8 Best Budgeting Apps for Managing Your Money

Budgeting apps are software applications you can access directly from your computer, laptop, or smartphone to track your finances, like earnings, savings, investments, pay-offs, etc. Once it is linked with your financial accounts, it gives you a synopsis of financial transactions and situations in real time. 

These apps can even organise your spending history to figure out trends. This way, it helps you to be aware of your spending habits in due course and meet your budgetary goals.

1. PocketGuard

PocketGuard is categorised under the best budget apps that help in efficient money management. This app uses a specialised algorithm to access your income, spending, upcoming transactions, budgets, and goals.

Furthermore, the PocketGuard application provides a bill reminder to maintain track of due dates. 

In addition, the app features automatic savings by which you can set a target and save. This app has security with 256-bit encryption, PIN, as well as Face ID and Touch ID. So the chances of your data hacking are scanty.  

Pros

• Ability to sync bank accounts from numerous institutions
• Forming personalised budgets and setting savings goals 
• Availability of real-time spending data

Cons

• Several features are available only for paid users
• The website is tough to navigate

2. Goodbudget

One of the most popular money management apps is Goodbudget. This user-friendly application is supported on iOS and Android devices. With this virtual budget app, you can stay on track with your family and friends. 

The app helps you to divide your income into spending categories, splits transactions, tracks payees, etc. Furthermore, having flawless cash flow reports as well as income and spending assessments gives you a better overview of your budget. 

Pros

• It comes in a free version
• It offers an easy approach to budgeting
• Provides spending reports
• Provides resources to assist you

Cons 

• The free version has limited features
• It does not allow you to invest in tools or resources

3. Monefy

Monefy is also among the well-known money management applications that help you by straightforwardly dividing your costs based on your financial needs. It objectifies your normal spending habits so that you can save your money efficiently. 

The app features a user-friendly interface and provides a journal-style data input tool by which you can insert a line item while spending money. Moreover, you can even sync data through various devices and keep them protected by using Touch ID and Face ID.

Pros

• Provides budget tracker
• Gives the option to use several accounts
• Offers easy-to-read and understandable charts

Cons

• Poor web support
• You need to enter budget information manually
• The website is not very clear

4. Mint

You can use the Mint application if you are looking for an effective budgeting app. This app helps to track your expenditure, avoid fraudulent activities, and get a comprehensive report with higher subscription charges. With this, you can be able to figure out where to save money. 

It has personalised objectives that help improve your spending habits and future plans. Using this app is a sensible choice since you would not need to create a spreadsheet to manage your expenses. 

Pros

• Helps in checking credit scores for free
• Provides customisable budgets
• Notifies about upcoming bills and bank fees

Cons

• Too many advertisements 
• Occasional connectivity problems with financial account

5. You Need a Budget (YNAB)

You Need a Budget or YNAB is another well-known budgeting app that helps manage money. This app enables you to link your bank accounts, import data from any file, or insert each transaction manually. 

YNAB features a modernised budgeting approach instead of tracking your previous spending. The app comes with a tight security feature that protects your data so no foreign party or stranger can access your details. So you can stay assured of your personal as well as financial information secrecy. 

Pros

• Can be accessed from multiple devices
• You can get live help from the YNAB team, as well as interactive webinars
• Can be shared with another individual

Cons

• User interface is not very different from MS Excel spreadsheet
• Shortage of investment tracking

6. Wallet

Wallet is among the noteworthy budgeting apps that enable you to manage your finances seamlessly and conveniently. The app makes a complete assessment of your information and offers prompt and accurate results. 

The Wallet app helps in comparing your monthly bills and gives you the latest updates on that basis. This app is extensively security-protected, so you can stay assured that your data and information will remain safe. 

Pros

• Gives the option to add a boarding pass 
• Facilitates cloud sync
• Includes premium versions
  

Cons

• Its free version is time-consuming since it is manually operated
• Some features of Wallet app found missing in web and iOS versions

7. Axio (Walnut)

Presently known as Axio, Walnut is an exceptional money management app for iOS and Android devices. It comes with some outstanding features, like the option to divide the cost of something into various smaller lots, which equates to the entire amount. It comprises entertainment, food, shopping, etc. 

Apart from money management, Walnut notifies you to pay your DTH, mobile, credit card, and other dues timely. You can even check your bank balance within a fraction of a second by using this app and splitting expenses for vacations, travel, regular spending, etc.

Pros

• It gives the option to send money via UPI
• Helps in booking cabs, movies, and trains
• No registration charges  

Cons

• Occasionally, server faces errors owing to high traffic
• Takes a long time to load GPS

8. Wally

One of the top-notch budgeting apps that help in reducing your financial stress and manage funds is Wally. It creates adjustable budget periods over which you can track your expenditures. This app syncs across your bank, credit card, savings, and loan accounts to offer prompt insight regarding your cash flow and spending habits. 

Wally automatically keeps your account balance and transactions up-to-date and shows your latest spending and upcoming transactions. Last but not least, it helps create a bill reminder to track your purchases periodically.

Pros

• The application is free 
• Easy to use
• Keeps financial paperwork in one place

Cons

• The idea of "coins" is unclear
• Data needs to be entered manually
• Add-ons are expensive

Selecting a budgeting app is a great choice for you to maintain your finances efficiently. Selecting the best budgeting app may offer you supportive insights and help you to manage your savings and expenses diligently. Mentioned below are some points you should keep in mind while choosing budgeting apps:  

• Fees: Different budgeting apps have different costs. Some offer free services, while others charge a monthly fee. Even though choosing a free app makes sense, do not ignore the paid apps entirely. If a budget app charges some amount but works according to your need, your investment will be worthwhile. 

• Features: Secondly, while choosing the best app to manage your money, ensure that it is equipped with new and advanced features. Thus, you must thoroughly research various apps and their features before choosing your favoured one. Some new features present in budgeting apps these days comprise connecting your bank accounts, getting notifications regarding upcoming bills, and credit score checking, tracking expenses, making monetary goals and so on.

• Security: The most vital factor you need to check out is the security features of the budgeting apps. Remember that your personal details are essential, particularly bank details and login. Thus it should be well-protected from the hands of hackers or third parties. Even though the security systems among the apps have some similarities, you need to choose the right app. It should have the tightest protective measures such as multi-factor authentication, 256-bit encryption, etc. 

• Customer Service: Last but not the least while planning to use a budgeting app, make sure that you check its customer service carefully. If you face any issues while using a budget app, getting expert support from the helpdesk will greatly help. You can check out the customer reviews of the budget apps and make your decision keeping this in mind. 

Having a crystal-clear idea about the budgeting apps will help you make your budgeting plans with more convenience. However, the nature of working and approaches of budgeting apps vary from each other. So, make sure you choose the app that offers top-notch features and security protection.