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It is difficult for entrepreneurs and small business owners to remember all the expenses, taxes, and bills they have to deal with, so this list of the best budgeting and money management apps below have all been designed to help keep track of it all for you.
What are Money Management Apps?
Business and personal finance management apps link up to your accounts and track all your spending and things related to business expenses, your savings account, taxes, and bills. You can create spending plans with a table of contents on some of the budget apps, and create your spending plan with others.
Entrepreneurs can especially benefit from these financial content measurement apps as they take away the stress of budgeting by trying to remember everything yourself.
Not only can these apps track your spending and keep your budgeting on track with simple money management, but they can also ultimately help grow your net worth too.
Key Benefits of Money Management Apps:
Link to your accounts and track spending.Help with business expenses, savings, taxes, and bills.Create spending plans.Reduce the stress of budgeting.Grow your net worth.
Criteria for Choosing the Best Money Management Apps:
Expense Tracking and CategorizationBudgeting ToolsInvestment IntegrationDebt Management FeaturesSavings Goals and AutomationSecurity MeasuresUser Interface and ExperienceSync Across DevicesEducational ResourcesCost and Premium FeaturesCustom Alerts and NotificationsCustomer Support and Community
Our Methodology: How We Chose the Best Money Management Apps
Managing personal finances effectively is a skill that everyone can benefit from, especially in our modern, fast-paced financial environment. Money management apps play a pivotal role in helping users track and optimize their financial health.
Faced with an array of options, here’s how we approached the selection of the best money management apps:
Expense Tracking and Categorization (10/10)
Understanding where your money goes is foundational. We prioritize apps that provide detailed and automated expense tracking, coupled with intuitive categorization.
Budgeting Tools (9/10)
Setting and sticking to a budget is the cornerstone of sound financial health. We value apps that offer robust budgeting tools, enabling users to allocate and monitor their spending effectively.
Investment Integration (9/10)
For those who invest, having a consolidated view of expenses and investments is crucial. We appreciate apps that integrate with investment platforms or provide insights into investment portfolios.
Debt Management Features (8/10)
Managing and reducing debt is a concern for many. Apps that offer features to track, strategize, and reduce debts stand out in our assessment.
Savings Goals and Automation (8/10)
We highlight apps that allow users to set savings goals and, better yet, automate the savings process to ensure consistent financial growth.
Security Measures (8/10)
Given the sensitive nature of financial data, we deem apps with top-notch encryption, biometric login options, and other security protocols as essential.
User Interface and Experience (7/10)
A seamless and intuitive user experience can make managing finances less daunting. We emphasize apps that are user-friendly and visually appealing.
Sync Across Devices (7/10)
The convenience of accessing financial data from any device is a plus. Apps that offer reliable cross-device synchronization are favored in our reviews.
Educational Resources (7/10)
Beyond just tracking, apps that offer educational resources—like articles, webinars, or tutorials on financial literacy—earn extra points.
Cost and Premium Features (6/10)
While many apps offer basic features for free, the cost of premium features and their value proposition are also considered in our evaluation.
Custom Alerts and Notifications (6/10)
Being notified of unusual spending, bill due dates, or reaching a savings goal can be invaluable. We appreciate apps that provide customizable alerts.
Customer Support and Community (6/10)
A responsive customer support team and an active community forum can be assets for users looking for assistance or sharing tips.
Personal financial health is an ongoing journey, and money management apps serve as valuable companions. Through our detailed methodology, we aim to spotlight apps that not only simplify this journey but also empower users with the tools and insights needed to achieve their financial aspirations.
20 Best Money Management Apps
Most of the money managing apps are available for both iOS and Android, though a couple of the best ones listed below are entirely web-based via the site of the developer.
Whatever suits your budget needs best, you should find it on this list of 20 of the best money management and budgeting apps on the market today.
1. You Need a Budget (YNAB)
Compatible with: Web/iOS/Android
The You Need a Budget business and personal finance application has lots of features to help you manage your business budgeting. Graphs and charts let you track your progress over time plus you have real-time access to your budget information from any device.
Security is a strong point for You Need a Budget as they encrypt all data and bcrypt hash all user passwords. There is support available, though only via email, though you and your partners do also get access to over a hundred free online budgeting and personal finance workshops every week.
The free trial lasts 34 days with the monthly plan then costing $11.99 per month, and the annual plan $84 per year.
2. Mint
Compatible with: iOS/Android
Mint is a money manager that tracks all of your finances in one place. Mint features include balances and budgets and the ability to set credit health and financial goals.
There are financial summaries and alerts sent via email or text message also from Mint, plus you can get a free credit score courtesy of Equifax. The lack of investing features may limit the appeal of Mint, but Mint does currently boast around 24 million users.
