Best Budgeting Apps for 2024: Reviewed by Financial Experts

In today’s fast-paced world, managing your finances efficiently is essential to achieving financial goals. Whether you’re saving for a vacation, paying off debt, or building an emergency fund, budgeting is the first step toward financial freedom. The right budgeting app can help you take control of your money by tracking your income, expenses, and savings goals.

As 2024 approaches, the market is flooded with a variety of budgeting apps. To make the decision easier, we’ve reviewed the best budgeting apps for the year based on their features, ease of use, and expert recommendations. Let’s dive into the top options available for managing your finances in 2024.

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   Mint: Best for Beginners and Overall Budgeting

Mint has been a go-to budgeting app for years, and it continues to stand out as one of the best options in 2024. With its user-friendly interface and powerful features, Mint makes budgeting simple and effective for anyone, especially beginners.

Key Features:

• Expense tracking: Mint automatically categorizes your transactions, helping you keep track of where your money is going.
• Bill reminders: The app sends reminders for upcoming bills to ensure you never miss a payment.
• Credit score monitoring: Mint provides free credit score updates, helping you keep track of your financial health.
• Investment tracking: The app allows you to track your investments, giving you a complete overview of your financial situation.

• Why Experts Recommend It: Mint’s free version provides comprehensive tools to manage your finances, making it a perfect choice for those just starting with budgeting. It also allows users to sync multiple bank accounts and credit cards, so you can view all of your transactions in one place.
• Expert Tip: Although Mint is free, consider upgrading to Mint Premium if you want access to additional features like more detailed insights into your spending habits.

2. YNAB (You Need A Budget): Best for Serious Budgeting

For people who want to take budgeting to the next level, YNAB is a top choice. YNAB is designed for individuals who are serious about managing their money, with a unique budgeting method that helps you give every dollar a job.

Key Features:

• Zero-based budgeting: YNAB helps you allocate every dollar you earn, ensuring that your income is fully utilized for your expenses and savings goals.
• Goal tracking: The app lets you set specific financial goals, whether it’s saving for a vacation or paying off credit card debt, and provides a clear path to achieving them.
• Real-time syncing: YNAB syncs your bank accounts and credit cards in real time, giving you an up-to-date view of your finances.
• Educational resources: YNAB offers excellent educational resources, such as webinars and tutorials, to help users understand the principles of budgeting and money management.

• Why Experts Recommend It: YNAB is ideal for people who want to get serious about budgeting and are willing to put in the effort to track their finances thoroughly. Its proactive budgeting system encourages users to think ahead, helping them stay on top of their money and avoid financial stress.
• Expert Tip: YNAB is a subscription-based app, but the value it provides through its features and educational tools makes it well worth the investment. Consider the free 34-day trial to explore its features.

3. PocketGuard: Best for Simplicity and Expense Tracking

If you’re looking for an easy-to-use app that simplifies budgeting and helps you avoid overspending, PocketGuard might be the right choice for you. This app is known for its intuitive design and powerful features that make managing finances straightforward.

Key Features:

• In My Pocket: This feature shows you how much money you have left after covering your bills, goals, and savings, making it easy to see how much disposable income you have.
• Expense tracking: PocketGuard tracks your spending automatically, categorizing each expense for better visibility into where your money is going.
• Cash flow management: The app allows you to monitor your cash flow, helping you stay within budget without sacrificing your lifestyle.
• Bank sync: PocketGuard syncs with your bank accounts and credit cards to provide real-time updates.

• Why Experts Recommend It: Financial experts love PocketGuard because of its simplicity and ease of use. It’s great for people who want to track their expenses without the complexity of advanced budgeting tools. It also helps users make smarter decisions with their spending.
• Expert Tip: If you’re new to budgeting or just want a more streamlined approach, PocketGuard’s paid version, PocketGuard Plus, offers additional features like customizing categories and setting up spending limits.

4. GoodBudget: Best for Envelope Budgeting System

If you prefer a more traditional approach to budgeting, the GoodBudget app is designed around the classic envelope budgeting system. This system allows you to allocate money to specific categories, such as groceries, entertainment, or savings, and then track your spending within those limits.

Key Features:

• Envelope budgeting: Allocate funds into different “envelopes” (categories) for spending control.
• Debt tracking: GoodBudget allows you to track outstanding debts, making it easier to pay them off while staying within your budget.
• Expense syncing: GoodBudget syncs across devices, allowing multiple users (e.g., family members) to manage finances together.
• Manual input: While it doesn’t automatically sync transactions like some other apps, it gives you more control over your budget by letting you manually enter expenses.

• Why Experts Recommend It: Experts recommend GoodBudget for individuals and families who prefer hands-on budgeting with clear visibility into their spending categories. This app is ideal for those who are new to budgeting and want to stick with a familiar method.
• Expert Tip: Use the app’s envelope system to set limits for discretionary spending categories like dining out or entertainment, and make adjustments as you go to ensure you stay on track.

5. Personal Capital: Best for Investment Tracking and Wealth Building

Personal Capital is an excellent choice for those who want to focus not only on budgeting but also on long-term wealth management. In addition to basic budgeting tools, Personal Capital offers investment tracking and retirement planning features.

Key Features:

• Investment tracking: Track the performance of your investments, including retirement accounts like 401(k) and IRAs.
• Retirement planner: Personal Capital’s retirement planner helps you assess whether you’re on track to meet your retirement goals.
• Cash flow and budgeting: The app also provides budgeting features that allow you to track expenses and manage your finances.
• Net worth tracking: Personal Capital gives you a comprehensive view of your overall net worth, helping you plan for long-term wealth building.

• Why Experts Recommend It: Financial experts recommend Personal Capital for individuals who are looking to take control of both their day-to-day budgeting and long-term financial planning. Its investment tracking tools make it especially useful for those focused on wealth building and retirement planning.
• Expert Tip: Personal Capital is free to use, but you can opt for the paid Wealth Management service if you need personalized investment advice and portfolio management.

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Conclusion

Choosing the right budgeting app for 2024 depends on your unique financial situation and goals. Whether you’re a beginner looking for an easy way to track expenses, someone who wants a comprehensive budgeting system, or an investor interested in long-term wealth building, there’s an app out there for you.

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Here’s a quick recap of the best budgeting apps for 2024:

• Mint: Best for beginners and overall budgeting
• YNAB: Best for serious budgeting and proactive money management
• PocketGuard: Best for simplicity and expense tracking
• GoodBudget: Best for traditional envelope budgeting system
• Personal Capital: Best for investment tracking and wealth building

No matter which app you choose, remember that consistency is key when it comes to budgeting. Start today, track your spending, and take control of your financial future