If making a budget seems daunting, you're not alone. That's why many apps do the grunt work for you. A good budgeting app can save you time and energy while helping you to spend smarter and save more.
CNBC Select reviewed over a dozen budgeting apps to find the best ones. To narrow down our top picks, we focused on those with unique budgeting features, high user ratings and a free trial or refund to test the app. (See our methodology for more information on how we chose the best budgeting apps.)
Best budgeting apps
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Best app for planners
Quicken Simplifi
Cost
$3.99 per month. No free trial, but users can request full refund within first 30 days.
Standout features
Users can run customizable reports based on their spending, income and savings. Personalized spending plan adjusts in real-time.
Categorizes your expenses
Yes, but users can modify.
Links to accounts
Yes, bank, credit card and investment accounts and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Financial data from bank servers transmitted using 256-bit encryption
Terms apply.
Pros
- Syncs with bank, credit card and investment accounts
- Customizable reports based on income, spending and savings
- Robust investments dashboard
- Refund tracker
- Credit monitoring
Cons
- No free tier
- No bill pay feature
- Quicken data can't be imported
Who's this for? Simplifi by Quicken is ideal if you love using a budget to plan — be it saving up for a vacation or tracking your retirement nest egg. You can generate fully customizable reports based on your spending, income and savings to get a good look at where you stand and how you're tracking. Simplifi also gives you a personalized spending plan based on your income and expenses and adjusts it as you spend in real-time. You can also add that month's planned spending, like birthday dinners or anniversary celebrations.
Best app for serious budgeters
You Need a Budget (YNAB)
Cost
34-day free trial then $109 per year ($9.08 per month) or $14.99 per month (college students who provide proof of enrollment get 12 months free)
Standout features
Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the "zero-based budgeting system" where no dollar is unaccounted for). Every dollar is assigned a "job," whether it's to go toward bills, savings, investments, etc.
Categorizes your expenses
No
Links to accounts
Yes, bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Encrypted data, accredited data centers, third-party audits and more
Terms apply.
Pros
- Offers a 34-day free trial, and college students get 12 months free
- Designed to help you get out of debt
- YNAB website claims average user saves $600 in their first two months and $6,000 in their first year
- Syncs to your bank accounts and credit cards
- Users can set goals, customize spending categories
- Offers educational resources, such as budgeting advice and free, live workshops
- Personal customer support
- Security features include encrypted data, accredited data centers, third-party audits and more
Cons
- Costs $109 per year or $14.99 per month
- Customer reviews note that it takes longer to set up than other apps
Who's this for? If you are a determined budgeter, you should consider the app You Need a Budget (YNAB). YNAB stands out for its zero-based budgeting system where every dollar is assigned a "job." Whether it's paying off your student loans, covering that month's car payment, etc., users allocate every dollar they earn to something so no dollar goes unaccounted for.
Best app for investors
Empower
Cost
App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million)
Standout features
A budgeting app and investment tool that tracks both your spending and your wealth
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Data encryption, fraud protection and strong user authentication
Terms apply.
Pros
- Free to use
- Includes money-tracking dashboard, plus a net-worth tracker as well as a breakdown of your investment portfolio
- Offers free investing tools, such as a retirement planner and an investment checkup tool
- Syncs to your bank accounts and credit cards as well as other financial accounts
- Offers The Currency blog for financial planning tips
- Security features include data encryption, fraud protection and strong user authentication
Cons
- Budgeting features aren't as comprehensive as other apps
- Investment management services come with cost
Who's this for? Empower is a budgeting and net worth tracker all in one, making it the perfect choice if you want an investment tool that tracks your spending and wealth. Empower's dashboard aims to offer you a holistic view of your finances with tools for both the short and long term.
Best for being easy to use
Monarch
Cost
$8.33/month (billed $99.99 yearly); $14.99/month (billed monthly)
Standout features
Net worth tracker, investment portfolio tracking, goal creation and progress tracking, budgeting and expense tracking
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android); web version also offered
Security features
Utilizes industry-leading security practices, according to Monarch's website
Terms apply.
Pros
- Includes easy-to-navigate money-tracking dashboard, including a net-worth tracker and investment portfolio tracking and breakdown
- Easily syncs to your bank accounts, credit cards and other financial accounts
- Lets users easily create and prioritize major goals
- Lets users add collaborators (like a financial advisor or partner) for free
- Tracks recurring expenses
Cons
- Not free to use
- Recommendations in the "advice" tab are a bit generic
Who's this for? Monarch is ideal if you're searching for an easy-to-use platform as its website and app are both easy to navigate for a first-time user. The platform presents information clearly and doesn't feel overly crowded. Plus, Monarch allows you to customize your dashboard so you're always seeing what's most important to you first.
Best app for beginner budgeters
Goodbudget
Cost
Free for 20 total envelopes; $10/month (or $80/year) for unlimited envelopes
Standout features
Allows couples to use the envelope system digitally for budgeting, and allows couples to track their debt
Categorizes your expenses
Yes, but users must manually input transactions since the app does not sync to your bank account
Links to accounts
No, users must manually input purchases and transactions
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android) and as a version for laptops
Security features
Information is secured using bank-grade 256-bit SSL
Terms apply.
