Whether you’re a seasoned investor, a student just starting out or someone juggling a career and family life, having the right financial tools is essential for everyone. The proper tools can help you increase your financial literacy, set goals and plan for the future. In this fast-based world, budgeting apps can take off some of the burden of making informed decisions on your own.
There are plenty of money management apps available. Each has different features, so the key is finding which one is right for you. We break down some of the most popular money-tracking tools to help you take control of your finances.
What Is The Best Personal Finance App?
There’s no shortage of personal finance apps available online. From budgeting tools to investment trackers, the options for managing your money are endless. It’s important to remember there isn’t one single budgeting app that fits everyone. The best app for you is based on your unique financial needs and preferences.
What To Consider
A few aspects to consider when choosing a finance app include:
- Security: Does the app have strong security features?
- Ease of use: Is it intuitive enough that you’ll use it regularly?
- Specific features: Does it have the finance tools you need for your life stage and preferred approach to money management?
- Goals and progress: Are there helpful ways to track goals and monitor your financial progress?
Top Finance Apps And Their Standout Features At A Glance
Based on hundreds of online reviews, some finance apps stand out from the rest. These top budgeting apps include Rocket Money, Money Manager, Empower, YNAB, and Monarch Money (plus some great alternatives for the now-defunct Mint app). Some of the powerhouse features of each include:
- Rocket Money: Money-saving subscription management
- Money Manager: Detailed financial reporting and multi-currency support
- Empower: Automated savings and personalized financial advice
- YNAB: Long-term financial planning
- Monarch Money: Collaborative family budgeting tools
Dive into the pros and cons to choose which of the most recommended budget apps is best for you.
Rocket Money
Cost: $6-$12 per month
Overall Rating: 4.3/5
It seems like today almost everything is on a subscription, and you may not realize how much subscriptions are costing you. According to information from the Consumer News and Business Channel (CNBC), people tend to underestimate how much they spend on subscription services by at least $100. But even if you forget about the subscriptions you made long ago, your bank account doesn’t. No one wants to be surprised by a nasty overdraft fee. This is where a finance app like Rocket Money can help.
Rocket Money is a money management and budgeting app that lets you see all your financial accounts in one place. The Rocket Money app allows you to add accounts to your dashboard, including your checking, savings, credit card and investment accounts.
If you don’t have multiple accounts, the app might still be right for you; Rocket Money works with even just one financial account. Once your account is linked (through the third-party app Plaid), you can view your money and make budgeting decisions.
| Pros | Cons |
| Easily view all the money across all your accounts | Some features are only available for premium users |
| Lots of budgeting and savings features | Limited customer support availability |
| Track your credit | Bill negotiation service is a separate cost |
| Cancel subscriptions in-app | |
Rocket Money Key Features
Your dashboard breaks down your recent transactions, upcoming bills and how much money you have left to spend (after bills). Rocket Money also allows you to automatically see your recurring payments and cancel subscriptions within the app. This makes it simple to track where your money is going and to remove any unwanted subscriptions.
You can set a monthly budget for several different expenses and automate your savings using the power of artificial intelligence (AI). Once you opt into their autopilot savings feature, Rocket Money uses AI to analyze your accounts and determine the best time for you to save. If monitoring your credit is a personal finance goal, Rocket Money also enables you to track your credit through all three major credit bureaus.
Rocket Money may help you lower some of your monthly bills through their bill negotiation service. With bill negotiation, Rocket Money checks if the same billed service is available for a lower price. This saves time and the headache of negotiating and lowering your bills yourself. Savings can vary, but users have reported saving anywhere from hundreds to thousands of dollars per year when using the app.
Is Rocket Money Right For Me?
There are some reasons the Rocket Money app may not be the best personal finance app for you. Many of the budgeting features are only available to premium members, so you might be missing out on some aspects if you’re looking for a completely free tool. Additionally, while Rocket Money offers support for free members via email or chat, priority customer support is only available for premium users. The bill negotiation service is also a separate fee from the rest of Rocket Money’s features.
Money Manager
Cost: $2.49 per month/$19.99 per year
Overall Rating: 4.8/5
In the past, managing your finances meant sitting by the kitchen table with a ledger and writing everything down. These days, many people are turning to budgeting apps to track their expenses. Finance apps like the Money Manager make it easier to keep track of your bills—without pen and paper.
| Pros | Cons |
| Easy-to-use interface | Limited accounts on the free version of the app |
| Toggle between monthly and weekly spending views | The setup process may be complex for some users |
| Multi-currency support | |
Money Manager Key Features
The Money Manager app organizes your finances in one place, giving you an overview of your current situation. From there, you can set monthly budgets for different spending categories. Plus, the Money Manager app lets you view your daily, weekly or monthly budget, which may be helpful if you get paid weekly. Budget for the week without compromising the money you have for the rest of the month by toggling between weekly and monthly views. In the calendar view, get an overall picture of what bills are due and when.
The Money Manager app has both free and premium versions. But, the free version doesn’t skimp on features. For example, the Money Manager app includes a currency setting available for different countries, which can be useful for budgeting while traveling. Plus, with the free version, you can add up to 10 different financial accounts. There is also the option to remove ads from the free version for a one-time payment of $5.99. The premium version offers unlimited accounts in addition to an ad-free experience.
Is Money Manager Right For Me?
The Money Manager app is a good option for users who like getting into the details and need multi-currency support for their money. The straightforward app interface makes it ideal for those who need a simple expense-tracking tool.
