Top Budgeting Apps of 2024: A Comprehensive Guide

Budgeting is a cornerstone of a successful financial plan, but it can be challenging to manage on your own. Fortunately, the best budgeting apps can help you organize your finances, stay on track, and achieve your money goals. Here, we present our top five picks for budgeting apps in 2024, each offering unique features to suit different needs.

PocketGuard

Cost: Free, with a premium tier

App Store rating: 4.7/5

Google Play Store rating: 4.4/5

Best feature: Simple snapshot of how much you can spend

If you’re looking for a straightforward approach to budgeting, PocketGuard is an excellent choice. The app connects to your financial accounts, tracks your transactions and bills, and provides a snapshot of how much you can spend based on your income, past and upcoming bills, and budgeted spending and savings goals.

For more detailed budgeting, PocketGuard Plus offers features like debt payoff plans, custom spending categories, and unlimited savings goals. PocketGuard Plus costs $7.99 per month or $34.99 annually, with a lifetime membership available for $79.99.

Pros:

• Lets you know how much you can spend at any given time
• Personalized spending reports
• Offers tools to help with debt payoff and savings goals

Cons:

• Free features are limited
• The website is difficult to navigate

You Need a Budget (YNAB)

Cost: $99 annually

App Store rating: 4.8/5

Google Play Store rating: 4.6/5

Best feature: Helps you assign a purpose for every dollar with a zero-based budget

YNAB is perfect for those who prefer a zero-based budget, where every dollar is assigned a purpose. The app connects to your financial accounts, allowing you to share your budget with a partner, set and track financial goals, review spending and net worth reports, and more.

YNAB costs $14.99 per month or $99 per year, which can be worth it for serious budgeters. However, if you’re new to budgeting, you might want to start with a free app.

Pros:

• Allows for multiple budgets with joint accounts
• Direct importing and automatic categorization save time
• Easy to customize, create spending goals, and track expenses

Cons:

• No free version after a 34-day trial
• No bill tracking or bill pay features
• Steep learning curve compared to other budgeting apps

Goodbudget

Cost: Free, with a premium tier

App Store rating: 4.6/5

Google Play Store rating: 4.2/5

Best feature: Lets you view your budget across multiple devices

Goodbudget uses an envelope-based budgeting system, allowing you to create virtual envelopes for different spending categories. This method helps you manage your money by limiting spending in each category to the amount in the envelope.

The free version of Goodbudget offers 10 envelopes, one year of budgeting history, and sharing across two devices. Goodbudget Plus, which costs $8 monthly or $70 annually, provides unlimited envelopes, accounts across up to five devices, and seven years of history.

Pros:

• Simplifies the budgeting process
• Free version available
• Provides spending reports

Cons:

• Free features are limited
• Doesn’t connect to financial accounts, requiring more legwork
• No investing tools or resources

Empower

Cost: Free

App Store rating: 4.7/5

Google Play Store rating: 4.3/5

Best feature: Also helps you track your investment accounts

Empower, formerly known as Personal Capital, is primarily an investment management app, but it also offers budgeting and spending tracking features. You can connect your financial accounts, track your net worth, develop a retirement savings strategy, and get insights on your investment portfolio.

Empower’s main draw is its access to digital wealth advisors, but this requires at least $100,000 in investments, which may be out of reach for many users.

Pros:

• Free budgeting tool with reports
• Free investment tools
• Investment management and resources for eligible users

Cons:

• High minimum balance requirement for premium investment tools and resources
• Geared toward investment-minded users

HoneyDue

Cost: Free

App Store rating: 4.5/5

Google Play Store rating: 3.4/5

Best feature: Helps couples manage expenses together

HoneyDue is designed specifically for couples, allowing each partner to sign up for individual accounts and link views of their accounts and credit cards. The app helps couples set bill due dates, create reminders, and communicate about expenses through in-app messaging.

One major drawback is that HoneyDue doesn’t allow you to set up savings goals, which could be a dealbreaker if saving is a priority in your budget.

Pros:

• Helps couples track expenses and income in one organized view
• Completely free
• In-app messaging allows you to discuss expenses in one place

Cons:

• Includes in-app advertisements
• Account can only be accessed on mobile devices, not from a computer
• No tool for setting savings goals

Other Options for Creating a Budget Without an App

While budgeting apps can be incredibly helpful, you might prefer to create a budget on your own. Here are some alternatives:

Making a Budget Spreadsheet

Free budgeting templates available online can help you find the right approach. However, some methods may require complicated formulas, so it might not be the best option if you’re not familiar with spreadsheet software.

Pen and Paper

If you prefer a more traditional approach, writing down everything can help you keep track. Develop a system that works for you, which may include binders, folders, and other storage options to stay organized.

Both methods require manual updates, which might be manageable if you have a few accounts. However, as your financial situation becomes more complex, a budgeting app can save you time and effort.

Evaluate Your Budget to Ensure You’re Still on the Right Track

It’s essential to evaluate your budgeting approach at least once a year to ensure it’s still helping you achieve your financial goals. This includes assessing whether your current budgeting app is still right for you or if you should switch to another one.

Take your time to research your options and consider how to proceed. As you evaluate your financial health, keep an eye on your credit, which you can do for free through Experian.

At O1ne Mortgage, we understand the importance of financial planning and budgeting. If you need any mortgage services, don’t hesitate to call us at 213-732-3074. We’re here to help you achieve your financial goals and secure your future.