Best Budgeting Apps For November 2024

• YNAB (You Need A Budget): Best Budgeting App For Achieving Financial Goals
• Goodbudget: Best Budget App For Budgeting Using Envelopes
• PocketGuard: Best Budgeting App For Tracking Spending

For the purposes of this list, Forbes Advisor focused on apps that are available to Canadian consumers. The apps shown on this list offer a variety of useful features and tools that can meet varied personal finance and money management needs.

App details are accurate as of December 1, 2023.

To create this list, Forbes Advisor analyzed 15 budgeting apps. We ranked each budgeting app on 18 data points within the categories of consumer ratings, costs associated with the app, security and encryption of consumers’ data, desktop availability and the ability to share the app with someone else.

The following is the weighting assigned to each category:

• Mobile app rating (App Store and Google Play): 35%
• Cost: 25%
• Encryption/Security: 15%
• Account integration capabilities: 10%
• Website version available: 10%
• Ability to share: 5%

Budgeting apps with a higher overall rating relative to their number of reviews ranked higher on our list, as did those that are completely free. We also prioritized mobile apps with advanced security features, like biometric authentication, multifactor authentication and encryption. Apps that allow the ability to connect an unlimited number of accounts moved toward the top of our list, as did apps that also have a website version and allow for sharing with family or friends.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

Having no financial plan or budget in place can cause stress and overwhelm you, leading to increased spending, living beyond one’s means, and perpetuating destructive cycles. But having a solid budget in place as part of your overall money mindfulness can make a huge difference—not only by helping you achieve your financial goals but also by reducing stress and anxiety and improving your overall quality of life.

How To Budget

Creating and managing a successful monthly budget is all about knowing how much money you bring in and how you actually spend it. Your income should be greater than your expenses, and you should have enough wiggle room to set money aside each month for savings and retirement. If your balance isn’t where you want it to be, it’s time to create a budget plan.

How To Make a Budget Plan

To get started on a budget plan, list your income and expenses. Connecting your bank accounts to your favorite budgeting app is the easiest way to do this, but you can also do it manually with a pen and paper or spreadsheet program.

Next, separate your fixed expenses from your variable expenses. Fixed expenses are those that don’t change from month to month, such as housing, utilities, insurance, child care, and loan payments, including automobiles, student loans, or credit card payments. Variable expenses include groceries, entertainment, dining out, vacations, and streaming services. Finally, consider factoring in monthly contributions to savings goals like retirement or an emergency fund.

If your expenses exceed your income, look at your variable expenses first to see where you might trim the budget. After that, you can consider ways to cut back on fixed expenses, such as moving to a neighborhood with lower rent or refinancing your debt.

How To Budget for Groceries

Budgeting for groceries can be tricky—everyone needs to eat. If you’re unsure how much to budget for groceries, compare your spending to the USDA’s food plan. Keep in mind that special dietary restrictions may push your grocery bill higher.

If you want to cut back on your grocery bill, meal planning can help. Create a weekly plan to make recipes that share ingredients or use pantry staples. Meat is a significant expense, so adopting a meatless Monday meal can also help lower grocery costs. Buying in bulk rather than single-use packaging can also save you some cash.

How To Budget for a Vacation

A vacation can be an exciting savings goal if you have some breathing room in your budget. The first step to budgeting for a vacation is to decide how much you want to spend and when you want to go. If you’re eyeing a $5,000 beach vacation one year from now, you can break that up into a monthly savings goal of around $420.

Not sure you want to commit to an expensive trip? Consider lower-cost options like a road trip, or keep your eyes peeled for a good deal. Budgeting for a vacation means you’ll have the funds ready when airfares drop or that aspirational ski lodge becomes available for booking.

How To Budget for Rent

To determine how much you should spend on rent, use the 28/36 rule. This budgeting principle says that you should spend no more than 28% of your total pre-tax income on housing or 36% of your total income on debt in general—which can include housing and a car payment or student loans. Using this rule, if you make $3,400 per month, you can afford up to $952 in rent and $1,224 in total monthly debt payments.

Sharing an apartment or house can help reduce your housing budget, as can moving to a cheaper area. If finding more affordable accommodations isn’t an option, you might have to look to other areas of your budget to cut costs.

How To Budget for a Wedding

Aside from buying a house or car, a wedding is one of the largest expenses most people will pay for in their lives, often costing tens of thousands of dollars.

If you’re saving for a wedding, first determine who might be willing to contribute. Family members may offer to pay for one aspect of a wedding or contribute a set amount of money to use for whatever you and your future spouse see fit. Then, determine how much you and your partner can contribute.

Once you have a baseline budget, decide how you’ll allocate your funds. List typical wedding expenses and determine what’s most important to you. Some essential line items include:

• Venue—both for the ceremony and the reception
• Flowers and decor
• Wedding attire
• Photography
• Catering and rentals
• Favors and gifts
• Invitations
• Music
• Rings
• Officiant

Focus your spending on the elements you cherish most. If you need help breaking down costs, check out apps focused on wedding planning.

