Best Bills and Budgeting Apps

Best Bills and Budgeting Apps

Managing your finances is a crucial task, especially when you are starting out. Making a budget and sticking to it is essential for your financial success. You must develop a habit of knowing how much money is entering and leaving your household. It will help you in getting the right support. However, making a budget manually is difficult and then maintaining your expenses according to it. Numerous bills and budgeting apps are present in the market that make it easy to manage your finances. These apps connect with your financial account, categorise expenses and track your spending.

The best budgeting apps help you understand income and expenses so that you can have maximum control over your money. To help you in finding the best budgeting app, we have gathered the top budgeting apps in this article. Keep on reading so that you can choose the right one for yourself.

What are Budgeting Apps?

A budgeting app is designed to help you in managing your income, expenses and savings each month. It puts all your financial goals and commitments in one place and provides you with better visibility of your financial habits and choices. These apps are similar to the apps that you use from a credit union or bank. Like these apps, it can offer you additional features such as tracking cash flow across multiple accounts and setting financial goals. Moreover, a budgeting app can sync with your credit card or bank account and give you a comprehensive view of your finances. Some of the budgeting apps use a specific budgeting approach, such as zero-based budgeting or envelope, while others address budgeting in a general way and provide more customisation according to your needs. You must choose a fully-featured app to track your spending, set saving goals, and manage monthly cash flow and recurring bill payments. Now Let’s have a look at leading budgeting apps in the market.

1. Personal Capital

Personal capital is one of the best budgeting apps and offers the best tools for wealth building. You can sync all your financial accounts to keep track of net worth and even plan your future with the retirement planner. This app has a user-friendly interface and easy-to-use dashboard that helps you in syncing accounts to get a complete view of your finances. The primary app is free of cost, and you can add investment management services for 0.89% of your money if your accounts are under $1 million. However, Personal Capital does not allow you to add budgeting transactions manually. Instead, you can add manually without syncing your accounts. With this budgeting app, you can see your monthly income and expenses, create financial goals, make a budget, compare it with last month’s budget, and categorise your spending. Although the budgeting features of Personal Capital are not as comprehensive as other apps, it offers better investment tools. For example, you can use Personal Capital’s dashboard to see changes in your net worth, and its free analyser gives you a closer look at portfolio fees. 

Pros

  • Free of cost wealth management app 
  • Net worth tracking  
  • Retirement planner tool 
  • Fee analyser tool for your portfolio
  • Education planner tool 

Cons

  • No significant budgeting features 
  • No option for manually adding transactions for budgeting
  • Sales call for financial management services

2. Mint

Mint Budgeting App
We recommend Mint as a good budgeting app, and it has high ratings in both the App Store and Google play store. It is one of the most popular budgeting apps, with 25 million users. It is easy to use and stands out due to many reasons, such as tracking investment, setting up bill payment reminders, and accessing TransUnion credit score. It will help you in improving your spending habits. Furthermore, you can sync your accounts with it or add transactions manually. Mint also organises your monthly spending so that you can see totals by category at a quick glance. You can also personalise categories and set limits to these categories. Mint offers security for your data through many features such as multi-factor authentication, security scanning with Verisign and touch ID mobile access.

Pros

  • Free budgeting app. 
  • Highly secure and easy to use
  • Free TransUnion credit score 
  • Investment tracking

Cons

  • Room for improvement in spending categorisation 
  • In-app product advertisements
  • Some customers complaint about technical issues

3. YNAB

YNAB Budgeting App
You Need a Budget (YNAB) is an app that has a top place among budgeting apps because of its budgeting philosophy and reputation. Although it is the most costly option, it offers a free trial for 34 days. After a free trial, you have to pay $98.99 per year; if you do not want to pay upfront, the cost is $14.99 per month. It allows you to sync your bank accounts, import data from other files or enter transactions manually. If you are a beginner, the company suggests that you learn the basics by reading a guide, video courses or live workshops. Unlike its competitors, it offers a proactive budgeting approach. After signing in, you have to create a budget and assign every dollar a purpose, for example, your rent or car maintenance. According to YNAB, if you are on a typical new budget, you can save $600 in the first two months and more than $6000 in the first year.  Privacy and security of users are the top priority of YNAB. It protects your data using bank-level encryption, third-party audits and best practices for password security. 

Pros

  • Complete budget makeover
  • 34 days free trial
  • Strong customer service and learning facilities
  • Data protection and security

Cons

  • The high cost is &98.99 per year
  • Recent sync issues 
  • More time-intensive to learn

4. Pocket Guard

Pocket Guard Budgeting App
The pocket guard does not have robust budgeting features like other apps, but it has features that help users in controlling overspending. In addition, the app has a free as well as a premium version (pocket Guard Plus). In order to start using this app, you have to connect your credit card accounts, savings and checkings. Then, the app can track your spending, suggest where to save, and remind you of your credit card bills’ due dates. In addition, it has a feature, “In My Pocket”, that uses algorithms to determine how much money you can spend depending on your income, upcoming spending, goals and budget. It also has an automated saving feature where you can set a goal and save for it. With Pocket Guard Plus, you can get additional features such as creating categories, tracking cash, the ability to export data, changing transaction dates, managing ATM deposit/withdrawal and splitting up transactions. Moreover, the company publishes blogs to provide learning opportunities for users. It ensures security with a four-digit pin, 256-bit encryption and biometrics such as face ID and touch ID.

