Best Budgeting Apps of July 2024: Manage Your Finances Efficiently (2024)

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Budgeting can already feel difficult, but with the right money management tool, you should be able to track your spending habits, find ways to spend less and save more, or budget effectively as a couple.

Check out our picks for the best budgeting apps, and read more about how we chose the winners.

Best Budgeting Apps of July 2024

• Rocket Money: Best overall for reducing spending and creating a budget
• Monarch Money: Best for saving toward financial goals
• Quicken Simplifi: Best for robust budgeting features
• Honeydue App: Best for couples

Compare the Top Budgeting Apps

The top budgeting apps have a straightforward sign-up process, a decent fee structure, strong budgeting tools, and an overall positive user experience. Learn more about the best budgeting apps, below.

Top Budgeting App Reviews

Budgeting looks different for everyone, so we selected four picks for budgeting apps. We selected a well-rounded budgeting app, one designed for couples, another that's appealing for setting goals, and lastly one with more detailed budgeting features.

We have a mix of free budgeting apps and ones that have premium plans with subscription fees, so you can choose an option based on your financial needs and priorities.

Best Overall: Rocket Money

Rocket Money (previously known as TrueBill) is our best budgeting app overall because it has a variety of tools to help you save and limit spending.

Rocket Money has both a free plan and a premium plan. With the free plan, you'll be able to link bank accounts, credit cards, and investment accounts to track spending and you'll also be able to create a budget.

The premium plan includes concierge services, which review your bills and subscriptions to help you cancel or get refunds for these services on your behalf. It also includes premium customer chat, unlimited budgets, customizable budget categories, a savings account, real-time updated syncing, and a credit score report.

The app's standout feature is Bill Negotiation. You'll upload a copy of your bill, and Rocket Money will determine whether you can get the same service with the company for a lower price. Rocket Money may also help you get refunds if you're charged bank overdraft fees or late fees.

When Rocket Money negotiates a bill, you'll have to pay a percentage (you may choose any amount from 30% to 60%) of whatever it will save you for the year. If you plan to change your internet, cable, phone, or wireless provider in the next year, you could end up losing money, though.

Pricing: You may choose how much to pay each month through a sliding scale. Rocket Money has a free plan that's $0. The Premium plan has a 7-day free trial; after the free trial, you'll have to pay around $6 to $12 per month (the lower-price plans are billed annually instead of monthly).

Rocket Money Review

Best for Couples: Honeydue App

Honeydue is a budgeting app designed specifically for couples. The sign-up process is short and simple — you'll create an account by setting up your email, then invite your partner to Honeydue.

Honeydue allows you to see both your individual and shared finances in one place. You also have to option of setting limits to how much your partner can see. When you connect a bank account to the app, you may choose to share both balance and transaction information, share information only, or share no information.

With Honeydue, you can organize your finances by creating monthly bill reminders or discussing personal financial information through the app's chat feature.

If you would like an additional place to store money for a common goal, like a holiday budget or a couple's vacation.

You won't be able to access Honeydue through your computer; it's only available through a mobile app. Some of our other top picks have both online and mobile platforms for more convenience.

Regular Pricing: Free

Best for Saving for Financial Goals: Monarch Money

Monarch Money may be worthwhile if you are looking for a budgeting app that helps you save for financial goals and create a budget. It's also become one of the most hyped-up Mint alternatives among Redditor users since Mint shut down.

Through Monarch Money, you'll be able to make unlimited personalized savings goals. You can customize goals, organize them by order of importance, and link them to bank accounts. The app also helps you create a zero-based budget, track your net worth, and analyze your cash flow.

Monarch Money doesn't have a free plan. You can try out a 7-day free trial. However, after that, you'll need to pay a subscription fee. If you do not want to pay a subscription fee for a budgeting app, you'll want to consider one of our other picks.

Regular Pricing: Premium Plan with a 7-day free-trial, then $14.99 per month or $99.99 annually

Best for Robust Budgeting Features: Quicken Simplifi

Quicken Simplifi might be a good choice if you want a budgeting app that provides a detailed breakdown of your spending and savings.

In addition to letting you create budgets with customizable categories and make individual savings goals, Quicken Simplifi analyzes your spending and savings through charts and data.

You can receive monthly reports for spending, general income, income after expenses, savings, and net worth. You can also now check your credit score through the web application if you have early access (This feature is currently only available to U.S. residents). Checking your credit score through Simplifi won't affect it.

