With a growing number of budgeting apps available, it’s clear that people want easier and more convenient ways to manage their finances. On-the-go apps bring your budget right to your fingertips, making it simpler to track and adjust your spending anytime, anywhere.
Each budgeting app comes with its own unique features and philosophies, which can make the selection process overwhelming. To help you navigate this landscape, I’ve compared seven of the most popular zero based budget app for 2024.
This comparison includes cost breakdowns, feature highlights, user ratings, and reviews from actual budgeters. Plus, there’s a handy chart at the end of the article to consolidate all this information in one easy-to-read format.
Let’s dive in!
Zero Based Budget Apps 2024
Mint
- Overview: Known for its comprehensive financial management tools, Mint provides automatic transaction categorization, bill tracking, and free credit score monitoring.
- Cost: Free version available; $4.99/month for premium features.
- Ideal For: Users seeking an all-in-one, automated budgeting solution.
YNAB (You Need A Budget)
- Overview: Emphasizes proactive budgeting and goal setting, helping users allocate every dollar to a job.
- Cost: Subscription-based.
- Ideal For: Those serious about detailed budgeting and long-term financial planning.
Simplifi by Quicken
- Overview: Offers personalized spending plans, real-time updates, and investment tracking.
- Cost: Subscription-based.
- Ideal For: Users wanting detailed financial insights and robust budgeting features.
PocketGuard
- Overview: Features an easy-to-use interface with automatic categorization and a unique “In My Pocket” feature to show available spending money.
- Cost: Free version; premium upgrade available.
- Ideal For: Individuals seeking simplicity in managing daily expenses.
Goodbudget
- Overview: Based on the envelope budgeting system, allowing manual entry and device syncing.
- Cost: Free tier; premium subscription available.
- Ideal For: Fans of the traditional envelope budgeting method looking for a digital alternative.
Monarch
- Overview: Provides a comprehensive financial dashboard, collaborative family budgeting, and goal setting.
- Cost: Subscription-based.
- Ideal For: Families needing advanced budgeting and financial planning tools.
EveryDollar
- Overview: Utilizes a zero-based budgeting approach
- Cost: Free version; premium version available.
- Ideal For: Users following financial principles.
1. Mint App
Mint App Overview
Mint has long been a popular choice for budgeters, thanks to its seamless automation and integration within the Intuit family of products, which includes TurboTax, QuickBooks, Credit Karma, and Mailchimp. However, with Mint announcing its shutdown this year, it’s crucial to understand what made this zero-based budget app so appealing.
Cost
- Free Version: Included essential budgeting features for one user per account.
- Premium Option: Offered at $4.99 per month.
Free Features Included
- Customizable budgets
- Financial insights into spending and saving habits
- Due date notifications
- Connection to multiple financial accounts in one app
- Automatic transaction categorization
- Net worth tracking
- Free credit score access
Paid Features Included
- Assistance with canceling unwanted subscriptions
- An ad-free experience
- Comparative spending insights
- Projected monthly spending forecasts
Ratings and Reviews
- App Store: 4.8
- Google Play: 4.0
Mint was celebrated for its net worth tracker and all-in-one financial management capabilities. Users enjoyed having a centralized view of their finances, finding clarity in seeing their complete financial picture. The automatic transaction categorization feature was touted as a significant convenience, allowing users to connect their bank accounts and let Mint handle the categorization.
However, this automation wasn’t without flaws. Many users reported inaccuracies in transaction categorization, such as lumping diverse purchases from stores like Target into a single category. This often required manual corrections, adding work on the backend despite the front-end convenience.
Issues with Hands-Off Approach
One of the main criticisms of Mint was that it encouraged a hands-off approach to budgeting. While automation is convenient, active engagement with your budget is crucial for effective money management. Manually categorizing transactions can help you stay more connected and aware of your spending patterns.
Furthermore, Mint’s advertisements often promoted credit cards, loans, and other debt-related products, which didn’t align with a debt-free philosophy. This could lead users towards financial products that may not be in their best interest.
Shutdown and Transition
Following the announcement of Mint’s shutdown, users were offered the option to transfer their data to Credit Karma. However, Credit Karma lacks a dedicated budgeting tool, providing only a view of financial accounts, net worth, and transactions.
2. YNAB App
YNAB (You Need a Budget) Overview
YNAB is a robust budgeting tool designed around four core principles to help you achieve financial stability and control:
- Give Every Dollar a Job: This zero-based budgeting method ensures that every dollar in your budget is assigned a specific role, eliminating idle money.
- Embrace Your True Expenses: By breaking down larger, infrequent expenses into manageable monthly amounts, YNAB helps you prepare for big expenditures without financial stress.
- Roll with the Punches: Flexibility is key. If unexpected expenses arise, YNAB encourages you to adjust your budget by reallocating funds between categories.
- Age Your Money: Aim to pay this month’s bills with last month’s income, fostering a buffer that provides greater financial security.
