Best Budgeting Apps of 2024
Updated August 29, 2024 at 3:18 pm
Having problems juggling your finances? A budget app might be just what you need to gain more control over your spending and saving. These applications help you see how much money you have coming in—and where it’s all going. Many also come with budgeting tools that let you work toward certain goals or limit spending in certain categories.
Because most budgeting apps connect directly to your bank accounts, you want to make sure you’re choosing a reliable one. That’s why we’ve curated this list of the best budgeting apps. The budget applications on this list are secure while also offering great features for every saving style.
Our Methodology Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility.
Our Picks - Best Overall: You Need a Budget (YNAB)
- Best Automated Budgeting Tool: Simplifi by Quicken
- Best Subscription Manager: Rocket Money
- Best Debt Manager: PocketGuard
- Best for Envelope Budgeting: Goodbudget
5 Best Budgeting Apps of December 2024
Best Overall
You Need a Budget (YNAB)
Why We Chose It
YNAB uses a simple four-rule, zero-based budgeting method to help you stay on track with saving and budgeting. It also lets you set future monetary goals, then breaks down how much you need to save each month to reach them.
Pros and Cons
- 34-day free trial
- Can move funds between categories
- Secure bank account linking
- $99 per year
- No in-app bill pay
- Steep learning curve
Best Automated Budgeting Tool
Simplifi by Quicken
Why We Chose It
Simplifi by Quicken automatically generates a spending plan for you based on your income, bills and subscriptions, meaning your budgeting can be entirely hands-off if you want it to be. You can also customize it to fit your preferences based on savings goals and expense categories.
Pros and Cons
- 30-day free trial
- Can link investment accounts
- Connects to over 14,000 financial institutions
- $47.88 per year
- No annual budget features
- Can’t create multiple budgets
Best Subscription Manager
Rocket Money
Why We Chose It
Rocket Money gives you the ability to manage and cancel unwanted subscriptions without leaving the app. You can also calculate your spending allowance and create goal trackers for certain categories.
Pros and Cons
- Free version
- Automatic savings contributions
- Bill negotiation
- Premium account costs up to $60 annually
- Lack of customizable budget tools
- Real-time account syncing isn’t free
Best Debt Manager
PocketGuard
Why We Chose It
PocketGuard comes with debt management features that let you pay off your bills using either the snowball or avalanche methods. It also helps you stop overspending by estimating your monthly income and expenses so you know how much extra cash you have.
Pros and Cons
- Free version
- Can use any budgeting method
- Unlimited category tracking
- Paid version is $34.99 per year
- No investment tracking
- Requires a lot of setup
Best for Envelope Budgeting
Goodbudget
Why We Chose It
If you’re looking to curtail your spending with the envelope method, Goodbudget is your go-to app because of its virtual tracking. You can split up your income into different categories so you can save for big expenses while paying off debt.
Pros and Cons
- Free version
- Sync and share household budgets
- Track debt payoff progress
- Paid version is $70 per year
- No account syncing
- 10 envelope limit on free version
What Are Budgeting Apps?
A budgeting app is a tool that helps you create and maintain a budget. The best budgeting apps assist you in tracking income and spending, planning out expenses and monitoring debt payoff or investment goals.
Most budget apps work by syncing directly with your bank, credit card and investment accounts to get the full picture of your financial health. Using this info, an app can then recommend budgeting strategies or categorize your spending to help you see where your money is going each month.
Why Is Budgeting Important?
Budgeting is crucial for curtailing overspending. With a budget, you have a set plan on how much you can spend each month in certain categories. Creating a budget also ensures you’re contributing to savings or debt payoff goals, which can help you achieve financial peace of mind.
How To Set Up a Budget
Before you start using any of these apps, you should learn about the basics of budgeting. There are many different ways to set up a budget, but here are some tips to get you started.
- Calculate your income. Add up your monthly paychecks and any side gig income, minus taxes, 401(k) contributions and other deductions to see how much you’re pulling in each month.
- Calculate your average monthly expenses. Determine your fixed expenses that don’t change from month to month, like rent and loan repayments. Then, try to estimate how many variable expenses you’ll have—this includes things like groceries, entertainment and gas.
- Select your budgeting method. A popular one is the 50/30/20 rule, where you set aside 50% of your income for needs, 30% for wants and 20% for savings and debt. Another option is the pay-yourself-first budget, which prioritizes debt repayment and savings.
- Plan out your spending. With your budget method selected and a clear idea of what you make and spend each month, allocate money into different categories. If your goal is to save more, contribute less to extraneous expenses.
- Assess if it’s working. After a few months of following your plan, revisit your budget to see if it’s improving your financial health. You may find you can contribute more to savings, or you might realize you’re still overspending on entertainment.
How To Pick the Best Budgeting App for You
Choosing the best budgeting app comes down to personalize preference in a lot of cases. Here is a list of factors to consider if you’re stuck choosing between our top picks.
Cost
It doesn’t make sense to choose a budgeting app that’s so expensive it’ll wreck your budget. There are plenty of free options that won’t curtail your savings. That said, sometimes it’s worthwhile to pay for an app with more features, especially if it’ll help you save more in the long run.
Account Syncing
Most apps come with account syncing that automatically imports your financial activity. This can make your budgeting a lot more streamlined. However, if you’re not comfortable sharing your account information, you may want an app that offers manual importing instead.
Bill Tracking
Bills are a huge part of budgeting. You’ll likely want an app that lets you track what you owe. Some apps even come with the ability to pay or negotiate bills directly.
Ease of Use
Using a budget app should not require a degree in financial planning. Not only should an app have a good user interface, but it should also take the time to educate you on financial principles so you’re not left scratching your head.
Budget Style
Do some research to see which budget style you prefer, then find an app that uses that system. As an example, apps like Goodbudget use the envelope method, which lets you allocate funds to a variety of expense categories. Meanwhile, apps like YNAB use the zero-based budgeting method, where every dollar in your paycheck is accounted for.
Frequently Asked Questions
What Is the Number One Free Budget App?
We rated Mint as our top free budget app, though its services are shutting down in early 2024. Goodbudget, PocketGuard and Rocket Money also have free plans.
What Is the Easiest Budget App?
Goodbudget is one of the easiest budgeting apps to use because it’s based on the envelope method of budgeting. However, its simplicity means that it also lacks account syncing features, so you won’t have full budgeting tools at your disposal.
Is It Safe To Link a Bank Account to a Budgeting App?
It depends on the app you’re using. All the budgeting apps we’ve selected above are secure and should not pose a risk to your account. Before linking your bank account to any app, double-check the app’s security protocols to make sure it doesn’t store your credentials and uses data encryption.
Editorial Disclosure: We may receive a commission from affiliate partner links included on our site. However, this does not impact our staffs’ opinions or assessments.
