Trying to get on top of your budgeting and financial wellness? Budgeting apps can help! Here are the best money and budgeting apps for the year, with features, pros and cons.
Take the guesswork out of managing your money with our picks for the best budgeting and money apps. This article isn’t just a list—it’s a guide to finding an app that clicks with your lifestyle and objectives, whether you’re curbing overspending, monitoring your credit score, stashing away for a rainy day, investing, or just wanting to understand where your paycheck goes each month.
CaptainFI is not a Financial Advisor and the information below is factual review information, not financial advice. This website is reader-supported, which means we may be paid by advertising on the site, or when you visit links to partner or featured sites. For more information please read my Privacy Policy, Terms of Use, and Financial Disclaimer.
Why use budgeting and money apps?
Managing personal finances can be a challenging task for many individuals. It requires keeping track of expenses, creating budgets, and saving money for future goals. The use of budgeting apps has made this process much easier. These applications simplify financial management by:
- Monitoring expenditures
- Tracking investments
- Setting limits on spending
- Generating reports to keep users informed about their finances.
To expense tracking, budgeting and money management, apps offer other useful features such as setting financial objectives, organizing expenses and income records, and identifying patterns in spending habits.
Therefore, relying on these tools enables users to make well-informed decisions regarding where they need to cut back or re-allocate spending.
Furthermore, budgeting apps are not limited only by tracking costs; they also assist individuals in achieving various financial goals like funding a dream vacation, car, or just developing a better insight into one’s expenditure styles. Therefore, to reach those desired monetary milestones, don’t hesitate to take advantage of an app designed specifically according to your preferences.
Are Budgeting and money apps safe?
Although budgeting apps are convenient, concerns about their security often arise because they require access to sensitive financial information. It is important to consider the safety of these apps before using them, as your trust and privacy will be dependent on it. Fortunately, most budgeting and money management apps have high priority for user privacy and security measures in place such as encryption, PIN protection, and multi-factor authentication, which help keep personal finances secure.
“This one may seem obvious but it’s important: create unique, secure passwords for all your various accounts. You may want to try using “passphrases,” or multiple words strung together, and be sure to include numbers, symbols and both lowercase and uppercase letters for additional security. Be sure to change your passwords frequently and, if available, enable additional security measures such as two-factor authentication, fingerprinting and facial ID.”
equifax.com/personal/education/identity-theft
Even though many budgeting app providers ensure strict adherence to safeguard protocols similar to those utilized by banks protecting personal finance data, it’s necessary that potential users scrutinize a preferred application prior to committing fully. This measure helps minimize vulnerability risks even if past reports show instances when some popular apps had experienced cyber attacks.
Caution should still be observed through added precautionary steps like connecting only via secured Wi-Fi networks, changing account passwords frequently or abstaining from sharing confidential details.
Snapshot of the Top-Rated Budgeting Apps
After learning about the benefits and safety measures of using budgeting apps, it is time to explore some highly-rated options. These apps offer unique features and strengths that cater to various financial needs and goals. Whether you prefer a simplified budgeting process, free services, a comprehensive overview of your finances, or opportunities for cashback rewards, there is an app suited for you.
Below are some top picks in different categories including the best free budgeting apps.
- Best Free Budgeting App: Frollo
- Best for Comprehensive Financial Overview: MoneyBrilliant
- Best for Envelope Budgeting Method: GoodBudget
- Best for Tracking Spending: PocketGuard
- Best for Earning Cash Back: ShopBack
- Best for Financial Wellness: WeMoney
- Best for Saving and Growing Money: Blossom App
Frollo: Best Free Budgeting App
Price: Offers a free version.
Pros:
- Comprehensive budgeting tools
- Links all financial accounts, including the ability to link bank accounts
- Real-time updates on spending
- Easy to use
- Set monthly budgets by category
Cons:
- Limited features in the free version
If you’re on the hunt for an affordable budgeting app with extensive features, Frollo is the perfect choice. This application provides:
- Linking all your financial accounts, providing real-time updates on your financial status
- Setting budgets by category, making it easier to manage and track your spending
- User-friendly interface and comprehensive budgeting tools
With Frollo, financial management becomes a breeze.
Despite its limited features, the free version of Frollo remains a valuable budgeting app. Its inclusive budgeting tools and live updates make it an excellent option for those on a tight budget. If you desire a comprehensive yet affordable budgeting app, look no further than Frollo as it is definitely worth exploring.
Rating:
- Ease of use: 4/5
- Features: 3.5/5
- Security: 4/5
- Overall: 4/5
GoodBudget: Best for Envelope Budgeting Method
Price: Offers a free version.
Pros:
- Uses the envelope budgeting method
- Allows for manual input of transactions
- Easy to use
Cons:
- Limited features in the free version
- Does not connect to financial accounts
For those who follow the envelope budgeting approach, GoodBudget is an ideal application. It enables you to:
- Split your income into different envelopes for various budget categories
- Manage your spending more easily
- Access the app on both web and mobile platforms
This makes it accessible wherever you go.
