In the process of building wealth, a fundamental cornerstone strategy for success is to create and stick to a budget to monitor spending. Dave Ramsey, Suze Orman, and pretty much all successful other money management advisors advise meticulous adherence to a budget.
In the past, the old method of writing a budget out on paper still works today, although meticulous daily updates and entries are necessary to ensure the accuracy of the details on a current basis. Thankfully, technology has caught up in the digital age so that electronic updates in financial accounts can link to software that will update spending details within minutes, once synced.
However, not all budgeting software tools are created equal and for everyone. Some are more geared for corporate or institutional use and might be overly complex and considered overkill for an individual or family budget requirement. Additionally, some tools track current and past spending, but are not as adept for helping one plan a budget in advance.
While there are a number of reviews and surveys that promote different budget tools, honest, direct user comments are the most revealing as to the benefits and drawbacks of different, competing platforms. Reddit and some other user forums provided additional insights and comparisons from experienced and new customers. The following budgeting tools are some of the most often searched for, based on reviews and word of mouth:
CoPilot Money
Microsoft’s AI powered CoPilot offers a wide range of applications to boost productivity. Its Microsoft 365 CoPilot for Finance covers its financial and money management related applications, and CoPilot Money is its budgeting and money management tracking platform. Subscription rates are $13 per month, or $95 per year.
YNAB (You Need A Budget)
YNAB has garnered a very fervent fan base. Its functionality has won over many because of its flexibility in creating realistic, rather than hypothetical budgets by “1) Forcing a user to assign a function to every dollar of a budget and 2) Forcing the user to think before spending a cent.” This proactive approach towards budgeting makes for more reliable budgetary compliance, as opposed to retroactive spending assessment. YNAB is $14.99 per month, or $109 per year.
Goodbudget
Goodbudget uses an envelope-style budgeting category system. This allows users to track spending and allocate funds accordingly. Goodbudget has a free version with basic functions, and a premium version that is $10 per month and $80 per year.
Empower Personal Wealth
Empower functions primarily as a wealth management tool, keeping up-to-date portfolio records and transaction tracking. It also has ancillary budgeting and money management functions. Empower charges a wrap fee based on Assets Under Management, comparable to other wealth management firms.
EveryDollar
EveryDollar is a budgeting app designed to help users track their spending and create a budget. It is similar to YNAB, only it lacks the sync features, so info must be input manually. EveryDollar is often used in conjunction with Dave Ramsey’s Financial Peace University. The basic version is free, while the premium version is $17.99 per month, or $79.99 per year.
PocketGuard
PocketGuard provides a snapshot of spending and financial health, making it simple for users to track their finances. Its downside is that it is solely for money management, and does not track investment data. PocketGuard is $12.99 per month, or $74.99 per year.
Honeydue
Honeydue is a budgeting app specifically designed for couples. It is a free app that allows couples to sync their respective accounts to share expenses and manage their finances together. Honeydue can also send due date bill payment reminders and has private messaging functions.
NerdWallet
NerdWallet is a Consumer Report-style comparison reference for various financial products and services. Its free budgeting tool that offers a variety of resources.
Quicken Simplifi
Quicken is a popular accounting software offered by Intuit. Quicken Simplifi offers a user-friendly interface and comprehensive financial overview in an app version requiring no installation. It can be used for money management and budgeting purposes. It is $2.99 per month.
Monarch
Monarch works similarly to YNAB, and connects to some 13,000 different financial institutions, for syncing real-time financial data updates. It is $8.33 per month, or $99.99 per year.
Rocket Money
Rocket Money is a free app that specializes in tracking recurring payments through subscriptions, and can manage or cancel them and even negotiate lower rates on bills. The premium versions range from $6-$12 per month, depending on the additional features required.
SoFi Relay
SoFi’s Relay budgeting app allows users to link accounts, monitor credit, review balances, and set spending targets.
SoFi’s Relay budgeting app allows users to link accounts, monitor credit, review balances, and set spending targets.
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