Money management has never been easier thanks to all of the different personal finance apps at our disposal today.
There are apps to help you budget, apps to help you save, and apps to help you invest. Heck, there are even apps that pay you to walk! The problem with this is that there are so many different apps on the market, it can be hard to know which one to use.
To help you out, I've managed to curate a list of what I think are the 7 best personal finance apps on the market right now. Each app on this list provides a set of unique features that will help you get a better look at your financial health.
Best Personal Finance Apps for Money Management
1. You Need A Budget (YNAB): Best Money Management App
You Need A Budget (or YNAB) is by far the best budget app around. It does, however, require a subscription of $6.99 a month. While this may seem like a lot for a budgeting app, the average YNAB user saves $200 in their first month! Since the first 34 days are free, you'll have an entire month to test the program and see if it lives up to your expectations.
So, what makes YNAB the best money management app? Just look at everything it does:
- Syncs with your bank.
- Supports multiple devices.
- Helps you pay off debt.
- Let's you set and track financial goals.
- Gives you detailed spending reports.
- Offers email support and live workshops.
Learn more about YNAB's money management system here.
2. Mint: Best Free Budget App & Money Management App
Mint is by far the most well known and best free budget app around. If you're looking for a way to view all your accounts in one place and take a closer look at your spending and saving habits, then this is the app for you. The fact that it's free is a bonus!
Mint works by connecting to your bank (currently only works with U.S. and Canadian banks). By connecting to your bank, you're allowing Mint to view and gather data so that it can categorize your spending and help you see where all your money is going.
You can track almost anything with Mint: bills, debt, investments, credit score, and more. When you sign up for Mint, you'll get a guided tour so don't worry if this all sounds like a bit much.
Mint is available for iPhone and Android.
3. Personal Capital: Best Free Net Worth Tracker
Sadly, since I'm from Canada I don't have access to personal capital. That means I use Mint to track my net worth.
However, I knew I needed to include it on the list. Every other finance blogger that I read always recommends Personal Capital as the best net worth tracker around, so it must be good!
Also, it's completely free. Sign up here.
4. GoodBudget: Best Expense Tracker App
GoodBudget is the best solution for those who want to keep their budgeting simple and track their expenses easily.
How does it do this?
It uses the tried and tested cash envelope system.
How this system works is you take your income for the month and divide it into envelopes for some (or all) of your expenses.
For example, if you find yourself overspending on groceries, you might want to use that as one of your cash envelope budget categories. Using cash should make it impossible for you to overspend (as long as you don't cheat).
There is, however, one problem with this system: you'd have to carry around cash all the time and use physical envelopes. That's a deal breaker for a lot of people.
That's where GoodBudget comes in:
It's envelope budgeting for the 21st century. You'll be able to follow the envelope budgeting system through the GoodBudget software without having to keep cash in physical envelopes.
Best of all it's available on the web, and for iPhone and Android, so you'll have access almost everywhere you go. You can also share your budget with family members so everything stays synced up.
5. Trim: Best Subscription Tracker
Trim isn't an app but I wanted to include it on this list because it does some things that the other apps on this list don't. Plus, it's free to use.
One of the features I love about Trim is that it can track your recurring subscriptions. When I signed up I found a couple of recurring subscriptions that I wasn't using anymore, so I promptly canceled them and saved myself some money.
Trim can do a lot more than just track subscriptions though, so I recommend learning more about it here.
Best Money Saving Apps
The two apps below will help you save by rounding up your purchases, but there are other apps you can use to save even more money, like these apps that pay you to shop.
6. Acorns ($5 Sign up Bonus)
Acorns is an app that rounds up your purchases and invests the spare change automatically. Simply link up your bank account and your credit/debit cards, and the app will start doing it's magic for you.
Here's how it works:
- You go into Starbucks and get a fancy frappuccino; your total is $4.32.
- Acorns sees this transaction, automatically rounds it up to the nearest dollar ($5 for this transaction), and invests the change (68 cents).
This system works so well because it's hands off and you won't even notice the money leaving your account. After a while, all of these little round-ups add up to huge savings!
Many users set up their Acorns account, forget about it for a few months and come back to hundreds of dollars in their account.
If you want to add money to your Acorns account without using round-ups, you can do so manually. You have the option to set up recurring daily, weekly, or monthly investments, or you can do one time investments of $5 – $50,000.
After you get some money into your account, Acorns will start building an investment portfolio for you based on your financial situation and goals. Your answers will affect the investment recommendations Acorns gives you.
Oh yeah, and it only costs you $1/month for all of this. Sign here for a free $5 bonus.
7. Mylo ($5 Sign up Bonus) (Full Mylo Review)
Mylo is pretty much the Canadian version of Acorns. I'm Canadian so when I heard about Mylo I signed up instantly to test it out.
Like Acorns, Mylo rounds up your transactions and invests the spare change. Mylo also gives you the option to add extra money manually so that you don't have to spend to invest, I use this feature all the time.
In order for Mylo to invest your money properly, they ask you to fill out a five-question investor profile. This helps them decide what to invest in (safer or riskier).
Once you're all set up, just forget about it, and you'll be saving money effortlessly.
The one thing I wish I had done when signing up was to use someone's referral link because when you sign up as someone's referral, you get $5 for free, and the person who referred you gets $5 as well.
If you want you can use my referral link to get a free $5 added to your account!
Mylo also only costs $1/month.
There you have it, all of the best personal finance apps I could find. I hope this list helped you find an app that fulfills your needs.
If you're interested in something that can handle your spending, budgeting, tracking – and more – all in one, check out my Koho review. Koho is a reloadable prepaid visa with cashback, roundups, savings goals, and more.