There are several free personal finance apps and getting them is a good idea, but at the same time you might be confused with the right app because there are so many versions and versions of these apps and basically they all do the same thing, right? It’s true, they do. However, these apps has some features that might help you track your expenses more efficiently than all other apps in the stores!
What is the best home accounting app? Does cost matter with personal finance app? Are you looking for the best calculator to track your business expenses? If you are, look no further because in this article, I will discuss all these questions and more.
Goodbudget
- CostGet 20 envelopes for free; for unlimited envelopes, you need to upgrade to Goodbudget Plus, which is $7 per month or $60 per year
- Standout featuresAllows users to plan their household’s spending using the “envelope method,” where they allocate a certain amount of their income into categories like groceries, rent and debt payoff. Users are only supposed spend what’s in their envelopes and if they go beyond their budget the envelope will show red to indicate that they overspent
- Categorizes your expensesYes, but users can customize
- Links to accountsNo, users manually create “envelopes” and input their transactions
- AvailabilityHas a web-based version, and also offered in both the App Store (for iOS) and on Google Play (for Android)
- Security features256-bit bank grade encryption in a secure data center
See our methodology, terms apply.
Pros
- Free to use for creating 20 envelopes, one account user on up to two devices, one year of transaction history, debt tracking and community support
- Envelope feature allows user to visualize their spending and prioritize meeting different goals
- Users can customize the envelope categories according to their needs, such as saving for an emergency fund or a vacation
- Requiring manual entry of data helps users to really analyze their spending habits versus it being automated (users can also download their recent activity from their bank’s website and import that into Goodbudget)
- App provides real-time updates of how your transactions impact your budget and personalized reports
- App offers educational resources like a blog, a podcast and online courses people can take
- App plans to launch a pandemic-inspired feature allowing people to prioritize “envelopes” based on their most urgent expenses, such as housing, utility bills, etc.
- Security features include 256-bit bank grade encryption in a secure data center
Cons
- Costs $7 per month or $60 per year for unlimited envelopes with Goodbudget Plus, unlimited account users on up to five devices, seven years of transaction history, debt tracking and email support
- Doesn’t sync to your bank accounts or credit cards, which can be a downside for people who want automation
- Requires that users use the “envelope method” to track their spending
- Some user reviews report experiencing technical issues with the app
Mvelopes
Best as an envelope budgeting system.
Mvelopes offers an envelope budgeting system with three editions i.e. Basic, Premier, & Plus. The app is available for Android and iOS devices. It will let you connect with an unlimited number of accounts.
With all three editions, you will get access to live chat & knowledge base, interactive reports, and auto transaction importing & account balance monitoring.
Features:
- The basic edition will let you connect your bank accounts and create an online envelope budget.
- With the Premier and Plus plan, you will get access to Mvelopes learning center, debt reduction center, and initial setup assistance.
- For the Plus plan, Mvelopes offers the features like a dedicated personal coach, personalized financial plan, and high-level priority support.
Verdict: This envelope budgeting system will help you gain financial peace of mind. It is a simple and affordable budgeting program. With Mvelopes, you will be able to manage your finances from anywhere.
Price: Mvelopes offers a free trial for 30 days. Basic ($5.97/month or $69 per year), Premier ($9.97 per month or $99 per year), & Plus ($19.97 per month or $199 per year).
Mint
Intuit Mint is the platform for personalized insights, custom budgets, spend tracking, and monitoring subscription. It supports Android and iOS devices. You can add your cash, credit cards, bills, and investments to the tools to track the money easily. It will categorize bank transactions and provide safety and security to your data.
- CostFree
- Standout featuresShows income, expenses, savings goals, credit score, investments, net worth
- Categorizes your expensesYes, but users can modify
- Links to accountsYes, bank and credit cards
- AvailabilityOffered in both the App Store (for iOS) and on Google Play (for Android)
- Security featuresVerisign scanning, multi-factor authentication and Touch ID mobile access
See our methodology, terms apply.
Pros
- Free to use
- Syncs to your bank accounts and credit cards
- Users can create savings goals, track investments
- Customized alerts when over budget, for large transactions, ATM fees, etc.
- Bill payment reminders
- Credit monitoring service
- Offers blog and education tools, such as a loan repayment calculator
- Security features include Verisign scanning, multi-factor authentication and Touch ID mobile access
Cons
- Some user reviews complain of ads, glitches in app, expenses assigned to wrong category
Honeydue
Best for couples to manage finances.
Honeydue is an application that helps couples to manage their finances together. It is a smart tool that provides instant notification and real-time balances & budgets for each partner. It is a collaborative tool. It is a secure platform and offers real-time card locks functionality. It offers 24*7 fraud protection.
Features:
- Honeydue has the features to access cash from more than 55,000 surcharge-free ATMs, Apple, and Google Pay.
- With Honeydue joint bank account, the couples will be able to bank together.
- Honeydue supports multiple languages.
- It provides reminders for bills.
Verdict: Honeydue is a mobile application that will let couples collaborate on their terms. It offers the functionalities for tracking all the accounts, coordinating bills, and chatting. Honeydue is working on automatic bill payment features too.
Price: Honeydue is available for free.
You Need a Budget
We chose You Need a Budget (YNAB) as the best overall option because it offers the best combination of flexibility and features, making it more than worth its monthly price. It guides you through making an intentional, forward-thinking plan for your spending. Plus, its goal tracking and reporting features help you monitor your progress.Pros
- You can link your accounts or manually enter transactions
- Real-time information is always available from any device
- YNAB teaches you how to budget, rather than just automating the process
Cons
- Subscription fees of about $12 monthly or $84 annually
- Requires a larger time commitment to manage than other options
- There’s a steeper learning curve than some other budgeting apps
YNAB is more expensive than its free counterparts and it takes more time to develop your budget. Despite these drawbacks, it’s the best budgeting software for taking control of your money because it gives you the necessary tools to create a value-driven spending plan.
The app is built around its four rules, which include giving every dollar a job. The program will guide you through the process of allocating every dollar so you can spend intentionally. Its customizable reporting and goal tracking features, which include attractive and informative charts and graphs, help you stick to your plan. YNAB also provides comprehensive education, including more than 100 free online workshops, and offers real-time updating so you’ll always know where your money is going and can make adjustments on the fly.
Buddi
Buddi helps you perform major financial tasks like budgeting, tracking accounts, creating personal finance reports and some other nifty features. You enter your transactions manually, and let Buddi take the front seat to keep the record safe and secure and record monthly reports. Buddi is available on Windows, Linux and Mac, so you can use it on your different devices. It will become your perfect buddy. Buddi is a free personal finance software that keeps your financial data encrypted and is perfect for small financial tasks that one needs to perform daily. You can add more features by downloading more plugins.
Conclusion:
Every business needs to stay organized, especially one that deals with money. If you are someone who deals with finances regularly, then you know there are a lot of things that need to be done regularly. It is not easy to do everything on your own, however, unless applications are found to help you out. There are many different applications that can be used for this purpose, but the software that is reviewed here stands out from the rest. This software allows users to keep track of their money in an efficient manner so they can get ready for anything.