You can use the basic Mint app for free though there are premium tiers with extra features, plus you can remove every ad profile in Mint with a one-off $0.99 fee.
3. Personal Capital
Compatible with: iOS/Android
Personal Capital features a dashboard site to link your bank account and credit cards to track your entire net worth, along with various analysis tools and access to an advisor who will help you devise your own Personalized Plan as well as help your partners process data.
The personal advice available through the app site is one of its strongest selling points, allowing you to customize the management of your finances according to your unique situation.
This is one of the best budgeting apps as it is completely free to use.
4. Pocket Guard
Compatible with: iOS/Android
Pocket Guard is an easy-to-use finance management application that gives you control of your money from credit cards to student loans to help you optimize your spending and grow your savings.
As one of the best budgeting apps, Pocket Guard will monitor your budget, particularly the spendable money you have remaining after setting aside enough for the nominated bills, credit card offers, and other necessities.
The Pocket Guard app is initially free to use but there are a number of digital purchases to enhance the experience.
5. Goodbudget
Compatible with: iOS/Android
Goodbudget is a modern budget tracker that aims to keep you on track with your financial goals via a time-tested envelope budgeting method. It lets you sync and share budgets and save for big expenses, with the bill-paying feature another excellent addition to this app’s toolbox.
There is a free Goodbudget plan you can use or the more advanced paid plan that costs $7 per month or $60 per year.
6. Marcus Insights (Clarity Money)
Compatible with: iOS/Android
Clarity Money was a popular finance and investment management application that was acquired by parent company Goldman Sachs in 2018 and, aftermarket research to identify the best features according to audience insights, recently relaunched as Marcus Insights.
The new version of the application lets you link your bank account, credit card accounts, and more to see your complete finances all in one place. You can organize your spending and savings, track your investment products and visualize your cash flow.
Marcus Insights is one of the free budget apps that is free to use on a mobile device regardless of device characteristics.
7. Albert
Compatible with: iOS/Android
The Albert budget app provides management tools for mobile checking of your bank accounts, credit cards, investments, savings, and more.
Perhaps the best feature is the access to a team of finance experts, real humans who can provide Albert users with more personalized and honest money advice. Albert also boasts lots of data and more insights to help you keep track of your spending habits.
The Albert budget app is another free budgeting app, though there are more digital products to purchase within Albert itself.
8. Acorns
Compatible with: iOS/Android
The Acorns app works at making the most of the smaller amounts of money you have, even as far as investing spare change automatically. You can set aside money from every paycheck and more via the content profile, and there are plenty of money tips to keep you on top of your finances.
The Acorns products have been informed by massive audience insight, with the application currently having over 9 million sign-ups while being backed by leading investment partners including Blackrock and CNBC.
There are three payment products starting at $1 per month for the Lite package, $3 per month for the Personal package with more features, and $5 per month for the Family package which even more features.
9. Simplifi by Quicken
Compatible with: iOS/Android/Desktop/Web
Simplifi by Quicken keeps you in full view of the big picture financially, allowing you to see your bank accounts, loans, credit cards, and investment products in one place.
You can use Simplifi to see what’s left after paying bills and set useful spending limits to quickly check on overages at a glance. You can also customize your savings goals, adjust spending categories and add earmark contributions to keep you on track.
Simplifi by Quicken has a free 30-day trial, and thereafter the products cost $3.99 per month or $35.99 per year.
10. Expensify
Compatible with: iOS/Android
Expensify is used by over 10 million users and features a pre-accounting process for expenses, bills, and invoices. Use the app to scan receipts, track business, and personal expenses, and book travel all from one place.
Other useful features include multi-level approval workflows, mileage tracking, and corporate card reconciliation with consent choices.
There is a free version of the Expensify app, plus a free trial to see if the paid version at $4.99 per month suits your needs.
11. Trim
Compatible with: Web
Trim is one of the best budgeting apps via their site that analyzes your spending patterns to find ways to save you money. Trim can also manage your cable, internet, and phone products, and even pay medical bills and cancel old subscriptions.
It connects the account of the author securely using 256-bit SSL encryption and two-factor authentication to keep all the data safe.
Trim offers a 14-day free trial to prove it is one of the best budgeting apps as well as a basic free version. The Premium version costs $99 per year.
12. Credit Karma
Compatible with: iOS/Android
Credit Karma is another one of the best budgeting apps that allows you to check your free credit score on the go. You can also file your state and federal tax returns with the Credit Karma Tax feature, and save money with the Credit Karma Savings tool.
Other cool features include an approval odds calculator, tips for financial progress, a relief roadmap creator, and free ID monitoring.
Credit Karma is free to download, though you need to sign-up in order to use it.
