I Ranked Every Budgeting App (Here's What's ACTUALLY Good)

Summary

This video reviews and compares various budgeting and financial apps, evaluating their features, ease of use, and pricing. It highlights apps like Opportune Bank for automated savings and investing, PocketGuard for debt management, and GoodBudget for envelope-based budgeting. The review also discusses the strengths of Co-Pilot, praised for its user-friendly interface, automation, and customization options, making it the top choice. The video provides an insightful guide for anyone looking to manage their finances, save money, or reduce debt using digital tools.

Takeaways

• 😀 The most important factor in choosing a budgeting app is consistency—pick one that you’ll use regularly.
• 😀 Opportune Bank focuses on automating savings and investing but lacks user control over transfers and schedules.
• 😀 Pocket Guard helps with debt repayment through scheduling and subscription negotiations, but its free version is quite limited.
• 😀 Good Budget is based on the envelope budgeting system, which is simple and effective but requires manual input for everything.
• 😀 Spendee offers basic budgeting features with an easy-to-use interface but lacks robust customization and bank syncing.
• 😀 CoPilot is praised for its clean interface and automation features, including categorization of recurring expenses.
• 😀 CoPilot’s cons include its availability only on Apple devices and in the U.S., with a price tag of $13/month or $95/year.
• 😀 Some apps, like Mint, offer bill negotiation features through services like Bill Shark, potentially saving users money on subscriptions.
• 😀 Many budgeting apps, including Pocket Guard and Good Budget, offer premium versions with additional features like custom categories and advanced bank syncing.
• 😀 The key to successful budgeting is not necessarily automation, but the app's ability to fit into your routine and help you stick to a plan.
• 😀 Overall, while many apps provide useful features, simplicity and regular usage are more important than having all the bells and whistles.

Q & A

What is Opportune Bank, and how does it help with saving and investing?

Opportune Bank is an app that helps users save and invest money by automatically transferring funds from a linked bank account into a savings account. The app then suggests ETFs for investment based on the user’s goals and risk tolerance. However, it lacks customization and control over transfer amounts and schedules, and it doesn't notify users when money is transferred.

What are the limitations of the free version of PocketGuard?

The free version of PocketGuard is quite limited. It only offers two budgeting categories and requires linking to a bank account to function effectively. Manual transaction entry is not available unless you upgrade to the paid version.

What are the key features of PocketGuard’s paid version?

The paid version of PocketGuard costs about $13/month or $75/year and includes additional features like creating custom budgeting categories, spreading transactions across multiple categories, and negotiating bills with Bill Shark.

How does GoodBudget help with budgeting, and what is the key method it uses?

GoodBudget uses the envelope budgeting method, which involves allocating income to specific spending categories (envelopes). The app doesn't link to your bank accounts, meaning all entries must be made manually. It’s straightforward and effective for budgeting, with a free version that includes basic features.

What are the pros and cons of using Spendy for budgeting?

Spendy is a simple, easy-to-use app that tracks money in and out, ideal for everyday budgeting. It offers bill reminders and a clear interface. However, it lacks customization options and has some bugs, particularly on Android. Additionally, it doesn’t sync with all bank accounts.

How does Co-Pilot stand out from other budgeting apps?

Co-Pilot stands out with its user-friendly, clean interface, powerful automation, and extensive customization options. It links to your bank accounts, learns your recurring expenses, and provides budgeting tools for various categories. However, it’s currently only available for Apple devices and U.S. users, with a subscription cost of $13/month or $95/year.

What are the limitations of Co-Pilot, and how much does it cost?

Co-Pilot is only available on Apple devices and in the U.S., limiting its accessibility. It also has a subscription cost of $13/month or $95/year. However, it offers a one-month free trial, and users can get a two-month free trial through a special link.

How does the envelope system in GoodBudget help users stay on track with their budget?

The envelope system in GoodBudget allocates your income into different categories or 'envelopes' for specific purposes (e.g., groceries, rent). This method helps users stay disciplined by visualizing how much money is available for each category, making it easier to stick to a budget.

What makes Spendy a good choice for simple day-to-day budgeting?

Spendy is great for simple day-to-day budgeting because of its straightforward interface and focus on basic money tracking. It provides essential features like bill reminders, but it doesn’t try to overcomplicate the process, making it ideal for users who want a no-frills budgeting tool.

Why is consistency important when using a budgeting app, according to the script?

Consistency is key to building and sticking to a budget. The script emphasizes that the most effective app for budgeting is the one that users will actually use regularly. Regardless of the features or price, the app that helps users stay on top of their finances consistently will be the most beneficial in the long run.