A budgeting app is a tech solution that helps users track their savings, expenses, debt, and investments. It is easily accessed from your electronic devices like mobile phones, tablets, and computers. It can also be integrated into your financial accounts so that you ascertain your financial situation any time.
With the right budgeting app, you will be able to identify your financial habits to get a better grasp of what you make and how you spend. That said, there are hordes of budgeting apps, so getting the right one would require some guidance. That is why we made a short list of some of the best budgeting apps to explore in 2022.
Here goes:
You Need a Budget (YNAB)
The brains behind YNAB have a unique budgeting philosophy that encourages proactivity in personal financial matters. It allows you to integrate your bank accounts, import files, or enter transactions manually into the app. In addition, users get the option of mastering the app via video courses, a reading guide, or a workshop. They also get loads of resources that help them stay on track after using the app.
Users get a 34-day free trial that does not require a credit card, after which the app costs $84 per annum. For those who prefer to explore the option of paying less upfront, they’d have to pay the monthly cost of $11.99.
The proactivity and practicality in YNAB’s philosophy are reflected in how it is designed to run. Upon signing up, you create a budget where every dollar has a specific task. The concept behind this is to set your finances so that you spend the income you generated 30 days ago. In addition, the company offers extensive educational resources and customer support to keep you on track.
Privacy and security are other reasons why YNAB is so popular. Some of the privacy and security features include bank-level encryption for all data, third-party audits, and strict adherence to best practices for password security.
Pros & Cons
Pros
- Comprehensive budget overhaul
- 34-day free trial
- Excellent customer service
- Loads of educational resources
Cons
- It is pricey at $84 per annum
- Learning is time-intensive
- Integration issues
Wally
Wally facilitates the tracking of income and expenses by providing a snapshot of the state of your budget to avoid overspending. It has free and paid versions, and users can buy specific features from the paid version. Wally also offers built-in support for a host of foreign currencies so folks who live outside the U.S can use it for their budgeting needs.
Pros & Cons
Pros
- User-friendly budgeting features
- Graphical representation of finances
Cons
- Mostly budgeting tools available
PocketGuard
PocketGuard is designed to help users prevent overspending. It comes in free, paid, and premium versions.
Users start by connecting all their accounts so that the app can determine what is being spent, where savings should occur, and when credit card bills need to be offset. The app has an “In My Pocket” feature that deploys an algorithm to identify how finances you can spend. This assessment is based on your income, upcoming bills, goals, recent spending, and budgets.
PocketGuard offers a smart bill reminder that tracks due dates and tips you about places where you can reduce your bills. The app has an automated savings feature that sets savings goals for users. The amount is then automatically saved in an FDIC-insured bank account for you.
You also get to create your categories, change transaction dates, export data, track cash, manage ATM deposits and withdrawals, and split up transactions in addition to access to its educational blog.
PocketGuard users are covered by 256-bit encryption, a four-digit PIN, and biometrics like Touch ID and Face ID protection.
Pros & Cons
Pros
- Simplified cash flow insights
- User-friendly
Cons
- The premium version(PocketGuard Plus)is pricey
- Zero phone support
- Technical issues
Simplifi by Quicken
The Simplifi by Quicken app has some really effective tracking capabilities that keep you in the know about your expenditure from paycheck to paycheck. You get a free 30-day trial, after which you pay $2.99 monthly or $3.99 monthly if you opt not to pay upfront.
Once you sign up, you integrate your bank accounts, after which you get a complete snapshot of your finances. Simplifi then organizes your spending, tracks recurring bills and subscriptions, and gives you a clear view of your future expenses.
The Simplifi app also offers you custom watchlists that let you manage your spending by category or beneficiary. It also screens your cash flow so that you don’t exceed the income generated. The app also offers tips that help you use the app better and provides a lot of educational content via its blog.
Users of Simplifi can rest assured that their data is kept safe and private as the app deploys 256-bit encryption to transfer banking data and ensure confidentiality.
Pros & Cons
Pros
- Robust cash flow tools
- Customized watch lists for careful spending
- 30-day free trial
Cons
- $35.99 per annum
- Technical issues
Mint
The Mint budgeting app will work for folks looking to improve their finances without paying for that tech solution. One of the things that makes it one of the best free budgeting apps in the market is that users can integrate their financial accounts within the app or manually add their transactions if they choose to. With Mint, you get to see all your accounts in one place so that you can track your daily expenditure easily.
It does this by automatically categorizing your expenditure in a manner that shows you totals by category. You also get to explore monthly bill tracking, which lets you follow your investments and check any fees that might have accrued.
Like YNAB, Mint gives you tools like a home affordability calculator and a loan repayment calculator. You also get access to a blog that covers several personal finance topics.
Mint also offers security features like touch ID mobile access, Verisign security scanning, multi-factor authentication, and touch ID mobile access. In addition, your login information is saved in a different database secured by several layers of hardware and software encryption.
Pros & Cons
Pros
- It is free
- You get free credit scores from TransUnion
- Investment tracking available
Cons
- In-app ads
- Technical issues
What we think
Budgeting apps are great tools when used right. That said, you might need to review them to find out which one works best for you. Hopefully, this article provides the insights that will help you do that.
