The 8 Best Budget Apps for Saving Money
Updated December 4, 2019 . AmFam Team
If you’re looking for ways to get your finances under control, creating a budget is one of the best ways to start. Thanks to the internet, you can take advantage of free budgeting apps to make it easier to manage your money. These apps make tracking your everyday spending a snap, so you can see where you can make little changes that’ll add up quickly.
The 8 Best Budget Apps for Saving Money
Budgeting doesn’t have to be overwhelming! It’s just a matter of taking that first step. We reviewed the best budget apps on the market and compiled a handy list to get you started.
1. Mint
Mint is a great app for monthly budgeting. It automatically updates and categorizes transactions so you get a picture of your spending in real time. Mint suggests budgets for you based on your spending. By linking your bank, loan and credit accounts, the app analyzes the information in those accounts and lets you break out spending into categories like “Entertainment” and “Food & Dining.” That way, you can see how much you can save by cutting back in each category.
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Best for: Financial Newbies
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Cost: Free
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Availability: iOS, Android
2. Acorns
Acorns gives people a way to save money without even thinking about it. The app automatically keeps the change every time you swipe a linked credit card. So when you spend $4.72 on that grande latte, Acorn rounds it up to $5, then sends the change to an investment portfolio for you. It’s a way to invest without even thinking twice, so you can start building up a nest egg.
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Best for: New investors
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Cost: $1, $2, or $3 per month
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Availability: iOS, Android
Learn More About Acorns > (Opens in a new tab)
3. PocketGuard
PocketGuard boils down your budget to the bottom line: how much you have to spend. Users connect their checking, credit, and savings accounts, and the app crunches the numbers to show what you’re spending. PocketGuard automatically pulls out transactions from linked accounts so you can see the categories, like “Travel” or “Utility Bills.” You can also set spending limits that trigger notifications when you’re about to cross the line so you can think twice. It’s one of the best budget tracking apps out there.
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Best for: Easy to understand budgeting
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Cost: Free
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Availability: iOS, Android
Learn More About PocketGuard > (Opens in a new tab)
4. YNAB
YNAB (You Need A Budget) is great for people who share their spending with a partner. The app gives you real-time access to what you and your partner are spending from any device, anytime. YNAB offers its members online live workshops to master the art of budgeting. This app is more robust (you can use it with your Amazon Alexa!), but it does come with higher a price tag.
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Best for: People who want a robust budgeting app
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Cost: $83.99/year or $6.99/month
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Availability: Browser based. Apps for iOS, Android and Amazon Alexa devices
Learn More About YNAB > (Opens in a new tab)
5. Prism
Prism is a free app that helps you stay on top of your spending. Prism brings all of your bills together in one place by synching account balances in the app. Then you can pay everything right in the Prism app. This handy feature helps you avoid late fees and get a picture for where your money is being spent each month.
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Best for: Making it easier to pay your bills
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Cost: Free
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Availability: iOS, Android, Windows Phone, Windows 8, Kindle
Learn More About Prism > (Opens in a new tab)
6. Wally
Wally is an easy to use personal finance app that helps you understand how you’re spending your money. It does your budgeting for you by balancing your income and expenses, and giving you a look at where your money goes. It sticks to the basics to give you a high-level snapshot of your budget goals.
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Best for: Simple budgeting on the go
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Cost: Free
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Availability: iOS and Android
Learn More About Wally > (Opens in a new tab)
7. Albert
Albert figures out your income by analyzing your transaction history over time (this is handy if your income isn’t always steady). The app automatically creates a personalized budget based on your past spending, recurring bills and income. Albert also sends you alerts about your spending trends and rising bills, so you don’t get taken by surprise.
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Best for: Personalized budget advice
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Cost: Free
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Availability: iOS
Learn More About Albert > (Opens in a new tab)
8. Clarity Money
Clarity Money helps you organize your income and expenses by breaking down your spending by category, so you can track your transactions by glancing at your phone. The app has a dashboard that shows you cash on hand, outstanding debt and recent spending — and tells you if you’re on track. If you have a ton of subscriptions, Clarity Money also makes it easy to cancel them right in the app (so you’ll save a little money without trying too hard).
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Best for: All-in-one budgeting app
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Cost: Free
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Availability: iOS and Android
Learn More About Clarity Money > (Opens in a new tab)
Find the Best Budget App for You
Now that you know about the best budget apps on the market, you’re probably saying “Okay. But which one is right for me?” The answer is, it depends. How comfortable are you with the idea of budgeting in the first place? Do you share finances with another person, or are you flying solo? Do you prefer to budget on the go or at home on your computer? Think about the options to help you find the best budget app for you.
