11 Best Personal Finance and Budgeting Apps for 2022

You Need a Budget teaches you how to manage your money. It focuses on being forward-thinking and proactive about every dollar you spend.

YNAB is based on four rules.

1. Give Every Dollar a Job
   • When you get money, decide what it is for based on your priorities. And stick to that plan.
2. Embrace Your True Expenses
   • Break large, less frequent expenses into monthly bills, so when the cost arrives, it is simple to pay for it.
3. Roll With The Punches
   • If you happen to overspend in one category, borrow from another one, and move on.
4. Age Your Money
   • Strive to spend money with “older” money. Think about your spending and spend less than you earn. Stay at least a month ahead of your spending.

This method is essentially Zero-Based Budgeting. This method just means that you are working with the money you have right now and budgeting every dollar of it down to zero.

You don’t budget any money until you have it.

YNAB Pricing

While YNAB offers a one-month free trial, it is a subscription service with two plans.

• Monthly Plan – $11.99/month
• Annual Plan – $84/year
  • You save $59 by choosing the annual plan, which is almost five free months.

While there are several free budgeting apps available, according to YNAB’s website, new budgeters save $600 in their first two months and over $6,000 in their first year.

So, if you are currently not using any method of budgeting, the investment of a YNAB subscription may be worth it. The reduction in money-related stress alone may make it worth it.

YNAB also offers a no-risk, 100% money-back guarantee if you aren’t satisfied.

YNAB App Features

You Need A Budget has several versions of its budgeting app. YNAB is available for the Web, iPhone, Andriod, iPad, Apple Watch, and Alexa. What follows is based on the iPhone app.

To get started with the app, you follow three steps.

1. Add Bank Accounts
   • Two Methods
     • Linked
       • Automatically imports cleared transactions
     • Unlinked
       • Enter current balances and enter your own transactions
       • May provide a clearer view of your spending
     • You can do a combination of the two, and YNAB will combine your manual transactions with reconciled transactions.
   • For linking
     • Enter your username and password and complete any additional authentication actions.
     • Click on each account you want to link and follow prompts.
2. Start Budgeting
   • Assign every dollar a job
   • YNAB has default groups and categories (you can edit, add, or delete these)
   • Categories include:
     • Immediate Obligations
       • Monthly bills you need to live
       • Things like rent/mortgage, the electric bill, water bill, groceries, etc.
     • True Expenses
       • Large, less-frequent expenses
       • Auto/home maintenance, insurance, medical, etc.
     • Debt Payments
       • Loan Payments
     • Credit Card Payments
     • Quality of Life Goals
       • Vacation, fitness, etc.
     • Just For Fun
       • Dining out, fun money, etc.
3. Record Your Spending

The app has three primary tabs:

1. Budget
   • The budget tab is where you end up under the Start Budgeting step above
2. Accounts
   • Lists all of your accounts and any transactions since you started using YNAB
3. Reports
   • Includes reports on Age of Money and Net Worth

Additionally, there is a transaction tab to enter individual transactions, as well as a Help tab with getting started and budgeting resources.

YNAB Summary

YNAB is a powerful budgeting tool, especially if you have been living paycheck to paycheck.

However, I think it is more valuable for the principles it teaches than for the app itself.

I have used YNAB, but I found that I was already doing a combination of zero-balanced budgeting and envelope budgeting my own way for a long time now. Personally, I like to have a longer-term view of my finances.

With that said, if you are living paycheck to paycheck, I highly recommend giving YNAB a try to get control of your money.

The lessons it teaches are invaluable and, best of all, you can try it for free.

Clarity Money is a highly-rated personal finance and budgeting app.

One thing I love about the app is the messages it gives me when opening it. It has told me to drink a glass of water, give myself a high five, and to not assume anything, among other things.

Kind of silly, but nice to have a little message of inspiration.

It is somewhat similar to Mint with the information it provides, both at a high level and working down to the transactional level.

However, it goes into a bit more detail when establishing a budget.

Clarity Money Budgeting

Clarity Money has you enter your monthly income as well as your monthly expenses. For recurring expenses, it is as simple as clicking on the transaction and toggling the Recurring Expense button.

After establishing your monthly income and expenses, you are shown how much money remains for each week and how much you typically spend each week.

You then establish a weekly budget, which excludes your recurring expenses, by choosing how much to budget in total and then breaking it down by category. The categories show how much you’ve been spending on average each week.

Other Features

One of the best features of Clarity Money is how it identifies recurring fees like streaming subscriptions and gym memberships, among others.

By doing this, it makes you think about how much you actually use those services and gives you an option to cancel it right in the app.

Like Mint, Clarity Money gives your credit score and a summary of the factors. However, it doesn’t provide additional details for each one.

Another excellent feature is a widget on the dashboard that lets you look at individual merchants and see how much you spent this week, this month, this year, or last year. This information is valuable information for analyzing your budget.

Additionally, you can open a high-yield Marcus Online Savings Account using the app.

Clarity Money Summary

Clarity Money has a beautiful platform and several useful features.

It is completely free and helps you get a good handle on your weekly spending.

While it doesn’t get as detailed in accounting for every dollar and more substantial, less frequent expenses like YNAB, it does have a bit more detailed budgeting than Mint.

If you already have a pretty good handle on your money, and you aren’t living paycheck to paycheck, it is a great platform to use to tighten up your budget a bit more.

Envelope Budgeting Apps

Envelope budgeting is based on setting aside a certain amount of money each month designated for specific expenses.

