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Managing money and maintaining a budget can be daunting for many individuals. However, creating and adhering to a budget is crucial in achieving short-term and long-term financial goals. To ensure successful budgeting, it is essential to have the right tools to accurately track expenses and monitor income, which is where the need for free budgeting apps comes in.
Fortunately, many free options are available, but it is important to exercise caution and not simply download the first app you come across. Take the time to research and consider various options to find the one that best meets your needs and preferences. With the right budgeting tools and a commitment to staying on track, you can take control of your finances and achieve your financial objectives.
All the companies mentioned in this article deserve to be on this list. Please look at each one to determine which best suits your needs. However, to help you better plan and manage your money, we highly recommend the following companies:
- Empower (formerly called Personal Capital) is a net worth tracking and retirement planning tool that offers a comprehensive view of your finances. It can help you analyze your spending, investments, and assets and plan for retirement based on your goals and risk tolerance.
- You Need a Budget (YNAB) is a paid service based on the philosophy of giving every dollar a job. This means you assign each dollar you earn to a specific category, such as groceries, rent, or entertainment. YNAB also offers budgeting tips and strategies to help you create a budget that works for you and achieves your financial goals.
- Simplifi by Quicken is a budgeting tool that allows you to set and track your financial goals. It offers features such as automatic categorization of expenses, bill reminders, and customized budgeting based on your income and expenses. It is a low-cost option to help you stay on top of your finances without breaking the bank.
1. Empower
Empower is a great option for those tracking their net worth and investment performance rather than budgeting. One of the best features of this platform is the ability to sync your bank and investment accounts so you can easily see all of your financial information in one place. Additionally, if you manually input the value of your tangible assets, such as your house, vehicles, and collectibles, you can get a more accurate picture of your overall net worth.
In terms of investment tools, Empower offers a free retirement tracker and fee analyzer. These tools can be incredibly useful in helping you plan for your future and optimize your investments. If you’re interested in using their optional wealth management service, that is the only time you need to pay for Empower.
Another great benefit of Empower is its suite of investing tools. When you’re ready to start investing, you can do so easily and efficiently through the platform. Overall, Empower is a fantastic option for those who want to track their net worth, optimize their investments, and potentially even use wealth management services.
2. YNAB
YNAB, which stands for You Need a Budget, is a budgeting software that has proven effective in helping people manage their finances. Although it’s not entirely free, it offers college students one year of free service. If you’re a first-time budgeter, you can save an average of $600 in just two months by using YNAB, making it a valuable investment.
YNAB adheres to four basic rules that make managing your finances and building wealth easier. These rules include giving every dollar a job, embracing your true expenses, rolling with the punches, and aging your money. By following these rules, you can pay your bills with last month’s paycheck, giving you peace of mind and allowing you to plan for the future.
In addition, YNAB is compatible with almost any internet-connected device, including Alexa and your Apple Watch. This means you can access your budget and track your expenses on the go, making it easier to stick to your financial goals. With YNAB, you can track and categorize your spending, set financial goals, and create a personalized budget that fits your lifestyle. So, if you’re serious about budgeting and want to take control of your finances, YNAB is definitely worth considering.
3. Pen and Paper
When it comes to budgeting, a plethora of apps and software available can help you track your expenses and manage your finances. However, if you’re looking for a simpler approach, you only need a pen and some paper to create an effective budget.
Many people prefer the pen and paper budgeting method as it is easy to understand. First, start by writing down all your fixed and variable expenses, from monthly bills to small discretionary purchases such as morning coffee or lunches. Categorize these expenses into “needs” and “wants” to differentiate between essential and non-essential expenditures.
Once you have your expenses listed and categorized, add up your income. Earmark your income for your needs first, taking care of essential expenses like rent, utilities, and groceries. Then, any leftover money can be allocated toward your wants. By following this method, you can get a clear picture of your finances, prioritize your spending, and make more informed decisions about where to allocate your resources.
