No matter how you swing it for some people, budgeting is dreadful. The idea of going to the bank and making an appointment with a financial advisor can be nerve-wracking or absolutely tedious to sit in a small room talking about interest rates and savings plans that you don’t really understand.
That’s why there are the many budgeting apps that make it easy to manage your money. They’re all different, yet similar in that they follow different savings methods, rewards programs, and advisory methods. It can be hard to find out which one is the right one for you.
The Top 2 Budgeting Apps: YNAB & Mint
The best apps for budgeting on the market are Mint and YNAB (You Need a Budget). Here’s what each budgeting apps offer:
From the same company behind TurboTax and QuickBooks, Mint helps manage your budget by alerting you when bills are due and what you owe and how much you can afford to spend based on the funds you have. Mint makes it easy to manage money on its simple to use app. The budgeting app helps you keep track of your bills, stay on top of your debts, make proper investments, and offers unlimited free credit score checks.
The name says it all – you need a budget. The app helps you reach a budgeting goal when you link your bank account. YNAB then allocates money to each spending category you choose based on your income. As an easy to use budgeting app that uses positive and humanized information, YNAB is best for those who struggle to stay within their financial means.
Personal Virtual Financial Advisors
If you need to put a face to your money managing app, there are fun and effective budgeting apps that offer you a cute buddy that gives you advice.
Dave, a brown bear and his other animal friends, automates your budgeting, offers a free Dave bank account and a 0% interest cash advance up to $100.
Albert, while it doesn’t have a face, personalizes a monthly budget based on your income, savings, bills, and other spending. You can access an interest free cash advance, withdraw from your savings account with no fee, and receive up to 1% cash bonuses every year.
As your “money-saving prodigy penguin” Charlie helps you reduce your bills and avoid overdraft fees while automatically tracking your spending and lets you know when you’ve reached your monthly limit.
Your new gummy-bear shaped BFF (Best Financial Friend), Emma, tracks your subscriptions so that you can cancel any ones that are draining money from your account. Emma categorizes your expenses and gives you advice based on previous spending habits.
Choosing a Budgeting App
The best part of all of these apps is that they’re all free to download with the exception of YNAB that offers a 34-day free trial then costs $11.99 per month or $84 annually. As one of the most popular budgeting apps, most users say that the price is worth the services it provides.