Most economists report that Americans don’t save and invest enough money. Budgeting apps are all about precision and convenience in reaching your budget goals. The best budget apps are ideal if you need to stay on a budget or save for a major purchase like a home. Some are specially designed for certain kinds of budget needs, such as health care and medical insurance budgets. According to Moody’s Analytics, young adults (less than 35 years old) have a negative savings rate of about- 2 percent. The savings rate for older Americans is slightly less than zero.
Digital budgeting apps simplify financial life. The best budget apps create efficiencies that free up your time to pursue happiness. The following budgeting apps help you manage your finances better. They save lots of time and help you make the most of your money.
Top 6 Budgeting Apps Out There Right Now
Some well-designed budgeting apps aren’t really new. They’ve got the kinks worked out, so you won’t need to worry about whether you’re using the best budgeting app now. Mint has been around for more than 10 years, but it’s still one of the best budget apps available today. The service is free and you also don’t have to worry about hidden fees.
Provide Mint with logins to your investment, credit card and financial accounts, and it automatically generates amazing details about your individual or conjoined financial life. If you want the best budget app to take the hassle out of personal or couples money management, consider Mint. The Wall Street Journal recommends Mint as one of the best budget apps for couples.
Budgeting and savings apps are everywhere. If you want to live within your means and invest for the future, consider budgeting apps like Acorns. Acorns is a great app because it automatically saves and invests money you won’t miss. Users give the app high marks.
A robo-advisor platform merges with the automated saving tool. You don’t need to make decisions after you set it up, so it too may be the best budget app for couples. It rounds up purchases linked to debit or credit cards and sweeps your pennies into a computer-automated investment portfolio. You select the portfolio according to your risk profile.
Although Acorns won’t fund your retirement, it’s one of the best budgeting apps out there. It’s free if you’re a college student with a .edu email address. All others pay $1 per month until the account balance reaches $5,000. Thereafter, the user pays just 0.25 percent of the annualized account balance.
Almost everyone wants budgeting apps but finding the right one for you can be challenging. Many budgeters want a totally free app that’s easy to get started with a small amount of money. SmartyPig is a micro savings service that can help you live on a budget and help your savings grow faster. Choose your savings goals and this money-making app does the rest.
In a low savings rate environment, SmartyPig identifies the highest-paying savings rates for your money. You won’t need to shop savings rates ever again if you don’t want to. Many couples want a home budgeting app free to use: SmartyPig is completely free. SmartyPig’s best budget app for iPhone and Android devices is also one of the best for students and graduates living on a budget. Fund your SmartyPig account with just $25.
Living on a budget can be very difficult and most budgeting apps don’t live up to the hype. Digit’s best budget apps are for people who want to live on a budget and save money. After you provide Digit with your checking account login, it draws money from your checking account and sweeps the money into a savings account.
Your funds are FDIC-insured. Digit takes into account when your bills are due, when you receive regular income, and when you’re spending more than normal. Users love Digit. The app communicates via text. When Digit withdraws money from checking, you receive a text. If you want to save more, send Digit a text to “save $X more”. It’s completely free to join and charges no account fees. However, Digit makes you pay for its services by keeping the interest you earn on your savings.
5. YNAB (You Need a Budget)
Users say that YNAB is the best budget app for iPhone, as well as the best budget app for couples. It syncs continually between your devices to keep you and a partner up-to-date about budgets. Choose debt paydown or select your own budget goals. YNAB is also one of the best interactive financial tools.
Sign up for a live workshop – YNAB offers them every day. If you’re looking for a home budgeting app free to use, YNAB charges students nothing for one year and it’s free for everyone else for 34 days. If you decide to keep on YNABing, expect to pay $50 a year. YNAB reports that most new users save $200 in the first month and about $3,300 by the ninth month.
6. Simplee Wallet
According to Consumer Reports, Simplee Wallet is one of the premier budgeting apps for health care consumers. According to CNBC, medical bills are the top reason that consumers file for bankruptcy in the U.S. To manage your health care budget, the Simplee app organizes bills and statements from insurers and health care providers in one place. It helps users to decipher the maze of coverage, co-payments, authorizations, and deductibles.
Simplee works to organize health spending coverage and medical, vision, dental, and pharmacy expenses. It’s easy to access your information on the go through the app and simple to know what amounts you owe to which providers. If you or a loved one is managing a chronic illness or you’re dealing with a catastrophic illness, Simplee is like a second pair of really good eyes. It searches for billing errors that are commonly found on physician, lab, and hospital statements. Simplee is HIPAA-compliant and, in the event of a natural disaster, you can access essential health care information in the secure cloud.
Budgeting apps are ideal for people who want to mix personal finance and technology. The above budgeting apps are money streamliners. No matter what your budget, it’s possible to do more with what you have with access to great money management tools.
What’s your experience with budgeting apps? If you have your own recommendation the best budget app for single users or for couples, we’d love to hear about it.