Apps can be a great way to help families manage their money more effectively. Below I have put together a list of some popular financial apps and some of the important information you’ll need to know to make the best decision.
1. YNAB (You Need a Budget)
YNAB is a budgeting app that focuses on helping users give every dollar a job, prioritize expenses, and save money. It’s known for its proactive budgeting approach and educational resources.
Features:
Zero-based budgeting approach.
Goal tracking for savings, debt payoff, and other financial goals.
Bank account syncing and transaction tracking.
Detailed reports and visualizations.
Pros:
Encourages proactive and mindful spending.
Excellent customer support and educational content.
Highly customizable budgeting categories.
Cons:
Requires a learning curve, especially for beginners.
Subscription fee ($14.99/month or $99/year).
Best For: Families looking for a structured, detailed approach to budgeting and those serious about taking control of their finances.
2. Mint
Mint is a free, user-friendly app that allows users to track spending, create budgets, and monitor financial accounts in one place. It’s widely used and well-known for its simplicity.
Features:
Automatic account syncing for bank accounts, credit cards, loans, and investments.
Budget creation and tracking with customizable categories.
Bill tracking and reminders.
Credit score monitoring.
Pros:
Free to use with robust features for basic budgeting and financial tracking.
Easy to set up and use.
Visual spending insights and trends.
Cons:
Ads and promotions within the app can be distracting.
Limited customization compared to other budgeting apps.
Best For: Families looking for a simple, free solution to track spending and manage finances with minimal setup.
3. PocketGuard
PocketGuard is a budgeting app designed to help users quickly see how much disposable income they have after accounting for bills, goals, and necessities. It simplifies financial management by focusing on what’s available to spend.
Features:
Automatic account syncing and transaction categorization.
"In My Pocket" feature shows how much money is available to spend.
Budgeting for bills, savings, and spending categories.
Insights into spending habits.
Pros:
Simple, user-friendly interface.
Helpful for managing day-to-day spending.
Free version available with essential features.
Cons:
Limited goal-tracking features compared to other apps.
Some features require a paid subscription ($7.99/month or $79.99/year).
Best For: Families seeking a straightforward app to manage everyday spending and avoid overspending.
4. Goodbudget
Goodbudget is an app that uses the envelope budgeting method, where you allocate money into different “envelopes” for various spending categories. It’s ideal for families who want to stick to a predetermined budget.
Features:
Envelope budgeting system with customizable categories.
Syncing across multiple devices for family use.
Debt tracking and saving for goals.
Manual transaction entry and import from bank statements.
Pros:
Easy to use and great for families who prefer a traditional envelope system.
Syncs across devices, making it easy for couples or families to manage together.
Free version available (though limited).
Cons:
No automatic bank syncing (transactions must be entered manually or imported).
Limited reporting features.
Best For: Families who prefer a manual, envelope-style approach to budgeting and want to manage money as a team.
5. EveryDollar
EveryDollar is a budgeting app developed by Ramsey Solutions, following the principles of Dave Ramsey’s financial advice. It’s designed to help users create and follow a zero-based budget.
Features:
Zero-based budgeting with customizable categories.
Track spending and savings goals.
Sync with your bank accounts (in the paid version).
Simple, intuitive interface.
Pros:
Easy to use with a clear focus on zero-based budgeting.
Helps users stay on track with the principles of debt reduction and savings.
Free version available with basic features.
Cons:
Bank syncing is only available in the paid version ($12.99/month or $79.99/year).
Limited advanced features compared to other apps.
Best For: Families following or interested in Dave Ramsey’s financial principles and looking for a straightforward budgeting tool.
6. Honeydue
Honeydue is a budgeting app designed specifically for couples, allowing them to manage their finances together while keeping some spending private if desired. It’s useful for tracking shared expenses and budgeting together.
Features:
Joint budgeting and expense tracking.
Bill reminders and alerts.
Customisable privacy settings for individual spending.
Sync with multiple financial accounts.
Pros:
Tailored for couples, with features to manage shared and individual finances.
Free to use with no ads.
Privacy options allow for some financial independence.
Cons:
Limited advanced budgeting and investment features.
May not be as comprehensive for larger family budgeting.
Best For: Couples who want to manage shared finances together while maintaining some financial independence.
These apps offer a variety of features to help families manage their money, from simple budgeting tools to more comprehensive financial management solutions.
Depending on your family's needs and preferences, you can choose the one that best fits your financial goals and lifestyle.
