Budgeting can feel overwhelming, but you’re not alone if the thought of managing your finances seems daunting. Luckily, numerous apps are designed to simplify this process. The right money app can be a game-changer, saving you valuable time and effort while empowering you to spend smarter and achieve your savings goals more effectively.
CNBC Select has rigorously tested numerous budgeting and personal finance apps to identify the top performers. Our selection criteria prioritized apps offering unique budgeting features, high user ratings, and options for free trials or refunds, allowing you to test before committing. (For detailed information on our selection process, refer to our methodology section.)
Top Money Management Apps for Different Needs
To help you find the perfect fit, we’ve categorized the Best Money Apps based on their standout features and ideal user profiles.
Compare Savings Account Options
[Start comparing offers to find the ideal savings account for your financial goals.]
Best Money App for Financial Planning
Quicken Simplifi
- Cost: $5.99 per month. While there’s no free trial, users can request a full refund within the first 30 days.
- Key Features: Simplifi excels in providing customizable reports on spending habits, income, and savings progress. Its personalized spending plan adapts in real-time to your financial activity.
- Expense Categorization: Yes, expenses are automatically categorized, and users have the flexibility to modify these categories.
- Account Linking: Seamlessly links to bank, credit card, investment accounts, and loans.
- Platform Availability: Available on both iOS (App Store) and Android (Google Play).
- Security: Employs robust 256-bit encryption to protect financial data during transmission from bank servers.
Terms apply.
Pros:
- Effortlessly syncs with various financial accounts, including banks, credit cards, and investments.
- Offers highly customizable reports for in-depth financial analysis.
- Features a robust investment dashboard for portfolio tracking.
- Includes a refund tracker to monitor pending refunds.
- Provides credit monitoring for financial health oversight.
Cons:
- Lacks a free version, requiring a paid subscription.
- Does not offer a bill payment feature directly within the app.
- Data from other Quicken products cannot be directly imported.
Who is it for? Simplifi by Quicken is perfectly suited for users who are serious about financial planning. Whether you’re saving for a significant goal like a vacation or diligently tracking your retirement savings, Simplifi provides the tools you need. The app’s strength lies in its customizable reports, offering a clear view of your financial standing and progress. The real-time personalized spending plan adapts as you spend, and you can easily incorporate planned expenses for upcoming events.
Best Money App for Dedicated Budgeting
You Need a Budget (YNAB)
- Cost: Offers a 34-day free trial, followed by a subscription at $109 annually ($9.08 per month) or $14.99 monthly. College students with enrollment verification receive 12 months free.
- Key Features: YNAB is renowned for its zero-based budgeting system. This approach requires users to allocate every dollar earned to a specific purpose, ensuring no income is unaccounted for. Every dollar is assigned a “job,” whether it’s for bills, savings, or investments.
- Expense Categorization: Does not automatically categorize expenses, encouraging a more hands-on approach to budgeting.
- Account Linking: Connects to bank and credit card accounts for transaction importing.
- Platform Availability: Accessible on both iOS and Android platforms.
- Security: Employs data encryption, accredited data centers, and undergoes third-party audits to ensure user data security.
Terms apply.
Pros:
- Generous 34-day free trial, with 12 months free for college students.
- Specifically designed to help users get out of debt and build better financial habits.
- YNAB claims average users save $600 within the first two months and $6,000 in the first year.
- Seamlessly syncs with bank accounts and credit cards.
- Allows users to set financial goals and customize spending categories.
- Provides valuable educational resources, including budgeting advice and live workshops.
- Offers personal customer support to assist users.
- Robust security features, including encrypted data and third-party audits.
Cons:
- Higher annual or monthly cost compared to some other apps.
- Some user reviews indicate a steeper learning curve and longer setup time.
Who is it for? If you’re committed to mastering your budget, You Need a Budget (YNAB) is a powerful tool to consider. YNAB’s signature zero-based budgeting system is its defining feature. By assigning every dollar a “job,” users gain complete control over their money, making it ideal for those aiming to aggressively tackle debt or gain a detailed understanding of their cash flow.
Best Money App for Investors
Empower
- Cost: The app is free to use. Optional investment management services are available for a fee of 0.89% of managed assets (for accounts under $1 million).
