You can pretty much everything on your phone, and that counts for handling your budget as well! I have always kept my budget digitally, first on a spreadsheet, and now with an app. But which one do you choose? In this post, I’m ranking what I believe to be the five best free budget tools!
NO TWO BUDGET TOOLS ARE EXACTLY ALIKE! WHICH “FREE” APPS ARE THE BEST?
So how do you know which one is the best one, and which app is really “free” to use? I’ve done some research and am here to tell you about what I believe to be the five best free budget tools out there!
Some have paid versions, but I believe that the free versions of the apps listed are sufficient to get the job done when it comes to planning and tracking your budget. Here’s how they ranked.
THE FIVE BEST FREE BUDGET TOOLS RANKED BY A LIFE ON A DIME ARE:
EVERYDOLLAR
The EveryDollar app from Ramsey Solutions truly handles the job. I’ve used the free version since it came out! The free version is not linked to your checking account, so you have to manually track your expenses. This has never seemed like a downside for me though since it adds a layer of accountability.
The biggest con for me is the fact that I’ve NEVER gotten the Emergency Fund to calculate right. At this point I’ve used it far too long to try to go back to the beginning and correct it. I just track how much I put into my savings account each month and move on.
As a side note, I’d like to add that I have seen other #debtfreecommunity members on Instagram make the same complaint. I’m glad it’s not just me with this problem.
If you’re not the most accountable when it comes to tracking the free version likely isn’t for you. The annual cost is $129.99 and comes with access to Financial Peace University. If you’re not interested in FPU or manually entering transactions it’s probably not the app for you.
GOODBUDGET
The biggest selling point of this digital envelope tracking system is that you can import bank transactions on the free version. Unlike Everydollar it only comes with three budget categories (envelopes) started – Groceries, Gas, and Savings.
You have to have a pretty good handle on the budget categories needed to get set up, but it looks like a pretty straightforward system once you’re logged in.
I should also note that the transaction import is NOT automatic; you have to download a file from your online bank account and import it into Goodbudget. It is still an option not available on EveryDollar’s free version though.
Unfortunately, one of the most touted features of this app, the ability to sync devices and users in a household budget is only available on the paid version. However, at $7 a month or $60 annually it is considerably less expensive than EveryDollar.
And, as a plus – if you’re more security-minded it does NOT connect directly to your bank account. While it may seem a little more inconvenient, it does feel a little more secure.
SIMPLIFI BY QUICKEN
While Simplifi by Quicken is only free for the first thirty days, I have included this app as it seems quite impressive for the $3.33 estimated monthly cost after the trial. The app helps track multiple savings goals and your net worth.
The visual interface is quite polished looking, and this app CAN automatically download and categorize transactions. The cost is pretty reasonable for that feature alone.
So if you’re not the type to make a point to sit down and track your expenses regularly, this may be a good option for you. All you need to do is sit down once in a while and make sure expenses are categorized correctly.
BUCKET
This is a free savings tracker that is A LOT more motivating than staring at an incorrect total on another app. It is also a very simple app. If you’re not interested in tracking expenses, aren’t tracking debt payoff, and have bills on auto pilot this may be all you need.
You simply put in your current savings amount, your goal, and it will keep you updated on how close you are to your goal. Log deposits and it’ll update the % you’ve completed of your goal. If you’re a visual person this is a great tool!
The only downside is that it’s all it does. But I use it occasionally because I like it better than the Emergency Fund component of EveryDollar. You can find this app in your smartphone’s app store.
MINT
Mint is an all-encompassing planner as well as a budget app. It reminds you of upcoming bills, allows you to check your credit, as the website says, it brings “all your money to one place.”
It looks a lot like the old PC software version of Quicken I used to use. The graphs and charts are great if you’re a visual person. The app connects to your accounts to show you balances and update your budget.
Cons include user complaints about account synchronization (which is crucial for streamlined budget tracking), trouble connecting with smaller banks and credit unions, and long term connection issues. To be honest, this sounds a lot like the problems I had with my old Quicken software.
