By Angela Park
In today’s fast-paced world, we use technology in almost every area of our lives. So, it makes sense to use technology to manage our personal finances.
With the correct tools and skills, it has become easier for anyone to manage their money with an online program or mobile app.
Using technology to manage your finances simplifies many tasks by helping you to organize, manage your accounts and stay in control of your entire financial picture. There are many areas where you can leverage the power of technology to automate financial tasks, such as budgeting, tracking your spending, keeping an eye on your investments and aggregating your accounts.
Many of the personal finance tools available allow you to aggregate your financial accounts and track any activities in them. This type of tool connects your accounts like bank, mortgage, investment portfolio, retirement and credit cards in one place so that you can easily access important information on personal spending, cash flow, savings, and investments. Using an account aggregation tool will also assist you in creating a realistic budget because you will see your typical cash flow and expenses for each month.
With so many money management tools out there, it can be difficult to decide which one is best for you. Here are some financial apps that Forbes and Nerd Wallet websites have named among the best financial apps of 2024.
You Need a Budget app for setting financial goals: You Need a Budget (YNAB) helps you stop living from paycheck to paycheck, pay down debt, and “roll with the punches” if something unexpected comes up. It’s built around a fairly simple principle — every dollar has a “job” in your personal budget, be it for debt repayment, an emergency fund, or to cover living expenses.
You Need a Budget doesn’t force you to create budgets for money that you don’t have — it forces you to live within your actual income. Its strength is its ability to help you track your financial goals. This app is very hands-on and might not be for the casual or occasional user or if your approach to budgeting is passive. However, YNAB’s community is another strong point because it offers online workshops, a robust Q&A, and live customer support from staff. Users pay a monthly or annual fee ($14.99 a month or $99 a year) and YNAB also offers a 34-day free trial.1
Monarch for a holistic view of your finances: Monarch connects all your bank accounts, credit cards and investments in one place, giving you a complete overview of your financial life. It’s not just about tracking expenses; it’s about helping you understand your financial habits and make informed decisions. One of Monarch’s strengths is that it offers collaborative features for you to share information with a spouse or work with a financial planner. The pricing plans cost $8.33 or $14.99 per month.
If you’re interested in budgeting software that includes a bill-paying feature, this software might not be for you, but developers offer new features every month based on feedback from customers.2
EveryDollar for debt management: This software provides the straight-forward, no-nonsense approach of financial expert Dave Ramsey because it was created by his company, Ramsey Solutions. The software’s focus is on tracking and reducing debt. It emphasizes planning by assigning each dollar a purpose. The interface allows you to categorize your expenses and income by simply dragging and dropping to allocate your money, ensuring you account for every dollar before the month even begins. With this approach, you gain a clear picture of where your money is going, helping you avoid unnecessary spending.
There are free and premium versions, and you can choose a 14-day trial before deciding whether to commit to the $17.99-per-month subscription price ($79.99 per year). This app is best for people who are interested in debt management.3
Quicken Simplifi for managing household finances. As its name implies, Simplifi makes tracking bills, savings goals and cash flow simple. Also, you can add many people to your budget, including your spouse or financial planner.4
In addition to being a one-stop shop for your budget in one place. You can import transactions automatically, tag and flag transactions, and get real-time alerts for unusual expenses or upcoming bills, among other features. Quicken Simplifi costs $35.88 per year with a 30-day money-back guarantee, but subscription fees might differ depending on where you download the app.4
Honeydue for couples. The Honeydue app is a handy tool for couples who want to manage their money together, offering transparency, easy budgeting and helpful reminders, all while promoting financial communication and collaboration. Think of it as a digital tool that helps you and your partner stay on the same page financially.
You can sync accounts and choose which accounts to share and how much information you want to disclose to your partner. It’s like having a shared ledger that updates automatically, making it easy to track joint and individual spending.
In addition to allowing you and your partner to receive reminders of upcoming bills, Honeydue offers a built-in chat feature that allows you and your partner to discuss transactions, budgets or any financial concerns directly in the app. This app might not possess all the features that some of the more comprehensive apps do.5
Pocketguard for a user-friendly overview of your budget. Pocketguard is one of the easier budgeting apps to use with its simple interface. It links to your bank accounts, credit cards and other financial accounts and provides automatic tracking of your income and expenses.
The app’s “In My Pocket” tool shows you how much money you have left after accounting for bills, savings goals and other necessary expenses to keep you from overspending.
If you’re looking for lots of customization when it comes to categorizing your spending, this might not be the app for you.6
With so many options, how do you choose one?
Choosing the right financial app can feel like finding the perfect pair of shoes: it needs to fit just right. Consider the following to help you pick the best one for your needs.
First, think about what you need. Are you looking to manage a budget or manage debt? Apps like Monarch are designed for budgeting and expense tracking, while apps like EveryDollar assist in tackling debt.
Next, consider ease of use. If you’re not a tech wiz, look for an app with a user-friendly interface. Apps like Pocketguard are known for making it easy to see where your money is going without getting lost in a sea of charts and numbers.
Security is crucial, too. Ensure the app uses bank-level encryption to protect your data. Apps like YNAB and Honeydue offer strong security features to keep your information safe.
Don’t forget about costs. Some apps are free, but others have subscription fees. Decide what you’re willing to pay for convenience and extra features.
Lastly, read reviews and ask around. Sometimes, the best insights come from people who’ve been using the app.
In the end, the best financial app for you is one that fits your lifestyle and helps you achieve your financial goals with ease.
Angela Park leads a team of Member Service Specialists within MMBB’s Service Center. She and her team ensure awareness and understanding of the broad range of MMBB benefits and services. She served our members as a Senior Benefit Specialist before starting her current role and has built a career in financial services. Before joining MMBB in 2014, she worked as a consultant, providing administrative support for new account openings at Eagle Strategies, LLC, a subsidiary of New York Life Insurance Company.
