Whether you’ve never had a budget or budgeting is your new obsession, you can get precise control of your money with the right software. The best software for budgeting: Mint.com (for Mac and Windows) and Personal Capital (for Mac and Windows). Both provide important information that will help you get on the right track financially.
With the October 30th tax deadline just around the corner, now is a great time to create a DIY budgeting system that helps you predict your income and expenses each month. If you could predict what your income will be each month based on your labor, bills, and other costs, wouldn’t it be easier to budget for the coming months? Of course you would!
BEST OVERALLYou 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 (As of December 1, 2021, $15 monthly or $99 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.
BEST FOR COUPLESHoneydue
We chose Honeydue as the best option for couples because it is specifically geared toward helping you manage your money with a partner. You can link accounts and customize what information you share with your partner while also communicating about money issues directly through the app. Notifications even alert you to upcoming bills or when you or your partner exceeds pre-set spending limits in your budget categories.Pros
- No monthly fee
- Choose how much account information to share with your partner
- Transactions are automatically categorized
- Customizable alerts for overspending or upcoming bills
Cons
- Only available for iOS or Android (no desktop app)
- Limited financial education
- Few reporting features that allow you to look at the big picture
Honeydue is designed to help couples manage their finances together and its features are focused on joint communication. Honeydue makes sharing information about money simpler by allowing you to respond to your partner’s transactions with a note, a thumbs-up, or other emojis. You can also aggregate your linked account information to see all of your individual and joint transactions in one place.
Honeydue makes tracking spending easy by automatically categorizing transactions as well as allowing you to add your own custom categories. And while there are fewer reporting options than with some other programs, customizable alerts help ensure nothing falls through the cracks.
BEST FOR COLLEGE STUDENTSPocketGuard
We chose PocketGuard as the best option for college students because it makes it easy for busy students to see at a glance how much money they have available to spend. Its goal tracking features and intuitive pie chart help even beginning budgeters see if they’re on track. And most of its features are free, which is ideal for those on a student budget. Pros
- Most features are available for free
- PocketGuard’s In My Pocket feature instantly shows cash available to spend
- Smart algorithms identify areas you can save
Cons
- The free version limits transaction categories and goals
- Advertisements are displayed even in the paid version of the app
- Reporting options are more limited
For college students who are newer to managing money, PocketGuard’s simple user interface and intuitive pie charts make it easy to start budgeting and tracking spending. PocketGuard’s In My Pocket feature also reduces the risk of overdraft accounts by keeping tabs on money available to spend at all times.
While the free version doesn’t include as many features as the paid option, most college students will likely find the program is robust enough and can avoid committing to a monthly subscription fee. And algorithms in the program that help you identify and cancel unwanted subscriptions can help college students identify opportunities to keep more money in their pockets.
BEST FOR FAMILIESEveryDollar
We chose EveryDollar as the best option for families because it allows you to create a budget in less than 10 minutes that can be completely customized to your family’s needs. It allocates every dollar but makes it simpler than other programs to go through the process as a family. And it instantly syncs across all devices, so everyone can see what’s been spent.Pros
- Created by personal finance expert Dave Ramsey
- Offers a 14-day free trial
- Syncs in real-time across devices
Cons
- You’ll have to manually enter transactions in the free version
- The paid version is about $130 annually
- You must manually categorize transactions
EveryDollar is an ideal choice for families who want to take a hands-on approach to budget together and who don’t want to pay a costly monthly fee. It allows you to allocate every dollar that you’re spending and provides a customizable template to make the budgeting process easier.
For those who want added features, including the ability to link bank accounts, upgrading to the paid version is necessary. Ramsey+ comes at a higher cost than other programs but offers more features including syncing with bank accounts, custom budget reports, due date reminders, smart tracking recommendations, and downloadable transaction spreadsheets.
BEST FOR INVESTORSPersonal Capital
We chose Personal Capital as the best option for investors because it offers robust budgeting software and provides a retirement and savings planner with tools to keep tabs on investments. You can track your net worth, monitor your cash flow, and get an investment checkup so you can manage your money all in one place.Pros
- Free to use
- A comprehensive financial dashboard helps you track all aspects of your finances
- Retirement planning and investment features help you accomplish financial goals
Cons
- Some users report connectivity problems with bank accounts
- You may be upsold on other services, such as wealth management services
- Some app features are more limited
Personal Capital integrates budgeting software with other financial tools in one financial dashboard. You can track spending, monitor investment performance in real-time, set retirement goals, and track your net worth all in one place. You can also access special features such as an investment checkup, which compares your portfolio asset allocation to the target allocation for your age and circumstances.
