Our Favorite Budgeting Apps of 2024

At Cash Store, one of our goals is to help educate customers on financial literacy and how to take control of their finances. And unfortunately, with an estimated 78% of Americans living paycheck to paycheck, it’s pretty clear that there is a need out there to help people get back in control. But it can be hard to get ahead when you are in that type of financial situation. That’s why setting a budget and sticking to it is so important. 

Today’s consumers can benefit from technology when it comes to mastering their finances. And we’re here to reintroduce you to the concept of budgeting apps. These tools can help you not only get past your paycheck-to-paycheck situation but help you plan for the future. Let’s explore some of the best budgeting apps of 2024 and their key features.

How to Choose the Right Budgeting App

When we shared our best personal finance apps for 2023 with you, we talked about the many benefits that this technology can provide. But you need to know that not all budgeting apps are the same. Here are some things that might help you make the best decision for you.

Trends in Budgeting Apps

In 2024, budgeting apps have significantly evolved, incorporating advanced technologies to offer more personalized and efficient financial management solutions. One prominent trend is the integration of Artificial Intelligence (AI). AI-driven budgeting apps can analyze spending patterns, predict future expenses, and provide personalized financial advice, making it easier for users to stay on track with their budgets.

Security features are another big trend. As users become increasingly concerned about data privacy, budgeting apps now offer robust encryption, multi-factor authentication, and secure data storage to protect sensitive financial information. And of course, user-friendly interfaces are also of heightened focus. 

Common Features to Look For in Budgeting Apps

Certain features are necessary for effective financial management when selecting a budgeting app. 

• Expense tracking is a fundamental feature, allowing users to categorize and monitor their spending habits. This helps them identify areas where they can cut back and save.
• Goal setting is another big one as it allows users to set and track financial objectives, such as saving for a vacation or paying off debt. This keeps users motivated and provides a clear path to achieving their financial goals.
• Report generation provides detailed insights into income, expenses, and savings over time. These reports can help users understand their financial health and make informed decisions about their money.

Choosing a budgeting app with these features can greatly improve your ability to manage finances and achieve financial stability.

The Best Budgeting Apps of 2024

So, let’s get to the part you’ve been waiting for—the best budgeting apps and why we think they might be right for you. Here are four that we think you should strongly consider.

YNAB (You Need A Budget)

YNAB, or You Need A Budget, is an app grounded in the philosophy of zero-based budgeting, which means every dollar has a job. This app emphasizes giving each dollar a purpose, helping users gain control over their finances by planning their spending in advance.

Key features:

• Goal tracking
• Real-time syncing
• Detailed reports

YNAB is particularly user-friendly and comes with a wealth of educational resources that help users understand and manage their finances more effectively. Additionally, it boasts a strong community support system where users can share tips and advice. 

However, the app comes with a subscription cost, which might be a drawback for some users. And, though their website highlights that money doesn’t need to be messy, new users might also find the initial learning curve steep as they adapt to the zero-based budgeting method.

Credit Karma

Credit Karma, formerly known as Mint, is a versatile budgeting app that integrates seamlessly with various financial tools, providing a comprehensive overview of your financial health. It automatically categorizes expenses and offers reminders for bills.

Key features:

• Automatic expense categorization
• Bill reminders
• Credit score monitoring

One of the significant advantages of Credit Karma is that it is free to use, making it accessible to a wide range of users. It offers a comprehensive financial overview with an intuitive interface that makes it easy to navigate. 

On the downside, users may find the frequent ads and promotional offers intrusive. Additionally, there have been occasional syncing issues with financial accounts that can disrupt the user experience.

PocketGuard

PocketGuard is designed with simplicity in mind, offering a straightforward way to manage your finances. One of their best features is their budgeting functionality which notifies you when you have spent 50 - 75% of your budget. This helpful function keeps you from running out of cash, and thus helps you avoid overspending.

Key features:

• Budgeting feature to prevent overspending
• Custom categories
• Subscription tracking

PocketGuard is easy to set up and use, making it a great choice for those who prefer simple-to-use budgeting tools. It provides useful spending insights and is known for its secure platform. 

However, the app offers limited customization options, which might not meet the needs of all users. Some of its more advanced features require a premium subscription, which could be a consideration for those wanting a free option.

Goodbudget

Goodbudget is modeled after the traditional envelope budgeting method, which involves allocating a certain amount of money for different spending categories. This app is particularly useful for managing cash flow and encouraging savings, making it a great tool for families.

Key features:

• Shared budgeting for households
• Web and mobile access
• Debt tracking

Goodbudget effectively manages cash flow and encourages users to save more diligently. Its family-friendly approach allows for shared budgeting, making it a good one for households, especially young couples who are starting to merge their finances. 

However, users must manually enter expenses, which can be time-consuming. The free version of the app is also quite limited, which may prompt users to consider upgrading to the paid version for additional features.

Balance Your Budget with Budgeting Apps

You’ve heard the common expression—there’s an app for that—and that is definitely the case when balancing your budget. We encourage you to check out the apps we recommend to find the best one for you and your needs.

In the meantime, Cash Store is here to help if you have short-term financial needs. Complete our prequalification application today to get started.

The content on this page provides general consumer information or tips. It is not financial advice or guidance. Each person’s circumstances are unique. The Cash Store may update this information periodically. This information may also include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.