Pros
- Free version of the app
- Helps couples manage their money together, track spending and track debt
- Ability to share budget with your partner
- Digital envelopes help couples save for big goals that matter to them
- Money management courses and resources available
Cons
- Can't connect bank accounts so users must manually enter transactions
Who's this for? Goodbudget is the app to use when dipping your toes into budgeting. The app stands out for helping users utilize a digital version of the tried-and-true envelope budgeting method — a method where you budget by divvying up your cash into different spending categories with each category having its own envelope.
Best app for over-spenders
PocketGuard
Cost
Upgrade to a Pocketguard Plus monthly subscription, for $12.99 per month, or a yearly subscription for $74.99 per year, which broken down equals $6.25 per month giving members an over all 50% savings.
Standout features
Taking into account your estimated income, upcoming expenses and savings goals, "In My Pocket" feature uses an algorithm to show how much you have available for everyday spending
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Major bank-level encryption, PIN codes and biometrics like Touch ID and Face ID
Terms apply.
Pros
- Syncs to your bank accounts and credit cards
- "In My Pocket" feature uses an algorithm to show how much you have available for everyday spending
- Users can create savings goals
- Has bill payment tracker and bill negotiation feature (negotiated bills cost a fee)
Cons
- Basic version costs $74.99/year and premium version costs $155.88/year
- Some user reviews report that transactions are categorized incorrectly on occasion
Who's this for? If you need something to hold you accountable and prevent you from spending beyond your means, PocketGuard is for you. The app notifies you whenever one of your spending categories is almost over its limit and when you've gone over budget. With these alerts, you can get a better idea of how much you can afford to spend.
Best app for couples
Honeydue
Cost
Free
Standout features
Allows couples to see both partners' bank accounts, credit cards, loans and investments (and each partner can select what to share with the other) so you can manage money together and see everything at one glance
Categorizes your expenses
Yes, but users can customize
Links to accounts
Yes, you and your partner's bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Data encryption, Touch ID and multi-factor authentication
Terms apply.
Pros
- Free to use
- Helps couples manage their money together, track spending, coordinate bills
- Syncs to you and your partner's bank accounts
- Choose what accounts you want to share
- Users set up monthly spending limits in each category and are alerted when they or their partner is reaching limit
- Bill payment reminders
- Chat and send emojis to your partner through the app
- Offers joint bank account
- Security features include data encryption, Touch ID and multi-factor authentication
Cons
- Some reports of app being buggy and transactions not showing up immediately
Who's this for? The Honeydue app is a great option for couples looking to budget together. Honeydue allows both partners to view each other's bank accounts, credit cards, loans and investments, if they choose to share. It's easier this way to see everything together versus logging into separate accounts, and it allows couples to see their progress on shared goals like saving up for a vacation or a down payment on a home. Plus, partners can use the app's chat feature to text each other about specific bills directly within the app itself.
More on our top budgeting apps
Simplifi by Quicken
Cost: $5.99 per month; no free trial, but users can request a full refund within the first 30 days if not satisfied
Links to accounts: Yes, bank, credit cards, investments and loans
Categorizes your expenses: Yes, but users can modify
YNAB
Cost: 34-day free trial then an annual plan priced at $109 per year, $9.08 per month, or a monthly plan for $14.99 a month (college students who provide proof of enrollment get 12 months free)
Links to accounts: Yes, bank and credit cards
Categorizes your expenses: No
Empower
Cost: App is free, but users have the option to add investment management services for 0.89% of their money (for accounts under $1 million)
Links to accounts: Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Categorizes your expenses: Yes, but users can modify
Monarch
Cost: $8.33/month (billed $99.99 yearly); $14.99/month (billed monthly).
Links to accounts: Yes, you can also sync your partner's bank accounts and credit cards to the platform
Categorizes your expenses: Yes, and users can customize the categories as needed
Goodbudget
Cost: Free for 20 total envelopes; $10 per month (or $80 per year) for unlimited envelopes
Links to accounts: No, users must manually input purchases and transactions
Categorizes your expenses: Yes, but users must manually input transactions since the app does not sync to your bank account
PocketGuard
Cost: The app offers a free version, but users can upgrade to a Pocketguard Plus monthly subscription, for $12.99 per month, or a yearly subscription for $74.99 per year, which broken down equals $6.25 per month giving members an overall 50% savings.
Links to accounts: Yes, bank and credit cards
Categorizes your expenses: Yes, but users can modify
Honeydue
Cost: Free
Links to accounts: Yes, you and your partner’s bank and credit cards
Categorizes your expenses: Yes, but users can customize
How to create a budget
You don't always need a complex spreadsheet to create a solid budget. In fact, the simpler you can make the process for yourself, the better. CNBC Select has a five-step strategy for creating a budget.