The investment checkup feature is only available on the desktop version, though. However, the iOS and Android apps still offer plenty of features including interactive tools for tracking your investments and cash flow. Financial advisors are willing to talk with you about your plans, but you can expect to be upsold on Personal Capital’s wealth management services if you take advantage of this feature.
BEST FOR SAVINGAlbert
We chose Albert as the best option for saving money because it is a banking app that is good at both facilitating the budgeting process and automating savings. The app monitors your spending habits, identifies spare dollars, and moves the money to a digital wallet. You’ll earn cash back on purchases with your Albert debit card, can withdraw savings at any time, and can qualify for annual cash bonuses.Pros
- Smart Savings allows you to save money for your goals effortlessly
- Earn an annual bonus of 0.10% on your savings automatically or as much as 0.25% when you enable Genius
- Invest seamlessly from the same app
Cons
- No desktop version
- No phone customer support
- Limited educational information about the budgeting process
Albert creates an automatic budget for you, helping you to identify where your money is going at all times. You can instantly see your income, bills, and the money left over. You’ll also have many reporting options including reviewing past months’ budgets or seeing your transactions as a pie chart.
Albert not only facilitates easy budgeting but also makes saving effortless by identifying when there’s extra money available and moving it into a digital wallet. You’ll be rewarded with an annual bonus on your savings and can easily track savings goals. However, if you want the Albert Genius add-on, which boosts your savings bonus and provides access to financial guidance over text messages, you’ll have to pay a minimum of $4 per month.
Earn cash back when you use your Albert debit card. Cash back ranges from 10% to 20% and covers purchases like gas, food delivery, groceries, and other common merchants.
BEST FOR BEGINNERSMint
We chose Mint as the best option for beginners because it aggregates all your accounts in one place, helps you track your net worth, and provides add-ons such as access to your credit score. Mint makes budgeting easy by allowing you to link your accounts and shows you how your spending compares to the national average. These features can help you see if you’re on track when you’re just starting the budgeting process.Pros
- The software is completely free to use
- Mint’s financial dashboard tracks your net worth and shows you accounts all in one place
- Transactions are categorized automatically
Cons
- Goal setting options are limited
- Account syncing can be slow
- There’s lots of advertising of financial offers
Mint makes it easier to make your first budget by providing a long list of categories and showing you how your spending compares to the national average. You can also link your financial accounts. And transactions are automatically categorized so you can see if you’re on track with your spending.
Mint is completely free and in addition to budgeting tools, the program helps you track your net worth and monitor your progress towards goals. You’re somewhat limited in what you can select for goals, though. You have a choice of preset options and while you can specify a customized savings goal, there doesn’t appear to be a way you can set mortgage payoff as one of your goals.
Mint
Best mobile based budgeting and planning solution
TODAY’S BEST DEALSVISIT SITE
REASONS TO BUY
+Free cost +Highlights savings offers +Features multiple security features
REASONS TO AVOID
-A bit of a mixed bag-Some tricky bits to master-No bill paying
Mint is another mobile based solution from the folks that brought us TurboTax and Quickbooks. It makes it easy to track expenses and balances. By creating an account, and connecting all your financial accounts, Mint can then provide analysis, to help find savings by providing potentially money saving offers for credit cards, retirement rollovers, and savings account deals.
Mint provides security via multi-factor authentication, security scanning with VeriSign and the ability to remotely delete your financial data in case your mobile device is lost.
Mint also conveniently provides a convenient way to know, and track your credit score. The cost is free, and the company makes money through affiliate offers.
It’s certainly not complicated to master, but the options it provides you with are actually many and varied. The action centres on a few main features, with Mint offering the ability to connect to your bank, or banks, and other financial interests along with keeping an eye on your credit score.
The good thing is that you can also ‘unplug’ these as and when you need to, or if you want to block out specific areas of your finances. Doing all this is really easy and involves nothing more than adding in accounts with the odd screen tap or two. As you’d expect, Mint keeps a firm grip on security and uses 256-bit data encryption, plus VeriSign security scanning.
Mint – The free way to manage money
Reach your goals with personalized insights, custom budgets, spend tracking, and subscription monitoring and all for free. Get Mint for Apple or Android devices and sign-up for an Intuit account, allowing you to gave easy access to Mint and other products in the portfolio.VIEW DEAL
Conclusion
Before you invest money in software, know that there are cheaper alternatives. Here are some of the best budgeting tools that you should use to take your financial planning to the next level.