Budgeting is very important if you want to manage your personal finance well. For beginners, making a budget may not be an easy task. Luckily, we now have various kinds of budgeting apps available to help people. Here are the 5 best budgeting apps recommended for you.

Mint

Mint is one of the oldest and most famous budgeting apps. The budgeting tools Mint provides are quite useful. Once you log into the app, you can easily find them.

The app can automatically categorize transactions from any credit or debit card linked to Mint. Besides, you can tailor your budget according to your own needs and let Mint track your cards against your customized budget.

However, although the app is free to use, if you want Mint to suggest new credit cards or other investing apps to you, you will have to pay for the service.

Goodbudget

Goodbudget is considered as an ideal budgeting app for couples who prefer to share the budgeting process. The app takes your monthly income and enables you to allocate money into different envelopes for categories like transportation or entertainment. You may add details to your new transactions or break up expenses into several envelopes as you like.

Though the app is good enough to help you see where your money is going, using it successively requires discipline. Besides, you can only use up to 10 envelopes for free, and there are no algorithms to show you how much money you should save.

Personal Capital

Personal Capital is most suitable for investors because it provides a complete investment advising solution with a hybrid robo-advisor as well as the human advisor service. Its free financial dashboard can track all your income and expenses.

Apart from the cash flow and net worth, Personal Capital can also track your investments. You can

see your asset allocation or analyze the expense ratios of your mutual funds on Personal Capital by linking your investment accounts to the app.

The only defect of the app is that the cash flow and budgeting tools are not as extensive as other apps, though they may work similarly.

You Need a Budget (YNAB)

YNAB is a quite popular budgeting app based on your income. The app enables you to set a budgeting goal and fund it by linking the app to a personal account. Once the account is linked to the app, the balance will be directly imported into the YNAB debt manager. YNAB provides both mobile and desktop interfaces, making it convenient to get access to the app.

Still, there is a downside. Free YNAB can only be used for 34 days. After that, the app charges $6.99 each month, with a total cost of $83.99 for an entire year.

Albert

Albert is the best choice for those who are eager to get rid of maths and calculations. Once you connect your account to Albert, the app will automatically analyze your income, spending, as well as your comprehensive financial health. Besides, Albert uses advanced algorithms to help you decide how much money you should save per month. The app can even pay you a small reward for saving money.

If you use this app, one thing should be dealt with care. Albert has a paid premium service called Albert Genius. Sometimes Albert will ask users to pay what is thought as “fair” for Genius. For example, the app claims that most users pay $6 per month for the service, yet, in fact, the minim cost could be $4 a month.

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