Empower
Cost: Free
Overall Rating: 4.8/5
No matter where you are in your personal finance journey, it’s key to know where your money goes. Budgeting apps like the Empower app can help you do just that with powerful budgeting, saving and investment tools.
| Pros | Cons |
| Lots of budgeting, saving, investing, and retirement planning tools | Some users report issues with data syncing |
| Available on the web and mobile | Possible upsells to Empower Wealth Management |
| High net-worth support | |
Empower App Features
The Empower app offers powerful, free budgeting and retirement planning tools. With the Empower app, you can track, analyze and plan your personal financial goals. Empower comes with robo-adviser services that automate your investments and provide you with financial advice, something that may be especially attractive to high-net-worth people. Once you sign up for Empower and link your accounts, you can enter information about your goals to tailor your experience.
The Empower budget planner section records all your transactions and organizes them by category, making it easier to spot areas of overspending. You also create up to 30 additional custom categories. From there, you can track spending and create savings goals.
The retirement planner section looks at your current savings, yearly savings, marital status, and more to see if you’re on track for your retirement goals. You can even run through different scenarios and adjust your annual savings rate.
The personal dashboard comes with a robust investing section. Once you link your brokerage account, you’ll get a detailed breakdown of your portfolio balances to track your wealth-building progress in a single dashboard.
Is The Empower Budget App Right For Me?
The Empower app might not be a perfect fit for everyone. Some users have reported data syncing issues, and there’s a possibility of getting upsells for the Empower Wealth Management service.
YNAB
Cost: $14.99 per month/$109.00 per year
Overall Rating: 4.8/5
Many budgeting apps today run using automation, and while automation can be convenient, budgeting is far from a passive sport. Managing debt, building wealth and supporting your career growth depend largely on financial wellness. If you want to reach your money goals, you need to budget and plan. Apps like You Need a Budget (YNAB) can help. According to their website, they save users an average of $600 within the first two months.
| Pros | Cons |
| Assigns “jobs” for every dollar of your income | Costs money to use |
| Lets you share your budget with family and friends | Takes time to learn |
| Includes goal-setting tools | |
| Provides detailed reporting | |
YNAB App Features
The YNAB app is a personal finance app that stands out because it evaluates your spending using zero-based budgeting. Zero-based budgeting gives a “job” to every dollar of your income, making your income and expenses equal to zero each month. For example, you can have a dollar assigned for bills and a dollar set aside for savings. Whatever the case, every dollar is accounted for, leaving no room for unplanned or uncontrolled spending.
With YNAB you can customize your budget categories and choose how much you want to spend in each. You can even plan and schedule future transactions, so you know how your next paycheck will be spent. The app also allows you to share your budget with another family member with the YNAB Together feature. This can help when managing your finances as a couple or family.
Is The YNAB App Right For Me?
YNAB takes a proactive and structured approach to budgeting. The app requires financial discipline and long-term planning, so it’s a top option for users looking to improve in both. It’s also a good choice for couples or families. While YNAB is not free, the app does offer a 34-day free trial. You can sign up for the trial period, test out all the features and decide if YNAB is the right fit for you.
Monarch Money
Cost: $14.99 per month/$69.99 per year
Overall Rating: 4.9/5
Handling your finances on your own is challenging enough; when you add other family members into the mix, it can become even more tricky. Apps like Monarch Money simplify this process by offering tools to share with the whole family.
| Pros | Cons |
| Ideal for couples and families wanting to share financial information | The interface can be overwhelming for new users |
| Plenty of filters and custom reports for deeper analysis of your finances | The app may be pricey for some individuals |
| Great visualization tools to set and track financial goals | |
| Accessible on Android, iPhone, and the web | |
Monarch Money is a budgeting tool that helps you organize your expenses and purchases. The app also assists you in creating monthly budgets, keeping track of your investments and reaching your savings goals.
Monarch Money Features
When you create your account with Monarch Money, you’ll enter information on financial goals, like tracking your finances, paying off debt or managing your investments. These questions help Monarch Money tailor its services to your needs.
Monarch Money has plenty of tools that make managing your finances easier, like simple bank synchronization, custom money categories, reporting features and visual goal setting and tracking. Monarch Money also makes it easier to manage your finances jointly with a partner. The app’s collaborative features help you and your partner achieve money goals together.
Is Monarch Money Right For Me?
Monarch Money is ideal for couples and families looking to budget and CSV users who want a detailed view of their financial health. But Monarch Money may not be the perfect fit for everyone. Monarch Money is a paid app, and all its many features may be overwhelming for some new users.
Mint Budget
The Mint budget app was a staple in personal finance for many years. With an easy-to-use platform, Mint helped individuals and families keep track of their budgets and expenses in real time.
Unfortunately, as of this writing, Mint no longer exists. Intuit Inc., the company that owns Mint, merged the app with Credit Karma, another company they own. While some Mint features are also available on Credit Karma (like spending and net worth tracking), others (like customized categories and monthly budgets) did not make the cut. If you are looking for a more robust budget app, here are some popular Mint alternatives:
- NerdWallet app: The NerdWallet app is a free app that lets you track your budget, credit score, net worth and cash flow. It also provides insights into your financial goals.
- Buddy app: Whether managing money on your own or with a partner, the Buddy app has your back. The app allows you to set up budgets, track expenses and split costs with a partner seamlessly.
Simplify Money Management With The Best Finance App For You
Whether you’re looking for a simple approach to budgeting or need to manage multiple investment accounts, budget apps like Rocket Money, Money Manager, Empower, YNAB and Money Monarch each bring something unique to the table.
So, which is the best personal finance app for you? There’s no right or wrong answer. You may need just one app, or you can mix and match apps based on your needs. The key takeaway? You can’t go wrong with any of these options. They’re all designed to improve your financial well-being.
The point is just to get started. Remember, budgeting is not just managing money; it’s investing in your future. So cheers to your budgeting journey!