- Key Features: Empower uniquely combines budgeting with investment tracking, offering a comprehensive view of both spending and wealth accumulation.
- Expense Categorization: Automatically categorizes expenses, with user customization options.
- Account Linking: Links to a wide range of accounts, including bank and credit cards, IRAs, 401(k)s, mortgages, and loans.
- Platform Availability: Available on both iOS and Android.
- Security: Employs data encryption, fraud protection, and strong user authentication measures.
Terms apply.
Pros:
- Free access to robust budgeting and financial tracking tools.
- Provides a comprehensive money-tracking dashboard, including net worth and investment portfolio breakdowns.
- Offers free investment tools like a retirement planner and investment checkup.
- Syncs with a broad spectrum of financial accounts.
- Features “The Currency” blog for financial planning insights.
- Strong security measures to protect user data.
Cons:
- Budgeting features may not be as detailed as those in dedicated budgeting apps.
- Investment management services incur a percentage-based fee.
Who is it for? Empower stands out as an excellent choice for individuals who actively manage investments while also wanting to keep a close eye on their budget. It’s a powerful tool for those seeking a holistic view of their financial landscape, bridging the gap between short-term spending and long-term wealth building.
Best Money App for Ease of Use
Monarch
- Cost: $8.33/month when billed annually at $99.99, or $14.99/month billed monthly.
- Key Features: Monarch offers a comprehensive suite of features including net worth tracking, investment portfolio monitoring, goal setting, budgeting, and expense tracking, all within an intuitive interface.
- Expense Categorization: Automatically categorizes expenses, with customizable options.
- Account Linking: Connects to bank accounts, credit cards, IRAs, 401(k)s, mortgages, and loans.
- Platform Availability: Available on iOS, Android, and web platforms.
- Security: Employs industry-leading security practices as detailed on Monarch’s website.
Terms apply.
Pros:
- User-friendly money-tracking dashboard with net worth and investment portfolio tracking.
- Effortless syncing with various financial accounts.
- Streamlined goal creation and prioritization features.
- Allows free collaboration with partners or financial advisors.
- Effectively tracks recurring expenses for budget accuracy.
Cons:
- Requires a paid subscription; no free version available.
- “Advice” tab recommendations can be somewhat generic.
Who is it for? Monarch is the ideal choice for users who prioritize ease of use. Its platform is designed for intuitive navigation, making it accessible even for first-time users. The clean interface and customizable dashboard ensure you see the most relevant financial information upfront.
Best Money App for Budgeting Beginners
Goodbudget
- Cost: Free for up to 20 budgeting envelopes; a paid plan at $10/month (or $80/year) offers unlimited envelopes.
- Key Features: Goodbudget digitally replicates the envelope budgeting system, making it user-friendly for beginners and couples managing finances together. It also includes debt tracking.
- Expense Categorization: Yes, but transactions must be manually entered as the free version does not sync with bank accounts.
- Account Linking: Not available in the free version; manual transaction entry is required.
- Platform Availability: Available on iOS, Android, and web platforms.
- Security: Uses bank-grade 256-bit SSL encryption to protect user data.
Terms apply.
Pros:
- Offers a free version with essential budgeting features.
- Excellent for couples managing finances and tracking debt collaboratively.
- Budget sharing feature for partners.
- Digital envelope system aids in saving for specific goals.
- Provides money management courses and resources.
Cons:
- Free version requires manual transaction entry, which can be time-consuming.
- Bank account syncing is limited to the paid version.
Who is it for? Goodbudget is tailored for those new to budgeting. It simplifies the process by using a digital adaptation of the envelope budgeting method, a straightforward approach where you allocate funds into different spending categories, each represented by a virtual envelope.
Best Money App for Overspenders
PocketGuard
Information about PocketGuard is collected independently by CNBC Select.
- Cost: Offers a free version. Premium features are available with PocketGuard Plus, priced at $12.99 monthly or $74.99 annually ($6.25 per month).
- Key Features: The “In My Pocket” feature is a standout, utilizing an algorithm to calculate and display your available spending money after considering income, expenses, and savings goals.
