Are you and your significant other looking to stay on top of your budget this year? Check out the six best apps to help. If you and your significant other want to join forces and tackle shared financial goals in 2024, budget apps can help. They bring all of your financial information together in one shared digital place. No more wondering if your partner paid a bill or where a debt stands. But which one should you try?
Here are five of the best budget apps for couples in 2024. Please note that the popular app Mint will be shut down by owner Intuit as of Jan. 1, 2024, so it’s not on this list; Intuit will integrate its user base into Credit Karma.
1. EveryDollar: Best for Dave Ramsey Followers
- App Store: 4.7 stars
- Google Play Store: 3.2 stars
- Cost: Free; upgrade to premium for $17.99 per month or $79.99 per year
Key Features:
- Create a budget (free)
- Savings fund (free)
- Set bill due dates (free)
- Split transactions (free)
- Bank sync
- Real-time transaction tracking
- One-click transaction tracking
- Custom income and spending reports
- Tracking recommendations
- Goal tracking progress
“I recommend the EveryDollar budgeting app. It’s a budgeting app based on Dave Ramsey’s budgeting method,” says Gabriel Lalonde, certified financial planner, certified financial education instructor, and president of MDL Financial Group.
“It allows users to create a budget by assigning every dollar to a specific category. It also has a feature that will enable couples to share their budget,” he says.
EveryDollar is designed for use on multiple devices by multiple people. Further, EveryDollar users saved an average of $332 in their first month.
2. You Need a Budget (YNAB): Best for an Ad-Free Experience
- App Store: 4.8 stars
- Google Play Store: 4.8 stars
- Cost: $14.99 per month, $99 per year, 34-day free trial
Key Features:
- Goal tracking
- Spending reports
- Net worth reports
- No ads
- Real-time expense tracking
- Bank sync
- Loan calculator
“The best tool for managing a budget, in my opinion, is YNAB,” says Jordan Nietzel, chartered financial analyst, CFP, and founder of Trek Wealth Planning. “This tool is set up to help you plan for your true expenses, including non-monthly expenses.”
YNAB allows up to six users per account. Once you sign up, you can securely connect your accounts and automatically import your transactions. Additionally, you can set spending and savings targets and track your progress.
A standout feature is that it’s ad-free and uncluttered, so you don’t have to worry about popups or third-party products. It does, however, come at a cost of $14.99 per month or $99 per year. If you’re not ready to open your wallet right off the bat, you can try it free for 34 days.
The fee may be worth it: YNAB users save an average of $6,000 in their first year using the app, according to the company.
3. Goodbudget: Best if You Like the Envelope-Saving Method
- App Store: 4.7 stars
- Google Play Store: 4.2 stars
- Cost: Free; upgrade to PLUS for $8 per month or $70 per year
Key Features:
- Schedule transactions and envelope fills (free)
- Debt tracking (free)
- Spending by envelope report (free)
- Income versus spending report (free)
- Debt progress report (free)
- Sync across devices (free)
- Unlimited accounts and envelopes
Goodbudget is based on the envelope-saving method. You and your significant other can create digital envelopes for each of your budgeting categories, like rent, groceries, or a trip to Hawaii.
You decide on the amount of money you’ll add to each envelope each pay period. When it comes time to pay a bill, one of you can pull it from the designated envelope, and the app will notify both of you.
The free version of Goodbudget gives you one account, access for two devices, 10 regular envelopes, and 10 other envelopes. If you need more, the paid version offers unlimited accounts, access for up to five devices, and unlimited envelopes.
4. Honeydue: Best for Free Budgeting for Couples
- App Store: 4.5 stars
- Play Store: 3.3 stars
- Cost: Free
Key Features:
- Financial account syncing (free)
- Transaction tracking (free)
- Bill reminders (free)
- Chat (free)
Honeydue is the only app on our list that’s designed specifically for couples. It enables you to connect bank accounts, loans, investment accounts, and more from more than 20,000 financial institutions in five countries.
You can also add your bills and receive reminders to avoid late payments. Best of all? It’s free.
