Here’s How to Find a Budgeting App You’ll Actually Use
Budgeting no longer looks like old-school pen and paper — unless, of course, that’s your thing.
Today’s financial tools are more sophisticated, offering real-time insights, automated tracking and cash flow forecasting to help you stay on top of your financial goals. Many sync directly with your bank accounts, automatically categorize purchases and push you when you deviate from your savings goals.
After Intuit shut down its popular budgeting app Mint last year, millions of people have been rethinking what they want in a money management app. With so many options available, the challenge isn’t finding a budgeting app, choosing one that fits the way you manage your money.
Know your money personality
Choosing an app that matches your lifestyle keeps the budget manageable. Some budgeting tools are designed for people who like to manage every dollar sparingly, while others are better suited to a hands-off, “set it and forget it” approach.
If you want to stay close to every dollar and not worry about frequent check-ins, a zero-based system may appeal to you. Apps like YNAB (You Need a Budget) focus on helping users work with the money they have, and create a realistic, convenient plan that creates a greater sense of control over their spending. If you prefer a more automated view of your finances, Quicken Simplifi and Quicken Business & Personal can give you a comprehensive view of your savings, investments and cash flow without the need for day-to-day maintenance.
Understanding what you need from a budgeting tool is the first step in finding one that you will actually use. Pick the wrong app, and it’ll be just another piece of junk (like the spreadsheet you swore you’d stick with this time last year).
Features to look for in a budget app
Modern budget apps vary greatly in features, prices and the amount of manual effort required. Once you identify which features are most important to you, it’s easy to narrow down your options.
Here are a few things to look for:
Real-time tracking
A robust budgeting app will track and categorize your transactions, and give you a real-time snapshot of where your money is going. The most useful tools go beyond simple summaries, analyzing spending patterns and flagging potential problems before they become problems.
In practice, that may mean noticing an increase in discretionary spending at the beginning of the month and giving you a heads up before it wipes out your entire budget. Some applications (such as Quicken) offer a “Watch List” that allows you to track spending in specific categories that you are trying to recover.
Automatic classification
You’ll also want to look for apps that break down your spending into clear, customizable categories: food, transportation, travel, subscriptions, and more. If the category does not exist, you should be able to add it manually.
Setting a goal
Whether you’re paying off debt, saving for a vacation or paying down the mortgage, goal-setting features will help you stay motivated (and accountable).
Cash flow forecasting
Cash flow forecasting tools show how your money might flow over time based on projected income and expenses, often up to a year in advance. This makes it easier to plan ahead and avoid any surprises.
Subscription tracking
Subscription costs are still rising. Tools that automatically track emerging values can help you decide what to keep and what to let go.
Rocket Money, in turn, offers a bill negotiation feature that can help users lower certain monthly expenses, often for a fraction of the savings.
Check out the budget app before you commit
The smarter budgeting apps are, the less time you have to spend tracking every dollar. However, finding the “best” ultimately comes down to how seamlessly it fits into your lifestyle, and the best way to measure that fit is with hands-on experience.
Take advantage of free trials and money-back guarantees when possible. Test driving the app gives you a feel for how it fits into your daily routine, how the interface feels and what features you might use before making a financial commitment.
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