The one major downside to this app is that it doesn't have a free plan. You'll have to pay a subscription fee, although you can try the app for 30 days with a money-back guarantee.

There's also a special promotion available right now — 50% off for new customers (offer ends July 14, 2024).

Regular Pricing: $3.99 monthly subscription or $47.88 annual subscription

Quicken Simplfi Review

Budgeting App Trustworthiness and BBB Ratings

We review the ethics of each company so you can see if a specific financial institution aligns with your values.

We also include the settlement history of the last 3 years so you're aware of any recent public controversies involving the bank.

We include ratings from the Better Business Bureau to evaluate how companies address customer issues and handle transparency.

Rocket Money has a B rating due to a high volume of customer complaints.

Honeydue has an F rating because it hasn't responded to three customer complaints and it hasn't been in operation for a long time.

Quicken has an F rating because it has received a high volume of customer complaints filed, and failed to respond to 13 customer complaints.

A good BBB rating won't guarantee you'll have a good relationship with a company. You also might want to read customer reviews or talk to current customers before making your decision.

Intuit does have some public issues surrounding its tax-filing software, TurboTax.

Introduction to Budgeting Apps

Why Use a Budgeting App?

A budgeting app can help you understand where you spend your money. It's also useful for building and maintaining an effective budget.

The top budgeting apps let you create a monthly budget using customizable categories.

Many also help you save money effectively. For example, budgeting apps use your transaction history to make charts and graphs. You can use this information to analyze your spending patterns and figure out where to make adjustments in your budget.

Key Benefits of Budgeting Apps

The primary benefit of using a budgeting app is that it gives you a big-picture view of your financial situation.

Many budgeting apps let you link different types of bank accounts, investment accounts, credit cards, and loans. You'll be able to see all your accounts in one place and see how you're spending versus saving.

Budgeting apps also help you build better money habits. If you've struggled to maintain a budget in the past, it might be easier to track your spending on an app than completely on your own. Budgeting apps do the work for you by syncing all your accounts — you just need to make sure everything is synced correctly and make small adjustments when they aren't.

Features to Look for in a Budgeting App

User-Friendly Interface

A good budgeting app has a design format that's easy to use. The app should load quickly and make it easy to get started. You should be able to create a budget on your own without much help. If you encounter technical difficulties, you should also easily be able to contact a customer representative through the app.

Syncing with Bank Account

Many easy-to-use budgeting apps for beginners allow you to sync savings accounts, checking accounts, investment accounts, or credit cards.

Apps often use Plaid to link bank accounts. Plaid can connect more than 11,000 U.S. banks and credit unions, including the best banks.

Expense Tracking

Once bank accounts are linked, your spending will be updated on the app so you have up-to-date information. A strong budgeting app will provide updates frequently, and during the same day so you can stay on top of your budget.

Customizable Budgeting Categories

Many budgeting apps allow you to create a zero-balance budget. With a zero-balance budget, you're figuring out where every dollar of your income is going. You can create budget categories for every expense. You can also create savings goals if you're setting aside money for a specific purpose, like a down payment on a home or a future vacation.

A good budgeting app allows you to make customizable budgeting categories rather than pre-set categories. That way, you can make a budget that's tailored to your life and make categories as broad or specific as you want.

Charts and Visual Analysis Features

A top budgeting app analyzes your habits so you can see how you manage your money over time. Some apps provide charts of your monthly budget so you can see how your categories compare to one another. Others might have visuals to indicate how much money you have left to spend in a certain category for that month.

Several budgeting apps also provide reports for broader areas of your finances. For example, you might be able to view your cash flow balance over several months or how your money in your retirement plans has grown over time.

How to Choose the Best Budgeting App for You

To find the right budgeting app, you need to know what features you're looking for. Are you looking for ways to cut back on spending? Do you want a free plan or a subscription plan for your budgeting app? Do you want a detailed breakdown of your finances or more of a general overview? Knowing the answers to these questions can help narrow down your options.

If you have your eye on a few budgeting apps, you can try out the free trials or free versions of each before settling on the right one. That way, you can see if the interface is also user-friendly and manageable for the long-term.

Setting Up and Using a Budgeting App

Step-by-Step Guide to Setting Up Your Budgeting App

To use a budgeting app, you'll have to download it through the Android or Apple store. To set up most budgeting apps, you'll enter your name and email address. If the app charges a subscription fee, it will prompt you to sign up for a plan or free trial.