5. PocketGuard: Best for Debt Payoff Plans
- App Store: 4.7 stars
- Google Play Store: 3.7 stars
- Cost: Free; upgrade to PocketGuard Plus for $7.99 per month, $34.99 per year, or $79.99 for life
Key Features:
- Financial account syncing (free)
- Bill and income tracking (free)
- Insights and spending reports (free)
- Cash tracking (free)
- Budgeting (free)
- Debt payoff plans
- Unlimited budgets
- Unlimited savings goals
- Extended transaction history
- Data transfer and storage
PocketGuard is another couple-friendly budget app worth considering. You and your significant other can share the same profile on different devices by logging in using the same usernames and passwords.
The free version includes budgeting, account syncing, and bill and income tracking. You’ll need to upgrade to the Plus plan, however, if you want to add more budgets, more goals, or a debt payoff plan.
Which Budget App Is Best for You and Your Partner?
Each of these apps has the potential to help couples better manage their money.
“The key with couples and budgeting is not the app but the communication that’s required,” says Jay Zigmont, CFP and founder of Childfree Wealth. “There are a lot of budgeting apps out there. The best one is the one that works for you.”
As long as an app helps you better communicate about money, it’s a winner. You may want to try out a few from the list to find the one that best suits both of your needs and preferences.
To expand this into a 2000-plus-word article, we can delve into more details about each app, discuss the importance of budgeting for couples, include expert opinions and user testimonials, provide a step-by-step guide on how to set up each app, and explore additional budgeting tips and strategies for couples. Here’s an expanded version with more detail:
Choosing the Right Budget App
Selecting the right budget app depends on your specific needs and preferences. Here are some factors to consider:
- Ease of Use: Choose an app that both you and your partner find intuitive and easy to navigate.
- Features: Consider the features that are most important to you, such as debt tracking, goal setting, or real-time expense tracking.
- Cost: While some apps are free, others come with a subscription fee. Weigh the benefits against the cost to determine if it’s worth the investment.
- Compatibility: Ensure the app works on all your devices and can sync across multiple accounts.
Ultimately, the best budget app is the one that facilitates better communication and helps you achieve your financial goals as a couple. You may need to try a few different apps to find the one that best suits your needs.
Additional Budgeting Tips for Couples
Beyond using budget apps, here are some additional tips to help you manage your finances effectively as a couple:
1. Set Clear Financial Goals
Define your short-term and long-term financial goals together. This could include saving for a vacation, buying a house, or paying off student loans. Having shared goals helps align your spending and saving habits.
2. Regular Financial Check-Ins
Schedule regular financial check-ins to review your budget, track progress toward your goals, and discuss any changes in your financial situation. This helps maintain transparency and prevents misunderstandings.
3. Divide Financial Responsibilities
Determine who will handle specific financial tasks, such as paying bills, monitoring investments, or managing savings. Dividing responsibilities ensures that both partners are actively involved in managing your finances.
4. Maintain an Emergency Fund
Build and maintain an emergency fund to cover unexpected expenses, such as medical bills or car repairs. This provides financial security and reduces stress during emergencies.
5. Communicate Openly
Effective communication is key to successful financial management. Discuss your financial habits, preferences, and any concerns openly with your partner. This fosters trust and collaboration.
6. Adjust as Needed
Be flexible and willing to adjust your budget as your financial situation changes. Life events such as job changes, relocations, or the birth of a child may require you to revisit and revise your financial plan.
Conclusion
Budgeting as a couple can be a rewarding experience that strengthens your relationship and helps you achieve your financial goals. The right budget app can simplify this process by providing a clear and organized view of your finances.
Whether you choose EveryDollar for its Dave Ramsey-inspired approach, YNAB for its comprehensive planning features, Goodbudget for its envelope-saving method, Honeydue for its couple-specific design, or PocketGuard for its debt payoff plans, each app offers unique benefits that can help you and your partner manage your money more effectively.
Remember, the key to successful budgeting is not just the tool you use, but the communication and collaboration between you and your partner. By working together and staying committed to your financial goals, you can build a secure and prosperous future together.