- Expense Categorization: Automatically categorizes expenses, with user modification options.
- Account Linking: Syncs with bank and credit card accounts.
- Platform Availability: Available on iOS and Android.
- Security: Employs bank-level encryption, PIN codes, and biometric security options like Touch ID and Face ID.
Terms apply.
Pros:
- Seamlessly syncs with bank accounts and credit cards.
- “In My Pocket” feature provides a clear view of spendable income.
- Allows users to set and track savings goals.
- Includes a bill payment tracker and bill negotiation service (fees apply to negotiated bills).
Cons:
- Basic version has limitations; premium features require a subscription.
- Some user reviews mention occasional miscategorization of transactions.
Who is it for? If you’re looking for an app to help curb overspending, PocketGuard is designed to provide accountability. The app sends alerts when you’re nearing or exceeding spending limits in categories, offering real-time feedback to help you manage your spending habits.
Best Money App for Couples
Honeydue
Information about Honeydue is collected independently by CNBC Select.
- Cost: Free to use.
- Key Features: Honeydue is designed for couples to manage finances together. It allows partners to link and view bank accounts, credit cards, loans, and investments (with customizable sharing settings).
- Expense Categorization: Automatically categorizes expenses, with customization options.
- Account Linking: Links to both partners’ bank and credit card accounts.
- Platform Availability: Available on iOS and Android.
- Security: Features data encryption, Touch ID, and multi-factor authentication.
Terms apply.
Pros:
- Completely free for all features.
- Streamlines joint financial management for couples, including spending tracking and bill coordination.
- Syncs both partners’ bank accounts for a unified financial view.
- Offers customizable account sharing preferences.
- Spending limit alerts for categories.
- Bill payment reminders to avoid missed payments.
- In-app chat and emoji features for communication.
- Option for a joint bank account.
- Strong security features to protect shared financial data.
Cons:
- Some users have reported occasional bugs and delayed transaction updates.
Who is it for? Honeydue is an excellent money app for couples looking to budget together. By providing a shared financial dashboard, Honeydue simplifies joint money management, making it easier for partners to track progress towards shared financial goals. The in-app chat feature enhances communication around finances.
[Compare offers to find the right savings account to grow your money.]
Alt text: A person uses a tablet displaying a budgeting app interface, illustrating the ease of digital financial management.
Deeper Dive into Our Top Budgeting Apps
Simplifi by Quicken
Cost: $5.99 per month; 30-day refund policy available.
Account Linking: Yes, to banks, credit cards, investments, and loans.
Expense Categorization: Automatic, with user customization.
YNAB
Cost: 34-day free trial, then $109/year or $14.99/month (free for 12 months for college students).
Account Linking: Yes, to banks and credit cards.
Expense Categorization: No automatic categorization.
Empower
Cost: Free app; optional investment management at 0.89% (for accounts under $1M).
Account Linking: Yes, to banks, credit cards, IRAs, 401(k)s, mortgages, loans.
Expense Categorization: Automatic, with user customization.
Monarch
Cost: $8.33/month (annual billing) or $14.99/month (monthly billing).
Account Linking: Yes, including partner accounts.
Expense Categorization: Automatic, customizable.
Goodbudget
Cost: Free for 20 envelopes; $10/month or $80/year for unlimited envelopes.
Account Linking: Premium plan only; manual entry for free version.
Expense Categorization: Premium plan only.
PocketGuard
Cost: Free version available; PocketGuard Plus from $74.99/year.
Account Linking: Yes, to banks and credit cards.
Expense Categorization: Automatic, customizable.
Honeydue
Cost: Free.
Account Linking: Yes, for both partners’ accounts.
Expense Categorization: Automatic, customizable.
How to Effectively Budget Your Money
Creating a budget doesn’t need to be complicated. A simple approach is often the most effective. CNBC Select offers a five-step guide to budgeting:
- Calculate Your Net Monthly Income: For salaried employees, this is typically consistent. For freelancers or gig workers, income may vary.
- List Monthly Expenses: Start with essential needs like rent or mortgage, then include discretionary spending and savings.
- Categorize Expenses: Differentiate between fixed expenses (consistent amounts) and variable expenses (flexible amounts).