While the free version of GoodBudget does have limitations and lacks features such as connecting to financial accounts or offering investing tools, it can still be useful for managing one account. Some users may find it too simplistic and inconvenient that transactions must be manually entered. Still, if you prefer envelope budgeting and manual transaction inputting, then GoodBudget is definitely worth considering.
Rating:
- Ease of use: 3.5/5
- Features: 3/5
- Security: 4/5
- Overall: 3.5/5
Finder: Best for Personal Finance Management
Price: Free and paid version
Pros:
- Comprehensive financial insights
- Expenditure categorization
- Upcoming bill alerts
Cons:
- Limited features in the free version
The Finder app sets itself apart in the realm of managing personal finances with its extensive financial analysis capabilities. Users can benefit from a wide range of features, including:
- Syncs accounts from multiple banks and financial providers
- Helps with budgeting and savings goals
- Provides automatic bill tracking
- Offers personalized product recommendations and user reviews
Finder offers a range of useful features that make it an effective tool for handling your finances and gaining valuable insights to guide your financial decisions. The free version has limited capabilities compared to the full version. Despite this limitation, its available features such as detailed financial analysis and expense categorization still make it an excellent personal finance management solution.
Rating:
- Ease of use: 4/5
- Features: 4/5
- Security: 4/5
- Overall: 4/5
PocketGuard: Best for Tracking Spending
The subscription for this service is available at a monthly cost of $7.99, an annual fee of $34.99, or a one-time payment plan for lifetime access priced at $79.99.
Pros:
- Real-time tracking of expenses
- Automatic categorization of transactions
- ‘In My Pocket’ feature
Cons:
- Requires syncing of accounts
- Limited customization in the free version
If you’re in need of a tool that assists with managing your expenses, PocketGuard is an excellent option to consider. The application provides the following features:
- Real-time tracking of expenses
- Automatic categorization of transactions
- Instant look at how much money you should be safe to spend with the ‘In My Pocket’ feature
PocketGuard is a convenient resource for monitoring your spending habits in real-time. To utilize this tool, you must sync it with your accounts and the free version has limited options for customization. Its notable ‘In My Pocket’ feature sets it apart as an excellent app for tracking expenses.
Although there are limitations with the free version of PocketGuard such as needing to connect accounts and less flexibility in terms of personalization settings, its ability to track expenses immediately makes it a standout option among other budgeting apps on the market.
Rating:
- Ease of use: 4/5
- Features: 4/5
- Security: 4/5
- Overall: 4/5
ShopBack: Best for Earning Cash Back
Price: Free.
Pros:
- Earn cash back on online purchases
- Wide range of participating stores
Cons:
- Cash back earnings may take time to accumulate
- Limited to online purchases
ShopBack is a one-of-a-kind application that allows users to receive cashback on their online transactions from various retailers. By shopping at a variety of participating stores, you can earn back a percentage of your total purchase amount as cash. This adds an extra layer of benefits to your shopping experience and assists in saving money on all your purchases.
It should be noted that earning cashback may take some time and is only applicable for online purchases. Nevertheless, if you are someone who frequently shops online, ShopBack serves as an excellent app to help you save while also spending.
Cash Rewards is another similar cash back app. You can read my reviews of ShopBack and CashRewards too.
Rating:
- Ease of use: 4/5
- Features: 4/5
- Security: 4/5
- Overall: 4/5
WeMoney: Best for Financial Wellness
Price: Free.
Pros:
- Tracks net worth
- Customizes budgets and reports
- Sets financial goals
Cons:
- Some features limited to the paid version
WeMoney is a mobile application focused on improving financial health. It provides various functions including:
- Tracks your net worth
- Categorizes transactions
- Sets budgets and money goals
- Offers bill tracking
- Manages bank accounts
- Provides spending trackers
- Helps you set savings goals
- Calculates debt paydown
WeMoney is a tool that covers all aspects of financial management and helps individuals enhance their overall financial well-being. Some features are only available in the paid version of the app. Nevertheless, even with its free version offering a detailed overview of finances and customizable budgets, WeMoney remains an excellent choice for those seeking to improve their financial health.
You can read my comprehensive review of the We Money App here and you can listen to my podcast with We Money founder Dan Jovevski here.
Rating:
- Ease of use: 4/5
- Features: 4.5/5
- Security: 4/5
- Overall: 4.5/5
Sephora: Best for Beauty Budgeting
Price: Free
Pros:
- Personalized product recommendations
- User reviews
- Exclusive offers
Cons:
- Some customers have reported issues with delivery
- Prices can be high for certain products
The Sephora app, conveniently available on the app store, is an ideal option for individuals who enjoy beauty products and wish to effectively track their expenses on items such as cosmetics, skincare goods, and haircare essentials. With this application at your fingertips you can:
- Browse and buy products
- Read reviews
- Earn points that you can redeem for rewards
- Get personalized recommendations based on your purchase history and preferences
It helps you find the perfect products without overspending.
