You may think that personal finance is an old-fashioned thing. You probably assume that you can use apps to do everything from turning on the lights in your home to tracking how much coffee you drink per day, but when it comes to managing your money, you need a pen and paper.
This is simply not true! In fact, there are many personal finance apps available for free that can help you track your income, expenses, and assets with ease.
Here are our top picks for apps that will help you get organized and take control of your financial life.
Best Apps For Personal Finance
Managing your money isn’t the easiest thing to do. Now that many of us no longer balance a checkbook, tracking and expenses and keeping up with the bank balance can get a little difficult. Personal finance apps can connect with your bank account and help you keep up with your spending. Not only that, personal finance apps can help you pinpoint areas that you’ve been spending, track upcoming bill payments (some allow you to pay your bills directly through the app), and keep up with your credit score and investment portfolio.
The best personal finance apps provide several different features (email reminders, bill due dates, track subscriptions, shared wallets, etc.) for managing your overall finances. All the apps on our list are available on both iOS and Android, so you can enjoy no matter which smartphone giant you’re partial to.
The 7 Best Personal Finance Apps of 2022
Best Overall: Mint
Best for Debt Payoff: You Need a Budget
Best for Wealth Management: Personal Capital
Best for Bill Payment: Prism
Best for Shared Expenses: Spendee
Best for Budgeting: EveryDollar
Best Visuals: Mobills
Best Personal Finance Apps
Mint
You Need A Budget
Personal Capital
Prism
Spendee
EveryDollar
Mobills
What Is A Personal Finance App?
How Much Does An App Cost?
Methodology
BEST OVERALL
Mint
Mint
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Mint, Intuit’s personal finances app, is one of the most well-known personal finance apps that provides your complete financial picture in one place. Once you link your credit and debit cards to your account, Mint pulls your transactions, categorizes them, and shows how you’re spending your money. You can keep track of your bills and spending and create a budget you can stick to. The site provides access to your credit score for free, and you can get a breakdown of the factors contributing to your score to stay on top of your credit health. Plus, you can track your investments and manage utility payments.
BEST FOR DEBT PAYOFF
You Need a Budget
You Need a Budget
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You Need a Budget also known as YNAB is a personal finance app that’s built around YNAB’s Four Rules. The rules – Give every dollar a job, Embrace your true expenses, Roll with the punches and Age your money – not only help you build a better budget but also help you gain control of your spending. Import transactions from your checking account and apply them to each budget category to get an accurate picture of your spending. Keep a balanced budget by adjusting budget categories if you accidentally overspend (or if you underbudgeted for a certain category). Detailed reports show you how your spending is progressing throughout the month and help you spot places that you can improve your spending. According to YNAB, the average new user saves $600 in the first two months and more than $6,000 in the first year. You can try the app for free for the first 34 days.
BEST FOR WEALTH MANAGEMENT
Personal Capital
Personal Capital
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Personal Capital is a personal finance and wealth management app that allows you to manage your assets and investments along with your everyday spending accounts. While you can connect to your bank account to track spending and create a monthly budget, the app really shines in helping you track and optimize your investments. You can track your portfolio by account, asset class, or individual security. With built-in intelligence available on the tablet and mobile versions of the app, you can discover opportunities for diversification, risk management, and discover any hidden fees you may be paying. Comparing your own portfolio to major market benchmarks allows you to determine whether you’re on track to meet your investment goals. Personal Capital provides registered financial advisors who can provide you with customized advice tailored to your goals.
BEST FOR BILL PAYMENT
Prism
Prism
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Prism shows all your bills and financial accounts in a single app, giving you a complete picture of your finances. The app touts more than 11,000 billers, including larger banks and even smaller utility companies. Add your bills to the app and Prism automatically tracks your bills and sends due date reminders to help you prevent late payments. You can use the app itself to pay your bills by scheduling payments to be made the same day or several days in advance. Prism eliminates the need to login to multiple accounts paying bills.
BEST FOR SHARED EXPENSES
Spendee
Spendee
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Many other personal finance apps are for individual use. Spendee allows you to create shared wallets with friends and family that you can use to manage shared expenses for a household budget. Import your bank transactions and let the app categorize them for you to tally how you’re spending money each month. You can manually add cash expenses for a more accurate picture of where your money goes. Keep from going over budget by creating budgeted amounts for each spending category and tracking your progress toward the budgeted amount. The bill tracker functionality ensures you remember to pay each of your bills and avoid late payment penalties. If you’re going on a trip or another special event, you can create a category specifically for that event to track your spending and keep yourself on budget.
