New year, new me—that’s how the saying goes, right? Whether you’re hoping to increase your daily steps or solidify a morning routine this coming year, we can all benefit from increasing our savings using budgeting apps. But if you have a difficult time saving, you aren’t alone. According to the Federal Reserve Bank of New York, total American household debt increased to 17.29 trillion in the third quarter of 2023.
Thankfully, there are plenty of budgeting apps available today that can make saving money a bit easier. To help you get your finances aligned with your New Year resolutions, we put together our list of the top 5 budgeting apps you can begin using today.
Our Top Five Budgeting Apps:
How it works: Regarded as one of the first round-up apps, Acorns first launched in 2014. Although classified as a savings app and not a direct budgeting app, Acorns is highly useful for wealth management.
The app’s concept is simple: connect your debit or credit card to your account, and Acorns will invest your spare change by rounding up purchases to the nearest dollar. So, for example, if you purchase a burger combo for $6.20, Acorns will round it up to $7 and transfer the extra $0.80 to your Acorns account.
While there are risks in investing, Acorns allows you to choose between different investment portfolios with varying risk levels. Acting as both a budgeting app and an introduction to investing, Acorns can help you save money while potentially helping you make more.
Great for: new investors and saving money.
Price: $3 – $5 depending on your plan.
2. Oportun (Formally Digit)
As easy as it can be to transfer money between your accounts, remembering to do so is a feat in itself. Taking a set-it-and-forget-it approach, Oportun is a budgeting app that makes money-saving decisions for you. Like other budgeting apps on our list, Oportun analyzes your income and spending habits to determine how much money you can save monthly. Once determined, the app will then periodically transfer money from your checking account into your Oportun account.
What sets this app apart from other apps is its overdraft protection. The app will pause withdrawals if it determines you cannot spare any extra money for the month. If you fall below a pre-determined threshold, you can also tell the app to move funds from your Oportun account to your checking account. Additionally, the app also offers personal loans to give you a helping hand when you need it most.
Great for: those that identify as spenders and not savers.
Price: free for 30 days, then $5 a month.
3. YNAB (You Need a Budget)
Following a future-based budgeting method, YNAB (You Need a Budget) is a budgeting app that will put every dollar you earn to work. Focusing on planning ahead rather than tracking past transactions, YNAB’s goal is to help its users become more intentional with their money in the long run.
After you receive your paycheck, you tell the app how much of your pay should go to various categories, such as debt payments, savings, and expenses. With the ability to connect multiple accounts like your checking account, savings, and credit cards, YNAB makes it easy to be hands-on with your overall financial status.
Great for: meeting financial goals and developing habits.
Price: $14.99 a month or $99 annually after a 34-day free trial. College students are eligible for one free year.
4. Rocket Money
If you’re like us, chances are you have multiple streaming services tied to your bank accounts. While sign-ups can be a memorable experience, forgetting to cancel subscriptions can be costly. Rocket Money takes the confusing list of transactions on your bank statements and breaks down where your money is going. By compiling monthly subscription expenses, you can quickly catch any dated subscriptions you may have forgotten about.
On top of subscription monitoring, Rocket Money also provides additional features such as credit monitoring, budgeting services, and bill-payment negotiation. With multiple services to choose from, Rocket Money is a valuable resource for those searching for a robust budgeting app.
Great for: subscription monitoring and overall finance management.
Price: free version available with premium versions ranging from $3-$12/month
Need to budget your finances with a partner? Try Honeydue. Honeydue is designed for couples to keep track of their joint accounts within one convenient app. After joining, both partners can link their bank accounts, credit cards, loans, and even investments. And don’t worry, you can also adjust what the other partner sees and has access to. One feature that we really enjoy from Honeydue is the shared expense calendar, which makes it simple to receive bill notifications for upcoming payments.
Want to know the best part? The full version of the app is free to use! Although the app doesn’t come with a full host of features like some of the other apps on our list, it does provide an easy way for partners to review their shared assets in one place.
Great for: couples and asset management.
Find Savings by Comparing Car Insurance Quotes
Whether you’re a veteran at budgeting apps or just getting started, there are plenty of other ways to save throughout the year, such as comparing auto insurance quotes. At AIS, we specialize in finding you the best value available by comparing coverage rates across our network of insurance partners. Our team of specialists will work with you to find the plan that fits your needs. Give us a call at 888-772-4247 today to start saving for tomorrow.
The information in this article is obtained from various sources and is offered for educational purposes. Furthermore, it should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.