Best Apps for Managing Personal Finances

December 30, 2024 by Steady Wealth Plan

Managing personal finances can be a daunting task, but with the right tools in your pocket, it becomes so much easier. With countless apps out there, figuring out which ones are actually worth your time can be overwhelming. Fortunately, we’ve put together a list of the best apps for managing personal finances so that you can find the one that’s perfect for you. Whether you want to track spending, create a budget, or invest wisely, these apps can help simplify your money management process.

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1. Mint: For Budgeting and Tracking All in One

If you find managing your finances overwhelming, Mint is one of the best apps to consider. It simplifies the process by consolidating all your accounts, credit cards, and expenses in one place. Mint helps you visualize where your money goes every month and enables you to set spending limits. The app also sends alerts when you’re approaching your budget limit, helping you avoid those nasty overdraft surprises.

Pros:

Easy to use with a clear overview of finances.
Completely free with all the features you need.
Automatic categorization of expenses.

Cons:

Contains ads, which can sometimes be distracting.

Mint is available on iOS and Android and has been highly rated by millions of users. It’s ideal if you’re just getting started with managing your personal finances. If you’re not a fan of manually categorizing your expenses, Mint has you covered by automatically categorizing transactions, which saves you a lot of time.

2. YNAB (You Need A Budget): Take Control of Your Money

If you have a specific goal—like paying off debt or saving for a big expense—YNAB is the app for you. YNAB works on the principle of “giving every dollar a job.” It helps you understand exactly where your money goes and assists in prioritizing expenses based on your financial goals.

Unlike other apps that just track what you’ve already spent, YNAB is all about forward-looking budgeting. It focuses on allocating your income to different expenses and savings goals right from the get-go, which can help you regain control over your spending habits.

Pros:

Helps you actively budget rather than just track spending.
Provides insightful reports to help you understand spending patterns.
Syncs with your bank account for easy financial management.

Cons:

Costs around $14.99 a month, but it’s worth the investment if you take budgeting seriously.

YNAB is perfect if you’re the type of person who likes to know where every penny is going and wants to improve money habits significantly. You can use YNAB for both desktop and mobile, making it convenient to budget anywhere.

3. Personal Capital: Perfect for Investments and Net Worth Tracking

If you’re looking to manage both your personal finances and investments, Personal Capital is a great option. It helps you keep an eye on your cash flow, expenses, and budget while also tracking your investment portfolio and overall net worth. You can link all your accounts, including retirement funds, credit cards, and investment accounts, to get a complete financial overview.

Pros:

Best for tracking investments alongside personal finance.
Provides professional-grade tools and insights.
Free to use.

Cons:

Primarily for investment tracking, which might not appeal to those just interested in budgeting.

If you’re serious about growing your wealth and looking to track both your spending and investments, Personal Capital is a great choice. It also offers insights like asset allocation and investment fee analysis, which are typically only available through professional financial planners.

4. PocketGuard: Keeping Your Spending in Check

Do you need to know exactly how much money is safe to spend at any given time? PocketGuard was made for this. The app gives you a quick snapshot of your bank accounts, bills, and any savings goals you have so you can see what’s “left to spend.” It calculates how much you have available after considering recurring bills and savings commitments.

Pros:

“In My Pocket” feature tells you how much disposable income you have.
Offers tips to reduce bills and increase savings.
Easy to navigate.

Cons:

Requires linking all accounts, which may be a privacy concern for some.

PocketGuard helps you prevent overspending and always keeps you informed about what’s left over. It’s available on both iOS and Android. If you want an easy tool that keeps tabs on your spending money without feeling overwhelmed, PocketGuard is a good choice.

5. Goodbudget: Budget Together as a Family

Are you in a relationship or managing family finances? Goodbudget is an envelope-based budgeting app that’s designed for sharing a budget across multiple users. It allows you to assign different categories for your money, similar to the envelope budgeting system. You can allocate money to categories like groceries, rent, and entertainment so you don’t overspend in any one area.

Pros:

The “envelope” system helps people allocate money and stick to spending limits.
Available for families; the budget can be shared across different devices.
Free version available.

Cons:

Doesn’t automatically link to your bank accounts, so you need to enter expenses manually.

Goodbudget is great if you have shared financial goals with a partner or family member. It’s simple and effective, even if it’s not quite as advanced as some other apps on this list. It’s available for iOS and Android users and makes managing household expenses a little easier for everyone involved.

6. Honeydue: A Perfect Solution for Couples

If you and your partner struggle to keep track of expenses and communicate about spending, Honeydue is a perfect app for couples. It allows you to link both of your bank accounts and monitor spending habits together. You can categorize expenses and assign bills, ensuring that you’re both on the same page about where your money is going.

Pros:

Ideal for couples who want to budget together.
Easily set spending limits.
Notifications for upcoming bills.

