7 Best Personal Finance Apps of 2022

It’s not the easiest thing in the world to keep track of your finances. It is becoming increasingly difficult for many of us to maintain track of our expenses and keep up with our bank balances now that we no longer balance our chequebooks. Personal finance applications can connect to your bank account and assist you in keeping track of your spending by providing real-time data. These applications can assist you in determining which categories of spending account for the majority of your money, monitoring upcoming bill payments (certain applications even enable you to pay your bills directly through the application), and monitoring your credit score and investment portfolio.

The most best applications for managing your personal finances include a variety of features, such as email reminders, bill due dates, the ability to manage subscriptions, shared wallets, and many others. No matter what kind of smartphone you have, you will be able to use any of the apps on our list because they are all compatible with both iOS and Android.

You Need a Budget (YNAB)

 

• Price: $98.99 per year
• Bank Sync: Yes
• Free Trial: 34 days

 

Why We Opted for It

You Need a Budget (YNAB), a product developed by a corporation that is well-known for its budgeting philosophy and reputation, comes out on top. According to YNAB, rookie budgeters save an average of $600 in their first two months and more than $6,000 in their first year of using a budget. The YNAB company provides a free trial for a period of 34 days, despite the fact that their product is the most expensive one on our list.

Pros & Cons

Pros

• Free trial available
• Detailed budgeting and spending reports

Cons

• $98.99 per year
• More time-intensive to learn
• Recent sync issues

Overview

Because of the way it approaches budgeting, YNAB is currently in first place on our list. The business provides a free trial for a period of 34 days, during which a credit card is not necessary; thereafter, the annual fee is $98.99. If you would rather pay a smaller amount up advance, the monthly fee is $14.99.

YNAB gives you the option to either automatically sync your bank accounts, import your data from a file, or enter each transaction manually. To get started, the developer suggests watching some video tutorials, attending a live training session, or reading some documentation to get familiar with the app’s fundamentals. Instead of keeping track of what you have already spent, like some of its competitors do, YNAB takes a more proactive approach to budgeting.

After you join up for the service, the first thing you do is build a budget and allocate a specific purpose to each dollar. For instance, your rent or your car payment. Because being ahead by at least one month is the ultimate objective, you will be using money that you earned one month ago. The organisation provides a wealth of educational resources as well as dedicated customer service to help you stay on track.

YNAB has said that protecting users’ privacy and data is its primary concern. Your data is encrypted at a level comparable to that of a bank, and the company follows industry standards when it comes to password protection and also participates in third-party audits.

Mint

• Price: Free
• Bank Sync: Yes
• Free Trial: N/A

 

 

Why We Opted for It

The flavour of mint stands out for a few different reasons. With a user base of 25 million, this is one of the most popular budgeting apps currently accessible. Every level of budgeter can benefit from the app’s no-cost accessibility and intuitive interface. Mint is our pick for the best free budgeting tool because it allows you to set up bill payment reminders, track investments, and check your TransUnion credit score. All of these features together make Mint the clear winner.

Pros & Cons

Pros

• Free budgeting app
• Free TransUnion credit scores
• Investment tracking

Cons

• In-app product advertisements
• Several complaints regarding technical problems
• Spending classification could be improved.

Overview

Mint provides the most popular free budgeting application on the market. It is an excellent alternative for those who wish to change their spending habits. There may be targeted financial product adverts within the app.

You can synchronise your financial accounts within the app or add transactions manually. Mint enables you to view all your accounts in one location and manage your daily expenditure. The application automatically categorises your expenditures so that you may view category totals at a glance. In addition to monthly bill tracking, Mint provides payment reminders to prevent late fines. The application also allows you to monitor your investments and review portfolio costs. A few of the educational services provided by Mint include a house affordability calculator, a loan repayment calculator, and a blog covering numerous personal financial subjects.

Using security scanning with Verisign, multi-factor authentication, and touch ID mobile access, Mint safeguards your data. Your login information is stored in a separate database protected by many layers of hardware and software encryption.

Simplifi by Quicken

• Price: $47.99 per year
• Bank Sync: Yes
• Free Trial: 30 day

 

 

Why We Opted for It

The fact that Simplifi by Quicken provides a tailored spending plan and real-time notifications of how much money is still available to spend throughout the month gives it excellent scores. The app will show you how you currently stand in relation to your financial goals as well as your progress thus far by syncing your bank accounts. Simplifi by Quicken can also keep track of your recurring monthly invoices and subscriptions, even for services you don’t use.

Pros & Cons

• Strong financial tools
• Spending lists for vigilance
• 30-day trial for free

Cons

• $49.99 annually
• Several complaints regarding technical problems

Overview

The greatest app for tracking cash flow is Simplifi by Quicken due to its effective tracking capabilities. It is the most effective method for monitoring your spending between paychecks. The app offers a free 30-day trial, after which it costs $3.99 per month (billed annually at $49.99) or $5.99 per month if you prefer not to pay in advance.