- Figure out your monthly take-home pay. If you're a full-time W-2 employee, this will typically be the same amount each month. Your take-home pay may fluctuate if you're self-employed or do freelance and gig work.
- List out your monthly expenses. It can be helpful to start with needs/necessary expenses first, like rent or mortgage payments, then move to wants, savings and nice-to-haves.
- Distinguish between expenses that are fixed and variable ones. Fixed expenses can't be changed and must be paid every month; variable expenses are more flexible and can be removed from your budget or have more or less spending toward them if you choose.
- For expenses that can be highly variable, like your grocery spending, calculate the average amount you spend on it per month and use that for your budget.
- Review your budget and make any adjustments. Make sure that your spending adds up correctly and if you notice that expenses are greater than your take-home pay, this is an opportunity to look for places to cut back. Conversely, you may notice that you have some cash left over after all your expenses are accounted for.
What is a budgeting app?
At its most basic, a budgeting app is a tool that helps you categorize and track your money. These apps often let you set financial goals, categorize transactions, and send notifications or reminders to help you reach your financial goals. Many also sync with your bank accounts to automatically update your financial information, giving you a real-time snapshot of your financial health.
How can budgeting apps be helpful?
Keeping track of budgets using spreadsheets can get confusing. This is where a budgeting app comes in.
Many budgeting apps can link directly to your financial accounts, meaning the information you see is always accurate and up-to-date. These apps can also provide different ways to view your financials, such as graphs or color-coding spending categories, allowing you to pick the option that makes the most sense. Some budgeting apps offer helpful tools like educational blogs or financial calculators which might appeal to newer users.
Keeping track of your money is critical for keeping up with your present expenses and helping you plan for future ones. Budgeting apps can help take some time and effort off your plate through educational resources, free investment tools, the ability to set and modify goals and more.
How do you choose a budgeting app?
You need to choose a budgeting app that meshes with your money mindset. Some apps follow a particular budgeting method like the cash envelope system or the zero-based budgeting approach. There's no point using an app based on a budgeting method you hate, so avoid any of the apps with a cute gimmick or hook unless you're all-in on that method.
Then you'll want to look at the app's features; For instance, you might want the convenience of syncing all your accounts to the app so it automatically has your latest information. Some apps also provide premium services like investment management. Not all apps have every feature, so pick one that fits your style.
And be sure to consider the app's price or the cost of its premium features. It can sound counterintuitive to spend money on an app that's supposed to help you budget and track your money, but for many people, it can be well worth the cost.
Pros and cons of budgeting apps
- Convenience: Budgeting apps typically allow you to see all of your financial data in one convenient place.
- Tracking transactions: These apps typically make it easy to see where you are spending your money and in what category. This helps you get a handle on where you may need to cut back, or where you have room to splurge a little.
- Goal setting: Many budgeting apps allow you to create financial goals and custom spending categories to track and hit your financial targets.
- Pricing: Some budgeting apps have free-to-use basic features, but you have to pay to access its premium features. Other apps aren't free at all. This can be a turn-off for those who don't intend to spend money on a budgeting platform.
- Tedious set-up: Sometimes it can take a while to make sure all your accounts are synced and that the platform is fully set up. Over time, you may even need to reconnect some of your accounts to view updated progress.
- Privacy: Since budgeting apps often link to your finances, it's important to research data and privacy offerings before entering personal information.
FAQs
What does a budgeting app do?
Basic budgeting apps show you how much you earn financially and help organize your expenses into separate categories. Many budgeting apps come with other services, such as monitoring your savings, investments, debts and/or your credit score.
How much do budgeting apps cost?
Many budgeting apps are free, offer a free version or have a free trial for users to test out before signing up. After a free trial, or if you want to upgrade beyond the free option, budgeting apps can cost anywhere between $1 to $15 per month depending on the included features.
Should I pay for a budgeting app?
You don't need to pay for a budgeting app. There are plenty of free budgeting apps on the market if you don't want to invest in one. Free budgeting apps can, however, have limited features or in-app ads.
What is a zero-based budgeting app?
A zero-based budgeting app means that all the money you earn is designated a task, such as paying bills or building your savings, so no dollar is left without a job.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every budgeting app review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best budgeting apps.
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Our methodology
To determine which budgeting apps offer the best user experience, CNBC Select analyzed over a dozen apps offered by the top companies in this market and looked at their pricing, features, user reviews and ratings.
We narrowed down our ranking by only considering apps that offer unique budgeting features and at least a free trial or refund to test the app out. We looked for apps that are easy to use and accessible on multiple devices, as well as considering apps' syncing with bank accounts, their security features, user customization and educational tools offered. We favored those with a considerable number of user reviews and high ratings. We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
The apps we selected for this ranking are either free, offer a free version, have a free trial or offer a full refund within the first month. All of the apps in our round-up have a sizable number of user reviews and high ratings. Each app on this list has at least 3,500 reviews in both the App Store (for iOS) and on Google Play (for Android) combined, as well as a rating of over 4 stars (out of 5) on either platform.
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