Linking bank accounts, investments, and credit cards, money management apps can be an effective method of creating and sticking to a budget. In addition, many budgeting apps analyze spending, flag areas where you may be prone to extravagance, and potentially save you a significant sum in the long run. In this article, we look at six of the most popular financial management apps of 2022.
1. YNAB
YNAB is an abbreviation for You Need a Budget. With a 4.8 Apple Store rating and a 4.4 rating on Google Play as of this writing, YNAB is one of the most well-received budgeting apps on the market today. It is designed to help you design your financial future rather than merely tracking past transactions. To accomplish this, YNAB follows a zero-based budgeting system, encouraging you to assign a job to every dollar you earn.
Upon receiving a paycheck or other income, it is up to you to decide how much of your income should go towards categories like expenses, savings, and goals. YNAB’s mission is to encourage you to be more proactive about money management, prompting you to actively decide how you want to spend your money.
In addition to checking and savings accounts, you can also link credit cards and loans to this freemium app. The interface is compatible with Alexa, desktops, and mobile devices, including iPad and Apple Watch. The YNAB website also offers a variety of educational resources, helping you to budget and achieve long-term savings goals.
2. Zeta
Designed with couples in mind, whether they have joint finances or not, Zeta enables couples to sync various accounts, monitoring spending, managing bills, and tracking their net worth together. You also have the option of signing up for a Zeta joint bank account and cards, providing access to the Allpoint ATM network, as well as digital checks, bill pay, and contactless payments, all with no account fees.
This free budgeting app and no-fee joint account is designed for all kinds of couples, whether they are cohabiting, married, engaged, or new parents. Thanks to its detailed budging strategy, helpful features, and excellent support, Zeta has earned a reputation as one of the best financial management apps on the market today. However, the annual percentage yield on its joint account is somewhat on the low side.
3. Prism
Capable of being synced with regular bank accounts and free to download, Prism enables you to sync with thousands of payees, taking the sting out of paying bills by allowing you to track all of your accounts in one easy-to-navigate platform. Providing a full picture of all your accounts in one place, Prism also offers handy payment reminders to help you avoid late fees or interest.
Compatible with over 11,000 billers, from smaller utility companies to large banks, Prism allows you to schedule both same-day payments and payments in advance, eliminating the need to log into multiple accounts in order to settle bills.
4. Moneydance
Developed with investors in mind, Moneydance was primarily made for Mac users, although versions are now available on Windows and Linux. This desktop money management package incorporates a neat, single-window interface, providing an instant view of finances, including recent expenses and upcoming bills. Although not particularly flashy to look at, Moneydance’s reporting features are quite strong.
The platform’s account register is one of its most useful sections. For those who prefer to manage their money checkbook style, this feature operates on a similar principle. Priced per household rather than per computer, you are licensed to run Moneydance on multiple desktops at home. Although the platform does not advertise a free trial, it does offer a 90-day money-back guarantee.
5. PocketGuard
Like other budgeting apps on the market today, PocketGuard enables you to link multiple bank accounts, credit cards, investments, and loans, as well as track bills. Armed with this information, the app indicates how much money you have left to spend each month after setting aside funds for bills and other necessities, and your savings goals.
PocketGuard also tracks your net worth, with the paid version providing debt payoff plan facilities. In addition, PocketGuard Plus also provides the option to export transactions, as well as a range of other features for a $7.99 monthly charge.
6. Mint
With 25 million users, Mint is one of the world’s most popular budgeting apps. Free and easy for budgeters of all levels to use, Mint provides options for you to track investments, set up payment reminders, and access TransUnion credit scores.
Although some users have complained about technical issues, and in-app product advertisements can interfere with the user experience, by and large, Mint is one of the best free budgeting apps on the market today. It helps you to improve your spending habits without incurring a monthly fee. Additionally, you can see all of your accounts in one place to track daily spending, monthly bills, and investments.
Mint also provides payment reminders to help you avoid late fees and educational resources like a loan repayment calculator, home affordability calculator, and blog covering various personal finance topics.