidance.
Customizable rules allow users to tailor the app to their needs.
WallyGPT provides financial assistance and insights directly within the app.

Cons

Lack of advanced features compared to some other budgeting apps.
Limited cost information available; it’s unclear if there are any additional paid features or subscriptions.

Factors to Consider When Choosing a Budgeting App

When choosing a budgeting app, consider the features that will best serve your long-term financial goals.

Opt for an app and strategy you can consistently stick to, keeping yourself accountable.

Here are some factors to guide your decision:

1. Cost

Understand the pricing structure of each app. While some budgeting tools offer free versions, others come with premium subscriptions.

Assess whether the additional features provided by a paid subscription justify the cost for your financial needs.

Consider your budgetary constraints and weigh the benefits against the expense of membership.

2. Syncing

Syncing capabilities streamline the budgeting process by automatically importing transactions and account balances from your financial institutions.

Look for apps that offer reliable syncing functionalities to ensure your budget remains accurate and up-to-date.

Evaluate whether the app provides features like auto-categorization of transactions, which can further simplify your financial management tasks.

3. App/Desktop Experience

Evaluate user experiences on both mobile and desktop platforms.

User reviews can provide valuable insights into the app’s performance, highlighting any potential glitches or usability issues.

Opt for apps with intuitive interfaces and responsive customer support to ensure a smooth and hassle-free budgeting experience, regardless of the device you use.

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4. Personalization and Sharing

Recognize the importance of customization in aligning the budgeting app with your unique financial goals and spending habits.

Look for apps that allow you to create personalized budget categories and adjust settings according to your preferences.

Additionally, consider platforms that facilitate sharing budget information with household members or partners.

Collaborative budgeting features promote accountability and transparency, enabling you to work together towards common financial objectives.

5. Security

Prioritize the security of your financial data when selecting a budgeting app.

Look for apps that employ advanced encryption techniques, such as 256-bit encryption, to safeguard your sensitive information.

Additionally, consider apps that offer multifactor authentication options, adding an extra layer of protection against unauthorized access.

Ensuring robust security measures protects your financial privacy and gives you peace of mind when using the app.

Final Thoughts

Budgeting requires discipline, organization, and commitment to financial goals.

But with the help of the above budgeting tools, you can simplify the process and gain better control over your finances.

Remember, all budgeting tools are unique, offering different features and approaches.

But if you find the right fit for your needs and stick to it consistently, you’ll be well on your way to hitting your long-term financial goals.

Start budgeting smarter today and pave the way for a brighter financial future!

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The 7 Best Budgeting Apps for 2024