BEST FOR BUDGETING
EveryDollar
Spendee
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The EveryDollar app uses the zero-based budget method recommended by personal finance expert Dave Ramsey. The zero-based budget gives every dollar a purpose in the budget, hence the app’s name EveryDollar. A built-in monthly expense tracker allows you to connect to your bank to import transactions to keep up with your spending. The tracker shows you the amount you’ve spent so far for the month and the amount you have left to spend. Through the app, you’ll be able to connect with money management experts who can help you with your financial planning. You’ll be able to access your budget through the app or via a desktop computer. All new users receive a free trial of the premium version of the app. You can permanently upgrade through the app menu.
BEST VISUALS
Mobills
Mobills
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Mobills organizes your expenses in categories so you can track your spending is progressing toward your budgeted amount. See the amount you have remaining to spend in each budget category so you can rein in your spending as needed. The budget planning app includes interactive charts that allow you to analyze your financial life; you can use them to make adjustments as you need to reach your larger financial goals. Add your credit cards to the app so you can see your current balance and spending limits all in one place. You can add all your bills and due dates to keep track of when your bills need to be paid. The free version of the app has limited functionality while upgrading to the premium version will give you full access to all the app’s features.
What Is a Personal Finance App?
A personal finance app is an app that you can download on your smartphone or tablet that helps you manage all aspects of your personal finances. These apps can help track your spending, saving, and investing. They can also track bill payments and keep you up to date on credit score changes. You can connect personal finance apps to your financial institution so you can see where the money from your bank account is being spent.
A personal finance app makes it easy to keep track of your finances on the go. Typically, a personal finance app will have different features such as a shared wallet, bill reminders, auto bill pay, and even managing subscriptions.
How Much Does a Personal Finance App Cost?
Generally, personal finance apps offer a free version and a paid version. The free version may contain ads and fewer features than the premium version. Paid versions of personal finance apps vary in price but are relatively inexpensive, about $25 per year. Other apps only offer one version and it’s free. So, if you need some extra help managing your finances, a personal finance app can be an affordable way to help.
How We Chose the Best Personal Finance Apps
These seven best personal finance apps were chosen because of the features they offer, tools built into the app, the functionality, and what the purpose of the app is.
best free budget app 2020
Making—and sticking to—a monthly budget can be critical to your financial success. Especially when you’re just starting out, knowing how much money enters and exits your household on a regular basis is a habit you want to develop.
As with making any habit stick, it can help to have the right support. The best budget tool for you is the one you’ll actually use, whether that’s a full-featured app, a tricked-out spreadsheet or more manual means. To help in your search for the right budgeting app, Forbes Advisor has ranked eight of the best budgeting apps available.
Show Summary
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Best Checking Accounts
Best Online Savings Accounts
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Best Student Checking Accounts
Best Bank Bonuses
Best Budgeting Apps
We’ve compared 15 budgeting apps to find some of the best mobile apps available for managing budgets, savings and expenses. For the purposes of this list, Forbes Advisor focused on apps that are available to U.S. consumers. The eight apps shown on this list offer a variety of useful features and tools that can meet varied personal finance and money management needs.
App details are accurate as of April 5, 2022.
BEST FOR INVESTORS
Personal Capital
4.5
Forbes Advisor
Cost
Free
Time Period for Free Version
Unlimited
Number of Ratings
52,554+
Learn More
On Personalcapital.com’s Secure Website
Why We Picked It
Pros & Cons
BEST FOR MONITORING DAILY ACTIVITY
Mint
4.4
Forbes Advisor
Cost
Free
Time Period for Free Version
Unlimited
Number of Ratings
931,824+
Learn More
Read Our Full Review
Why We Picked It
Pros & Cons
BEST FOR ACHIEVING FINANCIAL GOALS
YNAB (You Need A Budget)
4.2
Forbes Advisor
Cost
After free trial, $14.99/month or $98.99/year
Time Period for Free Version
34 days
Number of Ratings
46,901+
Learn More
Read Our Full Review
Why We Picked It
Pros & Cons
BEST FOR TRACKING SPENDING
PocketGuard
4.1
Forbes Advisor
Cost
Free version; Plus is $7.99/month, $79.99/year or $99.99/lifetime
Time Period for Free Version
Unlimited
Number of Ratings
8,245+
Learn More
Read Our Full Review
Why We Picked It
Pros & Cons
BEST FOR BUDGETING USING ENVELOPES
Goodbudget
4.1
Forbes Advisor
Cost
Free version; Plus is $7/month or $60/year
Time Period for Free Version
Unlimited
Number of Ratings
31,778+
Learn More
Read Our Full Review
Why We Picked It
Pros & Cons
BEST FOR GETTING STARTED WITH INVESTING
Stash
3.8
Forbes Advisor
Cost
$1, $3 or $9/month
Time Period for Free Version
N/A
Number of Ratings
367,710+
Learn More
Read Our Full Review
Why We Picked It
Pros & Cons
BEST FOR COUPLES
Honeydue
3.7
Forbes Advisor
Cost
Free
Time Period for Free Version
Unlimited
Number of Ratings
9,136+
Learn More
Read Our Full Review
Why We Picked It
Pros & Cons
BEST FOR PASSIVE SAVING AND INVESTING
Digit
3.6
Forbes Advisor
Cost
After free trial, $5 or $9.99 per month
Time Period for Free Version
30 days
Number of Ratings
306,825+
Learn More
Read Our Full Review
Why We Picked It
Pros & Cons
What Is a Budgeting App?
