Dear Mr. Market:
Budgeting apps play a vital role in helping us keep track of our spending, save for future goals, and maintain control over our financial health. With the retirement of Mint, many are left wondering which tool to turn to next to stay on top of their financial game. The sun has set on Mint, and for many of us, it feels like a beloved companion has gone away. But fear not, for where one app leaves, others rise to the occasion. That may actually be part of the problem since like anything on the internet there’s almost too much information, choices, and places pitching you things.
Today, we dive into six promising alternatives: YNAB (You Need A Budget), PocketGuard, EveryDollar, Goodbudget, Honeydue, and NerdWallet. Each brings something unique to the table, and it’s worth exploring what makes them shine and where they might fall short. One quick caveat before we dive in…Unlike so many articles and product reviews on the internet, we have embedded links to each of of the budgeting apps but do not get paid to promote any one of them. (Please do you your own due diligence!).
Read more: Farewell Mint: Top Budgeting Apps to Try Now
YNAB (You Need A Budget)
The Skinny: If you’re looking for an app that’s more drill sergeant than friendly advisor, YNAB might be for you. YNAB’s philosophy is simple: every dollar has a job. This app is about giving you total control of your money and encouraging proactive financial management.
Pros:
- Zero-Based Budgeting: YNAB operates on a zero-based budgeting model, meaning you allocate every dollar of your income to a specific purpose. It forces you to think about where your money is going, which can lead to better financial decisions.
- Education and Support: YNAB offers a robust set of educational resources, webinars, and a supportive community, making it more than just an app but also a financial education tool.
- Goal Tracking: It’s great for setting and tracking financial goals, whether it’s building an emergency fund or paying down debt.
Cons:
- Cost: Unlike Mint, YNAB isn’t free. It comes with a subscription fee, which might be a tough pill to swallow for those used to a free service.
- Learning Curve: The app’s approach requires a shift in mindset. It’s not a set-it-and-forget-it tool; it demands regular interaction and commitment.
PocketGuard
The Skinny: PocketGuard keeps things simple. It’s for those who want to know exactly how much they can safely spend without diving deep into budgeting spreadsheets. Think of it as a modern, digital version of your friendly neighborhood bank teller.
Pros:
- Simplicity: PocketGuard is incredibly user-friendly and straightforward. It automatically categorizes expenses and shows you how much “pocket” money you have after accounting for bills, goals, and necessities.
- Safe-To-Spend: The app’s standout feature is its “In My Pocket” tool, which tells you how much you can spend without hurting your budget.
- Basic Version is Free: A basic version of PocketGuard is free, offering decent functionality for those who don’t want to pay.
Cons:
- Limited Customization: While simplicity is its strength, it’s also its weakness. Advanced budgeters might find it lacking in customization options.
- Subscription for Premium Features: To unlock all features, you’ll need a subscription. While not as expensive as some competitors, it’s a consideration.
EveryDollar
The Skinny: EveryDollar is Dave Ramsey’s digital brainchild, reflecting his famous “baby steps” and no-nonsense approach to personal finance. If you’re a Ramsey fan or just someone looking to give every dollar a purpose, this app might resonate with you.
Pros:
- Zero-Based Budgeting: Like YNAB, EveryDollar uses a zero-based budgeting system, which is effective for detailed and proactive financial planning.
- Intuitive Design: The app is easy to use and has a clean, user-friendly interface that makes budgeting straightforward.
- Integration with Ramsey Solutions: If you’re following Dave Ramsey’s plan, the app integrates seamlessly with his other financial tools and resources.
Cons:
- Cost for Full Features: The free version is fairly basic. To access bank syncing and other premium features, you need to upgrade to EveryDollar Plus, which comes with a fee.
- Limited Features: Compared to some other budgeting apps, EveryDollar is more basic and lacks some of the in-depth tracking and customization that power users might want.
Goodbudget
The Skinny: Goodbudget brings the classic envelope budgeting method into the digital age. It’s all about dividing your income into “envelopes” for different spending categories, mimicking the cash-stuffing technique your grandparents might have used.
Pros:
- Envelope Budgeting: The digital envelope system is intuitive and visual, which can be very effective for those who need help managing discretionary spending.
- Budget Sharing: It’s great for couples or families as it allows multiple users to access and manage the same budget.
- Free Version Available: Goodbudget offers a free version that might be sufficient for simple budgeting needs.
Cons:
- Manual Tracking: Unlike other apps that automatically sync with your bank accounts, Goodbudget often requires manual input of transactions, which can be a hassle.
- Limited Functionality: It’s not as comprehensive as some of the other apps and lacks investment tracking or advanced financial planning tools.
Honeydue
The Skinny: Honeydue is a budgeting app designed specifically for couples. It focuses on transparency and communication, helping partners manage their finances together while keeping some individual privacy.
Pros:
- Couples-Friendly: Honeydue is tailored for couples, allowing both partners to see shared expenses and balances while keeping personal spending private if desired.
- Automatic Syncing: The app automatically syncs transactions, making it easy to track joint and individual spending without much effort.
- Custom Notifications: It offers customizable notifications, helping couples stay on top of their finances and avoid awkward money conversations.
Cons:
- Limited Features for Solo Users: It’s primarily designed for couples, so single users might find it lacking in certain areas.
- No Desktop Version: Honeydue is mobile-only, which might be a limitation for those who prefer managing finances on a desktop.
NerdWallet
The Skinny: NerdWallet is more than just a budgeting app; it’s a comprehensive financial tool that provides insights into your spending, credit score, and financial products. It’s like having a financial advisor in your pocket.
Pros:
- Holistic Financial View: NerdWallet isn’t just about budgeting. It offers credit score tracking, financial product comparisons, and personalized advice.
- Free to Use: NerdWallet’s budgeting tools are free, providing great value for those looking to manage their finances without additional cost.
- Educational Resources: The app is packed with articles and tools to help users make informed financial decisions.
Cons:
- Limited Budgeting Features: While it offers a broad overview of your finances, its budgeting features aren’t as robust or detailed as some other apps.
- Ads and Product Promotion: Since NerdWallet earns money by recommending financial products, users might encounter promotional content within the app.
The Bottom Line
So, Mr. Market, what’s the verdict? Well, it all comes down to personal preference. YNAB and EveryDollar offer robust, zero-based budgeting methods that can transform your financial habits if you’re ready to put in the work. PocketGuard and Honeydue cater to those who prefer simplicity and ease of use, while Goodbudget’s envelope system is a great choice for the visual budgeter. Lastly, NerdWallet offers a well-rounded approach for those looking to manage both budgeting and broader financial planning in one place.
Mint may be gone, but with these worthy successors, your budgeting journey is far from over. It’s a new era of financial management — one where you’re in control. Choose wisely, and let your money work for you. Lastly, if you’re already using or end up choosing one of these budgeting apps, please let us know your thoughts and share feedback below!