4. Lunch Money
Lunch Money is an excellent choice if you are looking for a well-designed app that focuses solely on budgeting. Unlike other apps that try to do everything under the sun, Lunch Money is laser-focused on budgeting, so you can expect it to be good at it.
One of the best features of Lunch Money is that it allows you to sync your bank accounts, making it easy to track all your expenses in one place. Alternatively, if you are concerned about data security, you can manually upload a CSV file. Once your data is in Lunch Money, you can slice and dice it however you want. You can split transactions, add tags, and categorize them, making it easy to see where you spend your money.
If you are unsure if Lunch Money is right for you, you can try it out for 14 days before you commit. If you decide it is the right app for you, it costs $10 per month or $100 per year.
5. Wally
Wally is an efficient and user-friendly budgeting app that can be accessed for free, although you will have to input all your transactions manually. If you prefer automatic bank account linking, it will cost you $1.99 per year. With Wally, you can classify your budget categories by assigning different colors to each, which can help you keep track of your expenses more easily. Additionally, you can create group budgets, which can be helpful if you share expenses with a partner or roommate.
One of the major advantages of using Wally is that the free version is completely ad-free, which makes the overall experience more enjoyable. However, you can opt for in-app purchases if you feel like taking your budgeting game to the next level. The premium tools include advanced features such as currency conversion, bank account linking, and data export capabilities.
Wally is only available as an app for iOS and Android devices, so you will need to have a smartphone or tablet to use it. Nevertheless, if you are looking for a simple yet effective budgeting app that can help you manage your finances more efficiently, Wally is definitely worth considering.
6. Everydollar
If you’re a fan of Dave Ramsey and his budgeting methods, you might consider using Everydollar. This budgeting app allows you to assign every dollar you earn to a specific budget category. This zero-based budgeting strategy is similar to the money envelope system, which effectively manages your finances.
One of the most helpful features of Everydollar is its debt snowball feature. This feature can help you make a plan to get out of debt and pay off your debts faster. It allows you to prioritize your debts and create a plan to pay them off one by one.
The free version of Everydollar is great for those who want to add each transaction to their budget manually. This budgeting method is useful for those who want to be more hands-on with their finances. However, if you prefer a more automated approach, you can upgrade to the Plus version of Everydollar. The Plus version costs $79.99 annually and automatically downloads your bank account and credit card transactions, making it easier to stay on top of your spending.
7. Simplifi by Quicken
Simplifi by Quicken is a personal finance app with a small price tag of $2.99 per month when billed annually. Despite it not being free, this app is worth the investment, considering its impressive features. Simplifi offers a great user experience with an easy-to-use interface and clean design.
One of the best things about this app is its budgeting tools. It allows you to create customized budgets based on your income and expenses. Using real-time updates from your linked accounts give you an accurate picture of your financial situation. You can set bill reminders to avoid missing payments and keep track of your investments. Additionally, Simplifi lets you track your net worth, which helps you understand your financial progress.
Overall, Simplifi is a comprehensive personal finance app that offers much value for a small price. Its budgeting tools, bill reminders, investing tracking, and net worth tracker are some of the features that make it a valuable tool for managing your finances.
8. Envelopes
Envelopes are a simple yet effective budgeting tool that can help you stay on top of your spending. The envelope system involves setting aside cash for major budget categories, such as groceries, clothing, and dining out, and placing it in separate envelopes labeled with the appropriate category name.
This method makes it easy to see exactly how much money you have available for each spending category, as the funds are physically separated and clearly labeled. It also helps to prevent overspending, as once the money in a particular envelope is gone, it signals that you have reached the budget limit for that category. No more spending should occur until the cash is replenished.
Using this system, you can gain greater control over your finances and avoid the temptation to overspend or dip into other areas of your budget. It can also help you prioritize your spending and ensure that you allocate your funds in a way that aligns with your financial goals and values.