Pros

  • A free budgeting app 
  • A quick glance at cashflow 
  • Easy to use

Cons

  • The Premium version is costly
  • No phone support 
  • Some customers complain about technical problems

5. Goodbudget

Good Budget App
Goodbudget is an app focusing more on planning your finances than tracking previous transactions. It is a simple budgeting app that is based on an envelope budgeting system. This system divides your income into different categories like groceries, rent or household purchases. In this way, you can have control over your spending. This app allows you to categories your spending and then set a maximum amount that you can spend. This way, you can ensure to not spend more than your income and limit impulse buying. Unlike other budgeting apps, in Goodbudget, you have to input each transaction manually, including the money you bring in and the money that you spend. In addition, this app does not sync with your bank accounts, so you have to update your transactions frequently. It can be a great app for those who want to better manage and track their spending. Moreover, it offers a free plan, so it can be a good choice for people who don’t want to pay for a budgeting app.

Pros

  • Free of cost budgeting app
  • Intuitive and straightforward 
  • All to import data from bank transaction files

Cons

  • The free version has limited features 
  • No sync with bank accounts 
  • It takes time to add expenses manually

6. Simplifi by Quicken

Simplifi by Quicken is listed among the top budgeting apps because it offers personalized spending plans and real-time updates of your spending and income. It also syncs with your bank accounts and shows progress in your financial goals. The app comes with a 30 days trial, after which you have to pay $47.99 annually or $5.99 per month if you do not want to pay upfront. To start budgeting on this app, you have to sync your bank accounts then you can have a snapshot of your finances. This app automatically categorizes your spending, tracks recurring bills and stays on top of upcoming expenses. One significant feature that makes it stand out from the other apps is custom watchlists that allow you to limit your spending by category. Other than that, a custom spending plan monitors cash flow to ensure that you will not spend more than your income. In addition, it offers you tips when you are using this app, and there are blogs full of educational content. Quicken is a company that has been trusted for transferring sensitive bank data for decades. This app uses 256-bit encryption and keeps information confidential.

Pros

  • Comprises of strong cash flow tools 
  • Custom watchlists for mindful spending 
  • Free trial for 30 days

Cons

  • The high cost of $47.99 per year 
  • Some customers complaint about technical issues

7. Honeydue

Honey Due Budgeting App
Budgeting with your partner can be stressful, but honeydue is an app that is designed to make your money conversation easier. Through this app, you and your partner can see your financial pictures in a single app. In addition, both partners can sync their credit cards, bank accounts, loans and investments with this app. It automatically categorizes your spending, and you are also able to create custom categories. With a mutual decision with your partner, you can set a limit to each category, and Honeydue sends an alert when you are reaching your limits. Furthermore, this app sends you alerts for upcoming bills and allows you to chat and send emojis.

Pros

  • The app is free to use 
  • Designed for couples 
  • Chat function for an in-app chat with your partner 
  • Allow linking accounts from more than 20,000 financial institutions

Cons

  • This app does not have a desktop version
  • No tools to track financial goals
  • There are advertisements within the app

8. Digit

Digit Budgeting App
Digit is an app that aims to help users achieve their short-term and long-term financial goals. It uses machine learning to analyse your linked accounts each day, accessing spending habits and balance. After that, it automatically withdraws money that you save and deposits it in the Digit account you specify. The saving accounts within the Digit app are directed to one or more FDIC-insured banks. Another advantage that you can get with this app is that its saving accounts pay a saving bonus of 0.1% APY. In addition, it is a fully encrypted app and comes with a 30-day free trial. The paid version of Digit is $9.99 per month, but you can save 20% if you pay upfront.

Pros

  • Automated savings and investing.
  • Free 30 days trial 
  • Simple and user-friendly interface
  • FDIC insured saving accounts

Cons

  • No transfer of money directly from saving to investing 
  • Paid version to access full features

How to Choose The Right Budgeting App?

It may seem a small decision to choose a budgeting app as com[ared to other financial decisions, but the right budgeting app can make a significant difference in your personal financial life.

When choosing a budgeting app, you should remember YouTube’s needs and financial goals. Defining your goals can help you in finding the right app. In addition, a good budgeting app provides you with an insight into your spending and savings. 

Here are some features that you must look at before choosing a budgeting app.

1. Security

It is extremely important that the personal information you share on an app remains secured. For example, with a budgeting app, you are sharing your banking data and logins, which are confidential, so the app must have a high level of security. You can go to the websites of the companies offering budgeting apps to see security features such as multi-factor authentication and 256-bit encryption. These features and a secure WiFi network prevent intruders from accessing your information. 

2. Fees

The cost of budgeting apps varies from one app to another. Most apps are free or offer a free version, but some of them charge a monthly fee. While it may look tempting to go for a free app, if an app offers features to improve your financial outlook, it is worth investing in getting this app.

3. Features

Each app comes with its unique features and benefits. So it makes sense to test a few different apps before purchasing one so that you can find which one suits you the most. Typical features of the best budgeting apps include:
  • Syncing with multiple financial accounts.
  • Designing a budget.
  • Tracking credit scores.
  • Giving alerts for upcoming bills.
  • Setting up financial goals.
  • Tracking spending.

4. Customer Service

You must choose an app that offers high-quality customer and technical support. So that if you run into any problem while choosing an app, you can contact the customer support team and get it resolved. You can read reviews of an app to learn about its customer service.

Conclusion

Although budgeting apps are the best tools that help in managing your finances, you still need to do research and find which app is suitable for you. Numerous budgeting apps are present in the market, offering different features, so it can be challenging to choose the right one. We hope that after reading this article, you will be able to make an informed decision. You should always decide your financial goals before choosing a budgeting app. This way, you can easily find an application matching your financial goals.