13. Mvelopes
Compatible with: iOS/Android
Mvelopes is all about helping you plan a budget while taking control of your finances using the envelope budgeting method.
You can use Mvelopes without linking to your bank accounts or credit card companies, though the app also includes unlimited accounts that you can sync with your transaction information. There is also a personal advisor on hand to help you plan your budget.
There are multiple Mvelopes plans available, with the most basic starting at $60 per year and the most advanced costing $590 per year.
14. EveryDollar
Compatible with: iOS/Android
EveryDollar is a money managing app that helps you create a monthly budget in order to keep track of your spending and achieve your money goals. It takes less than ten minutes to create your first budget, and the app is easy-to-use and intuitive.
You simply add your monthly income and expected expenses, then track your spending with the app. There are three pricing plans for
EveryDollar, starting at $59.99 for three months, then $99 for six months, and $129.99 for a year. Each price plan starts with a 14-day trial.
15. Wally
Compatible with: iOS/Android
The Wally app centralizes all your accounts to make it easy for you to manage and improve your finances.
Features include flexible budget periods that help you control your monthly spending or save for specific goals, plus you can set daily spending budgets across categories like groceries and entertainment. Syncing your accounts to Wally is also very secure thanks to end-to-end data encryption.
The Wally app can be downloaded and used for free, but there are features locked behind in-app purchases.
16. Spendee
Compatible with: iOS/Android
The Spendee app wants to give you complete control over all your cash expenses by connecting your bank accounts, e-wallets, and crypto-wallets. It can give you a quick overview of your total incomes and outgoings at a glance and lets you create a smart budget to save money for expensive purchases.
The basic Spendee plan is free, and for $14.99 per year, you can get the Plus plan with extra features. There is also the Premium plan with even more features for $22.99 per year.
17. Intuit Quickbooks Self Employed
Compatible with: Web/iOS/Android
The Intuit QuickBooks Self Employed app is aimed directly at start-ups and small businesses. You can use the app to track both business and personal expenses, maximize Schedule C deductions and automatically calculate quarterly estimated taxes.
It also features automatic mileage tracking, while the advanced plans have extra options such as tax payments made through the app and human support on call.
The basic Self-Employed plan costs $7.50 per month, while the Self Employed Tax Bundle costs $12 per month. The Self Employed Live Tax Bundle is $17 per month.
18. Freshbooks
Compatible with: Web
Freshbooks is another money management app aimed directly at freelancers and the self-employed, as well as small businesses with contractors or employees.
It’s an accounting software built for business owners, and features include easy invoicing, expenses planning and tracking, time tracking, and project planning. You can use the app to make payments and manage reports.
The Lite Freshbooks plan costs $6 per month, the Plus plan costs $10 per month, and the Premium costs $20 per month. There is also a 30-day free trial to try out before committing.
19. Dollabird
Compatible with: iOS/Android
Dollabird is generally aimed at families but can be easily adapted to work well as a budgeting app for small businesses. It is a calendar-based personal finance management tool designed for real life where you can add past, future, or recurring transactions.
You can also categorize the transactions with AI and track them on mobile.
The Pro plan costs $39.99 per year, and the Pro Unlimited plan costs $54.99 per year. There is also a special Business plan with customizable prices.
20. Venmo
Compatible with: iOS/Android
Venmo is a payment app that lets you shop and share with ease. You can send and receive money with clients or friends and add a special editor’s note in each payment. You can also use Venmo to pay businesses by using Venmo money for the purchase.
Opening and holding an account is completely free, with Venmo making their money from small percentages from certain transactions.
Finding the Best Money Management App: Features to Look For
Some of the applications listed above include similar features and tools and some have very specific purposes, so here are some areas you might want to focus on, and some best app suggestions to match
To aid your decision in selecting the ideal app, we’ve compiled a comparison table highlighting some key features to consider. Use this table as a quick reference to understand the strengths of each app:
FeatureBest App(s)Income TrackingEveryDollar, SpendeeNet Worth TrackingPersonal CapitalBill TrackingSimplifi by Quicken, Pocket GuardSpending Habit TrackingAlbert, TrimExpense TrackingGoodbudget, Intuit Quickbooks SECash Flow TrackingMarcus InsightsReceipts OrganizingExpensifyTax Deduction CalculationCredit KarmaInvestment Account TrackingMarcus InsightsSales TrackingFreshbooksAnalyticsPersonal Capital
Income Tracking
Income tracking is more than just monitoring the money that comes in; it’s about understanding the sources, patterns, and regularity of your income streams. EveryDollar and Spendee have emerged as leaders in this domain.
They don’t just list your income; they provide an in-depth analysis, showcasing monthly, quarterly, and yearly trends. With their help, users can identify income growth or decline, which is crucial for forecasting and budgetary decisions.