9. Rocket Money
Rocket Money is an excellent tool that can help you manage and save money like a pro. With Rocket Money, you can easily track your spending, set savings goals, and reduce recurring expenses. You can sync all your bank accounts and credit cards to get detailed spending reports and create a basic budget. Whether you’re looking to pay off debt, build an emergency fund, or save up for a vacation, Rocket Money can help you stay on track.
One of the best things about Rocket Money is its ability to help you negotiate bills for a lower cost. You can start the negotiation process for free, and Rocket Money will keep a 40% success fee of the total savings for the first year. If you have a cable TV bill or a contract cell phone plan, you can save a lot of money by using Rocket Money.
Rocket Money works seamlessly on any computer or mobile device. However, for those who prefer to automate their finances, the iOS and Android apps offer more advanced features such as automatic bill pay, personalized savings tips, and investment advice. With Rocket Money, you can take control of your finances and achieve your financial goals faster.
10. Goodbudget
If you’re looking for an effective way to manage your finances without carrying around physical envelopes, then the savvy budgeting software called Goodbudget might just be the perfect solution for you. Goodbudget provides a visual and intuitive way to budget and save money, making it ideal for anyone who wants to keep track of their expenses and stay within their budget.
With Goodbudget, you can easily track your expenses and sync and share budget information across multiple devices, so you can access your budget information anytime and anywhere. The app also includes a free version that provides 10 regular envelopes, 10 additional envelopes, one year of account history, and access to community support forums.
With this app, you can easily manage all your expenses and stay on top of your finances effortlessly. Whether you’re looking to save for a vacation or a new car or just want to keep track of your daily expenses, Goodbudget is the perfect tool to help you achieve your financial goals.
11. Expenses OK
Expenses OK is a user-friendly app that assists in tracking expenses and mimics the traditional budgeting process with a pen and paper but with a digital record-keeping system. The app is designed to help users keep track of their expenses by manually entering each transaction rather than linking to their bank accounts, which can often be a security concern for some individuals.
According to Lisa Whitley, an accredited financial counselor and owner of the website MoneybyLisa, Expenses OK offers a more convenient and enjoyable way of tracking expenses. It provides control over one’s spending habits by allowing users to see how much money they’re spending and on what.
However, it’s worth noting that Expenses OK is only available for iOS devices, which might disappoint Android users. Nevertheless, iOS users can download the app for free from the App Store. It can be an excellent tool for those who prefer manual budgeting and want to keep track of their expenses more organized and efficiently.
12. Spreadsheets
Spreadsheets are a powerful tool for managing data and making calculations. Using built-in formulas, you can easily automate calculations and make real-time changes to your data. Microsoft Excel and Google Sheets, two of the most popular spreadsheet software, offer free budget templates to users. These templates can help you organize your finances and track your expenses. In addition to these templates, you can also find a variety of free budget templates on websites such as Vertex42.
If you prefer to create your budget template, you can use Excel or Google Sheets. However, if you’re new to these programs, there can be a learning curve. Fortunately, Microsoft provides free online training lessons for its Office products on its support website. You can also find plenty of tutorials on YouTube to help you get started. With some practice, you can create a custom budget template that suits your needs and helps you stay on top of your finances.
13. Worksheets
Creating a budget for the first time can be daunting, especially if you’re unsure how much money you should allocate to each expense category. Fortunately, using budgeting worksheets can simplify the process and guide how much of your earnings should be spent on different categories each month.
To help individuals with their budgeting needs, many reputable organizations offer free budgeting worksheets online. For instance, American Consumer Credit Counseling, a nonprofit credit counseling provider, has extensive budgeting worksheets for household budgeting, expense tracking, and budgeting for specific needs.
Regions Bank is another institution that offers free downloadable worksheets on its Next Step Financial Education website. Their worksheets cover various budgeting topics, including personal spending plans and daily spending trackers. These resources can be incredibly helpful for those looking to gain a better understanding of their finances and take control of their spending habits.