Despite its helpful budgeting features and personalized recommendations, the Sephora app has received complaints from users regarding delivery problems and high prices for certain products. It remains a useful tool for managing your beauty expenses effectively.
Rating:
- Ease of use: 4/5
- Features: 4/5
- Security: 4/5
- Overall: 4/5
Blossom App: Best for Saving and Growing Money
Price: Free
Pros:
- Provides a high-interest rate
- Offers daily interest payments
- Invests in a portfolio of financial instruments
Cons:
- As with any investment, there are risks involved due to market fluctuations
If you want to both save and increase your funds, consider using the Blossom App. This mobile application provides a variety of features such as:
- A digital savings account and investment app
- A simple way to save and grow money with competitive interest rates on savings accounts
- Investment in a portfolio of cash, semi-government and government bonds, mortgage-backed securities, and other financial instruments to provide you with a higher interest rate than traditional bank accounts
- Daily interest payments, giving you the opportunity to earn more on your savings
Like all investments, there are risks involved with the Blossom App. Your deposits could potentially be lost if market fluctuations occur and the fund becomes insolvent. For those who are comfortable taking on some risk in exchange for potential higher returns, this app is a fantastic option.
You can read my full review of the Blossom App here.
Rating:
- Ease of use: 4/5
- Features: 4/5
- Security: 4/5
- Overall: 4/5
Choosing the Right Budgeting App for You
Choosing the perfect budgeting app for you depends on your personal financial objectives and preferred features. For example, if tracking expenses is your top priority, PocketGuard may be an ideal choice. Those focused on saving and investing could consider the Blossom App.
Budgeting apps offer a variety of tools to meet different financial needs such as secure account synchronization, multi-factor login options for protection against fraudsters’ attacks across various devices. Other useful features include expense monitoring, goal setting and analysis based on demographic data with customizable options.
“Two-factor authentication means that whatever application or service you’re logging in to is double-checking that the request is really coming from you by confirming the login with you through a separate venue. You’ve probably used 2FA before, even if you weren’t aware of it. If a website has ever sent a numeric code to your phone for you to enter to gain access, for instance, you’ve completed a multi-factor transaction.”
Boston University – bu.edu/tech/support/information-security/why-use-2fa/
When selecting a budgeting app that meets all criteria – ease of use along with robust security measures tailored to individual goals – can enhance one’s journey towards achieving sound money management practices through efficient categorization of expenditures while laying out practical strategies to thrive financially.
Summary
In summary, utilizing budgeting and money management apps can greatly enhance your financial management abilities. Whether you want to monitor your expenses, save for a specific goal, or even earn cash back on purchases, there are various options available in the vast selection of these helpful applications.
Selecting an app that aligns with your way of living and desired financial objectives is crucial. It’s important to find an app that suits both.
Frequently Asked Questions
What is the number 1 free budget app?
In my opinion, WeMoney has the best features, such an easy to use interface and many integrations. Check out my WeMoney review or follow my updates on the WeMoney community forum.
Is there an app that creates a budget for you?
There are many options, including the ones mentioned above, as well as UpBank, Beem and Spriggy for kids.
How do budgeting apps help with financial management?
By using budgeting apps, individuals can effectively manage their finances by monitoring expenditures, creating financial analyses, establishing monetary objectives and gaining understanding of spending patterns. These tools make it easier to maintain control over one’s money matters.
Financial Disclaimer
Financial Disclaimer: CaptainFI is NOT a financial advisor and does not hold an AFSL. This is not financial Advice!
I am not a financial adviser and I do not hold an Australian Financial Services Licence (AFSL). In this article, I am giving you factual, balanced information without judgment or bias, to the best of my ability. I am not giving you any general or personal financial advice about what you should do with your investments. Just because I do something with my money (or use a particular service or platform) doesn’t mean it is automatically appropriate for your personal circumstances. I do not recommend nor endorse any financial or investment product, and my usage or opinion of any product should not be interpreted as an endorsement, advertisement, or intent to influence.
I can only provide factual information based on my journey to Financial Independence, and that is provided for general informational and entertainment purposes only. I make no guarantee about the performance of any product, and although I strive to keep the information accurate and updated as it changes, I make no guarantee about the correctness of reviews or information posted.
Remember – you always need to do your own independent research and due diligence before making any transaction. This includes reading and analysing Product Disclosure Statements, Terms and Conditions, Service Arrangement and Fee Structures. It is always smart to compare products and discuss them, but ultimately you need to take responsibility for your use of any particular product and make sure it suits your personal circumstances. If you need help and would like to obtain personal financial advice about which investment options or platforms may be right for you, please talk to a licensed financial adviser or AFSL holder – you can take the first steps to find a financial advisor by reading this interview, or by visiting the ASIC financial adviser register and searching in your area.
For more information please read my Privacy Policy, Terms of Use, and Financial Disclaimer.
Captain FI is a Retired Pilot who lives in Adelaide, South Australia. He is passionate about Financial Independence and writes about Personal Finance and his journey to reach FI at 29, allowing him to retire at 30.
Pocketbook closed in 2022.