To get started, you must synchronise your bank accounts, after which you will have a comprehensive view of your finances. The application automatically classifies your expenditures, monitors regular invoices and subscriptions, and anticipates forthcoming costs.

The app’s custom watchlists, which allow you to restrict spending by category or payee, are an outstanding tool. Additionally, the individualised spending plan monitors cash flow to ensure that you never spend more than you earn. Simplifi by Quicken provides tips while you use the software, and there is also a blog with instructional content available.

The app’s parent business, Quicken, places a high value on security and privacy. Since 1984, Quicken has been entrusted with sensitive financial data and continues to develop innovative security procedures. The software transmits banking data using 256-bit encryption and keeps the information private.

PocketGuard

• Free per month, $7.99 per month, $34.99 per year, or $79.99 one-time price for a lifetime subscription.
• Bank Sync: Yes
• Free Sample: Free version offered

 

 

Why We Opted for It

Because it helps keep users from going over their budgets, PocketGuard was selected for this list. The company will tell you how much money you have available for spending each day based on an algorithm that analyses your income, expenses, and savings goals. Because of these spending restrictions, it will be much simpler for you to stop overspending and to take control of your financial goals.

Pros & Cons

Pros

• Free budgeting application
• At-a-glance Cash Flow
• Simple to use

Cons

• PocketGuard Plus is not free.
• No phone support
• Several complaints regarding technical problems

Overview

PocketGuard took the top rank as the best product for overspenders since its features are geared toward assisting users in controlling their spending. The application provides both a free and a premium, paid version, PocketGuard Plus.

You must link your checking, savings, and credit card accounts to get started. The application can track your spending and savings, as well as remind you when credit card payments are due. The “In My Pocket” function of PocketGuard employs an algorithm to determine how much money you have available to spend based on your income, forthcoming payments, goals, current spending, and budgets.

The application provides an intelligent bill reminder to keep track of due dates and identifies areas where you may be able to bargain for lower prices. In addition, there is an automated savings function that allows you to establish a goal and save automatically. PocketGuard transfers the funds to your bank account automatically.

PocketGuard Plus provides extra capabilities such as the ability to create categories, modify transaction dates, export data, track cash, manage ATM deposits and withdrawals, and divide transactions. Additionally, the organisation provides an educational blog to provide extra learning opportunities.

With 256-bit encryption, a 4-digit PIN, and biometrics such as Touch ID and Face ID, PocketGuard prioritises security.

Personal Capital

• Price: Free, Paid Investment Service Available
• Bank Sync: Yes
• Free Trial: N/A

 

 

Why We Opted for It

Personal Capital has a good ranking because the organisation provides the greatest free tools on the market for accumulating money. You may examine the fees of your portfolio using the Fee Analyzer, plan for the future with the Retirement Planner, and keep track of your net worth all in one convenient location by syncing all of your financial accounts in that location.

Pros & Cons

Pros

• Free money management app
• Tool for Retirement Planning
• Education Planning software
• Tracking net worth
• Fee Analysis instrument for your portfolio

Cons

• Less attentive to budgets
• No manual transaction addition option for budgeting
• Calls for the sale of wealth management services

Overview

Personal Capital is the greatest app for building wealth, according to our rankings. Using the product’s dashboards, you may synchronise your accounts for a complete financial picture. The company’s basic app is free, with the option to add investment management services for 0.89 percent of your account’s balance if it is less than $1 million.

You cannot manually add budgeting transactions to Personal Capital, but you can manually add investments without syncing those accounts. Using Personal Capital’s budgeting tools, you may track your monthly income and expenses. You can add a budget, compare it to past months, and view your spending by category, but you cannot create particular targets.

Although the company’s budgeting options are not as extensive as those of competitors, Personal Capital offers superior investing tools. The dashboard allows you to track changes in your net worth over time, and the Fee Analyzer provides a closer look at your portfolio expenses. You can also prepare for the future with the Retirement Planner and Education Planner tools provided by the organisation. Daily Capital, the blog of Personal Capital, provides a variety of financial planning issues for novice and advanced users alike.

Personal Capital safeguards your information using encryption, fraud protection, and strong authentication. No one has access to your personal login information, and the company’s cooperation with Yodlee, a financial technology veteran, provides an additional degree of security.

Zeta

• Price: Free
• Bank Sync: Yes
• Free Trial: N/A

 

 

Why We Opted for It

Zeta is one of the only free budgeting tools developed particularly for couples, regardless of whether or not they share financial responsibilities. The software is designed to appeal to all different kinds of couples, including those who are living together, engaged, married, or who just had a baby. It is possible to synchronise many accounts so that you may monitor spending, view your net worth, and manage payments all at the same time.

