Many financial experts and personal finance gurus agree that making a budget is key to taking control of your financial future.
If the "B" word seems daunting, however, you're not alone. That's why many companies have created apps that do the grunt work for you. Budgeting apps typically link to your banking and credit card accounts, automatically tracking your purchases and payments. Many categorize spending into different buckets (transportation, food, entertainment, etc.), so you know where your money is going. A good budgeting app can save you time and energy while helping you to spend smarter and save more.
CNBC Select set out to find which budgeting apps are the best. We reviewed more than a dozen and narrowed down our list to the top five, focusing on ones that sync transactions, are easy to use, have a low (or no) sign up fee and can be accessed on multiple devices. We also favored those with a considerable number of user reviews and high ratings. (See our methodology for more information on how we made this list.)
Best budgeting apps
Best app for beginner budgeters
Goodbudget
Cost
Free for 20 total envelopes; $70 annually for unlimited envelopes
Standout features
Allows couples to use the envelope system digitally for budgeting, and allows couples to track their debt
Categorizes your expenses
Yes, but users must manually input transactions since the app does not sync to your bank account
Links to accounts
No, users must manually input purchases and transactions
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android) and as a version for laptops
Security features
Information is secured using bank-grade 256-bit SSL
See our methodology, terms apply.
Pros
- Free version of the app
- Helps couples manage their money together, track spending and track debt
- Ability to share budget with your partner
- Digital envelopes help couples save for big goals that matter to them
- Indicates when you've gone over budget
- Money management courses and resources available
Cons
- Can't connect bank accounts so users must manually enter transactions
Who's this for? Goodbudget is the app to use when you're looking for an easy way into budgeting. The app stands out for helping users utilize a digital version of the tried-and-true envelope budgeting method — a method where you budget by divvying up your cash into different spending categories with each category having its own envelope.
Best app for serious budgeters
You Need a Budget (YNAB)
Cost
34-day free trial then $84 per year or $11.99 per month (students who provide proof of enrollment get 12 months free)
Standout features
Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the "zero-based budgeting system" where no dollar is unaccounted for). Every dollar is assigned a "job," whether it's to go toward bills, savings, investments, etc.
Categorizes your expenses
No
Links to accounts
Yes, bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Encrypted data, accredited data centers, third-party audits and more
See our methodology, terms apply.
Pros
- Offers a 34-day free trial, and students get 12 months free
- Designed to help you get out of debt
- YNAB website claims average user saves $600 in their first two months and more than $6,000 in their first year
- Syncs to your bank accounts and credit cards
- Users can set goals, customize spending categories
- Offers educational resources, such as budgeting advice and 100+ free workshops offered every week
- Personal customer support
- Security features include encrypted data, accredited data centers, third-party audits and more
Cons
- Costs $84 per year or $11.99 per month
- Customer reviews note that it takes longer to set up than other apps
Who's this for? Determined budgeters should consider the app YNAB. YNAB stands out for its zero-based budgeting system where every dollar is essentially assigned a "job." Whether it be to pay off your student loans, to cover that month's car payment, etc., users allocate every dollar they earn to something so no dollar goes unaccounted for.
Best app for over-spenders
PocketGuard
Cost
Free basic budgeting app; $34.99 per year to upgrade to PocketGuard Plus, the premium version
Standout features
Taking into account your estimated income, upcoming expenses and savings goals, "In My Pocket" feature uses an algorithm to show how much you have available for everyday spending (available for all users)
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Major bank-level encryption, PIN codes and biometrics like Touch ID and Face ID
See our methodology, terms apply.
Pros
- Free version available for basic budgeting and one "goal" account
- Syncs to your bank accounts and credit cards
- "In My Pocket" feature uses an algorithm to show how much you have available for everyday spending
- Users can create savings goals and track investments
- Autosave feature where PocketGuard automatically withdraws funds from a linked bank account to a non-interest bearing custodial account for users' savings goals
- Premium users have access to “cancel your subscription” feature, which recommends subscriptions you should cancel to save money and directions on how to do so
Cons
- Costs $34.99 per year to upgrade to the premium version, PocketGuard Plus
- Autosave feature is only available for U.S. citizens (though the app connects to both U.S. and Canadian financial institutions) and there is a $2 monthly maintenance fee for free users
- Some user reviews report that transactions are categorized incorrectly on occasion
- There is no bill negotiation feature
Who's this for? If you need something to hold you accountable and prevent you from spending beyond your means, PocketGuard is for you. The app notifies users whenever they spend 50%, 75% of their budget, or when they go over it, so they can get a better idea of how much they can afford to spend.
Best app for investors
Empower
Cost
App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million)
Standout features
A budgeting app and investment tool that tracks both your spending and your wealth
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Data encryption, fraud protection and strong user authentication
See our methodology, terms apply.
