Having a budget app ready to go on your mobile device can certainly help you and your family stay on spending track. Budget app basics include linking to your financial accounts, expense categorization, and ability to track spending easily.
All great stuff. But some budget apps go a lot further in helping people and families stay in sync financially. When it comes to the top budget apps, it is all about the features.
If you know about Treasure Card, our financial education app for kids, then you are probably interested in a budget app for the whole family. Afterall, teaching kids about saving and building wealth starts with you — the grownups.
You may think that having an application for budgeting is common. But statistics tell a different story. According to Bankrate data, only 17 percent of people have a budgeting app.
That is slightly alarming, considering how many mobile apps the average smartphone user has downloaded on his or her mobile device. Do you have a budget app? Do you use the app?
To kick off your budget app research, we did a little deep dive for you. Let’s take a closer look at 5 top budget apps worth checking out.
Top Budget App #1: Mint By Intuit
Mint by Intuit is a premiere budget mobile application that makes it easy to budget and monitor your credit. Once downloaded, you connect your accounts and then the app takes over. It is an easy way for you to track and categorize your family’s budget.
One of the best features of the Mint app is the alerts. For example, if you go over budget for the category of food, the app will send you an alert. This makes monitoring simple. There are also alerts for ATM transaction fees, as well as suspicious activity on your connected accounts.
Expenses and bill tracking is another feature. The best part is that the Mint app is free. This budget mobile application is definitely worth taking a closer look at.
Top Budget App #2: PocketGuard
The next top budget mobile app on the list is PocketGuard, a budgeting application that makes controlling your money via a single app easy. You can optimize spending, saving, and reach savings goals faster utilizing PocketGuard.
This app is truly “Personal finance simplified.” Link up your checking, savings, and credit accounts to get started. Then the app automatically analyzes bills, income, and spending habits. This allows users to get a snapshot of how much they can spend daily.
Expenses are also automatically categorized, keeping it simple for you to get a clear picture of spending. And you can create spending limits for each category. PocketGuard is free, but you can get more budgeting power with PocketGuard Plus at $3.99 per month.
Top Budget App #3: Honeydue
This top budget mobile app is definitely great for the family. Why? Honeydue is all about budgeting together. The Honeydue mission, “We’re on a mission to outsmart money, together.” With this app, you can track spending, saving, bills, and credit cards as a team.
This application is free, which is always awesome. After connecting your family’s financial accounts, you can categorize expenses in custom mode. And set monthly spending limits for each category to help you and your family stay on track.
One pretty cool feature of the Honeydue app is the ability to send reminders to family members, as well as chat and serve up emojis to keep budget goals fun.
Top Budget App #4: Goodbudget
Goodbudget, a budget mobile application, is a bit different than the others above. Did you ever portion out your monthly income into envelopes based on spending categories, like rent, utilities, savings, fun, and more? This app is just like that, but a bit more innovative and savvy.
Once downloaded, you can divvy up monthly income toward your unique spending and savings categories. However, there is no connecting financial accounts to the app. You need to do this manually, which has its online privacy benefits.
This app is also great for family budgeting, because multiple people can access the same Goodbudget account from multiple devices. The mobile app is free. But with limited features.
Top Budget App #5: You Need A Budget (YNAB)
Last but not least, the You Need A Budget (YNAB) mobile app serves up some serious features. But this mobile budget application is not for the passive user. Utilizing the zero-based budget system, YNAB users need to categorize and plan every dollar earned and spent.
This is not a free mobile app. There is a free trial period, but a monthly membership can cost around $12 per month. Annual memberships are also available. This may seem a bit pricey, however, the benefits and features may be worthwhile.
A paid membership to YNAB unlocks features like connecting financial accounts, customized spending and savings plans, unique categories specific to your financial habits, savings resources and guides, budget advice, and more.
Is It Time For A Family Budget App?
Family budgeting can prove challenging. But technology and innovative apps can make family budgeting a lot easier. The above budget mobile applications may be worth checking out. If it is time for a family budget switchup, applications can be beneficial. Dominate your family financial goals this year.