14. Banking tools and apps
If you’re looking for an easy and convenient way to manage your finances, you might be surprised to learn that your bank’s website could offer you a range of free budgeting tools. Many financial institutions, including Bank of America, Chase, and local credit unions, provide their customers with various budgeting resources that can help you track your expenses, generate spending reports, and even export your data to spreadsheets or computer software.
For instance, Bank of America’s app features an AI-driven virtual assistant called Erica, which can help you manage your finances and answer your banking questions. With TD Bank’s app, you can set up personalized alerts, pay bills automatically, and transfer money between accounts. Meanwhile, the Chase Mobile app has a useful budgeting feature that allows you to track your spending throughout the month and determine how much money you have available after paying your bills and making transfers.
By taking advantage of these free budgeting tools, you can better understand your finances, identify areas where you might be overspending, and ultimately work towards achieving your financial goals. So, why not explore what your bank’s website offers and see how you can take control of your finances today?
15. MoLO
Achieve, a digital personal finance company, has introduced an app named MoLO that empowers users to manage their finances more efficiently. Brad Stroh, co-CEO and co-founder of Achieve explains that MoLO provides a simple and user-friendly method for users to understand their spending habits better, predict their monthly cash flow, and identify unnecessary or non-essential spending.
MoLO allows users to connect all their financial accounts, including bank accounts, credit cards, and investment accounts, to the app. The app automatically tracks their spending, organizes it into categories, and predicts how much they will have left each month based on their income and expenses. The app also provides insights into spending patterns, including spending on specific categories such as groceries, dining out, and entertainment.
One of the most significant benefits of using MoLO is that Achieve promises not to sell personal data and uses bank-level security within the app. This means all user data is protected and secure, giving them peace of mind while using the app.
Additionally, MoLO is free for both Apple and Android devices. Users can download it from the App Store or Google Play Store and start using it immediately. With its advanced features and robust security measures, MoLO is an ideal app for anyone looking to take control of their finances and achieve their financial goals.
16. SoFi Insights
SoFi Insights is a budgeting app that was previously known as SoFi Relay. The app is free to use and allows users to link their bank accounts, review their balances, and set spending targets to help them manage their finances better. One of the most significant benefits of this app is that it aggregates all your accounts in one place, making it easy to review your spending by category.
Besides helping you track your spending, SoFi Insights also provides access to VantageScore 3.0 credit scores, which are updated monthly. With this feature, you can monitor your credit score and take steps to improve it. Moreover, the app makes it simple to connect with a professional to discuss your financial goals and strategies. You can easily schedule a complimentary 30-minute call with one of SoFi’s in-house financial planners to get personalized financial advice.
Overall, SoFi Insights is an excellent tool for anyone looking to take control of their finances. It offers a range of features to help you monitor your spending, improve your credit score, and get expert advice on financial planning.
17. GnuCash
GnuCash is a robust and free accounting software perfect for accountants who want to keep track of their finances. With GnuCash, you can easily manage your bank accounts, stocks, and even small business income and expenses. The open-sourced software means users can modify and improve it according to their needs. The GnuCash community continuously adds new features to make finance personal and easy to manage.
One of the most convenient features of GnuCash is its ability to import QIF and OFX bank account documents. This means you can easily transfer data from your current accounting software to GnuCash without hassle. Additionally, GnuCash is compatible with most operating systems, including PC, Apple, and Linux. Moreover, an Android mobile app is also available, making it easy to access your financial data on the go.
Overall, GnuCash is a highly recommended accounting software for anyone who wants to manage their finances efficiently. Its user-friendly interface, compatibility, and open-source nature make it an excellent choice for accountants and small business owners.
18. Tiller Money (bonus)
Tiller Money is a great tool for those who wish to automate their financial tracking. It can automatically pull your transactions from various sources, such as your credit card, bank account, and other financial institutions, and update your sheet with the latest information.
By using Tiller Money, you no longer have to manually input your transactions into your sheet, saving you time and effort. With this feature, you can easily monitor your expenses, income, and budget in one place.