Best Budgeting Apps for 2023: Our Top Picks and Analysis

Building and maintaining a budget is crucial for better financial health. With numerous budgeting apps available online, it can be overwhelming to choose one that provides ease of use, various financial tools, and syncs with external accounts at a reasonable cost.

Therefore, we have listed our top budgeting app picks for 2023, ranked based on customer ratings, to help you choose the best one according to your financial management style. All the apps we recommend have multiple levels of security to protect your bank information, and most of them offer a free trial period.

Top Budgeting Apps for 2023

Fudget

Fudget is a simple budget planner with a user-friendly interface. The app allows you to create a list of income and expenses for future goals and updates them as required. Fudget does not offer any graphs for analyzing your spending but provides a straightforward overview of monthly expenses. However, all entries are manual as Fudget neither syncs with external accounts nor allows imports. The upgraded version has a one-time fee, but you can use the basic version with ads displayed throughout.

YNAB (You Need a Budget)

YNAB is a detailed budgeting app that encourages users to give every earned dollar a job, assigning all income to categories set for specific bill payments and savings goals to avoid overspending. This app allows users to save for a future vacation, set goals, and assign money to it every month. However, it is the most expensive app on our list, with a monthly fee of $15, and may require a bit of a learning curve. YNAB links external accounts and offers automatic updates between mobile devices and computers, goal tracking, a loan calculator, and various financial tools.

Mint

Mint is a free budgeting app that offers premium features with a basic account. This app allows users to track their expenses, investments, credit scores, and bills in one place, making it an all-in-one financial management tool. Mint also provides budgeting tips and insights based on spending behavior. However, it may not be the best fit for people who seek complex budget planning and analysis tools.

Goodbudget

Goodbudget uses the digital envelope budget system, allowing users to divide their budget into different categories and monitor spending accordingly. This app also allows multiple accounts and supports sharing budgets with family members or significant others. However, the basic version is limited in terms of accounts and categories, and the upgraded version can be a little expensive for some users.

Empower

Empower is a free budgeting app that offers various management tools, including a personalized financial advisor, a personal finance tracker, and a savings account with a higher annual percentage yield (APY) than most banks. Empower provides users with a budgeting tool that allows them to monitor their spending, categorize their expenses, and track their account balances to achieve their financial goals. However, the app requires users to use Empower’s bank account, limiting external account syncing options.

PocketGuard

PocketGuard is a simple, free budgeting app that monitors and categorizes user’s daily expenses, subscriptions, and bills. PocketGuard reminds users of upcoming bills and tracks any unused subscriptions to help manage their money better. The app also provides insights into where users can save money and set savings goals. However, the upgraded version may be expensive for some users, and the app may not be suitable for those seeking complex budget planning and analysis tools.

EveryDollar

EveryDollar is a budgeting app that encourages users to follow a zero-based budgeting strategy where every dollar earned has a predefined job. Users can customize their budget categories and create savings plans within the app. However, the upgraded version offers advanced features that may be expensive for some users, and users need to enter transaction details manually, reducing convenience.

Honeydue

Honeydue is a budgeting app designed for couples aiming to manage their money jointly. The app allows couples to track their joint expenses and suggests budget categories based on spending behavior to help them reach their shared financial goals. The app also offers bill tracking and reminders to avoid missed payments. Honeydue is free, but some features require an upgrade to Honeydue Plus, which incurs a cost.

Simplifi

Simplifi offers combined account dashboards and links external accounts to track balances, expenses, and upcoming bills. This app provides customized budget guidance and goal tracking to help users achieve their financial objectives. Simplifi may be a little expensive compared to other apps, but it offers a 30-day free trial to help determine its feasibility for your budgeting needs.

Related Facts

• According to a Bankrate survey, 93% of Americans claim that they prepare a monthly budget, whereas 43% have a documented one.
• In an NerdWallet study, 80% of users claim that using a budgeting app enabled them to save more money and avoid debt.
• Ipsos survey’s report shows that 78% of Americans experienced financial hardships due to Covid-19, and 39% are struggling to pay bills.

Key Takeaway

Budgeting apps can be an excellent tool for financial management, and users can choose one based on their preferences and requirements. It is essential to evaluate what features and tools you need to manage your finances effectively to make an informed decision.

Conclusion

Budgeting apps provide a convenient and straightforward way to take control of your finances. Our recommended top budgeting apps for 2023 offer various features and tools to help users organize, categorize, and plan their finances. Choose one that suits your management style and start your journey towards financial well-being.