How to Budget as a Couple
Coming up with a budget together is one of the most important things you can tackle as a couple. Sit down to talk through your financial goals with your partner — you might be surprised to find out they think about money differently than you do. And that’s okay. Here are five tips for getting started.
Figure out your household needs
The first thing you need to do is determine your household spending needs. This includes basic expenses like rent or mortgage payments, groceries, student loan payments and utility bills. You are tackling these payments together, and these obligations need to be met before you can spend on fun things.
Talk about individual wants
Now that you’ve determined your needs as a household, it’s time to look at what each of you want. You might be tempted to give your partner a hard time about their spending at this stage in the game. It’s important to recognize that your wants and needs aren’t the same, even though you are a couple. You can compromise by making sure each of you has money to spend on the things you value, as long as you stick to your budget.
Determine your financial goals
Create a roadmap to get to your financial goals together. These long-term goals can make sticking to a budget easier, because you know there’s a reward coming. Good beginning goals are saving up for a down payment on your first home, or paying off your student loan. Once you have a goal, you can set up an action plan to help you get there.
Track your budget together
Okay, so now you have a budget plan. What’s next? Here’s where the budget apps come in. Choose an app that works for you as a couple, so you can track your progress together. That way, you’ll both be equally accountable for your spending and saving — and you’ll both have access to the same financial information.
These budgeting tips can go a long way. Over time, you’ll start to see some big savings! Take this one step further and read up on How to Make a Budget and 10 Ways to Save for First-Time Home Buyers.
This article is for informational purposes only and based on information that is widely available. This information does not, and is not intended to, constitute legal or financial advice. You should contact a professional for advice specific to your situation.
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- Saving for a House
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After you’ve made the big decision to start shopping for a home, you might be surprised to find that coming up with the cash down payment is only one of several financial hurdles you’ll need to clear. Exactly how much you should save for a house depends on a number of factors, like the value of the home you’re targeting and the amount of money you intend on pushing into your down payment.
- Pay Off Student Loans or Buy a House?
After college, life moves fast. You get your first big job, move out of your parents’ house and start a whole new life on your own. For most people, this also means paying off student loan debt from your college tuition. Having this debt may make big milestones like buying a house seem far off, but there are ways to make the leap from renter to homeowner even if you have student loans. So can you get a mortgage while also paying off student debt? Or should you wait to pay it off before you buy a house?
Every situation is different, so it’s important to do the right research and choose the best option for you. Luckily, we’ve done some of the breakdown for you to help you decide whether to pay off your student loan entirely or buy a house.
Can Student Loans Affect Buying a House?
Typically, student loan debt doesn’t prevent you from getting a mortgage. The biggest thing to note is that student loan debt does influence your debt-to-income ratio, which is a factor lenders consider before giving you a loan. It can also affect the interest rate you pay on your mortgage.
Buying a house with defaulted student loans
If you’ve defaulted on your student loans, it’ll be more difficult — but not impossible — for you to get a mortgage. Because defaulting negatively affects your credit score, lenders will be less likely to want to give you a loan or will charge a much higher interest rate on a loan.
Getting a home loan with student loan deferment
If you’ve deferred your student loans, this usually won’t affect your chances of getting a mortgage. Just be sure to consider how the future estimated payments will factor your debt-to-income ratio. Some types of mortgages may reject applicants with deferred loans, so do your research on the different types of mortgages before shopping.
Should You Pay Off Student Loans Before Buying a House?
Buying a house is expensive, there’s no doubt about that. It can seem smart to hold off on house shopping while you still have student loan debt, and it can be even more difficult to save for a house if you’ve got a high debt-to-income ratio. But if you have enough income to handle the payments for both, you may want to consider investing in your first home.
Signs You Should Pay Off Student Loans
When considering whether to pay student loans or save for a house, there are a few factors that can help you decide if paying off your student loans should be a priority.
Your debt-to-income ratio is too high
If the amount of money you bring in monthly or yearly is almost the same as the amount of money you pay out in debts — like student and car loans or credit cards — it may be best to pay down your debt before buying a house.
You’ve defaulted on your loans
Defaulting on your loans has a severe negative impact on your credit score, which tells lenders that you’re a bigger risk to take on. Work on improving your credit score before shopping for a mortgage.
You’re struggling to make payments
If you feel like you’re living paycheck to paycheck or struggling to make payments on your loan every month, it’s best to hold off on saving for a house. Need help keeping track of your student loan payments? Try our student loan payment tracker to get organized.
You haven’t saved for a down payment or emergency fund
Before you start picking out which houses you want to tour, you should take a look at your savings. If you don’t have enough for a 5 to 10 percent down payment or enough as an emergency fund for home expenses — like a broken dishwasher or damaged roof — take more time to put money away for your first home.