A budgeting app is an app designed to help you optimize the spending and savings choices you make each month. By putting all your financial commitments and goals in one place, a budgeting app can give you better visibility into your financial choices and habits.
Similar to the apps you may use from your bank or credit union, a budgeting app may provide additional functionality such as financial goal setting and cash flow tracking across multiple financial accounts. Budgeting apps can sync with your bank and credit card accounts to provide a holistic view of your finances.
Some budgeting apps will use a specific budgeting approach—like envelope or zero-based budgeting—while others will address budgeting more generally, allowing for customization based on your needs. A fully featured budgeting app can help you track spending, manage recurring bill payment, set savings goals and manage monthly cash flow.
Do Budgeting Apps Really Work?
Budgeting apps are a great tool to help ensure you’re living your budget, not just planning one. They can provide insights into your spending habits, identifying where your money goes and where you can make improvements.
As with any app, whether or not it “works” depends largely on how you use it. A challenge with budgeting generally—whether managed with an app, a spreadsheet, or more manual means—is committing not only to having a budget but to making your financial decisions in line with it. Many people find that the interactivity and automation provided by a budgeting app helps keep them motivated to stay on top of their personal finances.
How to Choose a Budgeting App
Choosing a budgeting app can seem like a small decision when compared to other personal finance decisions. But the right budgeting app can make a big difference in your personal financial life.
When selecting a budgeting app, be sure to consider what your needs and goals are first. The right budgeting app can provide you helpful insights and data into your expenses and savings. But before that happens, identifying your financial goals can help you refine your search for the right budgeting app for you.
Outside of your goals, here are a few features to consider before you commit to a budgeting app:
Fees. Budgeting apps differ in their costs. Many budgeting apps are free—or offer free versions—while some charge a monthly fee. While it may be tempting to choose a free app, don’t overlook the paid apps. If a budgeting app can significantly improve your financial outlook, it may very well be worth the investment.
Features. Each app has unique features and benefits, so it may make sense to test a few different apps to see which one best fits your needs. If you’ve used a mobile banking app, you have a head start on the features you’ll be seeking. Typical features in the leading budgeting apps include: connecting all your financial accounts, receiving notifications of upcoming bill payments, designing a budget, credit score tracking, tracking spending, setting up financial goals and more.
Security. The security of your personal information is extremely important, especially around banking data and logins. While most budgeting apps have some level of security, some are more sophisticated than others. Be sure to look into the level of security encryption of each app. On their websites, you may find security features such as 256-bit encryption and multi-factor authentication. Along with using a secure Wi-Fi network, features like this will help deter intruders from accessing your information.
Customer service. If you run into an issue when using a budgeting app, having a technical team you can reach out to can be helpful. When selecting a budgeting app, be sure to find out what customer service options are available, both from the app and from the desktop version, if applicable. It also may help to read reviews of others’ experiences with the app you’re considering.
What Makes for a Successful Budget?
Budgeting is a process that begins with identifying your financial goals, along with observing your spending and savings habits. When you truly understand how much money is going out and coming in, you’re better prepared to handle both the expected and unexpected financial challenges life brings.
The mindset you bring to managing your money is important. Establishing a budget is a critical first step to gaining control over your finances. If you’re never worked with a personal budget, it may take a few cycles for your habits to catch up. And, if you have money habits you need to improve on, the right app can help.
Summary of Best Budgeting Apps 2022
Budgeting App Best For
Personal Capital Investors
Mint Monitoring Daily Activity
YNAB (You Need A Budget) Achieving Financial Goals
PocketGuard Tracking Spending
Goodbudget Budgeting Using Envelopes
Stash Getting Started With Investing
Honeydue Couples
Digit Passive Saving and Investing
Methodology
To create this list, Forbes Advisor analyzed 15 budgeting apps. We ranked each budgeting app on 18 data points within the categories of consumer ratings, costs associated with the app, security and encryption of consumers’ data, desktop availability and the ability to share the app with someone else.
The following is the weighting assigned to each category:
Mobile app rating (App Store and Google Play): 35%
Cost: 25%
Encryption/Security: 15%
Account integration capabilities: 10%
Website version available: 10%
Ability to share: 5%
Budgeting apps with a higher overall rating relative to its number of reviews ranked higher on our list, as did those that are completely free. We also prioritized mobile apps with advanced security features, like biometric authentication, multifactor authentication and encryption. Apps that allow the ability to connect an unlimited number of accounts moved toward the top of our list, as did apps that also have a website version and allow for sharing with family or friends.
Conclusion
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