Pros
- Free to use
- Includes money-tracking dashboard, plus a net-worth tracker as well as a breakdown of your investment portfolio
- Offers free investing tools, such as a retirement planner, education planner and fee analyzer to check portfolio fees
- Syncs to your bank accounts and credit cards as well as other financial accounts
- Offers Daily Capital blog for financial planning tips
- Security features include data encryption, fraud protection and strong user authentication
Cons
- Budgeting features aren't as comprehensive as other apps
- Investment management services come with cost
Who's this for? Empower is a budgeting and net worth tracker all in one, making it the perfect choice for people who want an investment tool that tracks both their spending and their wealth.
Best app for couples
Honeydue
Cost
Free
Standout features
Allows couples to see both partners' bank accounts, credit cards, loans and investments (and each partner can select what to share with the other) so you can manage money together and see everything at one glance
Categorizes your expenses
Yes, but users can customize
Links to accounts
Yes, you and your partner's bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Data encryption, Touch ID and multi-factor authentication
See our methodology, terms apply.
Pros
- Free to use
- Helps couples manage their money together, track spending, coordinate bills
- Syncs to you and your partner's bank accounts
- Choose what accounts you want to share
- Users set up monthly spending limits in each category and are alerted when they or their partner is reaching limit
- Bill payment reminders
- Chat and send emojis to your partner through the app
- Offers joint bank account
- Security features include data encryption, Touch ID and multi-factor authentication
Cons
- Some reports of app being buggy and transactions not showing up immediately
Who's this for? Couples looking to budget better together can use the Honeydue app. Honeydue allows both partners to view each other's bank accounts, credit cards, loans and investments, if they choose to share. It's easier this way to see everything together versus logging into separate accounts, and it allows couples to see their progress on shared goals like saving up for a vacation or a down payment on a home. Plus, partners can use the app's chat feature to text each other about specific bills directly within the app itself.
More on our top budgeting apps
Goodbudget
Cost
Free for 20 total envelopes; $70 annually for unlimited envelopes
Links to accounts
No, users must manually input purchases and transactions
Categorizes your expenses
Yes, but users must manually input transactions since the app does not sync to your bank account
YNAB
Cost
34-day free trial then $84 per year or $11.99 per month (students who provide proof of enrollment get 12 months free)
Links to accounts
Yes, bank and credit cards
Categorizes your expenses
No
PocketGuard
Cost
Free basic budgeting app; $34.99 per year to upgrade to PocketGuard Plus, the premium version
Links to accounts
Yes, bank and credit cards
Categorizes your expenses
Yes, but users can modify
Empower
Cost
App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million)
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Categorizes your expenses
Yes, but users can modify
Honeydue
Cost
Free
Links to accounts
Yes, you and your partner’s bank and credit cards
Categorizes your expenses
Yes, but users can customize
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FAQs
What does a budgeting app do?
Once you download a budgeting app to your mobile device, tablet or computer, the app helps you track your money. The basic budgeting apps show you how much you earn and organize your expenses into separate categories so that you can see where and how much you spend.
Many budgeting apps offer much more than that, however. The best ones come with other services, such as monitoring your savings, your investments, your debts and/or your credit score. They will offer alerts when you have an upcoming bill due or recommend ways you can save.
Budgeting apps often sync with your bank accounts so they can automatically track your spending. Some require that you input your transactions manually.
How much do budgeting apps cost?
Many budgeting apps are free, offer a free version or have a free trial for users to test out before signing up.
After a free trial, or if you want to upgrade beyond the free option, budgeting apps can cost anywhere between $1 per month for very basic budgeting features to $6 to $15 per month for more advanced tools and customized tips for users. Sometimes, you can get a discount if you pay an annual fee instead of monthly.
Should I pay for a budgeting app?
You don't need to pay for a budgeting app. There are plenty of free budgeting apps on the market if you don't want to invest in one. Free budgeting apps can, however, have limited features or a bunch of in-app ads.
If you want a more robust budgeting app that offers a variety of premium services (such as a retirement planner tool) or if you simply can't stand all the ads, consider a subscription-based app where you pay a monthly or annual fee. You might find that paying for an app encourages you to use it more since you have some monetary stake in it. If that means you get serious about trimming your spending and saving more, the fee could be worthwhile. Be sure to check if the app offers any sort of free trial so you can test it out before paying for it.
Bottom line
Budgeting is a surefire way to get a handle on your finances. If you need help getting started, consider downloading one of the top budgeting apps that can make the process easier. Getting smart about your money doesn't need to require much time and effort.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every budgeting app review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best budgeting apps.
Our methodology
To determine which budgeting apps offer the best user experience, CNBC Select analyzed over a dozen apps offered by the top companies in this market and looked at their pricing, features, user reviews and ratings.
We narrowed down our ranking by only considering apps that come with low (or no) cost to sign up, are easy to use and can be accessed on multiple devices so are accessible and compatible for most.
The five apps we selected for this ranking are either free, offer a free version or have a free trial for users to test out before signing up. All of the apps in our round-up have a sizable number of user reviews and high ratings. Each app on this list has at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating over 4 stars (out of 5) on both platforms. Other factors we looked at included apps' syncing with bank accounts, their security features, user customization and educational tools offered.
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