There are hundreds, if not thousands, of apps available on iTunes and Google Play that claim to help you manage your money. However, the descriptions aren’t always comprehensive. As a result, it can be difficult to decide which ones would work best for you and your financial needs.
We’ve pulled together a comprehensive list of the seven best personal finance apps, with the pros and cons of each one. Not only that, you’ll find them broken down into four helpful categories: budgeting, saving, investing, and credit monitoring.
It’s challenging to find one app that does it all. However, this list can help you decide what areas of your finances need the most improvement. You will also see which app can help you achieve your goals based on your habits and lifestyle.
Best Budgeting Apps
Budgeting is the cornerstone of personal finance, helping you track and manage your spending. Here are two top budgeting apps that can help you get your finances in order:
Toshl
Toshl is perfect for those who prefer simplicity and a hands-on approach to budgeting. It allows you to quickly enter expenditures via your smartphone, making it easy to track your spending. The basic app is free and lets you manage two budgets and income sources.
If you need more features, the premium version costs $19.95 annually and offers unlimited budgets and incomes, data export, and customized graphs. Toshl doesn’t link to your bank accounts, so you manually input your expenses, which can be a plus if you want more control over your financial data.
Mint
Mint is a popular choice for budgeting, integrating all your accounts in one place, including checking, savings, and investments. It automatically categorizes your expenses, helping you see where your money goes.
Mint’s features include alerts for low balances or high credit usage and reminders to pay your bills on time. Additionally, it offers a free credit score monitoring service, giving you a summary of your accounts and your credit score. This app is free, though it does have ads, which some users might find intrusive.
Best Saving Apps
Saving money can sometimes be challenging, but these apps make it easier by automating the process and helping you set and achieve your financial goals.
Chime
Chime is an excellent alternative for those looking to automate their savings. It offers a feature that rounds up every purchase you make with your Chime debit card to the nearest dollar and transfers the difference to your savings account.
Additionally, you can set up automatic transfers of a percentage of your direct deposit into your savings. Chime’s fee-free spending account and easy-to-use interface make it a top choice for those wanting a seamless saving experience. Withdrawals are instant, giving you quick access to your funds when needed.
Qapital
Qapital takes automated saving to the next level. You start by creating specific savings goals and setting up different spending rules that trigger automatic transfers to your savings account. For example, you can create a rule to transfer $10 into savings every time you buy coffee or a round-up rule for your debit and credit cards.
This flexibility allows you to save without feeling the pinch. Withdrawals from your savings take about two business days, making it a convenient and efficient way to grow your savings.
Best Investing Apps
Investing can be intimidating, but these apps make it accessible and straightforward, whether you’re a seasoned investor or just starting out.
Robinhood
Robinhood is a popular investing app known for its commission-free trades of stocks, ETFs, and cryptocurrencies. It’s user-friendly and perfect for both beginners and experienced investors. With no account minimums, you can start investing with any amount of money.
The app also offers real-time market data, customizable alerts, and a sleek interface. Robinhood’s fractional shares feature allows you to invest in high-priced stocks with as little as $1, making it accessible to everyone.
Read our full review of Robinhood.
Acorns
Acorns is designed for those who want to start investing with minimal effort. The app connects to your credit and debit cards and rounds up your purchases to the nearest dollar, investing the spare change into a diversified portfolio.
For just $1 a month (or free if you have $5,000 or more in your account), Acorns offers five different investment portfolios based on your goals and risk tolerance. This makes it an excellent choice for beginners looking to dip their toes into the investment world without a lot of upfront capital.
Read our full review of Acorns.
Best Credit Monitoring Apps
Keeping an eye on your credit is essential for maintaining financial health. These apps help you stay on top of your credit score and protect against identity theft.
Credit Karma
Credit Karma provides free weekly updates on your credit score and report, pulling information from TransUnion and Equifax. The app offers personalized recommendations to improve your credit and sends alerts for any significant changes, such as new accounts or hard inquiries.
