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The Best Budgeting Apps of 2020 to Download

The Best Budgeting Apps of 2020 to download

Whether you earn a lot or just get by, watching where your money goes is important. There are lots of ways to watch your spending, investments, and more. But since you probably have a cell phone in your pocket all the time, apps are a great option. We’ll list the best budgeting apps of 2020 to download as you go down the financial road to freedom.

Making a budget and figuring out what you’re spending or making each month may not be your idea of a good time. Fortunately, managing your money is now easier than ever thanks to the help of budgeting apps. If you’re one of the many Americans that use mobile banking to keep track of your checking and savings accounts, then adding a budget app into the mix is a no-brainer. 

Why Use a Budgeting App?

Where budgeting apps win over a traditional Excel spreadsheet is it takes your financial information and presents it in an easy-to-understand format. Visuals (such as pie charts) not only show you exactly where you’re spending but also illuminate how much certain spending categories (like restaurants) are eating into your income. Budget apps help you stay on top of bills and everyday spending and show exactly how much you have leftover at the end of the day.

Plus, budget apps keep you accountable. The numbers don’t lie, and it’s hard to deny your spending habits or fiddle the figures when they’re right in front of your face. A budgeting app is a great way to “keep it real,” and motivate you to cut back on unnecessary spending.

The bottom line? Budgeting apps are easy to use and keep your financial life hassle-free. We have selectively handpicked The best budgeting apps of 2020 to download.

Here are our picks for the best apps to help you get a handle on your daily, monthly and annual spending.

Mint

Cost: Free

Available for: iOS, Android, Web

Mint is one of our top picks for a financial tracker app because it’s easy to use and it’s free. Mint gives you an overall snapshot of your finances by bringing together your checking and savings accounts, credit card debts, bills, and any 401(k) or IRA accounts.

With Mint, you can easily track your real-time income and spending set savings goals, and keep your budget on track. It shows your recent transactions, account totals, and spending organized by category. You can also use Mint to alert you if you go over budget in any area. Another bonus? Mint sends you a free credit score when you sign up!

YNAB (You Need a Budget)

Cost: 34-day free trial, then $11.99/month or $84/year

Available for: iOS, Android, Web

You Need a Budget – YNAB for short – is a good budget app if you prefer a zero-based budget method. This type of budget system means assigning every dollar in your budget a job so that you’re left with zero money left over. 

For example, when setting up YNAB, you’d set your budgeting goals, then start adding money into different categories. You might allocate a set amount to rent and utilities, earmark money for dining out and pencil in amounts to add to a savings or money market account for emergencies. 

This budget app is good if you’re focused on making every dollar count each month. According to the YNAB site, its users save an average of $600 in the first two months and $6,000 in the first year. That’s pretty tempting if you’ve been struggling with saving money regularly and you want to get a tighter grip on your cash flow. 

Personal Capital

Cost: Free

Available for: iOS, Android, Web

Personal Capital is one of the best money management apps available. It’s lets you track your budget while including information about your investment accounts. The interface is intuitive and the visuals are easy to see on desktop, laptop, tablet, or phone.

Graphs of your investments by asset class, investment account, or individual investment are easy to read, making it easy to track your investment performance and manage your portfolio. You can even get help from an investment professional in some cases.

Personal Capital’s budgeting functions aren’t quite as robust or intuitive as some of the other money management tools, but they get the job done. The main advantage to Personal Capital is the fact that your investments are considered in the equation, giving you a holistic view of your total financial picture.

PocketGuard

Cost: Free

Available for: iOS, Android

Offering a simple way to track spending and stay on top of your finances, PocketGuard reveals how much money you’ve got available after paying your bills. Using the app, you can quickly see what kind of spare cash you’re playing with each day, week, or month, and can put toward dining, entertainment, clothes, and other common expenses. Using it, you can ease up on spending, find ways to save, and know when you’ve got extra money in your pocket so you can hit the movies or dine out.

Mvelopes

Cost: $4 per month

Available for: iOS, Android, Web

The Mvelopes budget is pretty straightforward — you stash away cash into separate envelopes designated for different expenses — such as groceries, gas, clothing, and entertainment— that you aren’t supposed to touch for anything else.

Although it’s a pretty basic budgeting system, separating cash every month into envelopes can become a time-consuming task, especially since most people get paid via direct deposit into their bank accounts these days. Luckily, you can adopt this budgeting system more easily by using the Mvelopes app.

The Mvelopes app allows you to sync your bank, credit cards, and other financial accounts in one place and helps you create a spending plan based on digital envelopes, giving every dollar a purpose so you stop wondering where it all went. Plus, the auto transaction syncing feature ensures you know how much you have available in your accounts before you overspend. The basic plan is likely all you need to organize your finances and costs just $4 per month.

The advantage of using an envelope system is the ability to put your money into as many envelopes as your personal financial situation calls for. This way, you can account for every penny in your budget. Every product level allows for as many envelopes as you need. You can tailor your digital envelope budget to be as detailed as you want while keeping everything in one place.

So you decided to download one or more of these apps

Good choice! Whether you find these apps helpful or not, the act of starting to invest, save, and better your financial future is HUGE! It’s a great start to developing these positive financial habits. We do hope that you found the best budgeting apps of 2020 to download helpful.

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