Up until a couple of years ago, I was very anti-budget. Who has the time, right? And I thought I knew where my money was going.
But when I finally sat down to evaluate my finances, I realized how inconsistent I was being with my spending – and by extension, my saving.
Why Budgeting is Important
Creating a budget is a great way to get a big-picture snapshot of your finances, so you can save for big purchases or make better decisions about where your money goes.
And with the slew of budgeting apps on the market now, it really isn’t very hard to create a budget for yourself.
Top 6 Rated Budgeting Apps
Here are six of the best budgeting apps available right now:
1. Mint
- Most reviewed app on the list with very high ratings
- Free
- Syncs with various financial accounts
- Tracks expenses and places them in budget categories
- Personalizable categories and limits
- Alerts when approaching limits
- Great for saving money, paying down debt, and tracking goals.
2. YNAB (You Need a Budget)
- Follows zero-based budgeting system
- Helps plan ahead for financial decisions
- Connects with financial accounts
- Allocates funds to expenses, goals, or savings
- Best for active budgeting
- $14.99/month or $98.99/year (free trial available)
3. Goodbudget
- Hands-on budgeting app
- Follows envelope system
- Manually add account balances, cash, debts, and income
- Assign funds to specific spending categories
- Free version available (limited envelopes and accounts)
- Upgrade: $8/month or $70/year
4. Personal Capital
- Free investment tool with budgeting features
- Connects with financial accounts (IRAs, 401ks, loans)
- Customizable spending categories
- Tracks portfolio and net worth
- Not ideal for detailed spending and savings tracking
5. Honeydue
- Designed for couples to manage finances together
- Syncs financial accounts (loans and investments)
- Automatic expense categorization
- Customizable categories and limits
- Bill reminders and in-app chat
- Free
6. Budget
- Simple, straightforward budgeting app
- No account syncing required
- Manual expense logging
- Calculator-like interface
- Free (upgrade: $3.99 one-time fee)
Choosing the Right Budgeting App
When choosing a budgeting platform, be honest with yourself about your goals and how diligent you’ll be with logging expenses. Creating a budget can be beneficial in organizing your finances and getting a big-picture look.
Conclusion
I’m currently saving to buy my first home, so I’ve been all about that strict budget life. Budgeting may not be the most exciting thing, but it’s essential for adulthood.