Cons:

Might not be suitable for single individuals.

Honeydue is available on both Android and iOS and helps you keep communication open about shared finances. The app is free, and you can also set reminders for bills, making it easier for couples to manage household finances in harmony.

7. Acorns: Automatically Invest Your Spare Change

Do you want to invest but don’t know where to start? Acorns is a fantastic app that automatically invests your spare change. Every time you make a purchase, Acorns will round it up to the nearest dollar and invest the change into a diversified portfolio. Over time, this “micro-investing” can add up, allowing you to grow your wealth without even thinking about it.

Pros:

Ideal for beginners looking to start investing.
Completely automated—you don’t have to think about it.
Low starting cost.

Cons:

Monthly fee of $3 for personal accounts, which might not be worth it if you’re investing small amounts.

Acorns is ideal for those who want to get into investing but find the whole concept intimidating. It helps you put your money to work with minimal effort. It’s available on iOS and Android, and its beginner-friendly features have made it one of the most popular investment apps out there.

8. Simplifi by Quicken: The Simplified Way to Budget

If you want a simple, clutter-free way to stay on top of your finances, Simplifi by Quicken is an app to consider. It helps you track spending, set goals, and plan for future expenses, all without overwhelming you with too many features. It lets you connect all your bank accounts, credit cards, loans, and retirement accounts to provide a clear picture of your financial health.

Pros:

Easy-to-use interface.
Useful spending insights and tracking.
Set and track savings goals.

Cons:

Costs $5.99 per month, but you get a 30-day free trial to test it out.

Simplifi is available on iOS and Android and allows you to control your finances on your own terms. It’s a well-rounded app that simplifies budgeting while providing you with enough control to meet your financial goals.

9. Wally: A Finance App for Global Users

If you’re looking for an app that’s good for use across different currencies, Wally might be the perfect choice. Wally is a personal finance app that gives you a clear picture of your finances across accounts, currencies, and even different languages. It helps you track spending, create budgets, and understand where your money is going.

Pros:

Supports multiple currencies, making it ideal for international users.
Tracks all spending in one place.
No ads and offers a sleek, intuitive interface.

Cons:

Requires manual data entry for some features.

Wally is available for iOS and Android and is a great choice if you’re a frequent traveler or someone dealing with multiple currencies. It allows you to see all your accounts in one place and gives you a holistic view of your financial health.

10. Spendee: Managing Shared Finances with Family or Friends

Spendee is another app that’s great for managing personal finances, but it’s particularly useful for shared expenses. If you’re splitting costs with roommates, friends, or family, Spendee allows you to create shared wallets that everyone can add to. You can track shared expenses without confusion, making it easier to manage group budgets.

Pros:

Perfect for managing shared expenses.
Offers both personal and shared wallets.
Intuitive design with easy categorization of expenses.

Cons:

Not as in-depth for individual finance management as some other apps.

Spendee is available for iOS and Android and is ideal if you’re managing shared expenses for a group trip, household costs, or anything that involves more than one person contributing. It keeps everyone on the same page without awkward reminders about who owes what.

Products to Complement Your Finance Journey

Using apps is an excellent way to manage your finances, but there are also a few highly-rated products on Amazon that can make your financial life even easier.

Budget Planner Notebook: If you like writing things down, a simple budget planner like the Clever Fox Budget Planner can be a great addition. It’s designed to help you take control of your finances, set goals, and plan for a more stable future. The tactile experience of jotting down expenses can make managing money feel more concrete and accountable.
Cash Envelope System: If you’re a fan of the envelope method for budgeting, consider investing in the Savvy Spender Cash Envelope System. It comes with labeled envelopes and a storage binder, perfect for allocating funds to different spending categories, just like the Goodbudget app does digitally.
Money-Saving Jar: If you want to keep track of your cash savings in a fun and tangible way, the Digital Coin Bank Money Saving Jar is a fun addition. It counts every coin you deposit and can be a motivating way to watch your savings grow.

Which Finance App Is Best for You?

The best app for managing your finances depends on your personal goals and lifestyle. If you’re just starting out and need an all-in-one budgeting tool, Mint is an easy and free choice. If you’re serious about sticking to a budget, YNAB’s forward-looking approach can be a real game-changer. For those of you looking to invest alongside managing personal finances, Personal Capital provides professional-grade insights into your investments.

The great thing about these apps is that many offer free trials, so you can take them for a spin and find out which one suits you best. Whether you’re looking to create a simple monthly budget or start investing in your future, there’s an app on this list that can help you along the way.

Managing your personal finances doesn’t have to be a headache—especially when you have the right tools to guide you. Try out a few of these apps, and watch how much more in control you feel about your money. Empower yourself, start managing smarter, and make this the year you finally achieve your financial goals!