Cost
- Monthly Subscription: $14.99
- Annual Subscription: $99
Free Features Included
- None
Paid Features Included
- Create and customize a monthly budget
- Access your budget across multiple devices (computer, phone, tablet)
- Customize budget categories and lines
- Set and track financial goals
- Securely connect your bank account to your budget
- View detailed spending and net worth reports
- Utilize the loan calculator
- Split transactions
- Participate in live Q&A sessions with YNAB experts
- Get recommendations for tracking manual transactions
- Automatic transaction categorization
Ratings and Reviews
- App Store: 4.8
- Google Play: 4.6
Hands-On vs. Automated Approach
While YNAB promotes a hands-on approach to budgeting, it also offers automatic transaction categorization, which has received mixed reviews. Some users appreciate the convenience, but others find it counterintuitive to YNAB’s philosophy of active engagement with one’s budget. For instance, an app cannot discern whether an Amazon purchase is for fun items or household essentials, requiring manual adjustments to ensure accuracy.
Comparing Philosophies
YNAB shares several budgeting principles with well known finance firm, emphasizing proactive financial management and rolling over funds from month to month. However, it’s crucial to differentiate between regular budget line rollovers and sinking funds, which are earmarked savings for specific, irregular expenses. To make substantial progress towards your financial goals, reallocate leftover funds in regular budget lines to more impactful areas like debt repayment or emergency savings.
By adhering to these principles, YNAB aims to empower users to take control of their finances, reduce financial stress, and achieve long-term financial stability.
3. Simplifi App
Simplifi Overview
Simplifi by Quicken is designed to be a user-friendly budgeting tool that minimizes manual involvement by setting up budgets automatically based on your previous spending patterns. This app aims to make financial management straightforward and efficient.
Cost
- Monthly Subscription: $3.99
- Annual Subscription: $47.88
Free Features Included
- None
Paid Features Included
- Connect multiple financial accounts within one app
- Automatic budget setup based on past spending habits
- Set and track financial goals
- View detailed budget and tax reports
- Access cash-flow projections
- Automatically categorize transactions
- Receive real-time spending alerts
Ratings and Reviews
- App Store: 4.0
- Google Play: 3.2
Key Features and User Feedback
Simplifi’s main appeal lies in its ability to connect your various bank accounts and loans, providing a comprehensive view of your finances in a single platform. This can make financial management more cohesive and less time-consuming.
However, some users have expressed concerns about the app’s reliability and performance. One reviewer gave it two stars, noting persistent glitches that often require them to use a computer instead of their phone for budgeting. Another long-term user mentioned ongoing issues that Simplifi has yet to resolve, indicating a need for improvement in functionality.
Additionally, Simplifi’s website suggests ignoring certain expenditures to streamline your budget—a recommendation that runs counter to effective budgeting principles. Ignoring expenses can lead to financial inaccuracies and undermine accountability, which are crucial for maintaining a healthy budget.
4. PocketGuard App
PocketGuard Overview
PocketGuard provides both free and paid versions, aiming to show budgeters exactly how much money they have left to spend through its “In My Pocket” feature, which helps prevent overspending.
Cost
- Free Version: Basic features included
- PocketGuard Plus: $12.99 per month or $74.99 per year
Free Features Included
- Connect multiple financial accounts in one app
- Automatic transaction categorization
- Budget reports
- Notifications for potential overspending
- Third-party financial service offers
- Limited savings goals creation
Paid Features Included
All free features, plus:
- Unlimited financial account connections
- Custom and unlimited budget categories
- Transaction date modification
- Personalized debt payoff plan setup
- Transaction data export
- Import transaction history
- Unlimited savings goals creation
- Split transactions into different categories
Ratings and Reviews
- App Store: 4.6
- Google Play: 3.6
Key Features and User Feedback
PocketGuard’s automatic transaction categorization can sometimes misplace transactions, requiring manual adjustment to ensure accuracy. While this feature aims to simplify budgeting, it doesn’t always work as intended, which can be frustrating.
The free version’s limitations, such as not allowing custom budget categories, might be a drawback for some users. Additionally, the inability to change transaction dates unless you have the paid version has been a common complaint among users.
5. Goodbudget App
Goodbudget Overview
Goodbudget leverages the traditional envelope budgeting method to offer a digital approach to managing your finances. With Goodbudget, users create digital envelopes for each budget category and allocate planned amounts, making it easier to track spending and stay within budget.
Cost
- Free Version: Standard features included
- Goodbudget Plus: $8 per month or $70 per year
Free Features Included
- Use up to 20 envelopes (categories)
- One account
- Access on two devices
- One year of transaction history
- Debt tracking
- Community support
- Split transactions
- Bill due dates setup
- Sync and share household budget
Paid Features Included
- Use unlimited envelopes (categories)
- Unlimited accounts
- Access on five devices
- Seven years of transaction history
- Debt tracking
- Split transactions
- Bill due dates setup
- Sync and share household budget
Ratings and Reviews
- App Store: 4.6
- Google Play: 4.1
Key Features and User Feedback
As a digital adaptation of the envelope system, Goodbudget resonates with users who appreciate its simplicity and traditional budgeting principles. It allows for clear allocation and tracking of funds across various categories, making financial management more straightforward.