TO BE HONEST I WAS SURPRISED THAT MY “TRIED & TRUE” APP ALMOST DIDN’T TOP MY OWN LIST!
When I got the idea to research and check out different free budget apps I kind of figured that I’d stay firmly in my comfort zone. Surprisingly, that was almost not the case!
EveryDollar is still holding its rank of favorite on my five best free budget tools list… for now! However, Goodbudget came in at such a close second I am going to give it a go.
For its ease of use and familiar “envelope” style system as well as the ability to import transactions I think it’s definitely worth a fair chance.I plan to use Goodbudget through the month of July and see if it remains my new favorite budget app.
While we do not link our bank accounts directly to our budget tools, I do love the idea of importing transaction lists in batches to streamline tracking expenses.
WHAT BUDGET APP DO YOU USE?
Do you use any of these apps? Love or hate any on the list? In the end it doesn’t matter how you track your budget; it’s more important that you HAVE and USE a budget!
If you’re still not sure where to get started hop on over to my Budget Coaching Services page and see if this service seems right for you. If so, schedule a consultation and we’ll get you on your way to budgeting success!
Be on the lookout for a full review of Goodbudget coming up in August! Until next time, stay frugal and keep on a budget my friends!
This is such a useful post! I have recently started tracking every incoming and outgoing… I use Yolt to keep my accounts and my partner’s accounts together so I know the overall household money. But I have still not found an app that can be as versatile and bespoke as a spreadsheet though. That seems to be the only way I can properly keep track of a budget. I’m definitely going to be checking some of these out! Thank you for sharing!
Kim – https://keepingitmindful.com
Ah yes, the spreadsheet! I started with one but I never got quite as detailed as the ones floating around now!
I haven’t used any budgeting apps before but I think Bucket sounds like a really useful app! Thanks for the tips x
https://www.femaleoriginal.com
I have heard of Mint before but haven’t tried any of these! I think I will look into them more! Thank you for sharing!
Amber – https://theunpredictedpage.com
Thank you Amber. Hope you find one that works!
I’ve never heard of any of these, but i’m always looking for apps that will help me. Maybe I’ll look at these!
I hope you find one that works for you! Thank you for reading Deandra!
I’ve not heard of any of these before. I can’t wait to read your review in August.
I have not heard of any of these except Mint. I’m glad to see that there are so many good options available. It’s important to take control of your finances so you can reach financial independence.
Yes! I was actually amazed with how many good options were out there! You really only hear about a few.
I love your blog! I’ll admit I’ve never used a budgeting app before, I tend to have an automatic amount of savings going into my different accounts after I’ve been paid, but a budgeting app sounds like something I 100% want to give a go so thank you for the suggestions. x
That’s great you’ve already automated your savings! Always pay yourself first! Thank you for reading!
This is great thanks for the suggestions
Thank you for reading!
I’ll be the first to admit that I don’t use any budgeting apps (mostly because I’ve never thought of using one!) But, I’m really intrigued by Mint. I feel like this would make things much more easier.
Much love always,
GABBY
Yeah! Thank you for reading!
Great list! I personally use Mint. I really haven’t had any trouble with it at all. All my accounts are all in one place, I can set budgets, compare month to month, keep an eye on my credit, and you don’t have to upgrade. It’s all free, and I don’t feel like I’m missing out on any features at all.
Glad to hear you don’t have connectivity issues! There are so many features for a free tool!
Oh I don’t have any of these! I need to get them, especially if they are free! Thanks so much for sharing!
Thank you for reading! Budget apps make life SO much easier!
My husband used to use Mint but I don’t think he does anymore. We aren’t big budgeters to be honest.
That’s ok. Some people don’t need a “budget” per-se to know where their money is going. Thanks for reading!
I’ve never really needed to budget as I’m still living at home with my parents but these tools look super helpful!
Ooo I had never thought of using apps for budgeting – I’d always done it pen and paper but some of these tools will definitely make it a lot easier!!
Roni🖤
http://www.myelevatedexistence.com
They definitely do make life simple! And really convenient!