With so many options to choose from, it can be overwhelming to decide which finance app is right for you. That's why we've researched and reviewed the top personal finance apps available in 2023 to help you find the perfect fit.
Mint
Mint is one of the most well-known and widely-used finance apps. It connects with your bank accounts, credit cards, investment accounts, and more to provide a comprehensive look at your finances in one place.
Some of the key features of Mint include:
- Spending tracking - Automatically categorizes transactions and allows you to create custom budgets.
- Net worth tracking - Shows your assets and debts to calculate your overall net worth.
- Bill reminders - Alerts you about upcoming bills to avoid late payments.
- Credit monitoring - Monitors your credit score and highlights changes.
- Mobile app - Available for both iOS and Android.
Mint is very user-friendly and ideal for those who want an easy way to visualize their finances and get automated alerts about spending. The app is free to use and works with over 16,000 financial institutions.
YNAB
YNAB, which stands for "You Need a Budget," utilizes a unique budgeting method focused on giving every dollar you earn a purpose. This app can help break the paycheck-to-paycheck cycle and get you proactively saving for goals.
Key features of YNAB include:
- Envelope budgeting - Categorizes income into "digital envelopes" for saving goals, monthly expenses, etc.
- Flexible funding - Allows budgeting one month ahead or simply starting your budget mid-month.
- Bank syncing - Connects with accounts to automatically import transactions.
- Goal setting - Easily create short and long-term saving goals.
- Reports - Track spending over time and evaluate budget trends.
YNAB costs $14.99/month after a 34-day free trial but is extremely thorough when it comes to budgeting. The app takes some effort to learn but makes budgeting almost fun.
Comparison of Key Features
| Feature | Mint | YNAB |
|---|---|---|
| Budgeting Method | Set budgets for categories | Envelope-style budgeting |
| Mobile App | iOS and Android | iOS and Android |
| Bank Account Connections | 16,000+ institutions | Over 12,000 institutions |
| Cost | Free | $14.99/month |
Personal Capital
For those wanting to take a more hands-off approach to tracking their finances, Personal Capital offers powerful yet easy-to-use money management tools. It's a great option for investment tracking.
Here are some highlights of Personal Capital:
- Dashboard - Get a bird's-eye overview of cash flow, investments, net worth, and retirement planning.
- Investment analysis - Track performance, fees, and asset allocation for your entire portfolio.
- Retirement planner - Customizable projections help you plan for retirement.
- Cash flow analyzer - Charts income and expenses over time.
- Mobile app - Manage your finances on the go.
This app is geared towards more advanced investors who want to optimize their portfolio. It's free to use for basic budgeting features but a wealth management service is also available starting at 0.89% of assets under management.
Comparison of Key Features
| Feature | Mint | Personal Capital |
|---|---|---|
| Investing Tools | Limited | Advanced portfolio analysis |
| Retirement Planning | Basic projections | Custom scenarios |
| Net Worth Tracking | Manual input required | Automatic |
| Cost | Free | Free for basic, fees for wealth management |
Goodbudget
Goodbudget provides a shared budgeting experience for couples and families. It uses the "envelope budgeting" approach, making it easy to budget together with others.
Notable attributes of Goodbudget include:
- Envelope budgeting - Create digital envelopes to assign money towards group goals.
- Shared access - Add up to 5 people to collaborate on budgets.
- Mobile app - App available on iOS and Android. Syncs across devices.
- Cloud syncing - Data synced securely via AES-256 bit encryption.
- Recurring transactions - Set up automatic transactions for routine expenses.
- Free version - The basic app is free to use with some limitations.
Goodbudget is designed for simplicity and emphasizes transparency with shared finances. The free version provides ample features for couples and groups wanting a teamwork-oriented budgeting solution.
