Make Monitoring Your Finances Easier With These 5 Apps

It seems that one of the biggest roadblocks when it comes to monitoring your finances seems to be what tool you should use. There are so many options out there. Some of them are better at creating and managing a budget. Others are good for tracking your investments. This can make it hard to determine which one is best for your situation.

I’ve had that problem by myself. So over the years I’ve researched and tried several money management tools looking for one that would best for my needs. The good news for you is now I’m going to share my research and experiences with you to give you information that could help you find the one that works best for you.

(I am not a financial expert. All information is based on my own personal experience and research. This information is not meant to be financial advice and is just for educational purposes. This post includes some affiliate links. If you click an affiliate link and make a purchase I may receive a small commission.)

1. Empower (Formerly Personal Capital)

After years of using another budget app, I decided to try something new for managing my money, which led me to Empower.During the time I was using it I like how it offered a higher-level view of my entire financial picture and made tracking my net worth incredibly simple. Unlike other apps that focus mainly on budgeting, Empower felt more holistic, especially with its automated features that create a budget for you based on your recent spending habits—saving me time and effort.

Empower claims to help you take control of your finances by keeping “your spending in check while ensuring your financial goals are always front and center.” And it delivers on that promise, particularly for those with multiple investment accounts. 

Empower stands out by catering to users who want to track everything from savings and checking accounts to loans, credit cards, and investments. Key features include net worth calculation, monthly spending summaries, savings goals, and a Cash Flow Analyzer. If you’re looking for an app that provides a clear and comprehensive view of your finances, Empower is worth a try.

Related read: How To Grow Your Emergency Savings This Year

2. You Need A Budget (YNAB)

This money management app, YNAB (You Need A Budget), is a favorite among members of the financial Facebook groups I follow. It's often praised for its effectiveness in helping users take control of their finances. However, it does come with a higher price tag compared to other budgeting tools. To see if it’s a good fit for you, I’d suggest taking advantage of the free trial before committing.

YNAB promotes itself as a “friendly, flexible method for managing your finances” and follows a zero-based budgeting approach. This means every dollar you earn is assigned a job, whether it’s for savings, bills, or spending, encouraging you to take an active role in managing your money. 

The app includes features like automatic syncing with your bank accounts, real-time access from any device, spending alerts, goal tracking, detailed progress reports, personal email support, and free online workshops to help you stay on track. It’s designed to make budgeting straightforward and collaborative, especially for households managing finances together.

3. Every Dollar

This is a budgeting app created by Ramsey Solutions and is the app that I currently use to budget and manage my monthly income. Because it's from Ramsey solutions it's built with those in mind who are following the Ramsey Baby Steps and for zero-based budgeting. Despite that anyone can use it.

It’s really easy to set up and customize because a budget template is already set up when you first sign up. All you have to do is add in your income and expense amounts. The interface is pretty clean and easy to use. In addition to tracking your spending you can track your savings, sinking funds, and debt payoff. There is a free and paid version but you can only sync up your bank accounts in the paid version and you get several more features.

Related read: How To Create A Monthly Budget For Your Household

4. Goodbudget

I have never used this app but from what I’ve seen if you like to use the envelope system this may be the perfect budgeting app for you. In reading about it I like that it focuses more on planning your spending vs. just tracking your spending.

There is a free plan but you get more when you pay. For example, you can access the app with two devices on the free plan but can access it on up to five with the paid plan. The free plan comes with the ability to create 20 spending envelopes, the paid plan gives you an unlimited number.

5. Rocket Money

This app seems to be growing in popularity as I hear the name Rocket Money a lot in advertising and from influencers I follow. While you can use this app for budgeting it claims it can be used for so much more. Which is why Rocket Money say it's"a money app." This is visible in the types of things the app can assist you with

• Subscriptions: You can have Rocket Money find and track your subscriptions. This is the most talked about feature. And with the paid plan if you want to cancel them Rocket Money can do it for you. 
• Spending: See a breakdown of your spending to identify habits and make beneficial changes
• Savings: With the paid plan set up savings goals and set up automatic savings
• Net worth: With the paid plan you can track your net worth and see where you stand financially

As hinted above there is a paid and free plan. The free plan seems to offer the basics of what is needed for a budgeting app while the paid plan offers a more in the money management arena.

Related read: 15+ Ways You Can Save Money This Year

Bonus: Your Bank

Many banks have stepped up their game in the last few years and are providing financial management tools to their customers. These financial tools allow you to aggregate all of your financial accounts into their platform. By using your bank you can cut down on the number of logins you need to review and manage your finances.

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