- Average Variable Expenses: For fluctuating costs like groceries, calculate a monthly average to incorporate into your budget.
- Regularly Review and Adjust: Ensure your budget aligns with your income. Identify areas for potential cuts if expenses exceed income, or allocate surplus funds to savings or investments.
Understanding Budgeting Apps
Essentially, a budgeting app is a digital tool designed to help you organize and monitor your finances. These apps often allow you to define financial objectives, categorize transactions, and set up alerts to keep you on track. Many sync with financial accounts to provide real-time financial snapshots.
Benefits of Using Budgeting Apps
Budgeting apps offer significant advantages over traditional spreadsheets:
- Automation and Accuracy: Direct linking to financial accounts ensures up-to-date and accurate financial data.
- Visual Insights: Many apps offer visual representations of your finances through charts and graphs, making it easier to understand spending patterns.
- Additional Tools: Some apps include features like educational blogs and financial calculators to enhance financial literacy.
Budgeting apps streamline financial management, saving time and effort while providing valuable tools for both current expense tracking and future financial planning.
Choosing the Right Money App for You
Selecting a money app that aligns with your financial mindset is crucial. Consider the budgeting methodologies an app supports—some are based on specific systems like envelope budgeting or zero-based budgeting. Choose an approach that resonates with you.
App features are also important. Decide if you need account syncing, investment tracking, or other premium services. Not all apps offer the same features, so prioritize those that meet your specific needs.
Finally, consider the cost. While some excellent free apps are available, premium features or ad-free experiences may come with a subscription. Evaluate whether the app’s benefits justify the cost.
Advantages and Disadvantages of Money Apps
Pros:
- Convenience: Centralized access to all your financial information.
- Transaction Tracking: Easy monitoring of spending across categories for better expense management.
- Goal Setting: Tools to set and track financial goals, aiding in achieving targets.
Cons:
- Cost: Premium features or subscriptions can be an added expense.
- Setup Time: Initial setup and account syncing can be time-consuming, with potential need for periodic reconnection.
- Privacy Concerns: Linking financial accounts requires careful consideration of data security and privacy policies.
Frequently Asked Questions
What is the Function of a Budgeting App?
Budgeting apps primarily help you track income and categorize expenses. Many offer additional features like monitoring savings, investments, debts, and credit scores.
What is the Cost of Money Apps?
Many budgeting apps are free, offer free versions, or provide free trials. Paid subscriptions typically range from $1 to $15 per month, depending on features.
Is a Paid Money App Necessary?
No, numerous free budgeting apps offer robust features. However, paid versions often provide enhanced functionality or remove ads.
What is a Zero-Based Budgeting App?
A zero-based budgeting app requires you to allocate every dollar of income to a specific purpose, ensuring all income is accounted for in your budget.
Why Trust CNBC Select?
CNBC Select is dedicated to providing readers with high-quality service journalism and comprehensive financial advice to empower informed financial decisions. Our app reviews are based on rigorous, independent research from our expert team. We maintain strict journalistic ethics, ensuring content is created without external influence. For more on our methodology, see our methodology page.
Stay Informed with the CNBC Select Newsletter
Maximize your money with expert tips and strategies delivered directly to your inbox. Sign up for the Money Matters Newsletter.
Our Review Methodology
CNBC Select evaluated over a dozen budgeting apps, focusing on pricing, features, user feedback, and ratings. We prioritized apps with unique budgeting features and free trial or refund options. Key considerations included ease of use, multi-device accessibility, account syncing, security, customization, and educational resources. Apps with high user ratings and substantial review volumes were favored.
Our top picks are either free, offer a free version, or provide a free trial or refund. Each app has a minimum of 3,500 combined reviews on the App Store and Google Play, and maintains a 4-star rating or higher on at least one platform.
Explore more in-depth coverage from CNBC Select on credit cards, banking, and money. Follow us on TikTok, Facebook, Instagram, and Twitter for the latest updates.
Further Reading
Expert Holiday Budgeting Tips
Top Expense Tracker Apps
Budgeting Apps for Couples
Best Free Budgeting Tools
Editorial Note: CNBC Select content is produced independently of any business relationships with advertisers.