Net Worth Tracking
Your net worth gives a snapshot of your overall financial health. It’s the sum of your assets minus liabilities. Personal Capital is exemplary in this area. The app provides a detailed breakdown, categorizing assets and liabilities, and giving a dynamic view that updates in real-time.
Such a feature can be vital for those considering loans, investments, or significant financial decisions as it gives an immediate sense of one’s financial standing.
Bill Tracking
Managing bills, especially recurrent ones, can be a challenge. Simplifi by Quicken and Pocket Guard have transformed this aspect. Their platforms not only remind users of upcoming bills but also offer insights into spending patterns related to these bills.
By analyzing your bill-related expenses, you can identify opportunities for savings, negotiate better terms, or even decide to switch service providers.
The Ability to Track Your Spending Habits
It’s not just about how much you spend, but also where and why. Albert and Trim are designed to give users an introspective look into their spending habits. They categorize expenditures, highlight areas of excessive spending, and provide recommendations.
For instance, if you’re spending too much on dining out, these apps will flag it, allowing you to reconsider your choices or set a specific budget for that category.
The Ability to Track Your Expenses
In today’s globalized world, expenses can come from anywhere: online purchases, international transactions, or local stores. Goodbudget and Intuit Quickbooks Self Employed Talk make expense tracking intuitive.
Their geolocation features, for example, can show where you’re spending most of your money geographically, which can be an eye-opener for those unaware of their spending patterns.
Cash Flow Tracking
Marcus Insights brings a new dimension to cash flow tracking. Instead of just listing inflows and outflows, the app provides predictive analytics. It forecasts future cash flow based on current patterns, alerting businesses to potential shortfalls or excesses.
This proactive approach can be a lifesaver for businesses aiming to maintain optimal liquidity.
The Ability to Organize and Capture Receipts
The modern business world is paperless, and Expensify ensures your receipt management follows suit. Beyond just scanning, the app can categorize, tag, and even match receipts to specific expenses.
This feature is especially valuable during tax season, where detailed expense breakdowns can lead to significant deductions.
Tax Deduction Calculation
Tax season can be daunting, but Credit Karma alleviates much of this stress. Its built-in tax calculators provide real-time updates on potential tax liabilities based on your income and expenditure patterns.
Furthermore, it offers suggestions on possible deductions or credits you might be eligible for, ensuring you never pay more than you owe.
Tracking of Investment Accounts
Business owners often diversify their financial portfolios. Marcus Insights recognizes this need and provides a comprehensive investment tracking tool.
It doesn’t just list out investments; it provides performance metrics, comparing returns against benchmarks, and even forecasts potential future growth based on market trends.
Sales Tracking
Sales are the lifeblood of any business. Freshbooks takes a multi-faceted approach to sales tracking. It’s not just about numbers; it’s about understanding customer behavior, identifying best-selling products or services, and even spotting market trends.
Their analytics can guide strategies, from pricing to marketing, ensuring businesses are always one step ahead of their competition.
Analytics
Data-driven decisions are the hallmark of successful businesses. Personal Capital’s analytics go beyond simple number crunching. They provide visual representations, trend analyses, and even predictive modeling.
Whether it’s budget allocation, investment choices, or expenditure cuts, their insights ensure decisions are always backed by solid data.
What is the best app for money management?
Different budgeting apps have different strengths, so it depends on what you personally prefer. An application like Mint is very straightforward and has extensive features for insight-driven money management, while You Need a Budget features graphs and other visuals for quick and easy data interpretations.
What does a budgeting app do?
Budgeting apps let you create spending plans in order to save money and reduce costs. By using such an app, you can make sure your spending doesn’t exceed your set limits.
Are money management apps safe?
The budgeting apps above all have extensive security features and privacy rights for you and your bank or credit card issuer, such as Trim that uses 256-bit SSL encryption and two-factor authentication.
A lot of money management apps are actually safer than browsers for the likes of automatic password filling, plus all their credentials will be listed in their terms or advertiser disclosure.
Do budgeting apps really work?
Ultimately it is always up to the user using the budgeting software, but the budgeting apps absolutely do work if you adhere to the plans you create. Knowing how much of a certain amount of money you can spend on certain things in advance is good motivation for keeping everything in balance.
How much does a budgeting app cost?
Many of the apps above have free trials such as Expensify, while others are completely free budgeting apps. Some have limited free budgeting versions you can use, or feature in-app purchases. Some of the more in-depth apps like Intuit Quickbooks Self Employed have all paid tiers.
What’s the difference between a budgeting app and accounting software?
The difference between budgeting and accounting is that budgeting is more about planning your expenses ahead of time, while accounting is understanding where your money has gone.
So accounting software accounts for what you have already spent, while budgeting software will help you decide how you spend your money in the future.
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