Reviewing The Best Budgeting Apps of 2024 | NerdWallet

Summary

This video discusses the importance of budgeting and highlights six user-friendly budgeting apps to streamline the process. It covers apps like YNAB, which employs a zero-based budgeting approach, and GoodBudget, based on the envelope system. Empower focuses on net worth tracking, while PocketGuard simplifies financial monitoring. Honeydue caters to couples managing finances together. Each app has unique features, pricing, and trial options, emphasizing the need to choose one that fits individual financial habits. The video encourages viewers to adopt budgeting tools to enhance their financial decision-making.

Takeaways

• 😀 Budgeting is essential for financial management, and using an app can simplify the process.
• 📱 Budgeting apps are user-friendly and convenient, often allowing users to link bank and credit card accounts for automatic tracking.
• 🔍 The six recommended budgeting apps each offer unique features tailored to different budgeting styles.
• 💰 You Need a Budget (YNAB) is based on a zero-based budgeting system, helping users allocate every dollar earned.
• ✏️ EveryDollar also follows the zero-based budgeting method but requires manual entry in the free version.
• 📦 GoodBudget uses a virtual envelope system, allowing users to allocate funds into digital envelopes for spending categories.
• 📊 Empower focuses on tracking net worth and offers investment tools rather than traditional budgeting features.
• 💡 PocketGuard simplifies financial monitoring, showing how much money is left after accounting for bills, goals, and necessities.
• 💑 Honeydue is designed for couples, enabling shared financial management and spending limits while maintaining privacy for individual purchases.
• 🚀 The right budgeting app depends on personal financial habits and preferences; options range from detailed budgeting to simple account monitoring.

Q & A

What is the main purpose of using budgeting apps?

Budgeting apps help users track their finances, categorize expenses, plan budgets, and set reminders for bills, making it easier to manage money.

What is zero-based budgeting, and how does YNAB implement it?

Zero-based budgeting is a method where every dollar of income is allocated to specific categories. YNAB allows users to assign portions of their income to various expenses, savings, and debt.

How does EveryDollar differ between its free and premium versions?

The free version of EveryDollar requires manual entry of income and expenses, while the premium version allows users to sync their bank accounts and receive spending habit recommendations.

What unique approach does GoodBudget use for budgeting?

GoodBudget utilizes the envelope budgeting system, where users allocate portions of their income to virtual envelopes for different spending categories.

What is Empower primarily designed for?

Empower is focused on tracking net worth and managing various financial accounts, including bank accounts, credit cards, and investments.

What limitations does the free version of PocketGuard have?

The free version of PocketGuard is limited to syncing two financial accounts and offers basic budgeting features, requiring upgrades for more comprehensive tools.

What is the primary function of Honeydue?

Honeydue is designed for couples to manage their budgeting collaboratively, allowing them to sync accounts, set shared spending limits, and categorize expenses.

How does YNAB encourage proactive budgeting?

YNAB encourages proactive budgeting by teaching users to plan their spending ahead of time, ensuring that every dollar is accounted for.

What kind of users would benefit from using Empower?

Users who want a comprehensive view of their financial health, including net worth tracking and account management, would benefit from using Empower.

What common feature do many budgeting apps offer to enhance user experience?

Many budgeting apps offer the ability to sync with bank and credit card accounts to automate transaction tracking, making it easier for users to manage their finances.