You are also able to sign up for a joint banking account that does not charge any fees, as well as cards that come with features such as access to the Allpoint ATM network, contactless payments, bill pay, and digital checks. With all of these newly added features, Zeta is our top pick for the finest option for couples.

Pros & Cons

Pros

• Free budgeting application and fee-free joint account
• Designed for every kind of couple
• No-fee accounts, contactless payments, and online bill pay are included.

Cons

• Low APY for joint account

Overview

Our list includes Zeta since it is a free budgeting app that can accommodate a wide variety of different types of couples. In addition to this, the package comes with a free shared bank account that can be used for budgeting and bill paying. The Zeta Money Manager software as well as Joint Cards are both completely free to use.

You can get a consolidated snapshot of your financial situation by manually adding data or syncing accounts using the Zeta Money Manager software. The application can handle bills, make budgets, keep tabs on spending, and define shared objectives. Some of the most notable features are control over sharing, personal and shared budgets, and reminders for upcoming bills. Zeta assists you in maintaining a clear focus on your objectives and establishing a connection between the steps you take in your financial life and the accomplishment of those objectives. There are articles in Zeta’s Money Date Mag, an online newspaper that covers love and money in the current age, that will help you improve your knowledge of finances.

Through LendingClub Bank, the Zeta Joint Cards provide access to a bank account that is FDIC-insured, have no monthly fees or minimums, and give an annual percentage yield of 0.10 percent. 1
The account enables users to take use of convenient perks including limitless transfers, contactless payments, and bill pay. Your information is guarded by cutting-edge security systems comparable to those used by banks. Your financial login information is never stored, and in addition, the organisation utilises two-factor authentication and data encryption databases.

Questions People Usually Ask

What do apps for budgeting do?

A budgeting app is a piece of software that you can use on your computer, tablet, or phone to keep track of your money. This could mean keeping track of your income, expenses, savings, debt repayment, investments, or a mix of these things. Accounting software, on the other hand, is usually used to track the income and expenses of a business.

Some budgeting apps can connect to your bank accounts to give you an overview of your situation as it changes. Most people use budgeting apps to keep track of how much money they spend by linking their checking account to the app. Many people don’t know how much money they spend every month, which makes it harder for them to make changes. A budgeting app might put a user’s spending history into categories to help them spot trends and become more aware of how they spend their money over time.

What’s the best app for budgeting?

If you really want to change your budget, the You Need A Budget (YNAB) app is a good choice. It gives you a unique, proactive way to budget and can help you plan your expenses up to a month ahead of time. Plus, it has a lot of tools and resources for learning and a private, safe system.

Should I buy an app or use one that’s free?

When it comes to budgeting, everyone has their own preferences, such as whether or not they are willing to pay for an app that costs money to use. There are pros and cons to both free and paid budgeting apps that you should think about. Even though it might seem counterintuitive to spend money to improve your budget, a premium app could be worth the cost if you make long-term changes.

In some cases, the monthly or yearly fee could pay for itself, but this might not be the case with all budgeting apps that require a subscription. The best way to find out if an app is worth buying is to try it for free for 30 days. If you like the app and want to keep using it, the monthly or annual fee could be worth it. After all, the best way to make a budget is one that you can stick to.

What should I keep an eye out for?

Most budgeting apps let you link your bank accounts to the app. You can put information about your income and spending habits into the app. There are a lot of apps that can keep track of your spending and organise it into categories. This lets you see trends over time. These features could help you figure out how you spend your money and make better decisions.

Some apps go even further by offering automatic savings, tips on how to save money, bill reminders, access to credit scores, and investing tools. For apps that let you save money, you should make sure the account is covered by the FDIC. You may also want to look at the account’s annual percentage yield (APY) and see how it compares to high-interest online savings accounts that may also come with free budgeting tools. Depending on how much money you’re saving, it might be better to switch to an online, tech-focused bank with a higher APY.

Methodology

Budgeting is hard for a lot of people. Many people want to spend less, but it can be tedious to track expenses by hand with a spreadsheet, which makes it easy to give up. There are apps for budgeting that make the process easier. The only problem is that there are a lot of free and paid budgeting apps on the market, and most people don’t have the time or energy to try out each one for a month. We’ve already done all the hard work for you.

We looked at 15 of the best companies on the market when making our list of the best budgeting apps. We looked at each app’s budgeting features, prices, free trials, and reviews from other users. We looked at each app’s features, learning tools, security, and how it gets access to your financial information. All of our choices are free, have a free version, or have a free trial, so you won’t have to waste money on a budgeting app that doesn’t work for you.