Comparison of Key Features
| Feature | Mint | Goodbudget |
|---|---|---|
| Shared Access | No | Up to 5 users |
| Envelope Budgeting | No | Yes |
| Mobile Apps | iOS, Android | iOS, Android |
| Cost | Free | Free version available |
Spendee
If you love visuals and graphs when managing your money, Spendee is an excellent choice. This app has options to create colorful, customizable charts and graphs that reflect your financial habits over time.
Here's an overview of Spendee's budgeting features:
- Graphs & charts - Visualize income, spending, goals, net worth.
- Budget planning - Set budgets for individual categories.
- Group budgets - Share budgets with family.
- Cloud sync - Data accessible across devices.
- Bank integration - Connect accounts to auto-import transactions.
- Privacy - Uses bank-level AES-256 encryption.
Spendee is free to download and use with some premium features available for $4.99/month. The vibrant visuals make budgeting fun and intuitive. It's ideal for visual learners.
Comparison of Key Features
| Feature | Mint | Spendee |
|---|---|---|
| Visualizations | Basic charts | Advanced graphing & chart options |
| Budgeting Method | Set monthly limits by category | Envelopes or monthly limits |
| Split Budgets | No | Share group budgets |
| Cost | Free | Free or $4.99/month |
How to Choose the Right Finance App for You
All of the personal finance apps discussed have their own strengths and standout features. So how do you decide which one is the best fit? Here are a few key factors to consider:
Your budgeting style - If you like envelope-style budgeting, YNAB or Goodbudget is a good match. Apps like Mint and Spendee focus more on setting general spending limits by category.
Level of investment tracking - Are you just starting out investing or have complex portfolios? Apps like Personal Capital have robust investment analysis while most others provide basic overview.
Shared access needs - For those budgeting as a couple or family, choose an app with shared access like Goodbudget that allows collaboration.
Visual appeal - Some apps like Spendee appeal more to visual learners. Make sure the app's interface matches your learning style.
Cost - If you want to monitor finances for free, Mint is a full-featured option at no cost. Subscription apps provide premium tools and services.
Tips for Getting Started With a Finance App
Once you select the personal finance app that best fits your needs, here are some tips for getting started:
- Link all your accounts - Be sure to connect the app to all of your bank accounts, credit cards, investment accounts and bills. This provides the full financial picture.
- Set up automated importing - Having your transactions automatically imported eliminates manual entry and saves time.
- Create budgets - Establish budgets for regular spending categories based on your typical costs. Many apps have pre-set budgets you can use.
- Set financial goals - Whether saving for a vacation or retirement, set specific goals so you know how much to allocate.
- Inviting others - If you want to share budget access with family members, send invites and coordinate syncing.
- Enable notifications - Get alerts for approaching bill due dates, budget overages, and other important activities.
- Regularly review - Update your budgets as income and expenses evolve over time. Check in at least every month.
Following these tips will ensure your new finance app integrates seamlessly into your financial management routine. Be patient providing data at first and the app will soon become an indispensable tool.
Frequently Asked Questions
What makes a good personal finance app?
The best personal finance apps have features like automated transaction importing, customizable budgets and goals, spending trackers, investment analysis, and robust security. Ease of use is also key. Top apps connect to thousands of institutions and accounts.
Are personal finance apps safe to use?
Using top-rated finance apps from reputable companies is completely safe. Your financial data is encrypted and secured via bank-level security measures. Just be sure to use unique passwords for your accounts.
How accurate are transactions and balances in finance apps?
The transactions and account balances shown will accurately reflect your real-world financial accounts. However, it can take a few days for everything to fully sync with your bank and process pending transactions.
Can I use finance apps on multiple devices?
Most personal finance apps allow you to download mobile apps for iOS and Android devices and also access your account via desktop browsers. Your data will sync across all connected devices securely.
Are finance apps worth paying for?
Free apps like Mint offer robust core budgeting and money management features. Paid apps provide extras like investment analysis, retirement planning, human advisor access, and enhanced security. The best value depends on your needs.