However, some users have described Goodbudget as “onerous” or “cumbersome,” noting that the setup and usage can be time-consuming and challenging. This feedback points to a need for a more user-friendly interface and streamlined processes to reduce the effort required to maintain the budget.
Another common criticism is the limitation on budget categories in the free version. While the paid version provides unlimited categories, some users feel that this basic functionality should be available in the free version as well.
6. Monarch Money App
Monarch Money Overview
Monarch Money launched in 2020 with the goal of creating a comprehensive financial tool to help users build good habits and achieve their financial goals.
Cost
- Monthly Subscription: $14.99
- Annual Subscription: $99.99
Free Features Included
- None
Paid Features Included
- Access your budget on multiple devices (computer, phone, tablet)
- Customize budget categories
- Schedule annual expenses
- Automatic transaction streaming and categorization
- Connect multiple financial accounts
- Notifications for upcoming expenses
- Custom budget reports
- Split transactions
- Customer support
- Net worth tracking
- Unlimited money goals creation and tracking
- Export transaction data
Ratings and Reviews
- App Store: 4.8
- Google Play: 4.6
Key Features and User Feedback
Monarch Money’s standout features include net worth tracking and the ability to generate custom reports on various aspects of your budget. These tools are particularly beneficial for users who enjoy delving into the details of their finances.
However, some users have reported issues with account balance updates being inaccurate and a lack of paycheck planning features. Additionally, slow or non-responsive customer support has been a frustration for some.
Like other budgeting apps, Monarch automatically categorizes transactions, which can sometimes lead to inaccuracies and necessitate manual adjustments. The app also suggests hiding certain transactions, which contradicts the principle of full financial accountability.
7. EveryDollar App
EveryDollar Overview
EveryDollar utilizes the zero-based budgeting method, which assigns every dollar a specific purpose—be it for giving, saving, or spending. This approach enhances accountability and ensures that budgeters manage their entire income effectively. The app’s name reflects this method, aiming to give every dollar a job.
Users can access EveryDollar’s free version indefinitely, try out premium features during a free trial, and upgrade to the premium version for $79.99 per year.
Cost
- Free Version: Standard features included
- Premium Version: $17.99 per month or $79.99 per year
Free Features Included
- Create monthly budgets
- Access your budget on multiple devices (computer, phone, tablet)
- Customize budget categories and lines for all expenses
- Create unlimited budget categories and lines
- Set up sinking funds and track savings goals
- Split transactions
- Set bill due dates
- Live customer support
Premium Features Included
- All free features, plus:
- Connect multiple financial accounts within one app
- View custom budget reports
- Export transaction data
- Participate in live Q&A sessions with expert financial coaches
- Automatically stream transactions into your budget (manual categorization required)
- Receive tracking recommendations for transactions
- Set bill due date reminders
- Calculate current and projected net worth
- Plan spending based on income and due dates with paycheck planning
- Set big-picture goals and monitor progress with the financial roadmap feature
Ratings and Reviews
- App Store: 4.7
- Google Play: 3.4
Key Features and User Feedback
One of the standout aspects of EveryDollar is its commitment to the zero-based budgeting method. The app provides clear guidance, showing users when they have achieved a balanced budget with messages like “It’s an EveryDollar budget” at the top. If the budget isn’t balanced, it tells you exactly how much is left to allocate or how much you’re over, making it easy to adjust until everything is accounted for.
EveryDollar also encourages active interaction with your finances. In the free version, users manually enter all transactions, promoting close engagement with every expense. The premium version streams transactions directly into your budget, though manual categorization is still required. This drag-and-drop feature simplifies tracking while maintaining user accountability.
Advantages
- Zero-Based Budgeting: Provides clear guidance and affirmation, helping users achieve a balanced budget.
- User Engagement: Encourages active participation in financial management through manual transaction entry or streamlined categorization.
- Comprehensive Premium Features: Includes bank connectivity, custom budget reports, live Q&As with financial coaches, net worth tracking, and more.
Disadvantages
One of the main criticisms of EveryDollar is the cost of the premium version. While some users find the price steep, the comprehensive features offered can make it a worthwhile investment for those seeking an enhanced budgeting experience.
EveryDollar features a handy tool called paycheck planning, which helps you align your budget with your income schedule. By organizing your expenses based on when they are due and when you get paid, this feature ensures you won’t run out of money between paychecks.
EveryDollar embodies principles that have proven effective in financial management, providing users with tools to succeed financially. While I might sound a bit biased, it’s because I’m confident in its effectiveness.
I love EveryDollar because it aligns with fundamental financial teachings, offers both free and premium options, and empowers you to take control of your financial future. Budgeting is the key to staying in command of your money, eliminating the mystery of where your funds are going, and creating a clear, intentional plan for your finances. This approach will help you progress from your current situation to where you aspire to be.
You can do this. Start budgeting today to take charge of your financial future!
