Data from the Certified Financial Planner Board of Standards suggests that Americans who maintain a budget generally feel more confident, secure, and in control of their finances. However, the board's research also indicates that most Americans do not follow a budget, and those who do often merely track receipts without implementing a strategic system to manage their spending.
Budgeting software simplifies creating and adhering to a budget, with numerous options available on the market. These programs typically allow you to connect your bank accounts and include additional features such as credit score monitoring or investment tracking. To assist you in finding the ideal solution, we have evaluated 20 different budgeting tools and selected the top eight, considering their ease of use, customization options, features, and pricing.
Best Budgeting Software
- Best Overall: You Need a Budget
- Best for Couples: Honeydue
- Best for College Students: PocketGuard
- Best for Families: EveryDollar
- Best for Investors: Empower
- Best for Saving: Albert
- Best for Beginners: Mint
- Best Free Option: Goodbudget
Compare the Best Budgeting Software
| Company | Cost | Budgeting Tools | Software Compatibility | Financial Integration |
|---|---|---|---|---|
|
Best Overall |
About $15/month or $99/year | Linked accounts, budgeting tools, 100+ online workshops | iOs and Android, and desktop/laptop computers | Links with all financial accounts (credit cards, checking, savings, etc.) |
|
Best for Couples |
Free | Track spending, customizable alerts, and communication tools | iOS and Android | Links with all financial accounts (credit cards, checking, savings, etc.) |
|
Best for College Students |
Free | Provides spending alerts and cash availability in real-time, organizes expenses | iOS and Android, and desktop/laptop computers | Links with all financial accounts (credit cards, checking, savings, etc.) |
|
Best for Families |
Free trial or $79.99 for annual plan | Syncs in real time, customizable template, access to online courses | iOS and Android, and desktop/laptop computers | You can link your financial accounts with the paid version |
|
Best for Investors |
Free | Track spending, monitor investment performance in real-time, set retirement goals, and track your net worth | iOS and Android and desktop | Links all accounts, including retirement investments |
|
Best for Saving |
Free or $4/month for premium version | Digital envelope, automatic budgets, tracks and reports spending, a digital wallet with an annual savings bonus (upgraded service only) | iOS and Android | Links checking and saving accounts |
|
Best for Beginners |
Free | Tracks spending, net worth, and spending on one dashboard, automatic categorization of transactions | iOS and Android, and desktop/laptop computers | Links with all financial accounts (credit cards, checking, savings, etc.) |
|
Best for Budget-Conscious |
Free | 10 digital envelopes for organization, which allows users to manually import bank transactions and move funds between envelopes | iOS and Android, and desktop/laptop computers | Checking and saving account |
Frequently Asked Questions
What is Budgeting Software?
Budgeting software assists you in planning and allocating your personal finances. Unlike accounting software, which mainly tracks past expenditures or amounts owed, budgeting software is proactive, allowing you to assign your funds before you spend them.
Creating a household budget can be time-consuming, and figuring out where to start may be challenging. Budgeting software is designed to simplify this process, helping you to manage your money effectively rather than just spending it as it comes.
How Much Does Budgeting Software Cost?
The cost of budgeting software varies. Some options are available for free, while others require a monthly or annual subscription. For instance, You Need a Budget charges approximately $99 per year, and the premium version of EveryDollar costs about $80 annually. Generally, you can expect to spend between $5 and $15 monthly for most premium services.
Paid budgeting software typically provides more comprehensive features and better customer support compared to free versions, which may be ad-supported and could subject users to financial offers while using the software.
What Features Should I Look for in Budgeting Software?
When selecting budgeting software, consider these essential features:
- Account Linking: This feature allows your software to automatically pull transactions from your bank and credit card accounts, helping you monitor spending and stay on budget without manually uploading data. It requires you to provide access to your financial accounts.
- Spending Categories: Good budgeting software typically categorizes your transactions automatically, though you may also have the option to do this manually. While most software includes preset categories, it is beneficial to customize and add your own.
- Reporting: Your software should be capable of generating visual reports, such as charts and graphs, that illustrate your spending habits and financial trends.
- Additional Financial Resources: Some software offers extra tools, such as free credit score updates, investment tracking, net worth analysis, and more.
Methodology
Our evaluation of budgeting software involved a thorough review of 20 leading platforms. We selected the top eight based on several criteria, including cost, ease of use, the inclusiveness of account linking and reporting features, and the availability of additional financial tools each software provides.