The best budgeting apps will walk you through the app's different features and help you get started. You'll typically be prompted to link accounts. Then, you can create a budget or set savings goals.

Tips for Effective Budgeting with the Apps

If you're new to budgeting apps, it may be helpful to start off with some structure.

For example, you could use a popular savings method like the 50/30/20 rule or pay-yourself-first strategy.

The 50/30/20 rule breaks down your budgeting, so 50% goes to needs, 30% goes to wants, and 20% goes to debt or savings. The pay-yourself-first strategy focuses on savings — you'll automatically transfer money from your paycheck to some of your savings and then distribute what's left over to your expenses.

Another tip for effective budgeting is to look at your expenses to see if they reflect your financial goals and values. If you have certain goals that are of higher priority than others, find ways to reduce spending in categories that aren't a priority for you. That might mean waiting before making a purchase, creating a meal plan or grocery list to limit spending on food, or auditing your subscriptions to see if there are any you can cancel.

Common Mistakes to Avoid on Budgeting Apps

Experts recommend trying out a budgeting app's free plan or free trial before committing to an annual plan.

There are many budgeting apps out there, so you want to try to find the one that best aligns with your financial needs. Testing a few apps can help you decide the best one, and it also keeps you from paying too much for a budgeting app that you won't end up using.

Pros and Cons of Budgeting Apps

Alternatives to Budgeting Apps

Budgeting Apps vs. Spreadsheet or DIY Budgeting Methods

You may prefer building a spreadsheet budget if you don't want to link all of your bank accounts or credit cards in a mobile app. However, setting up and maintaining your budget will primarily hinge on how much work you're willing to put into it.

A budgeting app does the tracking for you. With a spreadsheet, you'll have to either start from scratch or use a template. Either way, a budgeting app still offers more comprehensive features.

Budgeting Apps vs. Personal Finance Software

Budgeting apps and personal finance software share the same features. The best option for you will depend on whether you have preferences on the tool's accessibility.

A budgeting app is primarily designed for mobile experiences. Some apps also have an online dashboard which you can access through your computer, but it is always something that's offered.

Meanwhile, personal finance software is designed for computer access. You'll either download the software to a desktop or use an online platform. Some will also have apps, but some features might not be available.

Budgeting Apps vs. Savings Accounts with Goals Features

Some of the best online banks have added unique features to their savings accounts to help customers with goal-setting.

If you're specifically looking for a way to save for goals, it may benefit you to get a savings account with buckets. Buckets are customizable tools that separate your savings so you can save for specific goals. Since they are an integrated bank account feature, they also might be easier to manage than a budgeting app.

If you would rather have more robust budgeting tools, a budgeting app will likely still stand out to you. Budgeting apps also connect investment accounts, credit cards, and loans, so you'll be able to see everything in one place.

Budgeting App FAQs

Why You Should Trust Us: Experts' Advice on the Best Budgeting Apps

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the budgeting app for your needs.

• Sophia Acevedo, banking editor, Business Insider
• Mykail James, MBA, certified financial education instructor,BoujieBudgets.com

Here's what they had to say about budgeting apps. (Some text may be lightly edited for clarity.)

What should I look for in a budgeting app?

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

"My best tip for people who are looking to start using a budgeting app is to figure out what you're missing in your financial system. For example, if you are a person who knows that you want to stick to a zero-based budget, and you've been doing that manually, but you need maybe a little bit more help with the organization, then you can center your focus on searching for apps specifically solve your problem."

Sophia Acevedo, banking editor, Business Insider:

"I would look for features that would help me with my goals. Like if I'm trying to curb spending, I would look for a budgeting app that helps me minimize payments in certain spending areas."

How do I know if a budgeting app is right for me?

Mykail James, MBA, CFEI:

"Give it time. Every budgeting app is going to feel uncomfortable during the first month. Give it at least three months before deciding if it's not something for you. Actively try and use it before considering a switch."

Sophia Acevedo, CEPF:

"I would first try out the free version and see how it works. Some budgeting apps are entirely free, while others have different plans or trials at a variety of price points."

Methodology: How Did We Choose the Best Budgeting Apps?

At Business Insider, we aim to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product, we outline the limitations, too.

First, we compiled a list of 18 popular budgeting apps available in both the Google Play Store and Apple Store.

Then, we reviewed each budgeting app for a week. To determine our top picks, we reviewed the initial sign-up process, pricing, budgeting tools, and user experience. We also considered whether each app accomplished everything it advertised, and how regular users reviewed the product on the Apple and Google Play store.