7 Best Budgeting Apps for 2024 (Mint Alternatives)

Summary

This video reviews the seven best budgeting apps for managing finances in the new year. It highlights Empower for its beginner-friendly features, Rocket Money for customizable budgets, and EveryDollar for a structured zero-based approach. YNAB is recommended for breaking the paycheck-to-paycheck cycle, while Monarch Money is ideal for couples. Simplifi offers a comprehensive financial management solution, and traditional pen-and-paper options are also presented. Each app has unique features and pricing, encouraging viewers to find the best fit for their financial needs. The video concludes with a teaser for the next episode on side hustle apps.

Takeaways

• 😀 Empower App: Ideal for beginners, offering a hands-off approach with a net worth tracker and savings planner.
• 😀 Rocket Money: Provides real-time expense tracking and subscription management to help users save more and spend less.
• 😀 EveryDollar: Follows the zero-based budgeting method, great for detailed financial planning and debt repayment.
• 😀 YNAB: Focuses on breaking the paycheck-to-paycheck cycle and offers a strong community aspect with educational resources.
• 😀 Monarch Money: Best suited for couples, allowing collaborative financial management and personalized coaching.
• 😀 Simplifi by Quicken: A cost-effective hybrid app that combines budgeting and personal finance tools, featuring real-time alerts.
• 😀 Pen and Paper Printables: An alternative for those who prefer physical budgeting tools, with customizable planners available.
• 😀 Free Plans: Most apps offer free versions, but premium features usually require a subscription.
• 😀 Community and Support: Many apps, like YNAB and Monarch Money, provide resources and support for better financial management.
• 😀 Trial Periods: Several apps, such as YNAB and Simplifi, offer free trial periods, allowing users to evaluate before committing.

Q & A

What is the main purpose of the video?

The video aims to introduce viewers to the seven best budgeting apps for managing finances effectively as they enter the new year.

Why did the presenter switch from Mint to Empower?

The presenter switched to Empower after Mint closed down, finding Empower to be a suitable replacement that offers comprehensive budgeting features.

What features does the Empower app provide?

Empower includes a net worth tracker, savings planner, retirement planner, and investment tracker, all aimed at helping users manage their finances in one place.

Who is Rocket Money best suited for?

Rocket Money is ideal for individuals or couples who want to have complete control over their budgets and finances, with customizable features.

What unique feature does Rocket Money offer regarding subscriptions?

Rocket Money helps users find and track subscriptions, allowing them to cancel unwanted services directly through the app.

What budgeting method does EveryDollar promote?

EveryDollar promotes the zero-based budgeting method, where every dollar earned is assigned a specific purpose in the budget.

How does YNAB assist users in managing their finances?

YNAB helps users break the paycheck-to-paycheck cycle by providing detailed budgeting tools and fostering a community for support and education.

What makes Monarch Money suitable for couples?

Monarch Money is designed for couples to collaborate on their finances, offering features that allow joint financial goal-setting and account management.

What are some of the features of Simplifi by Quicken?

Simplifi offers automation, real-time alerts, saving goals, and a user-friendly dashboard for managing personal finances comprehensively.

What alternative does the video suggest for those who prefer traditional budgeting methods?

The video suggests using pen and paper printables, including planners and budgeting binders, for those who prefer not to use digital apps.