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What is your biggest financial goal? Maybe you’re trying to save for an important purchase, pay off past debts, or just want to be more aware of your spending habits. Almost always, a budget is a critical place to start. And you have several options to get started with the process. You can try keeping an Excel spreadsheet with a monthly purchase log. Or maybe take a more physical route, refill your money in classified envelopes.
However, if you are looking for a way to track expenses that is more simplified and on yours smartphonesa budgeting app worth trying. Keep in mind that usually when a financial app is offered for free, it is monetized more aggressively by the company that provides it. Therefore, it might be worth getting a subscription to a paid tool for a couple of months to test the user experience, and cancel if it doesn’t suit you.
If you are looking for a completely new way to approach your money mentality or just trying to be a little more careful with these coins, these five apps focus on practical advice, help with budgeting, and could help reduce your general financial stress.
January 2025: This article has been updated to reflect current details on budgeting applications.
Budgeting in your head is hard, especially if no one has shown you the ropes. YNAB (You need a budget) makes financial planning manageable. You can synchronize all your accounts, track your monthly expenses, stay on top of your bills, and set aside savings for emergency situations –all in one hub. The company offers online workshops that can give you the skills you need to get rid of that pesky debt and increase your savings. After a 34-day free trial, YNAB costs $109 a year, but you can just factor that into your budget.
The lively user experience provided by co-pilot makes the financial app stand out. Once connected to your bank account, transactions are automatically organized into groups marked with emojis. The app can suggest new amounts for budget categories based on past expenses and keep tabs on recurring payments. Acorns, Robinhood and other apps connect with Copilot to help you keep an eye on any investments. For those overwhelmed by the thought of financial tracking, Copilot is an accessible entry point to the world of money management. Unfortunately, the app is only available for iOS users. After a one-month free trial, the annual subscription costs $95.
The world of investments and returns can be obtuse to a newcomer. Skip the appointments with the brokers and consider downloading Acorns in contrast. Simplify the investment process by rounding every purchase you make to the nearest dollar and automatically invest the change in a diversified portfolio. The basic service costs $3 per month, and you can withdraw your investments at any time.
If you are not ready to dive fully into the risky world of investments, punctual (formerly known as Digit) provides another way to build your savings. It’s an automated process, like Acorns, but instead of focusing mainly on investments, it’s geared towards saving the money you already have. Every day Oportun withdraws money from your account to deposit in a savings account. The app monitors your spending habits and your income, so it will only withdraw what it thinks you don’t need. Long-term and pension investments are also available through Oportun. You can try it for free for 30 days, then you have to pay $5 per month.
It’s not a budgeting app, but it’s free Credit Karma The app, owned by Intuit, could help you decipher that credit score and how it changes over time. Your credit score is very important: Lenders, landlords and insurers may all want to check it. The number fluctuates and mainly tracks whether you make credit card or loan payments over time, as well as how much of your allocated credit is used. The Credit Karma app collects reports from TransUnion and Equifax and then explains the factors that affect your score. While the app is good for tracking your score, it’s probably best to ignore in-app advertisers that push you loans based on your data.
