Top 4 Budgeting Apps – August 2023

Top 4 Budgeting Apps - August 2023

The Best Budgeting Apps: Track Your Spending and Save Money

Budgeting can be challenging, but with the right budget app, you can easily track your spending habits, save more, and budget effectively. In this article, we will introduce you to the best budgeting apps available and provide you with expert advice on how to choose the right one for you.

Finding the Perfect Budgeting App

To ensure our top picks are user-friendly and cater to different budgeting needs, we consulted banking and financial planning experts. Here’s what they had to say:

• Mykail James from BoujieBudgets.com suggests, “Figure out what you’re missing in your financial system. Look for apps that specifically solve your problem. For example, if you want to stick to a zero-based budget but need help with organization, focus your search on apps with strong organizational features.”

• Sophia Acevedo from Personal Finance Insider recommends looking for features that align with your financial goals. “If you’re trying to curb spending, choose a budgeting app that helps you minimize payments in specific spending areas.”

Trustworthy Budgeting Apps: Our Methodology

At Personal Finance Insider, our mission is to help you make the best decisions with your money. We understand that “best” is subjective, so we aim to provide a comprehensive analysis of each financial product, highlighting benefits and limitations.

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To select the best budgeting apps, we researched 18 popular apps available on both the Google Play Store and Apple Store. We used each app for a week, evaluating their sign-up process, pricing, budgeting tools, user experience, and whether they delivered on their promises. Additionally, we considered user reviews on Apple and Google Play stores.

The Best Budgeting Apps

Now, let’s explore our top picks for the best budgeting apps:

1. Mint App

• Price: Free; premium plan available for $4.99 per month
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Owned by Intuit, the same company behind TurboTax and Quickbooks, Mint is a well-rounded budgeting app. It creates a budget based on your past spending habits by linking your bank accounts. Mint categorizes your expenses and allows you to adjust settings or create new categories.

Mint also helps you save for multiple goals, displays factors like credit score and investments, and offers a bill negotiation feature in partnership with Billshark.

2. Honeydue App

• Price: Free
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Honeydue is designed specifically for couples. It allows you to view individual and shared finances in one place, with the option to set limits on what your partner can see. You can also create bill reminders and discuss personal financial information through the app’s chat feature.

Additionally, Honeydue offers a joint bank account called Honeydue Joint Cash, which has no monthly service fees or minimum balance requirements.

3. Qapital Goals Account

• Price: 30-day free trial, then plans start at $3 per month
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Qapital is ideal for saving and investing money individually or as a couple. It offers unlimited personalized savings goals and unique savings features called “Rules.” These rules encourage you to save in various ways, such as the “52 Week Rule” or the “Set and Forget Rule.”

Qapital also provides a bank account, insured by Lincoln Savings Bank, and offers different plans based on your needs.

4. Rocket Money

• Price: Sliding scale payment system; premium plans range from $3 to $12 per month
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Formerly known as Truebill, Rocket Money helps analyze your bills and spending habits to identify areas where you can save money. It offers bill negotiation services, helping you get the same services for a lower price. Rocket Money also has a free plan and a premium plan that includes additional features.

Budgeting Apps that Didn’t Make the Cut

While the above apps are our top picks, we also considered other popular options:

• Oportun App: This app has a $5 monthly subscription fee, making it less cost-effective compared to our top picks.
• Trim: Trim offers bill payment and cancellation services but lacks features like requesting bank refunds.
• Simplifi by Quicken: While it provides detailed monthly spending and savings plans, it lacks a free version and offers monthly or annual fee plans.
• Zeta, Monarch Money, You Need a Budget, and others: These apps have specific features but didn’t meet all our criteria or affordability.

App Trustworthiness and BBB Ratings

We prioritize transparency and customer satisfaction, considering BBB ratings to evaluate the trustworthiness of financial institutions.

• Intuit: The parent company of Mint has a C+ grade from the BBB, mainly due to unresolved customer complaints. Intuit has faced public issues surrounding TurboTax but not Mint.
• Honeydue and Qapital: Both apps have received F ratings due to customer complaints and unresolved issues.
• Rocket Money: This app has a B rating, indicating a high volume of customer complaints.

Keep in mind that a BBB rating is just one factor to consider when choosing a budgeting app. Read customer reviews and talk to current users for a clearer understanding.

Conclusion

Choosing the best budgeting app requires careful consideration of your financial needs and preferences. Mint, Honeydue, Qapital, and Rocket Money are among the top options available, offering different features to help you track your spending and save money.

Remember, the key is finding an app that aligns with your financial goals and provides an intuitive user experience. Explore our top picks, evaluate their features, and start budgeting smartly today.

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