How to budget wisely: the best apps for monitoring finances

Many financial experts and personal finance gurus agree that budgeting is the key to taking control of your financial future. Apps for this purpose can help you save and allocate your funds more wisely, reports CNBC.

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Budgeting apps are usually linked to your bank and credit card accounts. They automatically track your purchases and payments.

Many break down expenses into different categories (transportation, food, entertainment, etc.) so you know where your money is going. A good budgeting app can save you time and energy, helping you spend smarter and save more.

Best app for beginners: Goodbudget

• Price: Free for 20 envelopes. $70 per year for unlimited envelopes.
• Linking to accounts: No, users must manually enter purchases and transactions.
• Expense classification: yes, but users must manually enter transactions as the app does not sync with your bank account.

good budget is the app to use when you're looking for an easy way to budget. The app is different because it helps you use a digital version of the proven envelope budgeting method—a method where you create a budget by dividing your money into different spending categories, with each category having its own envelope.

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Best App for Advanced Users: You Need a Budget (YNAB)

• Cost: 34-day free trial, then $84/year or $11,99/month (students who provide proof of enrollment get 12 months free).
• Linking to accounts: yes, bank and credit cards.
• Expense classification: no.

YNAB is distinguished by its zero-based budgeting system, with every dollar essentially assigned to a “job.” Whether it's paying off a student loan, paying off a monthly car payment, etc., users put every dollar they earn toward something to ensure that no dollar goes unaccounted for.

Best app for overpayers: PocketGuard

• Cost: free basic budgeting app. $34,99 per year to upgrade to PocketGuard Plus, premium version.
• Linking to accounts: yes, bank and credit cards.
• Expense classification: Yes.

If you need something that won't let you spend more, Pocketguard for you. The app notifies users when they spend 50%, 75% of their budget, or when they exceed it. The app lets you know how much you can afford to spend.

Best App for Investors: Empower (formerly Personal Capital)

• Price: The app is free, but users have the option to add investment management services for 0,89% of their money (for accounts under $1 million).
• Linking to accounts: yes, bank and credit cards, as well as IRAs, 401(k), mortgages.
• Classification of expenses: yes.

empower is a budget and net worth tracking tool, making it an ideal choice for people who need an investment tool.

Best app for couples: Honeydue

• Price: for free.
• Linking to accounts: yes, bank and credit cards are yours and your partner's.
• Expense classification: Yes.

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Couples who want to do better budgeting together can use the Honeydue app. Honeydue allows partners to view each other's bank accounts, credit cards and investments if they choose to share them. It's easier than logging into separate accounts.

The app allows couples to see their progress toward common goals, such as saving for a vacation or making a down payment on a home.

Additionally, partners can use the app's chat feature to send each other messages about specific accounts directly within the app itself.

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