For example, you’d put $400 in an envelope for groceries. That money is used only for groceries, and once the envelope is empty, you don’t spend any more money for that expense.

Carrying around a bunch of envelopes filled with cash isn’t practical. So these apps solve that problem by tracking your budget virtually.

However, if you do like carrying around your envelopes, here are the best cash envelope system wallets to help you out.

Additionally, these are among the best personal finance and budgeting apps for teens and college students to introduce them to budgeting concepts.

5. Goodbudget – Best Freemium Envelope Budgeting App

Goodbudget is a simple budgeting app for using the envelope method. It can also be used for the Kakeibo method from Japan.

Similar to the envelope categories, Kakeibo uses four main categories: survival, optional, culture, and extra.

While the free version of Goodbudget is somewhat limited, it can accomplish what you need.

You set up regular envelopes for monthly expenses (groceries, gas, etc.) and more envelopes for annual/irregular expenses (insurance, maintenance, etc.).

The money to put in each envelope comes out of your account (you only have one for the free version).

If you register, you can share and sync your budget. Registering ensures everyone is aware of what the other is spending and how much money is left in each envelope.

The ability to share is a great feature for couples managing their finances together or parents helping their children learn about budgeting.

Creating envelopes for significant expenses and debt provides a clear path to cover those costs.

The app is pretty straightforward, with tabs for envelopes, transactions, accounts, reports, and more. The more tab allows you to add money and move money between envelopes.

The reports include Spending by Envelope and Income vs. Spending.

Goodbudget Pricing

The free version of Goodbudget includes the following:

• 10 regular envelopes
• 10 more envelopes
• 1 account
• 2 devices
• 1 year of history
• Debt tracking
• Community support

The paid version is $5.99 per month or $49.99 annually and includes:

• Unlimited regular envelopes, more envelopes, and accounts
• 5 devices
• 7 years of history
• Debt tracking
• Email support

According to Goodbudget, subscribers save an average of $1,758 in their first three months.

Goodbudget Summary

While Goodbudget is a pretty simplified app, it is a great place to get started if you are interested in envelope budgeting or Kakeibo.

One drawback of Goodbudget is that it doesn’t connect to your accounts, so you have to enter everything manually.

I’d recommend starting with the free plan to test it out before deciding to upgrade to Plus.

6. Mvelopes – Best Paid Envelope Budgeting App

Mvelopes is a paid envelope budgeting app. It works on the same principles as Goodbudget but offers several additional features.

With Mvelopes, you can connect to your financial accounts. This allows Mvelopes to designate specific transactions to items in your budget.

Similar to Goodbudget, you add your monthly income and allocate your money towards items in your budget within the designated envelopes.

Mvelopes Pricing

There are three different plans available. All plans include the following:

• Unlimited envelopes
• Unlimited financial institution accounts
• Auto Transaction Importing and Account Balancing Monitoring
• Live Chat and Knowledge Base
• Interactive Reports

The Basic plan starts at $5.99 per month and includes one month free.

The Plus plan starts at $18.99 per month, including one free month, and adds access to the Mvelopes Learning Center, Debt Reduction Center, and Quarterly Coaching Sessions.

Additionally, the Mvelopes Complete plan is available for $59 per month and provides monthly one-on-one sessions with a personal finance trainer. The sessions are used to create a long-term plan for your finances.

Mvelopes Summary

If you are interested in envelope budgeting and want to see your financial accounts in the same place, you should try out Mvelopes.

While it is a paid app, it provides several useful features to help you succeed with envelope budgeting.

10. Coinbase – Best Cryptocurrency App for Beginners

Coinbase has been around since 2012 and operates in over 30 countries. They are based in San Francisco.

Coinbase allows you to buy, sell, and manage your cryptocurrency portfolio. You can also schedule recurring buys for investing in crypto over time.

Bitcoin, Ethereum, and Litecoin are available from Coinbase.

You can buy cryptocurrency using a credit card, debit card, or bank transfer. You purchase cryptocurrency at a set price.

A flat fee is charged on transactions below $200 in addition to a Spread of ~0.5%.

However, if a variable fee exceeds the flat fee, the variable fee is charged instead.

The variable fee is determined by region, product feature, and payment type. In the United States, this ranges from 1.49% for U.S. Bank account payments to 3.99% for credit/debit card payments.

Coinbase Wallet is another app you can use to keep your cryptocurrency tokens stored on your phone. This can make it easier to pay others using crypto.

Additionally, if you are new to cryptocurrency, Coinbase has excellent resources to learn about it. You can even earn crypto by taking courses to learn about the different crypto types and tools.

If you are new to cryptocurrency or want to learn more about it, Coinbase is a great place to start.

11. Gemini – Best Cryptocurrency App for Trading

Gemini was founded in 2014 and operates with a security-first mentality. They were voted as the 2019 Markets Choice Awards “Best Crypto Exchange.”

To buy cryptocurrency on Gemini, you need to use a bank transfer.

Bitcoin and Ethereum are available from Gemini.

Gemini trading fees are similar to Coinbase’s above, with a convenience fee of 0.5%. Orders above $200 are charged 1.49%. There are no credit/debit card options with Gemini.

Unlike Coinbase, Gemini is an actual licensed and regulated cryptocurrency exchange for trading. Placing orders for cryptocurrency on Gemini is similar to placing an order for a stock on the New York Stock Exchange.

If you are looking to trade cryptocurrency on a U.S. Licensed Exchange for low fees, Gemini is an excellent choice.