The Best Budgeting and Money Management Tools

The Best Online Budgeting Tools

The ability to create and manage a monthly budget is crucial for beginners and financial experts alike. If you’re looking for the right budgeting software, this list outlines six free and paid versions you can consider.

 

EveryDollar is the budgeting app created by personal finance expert Dave Ramsey. And if you’re looking for simple, customizable budgeting software then EveryDollar is a good choice.

The software lets you create a zero-sum budget where every dollar is assigned a “job.” That way, your monthly income is accounted for and you know where your money is going. EveryDollar comes with pre-set spending categories, but you can also create your own.

And you can use the software to track where you are in Dave Ramsey’s signature financial “baby steps.” However, EveryDollar is solely a budgeting app -- you can’t use the software to track your investments or anything else. So it gives you a limited view of your financial situation.

 

 

 

Mint is one of the most popular budgeting apps available, and it’s been around since 2006. This free budgeting app is a great option for beginners, and lets you connect all your financial information in one place.

In addition to budgeting, you can track how much you’re saving, spending, and investing. That way, you can get a complete snapshot of your finances. And Mint prioritizes your safety by implementing multi-factor authentication and other security measures.

Mint is always free to use, and users can access free credit monitoring tools as well. You can set up real-time alerts whenever your credit information is updated.

 

 

 

Quicken is one of the biggest names in personal finance, and it’s available for Mac and Windows. In the past, Quicken for Mac got a bad rap but in 2016, Intuit sold the software to H.I.G. Capital. Since then, the Mac version seems to be operating much better.

Quicken is one of the best options for users that want a way to not only budget, but track all their financial information in one place. You can use the software to create a budget, set up bill pay, create financial reports, and much more. And if you use the PC version, you’ll get access to business features as well.

Because of the added functionality, Quicken is pricier than some of the other options listed. The mid-priced plan -- which Quicken says is its most popular -- costs $51.99 annually. However, the software regularly goes on sale so you may be able to snag it for a cheaper price.

 

 

 

Personal Capital is an investment tool, and the free app comes with budgeting software. The financial dashboard lets you track your net worth and monitor your cash flow. And there’s a retirement planning feature to help you monitor your financial goals.

And Personal Capital comes with several advanced features like an investment checkup. This feature lets you compare your portfolio allocation to the target allocation for your age and financial goals.

Ultimately, Personal Capital is geared toward individuals that are further along in their financial journey. If you’re still trying to figure out how to come up with a budget, it’s probably not the best option for you. 

 

 

 

You Need a Budget (YNAB) is similar to EveryDollar in that it focuses on zero-sum budgeting where every dollar has a purpose. The app automatically syncs to your checking account so you can track your expenses.

But instead of assigning the funds to different categories for you, you’ll choose each of your spending items. For instance, if you have $2,500 in your checking account, you’ll assign that money to different budget items.

Throughout the month, you can see if your balance is getting low in certain areas. This feature forces you to be thoughtful about your purchases and stick with your budget. It’s a great option for anyone trying to get out of debt and create long-term savings goals.

 

 

 

Expensify is the best option if you’re looking for a way to track business expenses. It’s not technically a budgeting tool, but it does integrate with YNAB. Expensify will save you tons of time when it comes to generating expense reports.

It's an app that’s available for iOS and Android devices, and it’s an easy way to track your expenses and submit them to your employer. You’ll scan new receipts and the app will automatically pull out the important information and turn it into a logged expense.

Expensify also links to your bank account and imports your expenses. The software is free for up to 25 scans per month, and then individual pricing is $4.99 per month.