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The Best Budgeting Apps for 2023

The Best Budgeting Apps for 2023

Budgeting can be challenging, but more digital tools are available to help you track your expenses, boost savings, lower debt, and experience greater peace of mind about finances.

One of these resources is the budgeting application. There are many budgeting apps, and some are better suited for reaching certain financial goals than others. Discover some of the best money management apps from 2022 to help you achieve more financial stability in 2023. 

What Are Budgeting Apps? 

Budgeting apps are software programs designed to help users craft budgets and accomplish other financial tasks. Like other apps, they are accessible via computers and smartphones. A basic budgeting app may allow you to monitor your income and spending, and a more advanced app may offer additional services, such as help paying off debt or managing your credit score.

How Can I Save Money With Budgeting Apps? 

While the main objective of many budgeting apps is wealth management assistance, they can also help you save money. The best budgeting apps will also be the best money-saving apps — by instructing you on handling your income and expenses, they may show you areas where you can cut back on spending.

Are Budgeting Apps Secure? 

Since the pool of budgeting apps is so wide, features will vary. In other words, some apps may be more secure than others. When researching your options, look for details about security. The best budgeting apps will use high-level technology to protect your sensitive financial information. 

The Best Money Management Apps for 2023 

As mentioned, budgeting app developers may specialize in helping people achieve specific objectives. One app may be intended for those investing in securities, while another may be more appropriate for those who want to pay off debt. The following are some of the best budgeting apps in a handful of categories:

Best Overall Budgeting App 

Overview: You Need a Budget (YNAB) is one of the best expense-tracking apps because it gives every dollar a purpose — bills or spending goals. This framework strives to help people get far enough ahead that they spend money they earned a month ago.

Cost: Users may start with a 34-day free trial and then pay either $14.99 a month or $99 a year.

Pros: YNAB offers quality customer support and ample educational resources. It also delivers strong security.

Cons: This app is less user-friendly and may take some time to figure out.  

Best Budgeting App for Reducing Debt 

Overview: When seeking to cut down on debt, try Mint. This app allows you to consolidate all your accounts into a single virtual location, making it easier to monitor personal cash flow. Another of Mint’s abilities is helping you pay off loans. You can input the loan you want to clear, and the app will give a timeframe and minimum monthly cost for paying off a loan.

Cost: Free, with some in-app purchases.

Pros: Mint delivers multiple functions, from notifying you about changes to monthly bills to tracking investments. You can also obtain credit scores.

Cons: Some users have cited technical issues with Mint. The app is also not the most proactive choice, as it only tracks spending after the fact.

Best Budgeting App for Increasing Savings 

Overview: If you tend to overspend but want to increase your savings, one of the best spending tracker apps is PocketGuard. The app connects all your accounts and measures your income, expenses, and savings objectives to determine how much you can spend each day.

Cost: The basic version of PocketGuard is free, but there are three subscriptions for premium access. You can pay $7.99 per month, $34.99 per year, or make a one-time payment of $79.99.

Pros: The basic version of PocketGuard is free, and the app supplies users with ample security. Many users find PocketGuard quite intuitive, as well.

Cons: PocketGuard does not offer phone support, which can make using the mobile app version difficult.

Best Budgeting App for Investors 

Overview:  With its primary purpose as an investment tool, Personal Capital is great for investors. It also offers general resources for building wealth, including connecting various accounts. You can supervise your net worth, as well.

Cost: The app is free to use, but you may need to pay for additional investment services.

Pros: Personal Capital delivers numerous valuable resources for wealth management, including a retirement and education planning tool and free analyzer for your investments.

Cons: Since Personal Capital is for investing, it lacks some budgeting features of other apps on this list. For instance, you cannot input specific financial goals.

Best Free Budgeting App for Couples 

Overview: For those managing finances as a team, Zeta is the ideal choice. This app is intended for various types of couples, including married people, new parents, and those simply living together. It also accounts for those with and without joint finances.

Cost: Zeta is free to use.

Pros: Zeta allows you to perform multiple tasks, from paying bills to viewing your net worth. It also permits couples to sync accounts.

Cons: While Zeta does not charge fees for joint accounts, the annual percentage yield (APY) is lower, at 0.10%. 

Budgeting Resources from American Financial Solutions

While these budgeting apps can help you maintain greater control over your finances in the new year, you may receive additional guidance through credit counseling. At American Financial Solutions, our certified counselors offer financial education classes and an online financial resource center to help individuals make wiser decisions for the present and future.

Contact American Financial Solutions 

If you are wondering whether or not budgeting apps are worth it or would like more assistance with wealth management in 2023, choose American Financial Solutions for help. We will assess your current financial situation and craft a plan to help you eliminate debt and set goals. Contact us today to learn more about our services. 

Published Jan 17, 2023.