Budgeting is a process that begins with identifying your financial goals, along with observing your spending and savings habits. When you truly understand how much money is going out and coming in, you’re better prepared to handle both the expected and unexpected financial challenges life brings.

The mindset you bring to managing your money is important. Establishing a budget is a critical first step to gaining control over your finances. If you’ve never worked with a personal budget, it may take a few cycles for your habits to catch up. And, if you have money habits you need to improve, the right app can help.

Pros

• Syncing. Many budgeting apps let you sync multiple accounts to see an overview of your finances in one place.
• Goal setting. Budgeting apps make it easy to set multiple financial goals, such as a vacation or a down payment on a house, and see your progress toward them.
• Convenience. Apps are easily accessible from your mobile phone or tablet for on-the-go spend tracking and budget check-ins.
• Automation. Apps give you a more hands-off way to create and manage your budget. Compared to manual budgeting methods, you can save time and energy.

Cons

• Device limitations. Desktop versions of budgeting apps are not always available. And when they are, they might not be as user-friendly as the mobile versions.
• Fees. Many budgeting apps charge monthly usage or subscription fees, and those that don’t may have in-app ads to try to sell you something.

Budgeting apps are a great tool to help ensure you’re living your budget, not just planning one. They can provide insights into your spending habits, identifying where your money goes and where you can make improvements.

As with any app, whether or not it “works” depends largely on how you use it. A challenge with budgeting generally—whether managed with an app, a spreadsheet, or more manual means—is committing not only to having a budget but to making your financial decisions in line with it. Many people find that the interactivity and automation provided by a budgeting app help keep them motivated to stay on top of their personal finances.

Picking a budgeting app can seem like a small decision when compared to other personal finance choices. But the right budgeting app can make a big difference in your personal financial life.

When selecting a budgeting app, be sure to consider what your needs and goals are first. The right budgeting app can provide you with helpful insights and data into your expenses and savings. But before that happens, identifying your financial goals can help you refine your search for the right budgeting app for you.

Outside of your goals, here are a few features to consider before you commit to a budgeting app:

• Fees. Budgeting apps differ in their costs. Many budgeting apps are free—or offer free versions—while some charge a monthly fee. While it may be tempting to choose a free app, don’t overlook the paid apps. If a budgeting app can significantly improve your financial outlook, it may very well be worth the investment.
• Features. Each app has unique features and benefits, so it may make sense to test a few different apps to see which one best fits your needs. If you’ve used a mobile banking app, you have a head start on the features you’ll be seeking. Typical features in the leading budgeting apps include: connecting all your financial accounts, receiving notifications of upcoming bill payments, designing a budget, credit score tracking, tracking spending, setting up financial goals and more.
• Security. The security of your personal information is extremely important, especially around banking data and logins. While most budgeting apps have some level of security, some are more sophisticated than others. Be sure to look into the level of security encryption of each app. On their websites, you may find security features such as 256-bit encryption and multi-factor authentication. Along with using a secure Wi-Fi network, features like this will help deter intruders from accessing your information.
• Customer service. If you run into an issue when using a budgeting app, having a technical team you can reach out to can be helpful. When selecting a budgeting app, be sure to find out what customer service options are available, both from the app and from the desktop version, if applicable. It also may help to read reviews of others’ experiences with the app you’re considering.

Budgeting apps aren’t the only way to manage your money and track your spending. Here are some alternatives to budgeting apps to consider.

Budgeting Software

While mobile apps are convenient for day-to-day budgeting, you might prefer software for a more robust money management experience. Software programs like QuickBooks or Quicken offer expanded capabilities beyond budgeting, like tax software integration and payment management. However, these added features often come at a higher price tag than mobile apps, so consider what you can afford to spend.

Spreadsheet Budgeting

Spreadsheet budgets are highly customizable, making this method ideal for anyone who needs something more hands-on than budgeting apps. With a spreadsheet, you can record your income, keep track of your expenses, and see where your money goes each week or month. Excel and Google Sheets are popular choices.

The 50/30/20 budgeting method lends itself well to budgeting with a spreadsheet because you can divide expenses, discretionary spending, and savings into categories within the sheet and allocate individual expenditures to each category. To get started, use our 50/30/20 budget calculator.

Expense Tracking Apps

For some, building a detailed budget might not be necessary or might feel too advanced. When this is true, just tracking your spending could be a good place to start. You can do this by looking through your bank or credit card statements periodically or using an app. Expense tracking apps give you a snapshot of your spending by category. While you can use them to budget, you can also just use them to sync your different bank accounts and see your activity more clearly.

Cash Envelope Budgeting

If a mobile app isn’t your style, you might prefer manual budgeting. Budgeting without the help of technology is a good way to hold yourself accountable for your spending. Envelope budgeting or cash stuffing is a tried-and-true system for visualizing your budget that can be done manually.

When you get paid, you’ll distribute portions of your paycheck into envelopes. Each envelope will be designated for a specific category, such as rent, food, or gas. With this system, you give every penny of your paycheck a purpose and cannot spend beyond what’s in your envelopes.