Credit Karma’s comprehensive tools and easy-to-use interface make it a top choice for credit monitoring. Plus, it includes free tax filing services, adding even more value.
Credit Sesame
Credit Sesame offers both a free and paid version of its app. The free version includes monthly credit score updates from TransUnion and daily monitoring alerts for changes to your credit report. This helps you detect and respond to potential identity theft quickly.
The app also provides free fraud resolution assistance and a $50,000 identity theft insurance policy. For more detailed credit monitoring and protection services, you can opt for one of their premium plans, which offer daily credit score updates and enhanced identity theft protection.
Best Financial Planning Apps
Effective financial planning can help you achieve your long-term goals and build a secure financial future. These apps offer comprehensive tools to assist you in managing your finances.
Empower
Empower (formerly known as Personal Capital) provides a comprehensive view of your financial health. The app combines budgeting, investment tracking, and retirement planning tools. By linking all your financial accounts, Empower offers a complete overview of your net worth.
Its investment tracking features provide detailed insights into your portfolio’s performance, helping you make informed decisions. The app also includes retirement planning tools, allowing you to plan for your future with confidence. Empower’s robust features and user-friendly interface make it an excellent choice for those looking to take control of their financial planning.
YNAB (You Need A Budget)
YNAB is a popular financial planning app that encourages proactive budgeting. The app helps you allocate every dollar you earn towards specific expenses, ensuring you have a plan for your money. YNAB’s approach is based on four simple rules: Give every dollar a job, embrace your true expenses, roll with the punches, and age your money.
By following these principles, YNAB helps you break the paycheck-to-paycheck cycle and build a more secure financial future. The app offers detailed reports and goal tracking features, making it easier to see your progress and stay motivated.
Best Debt Management Apps
Managing debt effectively can help you save money on interest and pay off your balances faster. These apps provide tools and strategies to help you tackle your debt.
Tally
Tally is designed to help you manage and pay down your credit card debt efficiently. By consolidating your credit card payments into one, Tally helps you avoid missed payments and save on interest.
The app offers a line of credit that you can use to pay off higher-interest credit cards, which can simplify your debt management and potentially reduce your overall interest costs. Tally’s automated system ensures you always make the minimum payment on time, reducing the risk of late fees.
Undebt.it
Undebt.it is a powerful debt management tool that allows you to create a personalized debt payoff plan. The app offers various strategies, such as the debt snowball and debt avalanche methods, to help you pay off your debts faster and more efficiently.
You can track your progress with detailed reports and visualizations, making it easier to stay motivated. Undebt.it’s flexibility and comprehensive features make it an excellent choice for anyone serious about getting out of debt.
Best Bill Management Apps
Staying on top of your bills is crucial for avoiding late fees and keeping your financial health in check. These apps help you manage your bills efficiently.
PocketGuard
PocketGuard not only helps you manage your bills but also provides a clear picture of your overall financial situation. The app links to your bank accounts, credit cards, loans, and investments, allowing you to track your spending and income in real-time.
PocketGuard’s bill management feature sends you reminders about upcoming payments and helps you avoid late fees. Additionally, the app’s “In My Pocket” feature shows you how much spendable money you have after covering bills, goals, and necessities.
Rocket Money
Rocket Money helps you manage your subscriptions and bills by tracking recurring charges and identifying areas where you can save money. The app negotiates bills on your behalf and cancels unwanted subscriptions, helping you cut down on unnecessary expenses.
Rocket Money also provides detailed insights into your spending habits and offers budgeting tools to help you stay on track. Its user-friendly interface and proactive approach to bill management make it a great choice for those looking to optimize their finances.
Final Thoughts
The constant demands of everyday life can make it difficult to stay on top of your finances. However, by downloading a few strategic personal finance apps, you can take control of your money and credit without sacrificing tons of valuable time.
After implementing automatic alerts and account transfers, you’ll know exactly where your money is and soon start to reach your financial goals. It’s as simple as the swipe of a smartphone.
