What is the Best Budget Tracking App?
Do you feel overwhelmed about managing your personal finances? Are you hoping to start budgeting your money and tracking your expenses better? Do you want to start saving money but can’t figure out where to begin? The key to this is finding the right tools to help you! Online expense-tracking apps help you stay on top of your finances, meet your goals, and reduce stress. But with so many choices on the market, how do you know which budget-tracking app is best? In this article, I’ll share my findings about searching for a solid budgeting app that could meet most people’s needs. I’m recommending Quicken Simplifi, and I’ll share how it stacks up against other popular apps for tracking expenses and building a budget. I’ll answer frequently asked questions and hopefully help you decide what’s best for you.
This post may contain affiliate links, which means information on purchasing products. I earn from qualifying purchases at no additional cost to you.
Why Do You Need an Expense Tracking App?
There’s a good reason personal finance apps are growing in popularity. They’re helpful and make people feel more in control of their finances because they can see where their money is going. Sure, some people do this on paper monthly when they’re getting ready to pay bills. But wouldn’t it make more sense to see how you’re doing continuously throughout the month? Do you want to guess if you’ll have enough to pay your bills when they’re due, or is it better to know where you stand each day?
According to Think with Google, 73% of smartphone users have used an app to help manage their finances in the past month. But how do these apps work, and what can they do for you?
Do you feel like you’re spending too much money? Read Overspending – Here’s How to Stop.
What are the benefits of a budgeting app?
Here’s what I see as the benefits of why it’s good to use a budgeting app:
- Clarity: You can see exactly where your money goes by tracking your expenses.
- Accountability: It will help you stay on track with your budget and financial goals.
- Efficiency: You’ll save time by tracking and grouping your expenses as they occur.
- Motivation: You can visualize your progress towards your goals more clearly, whether paying off debt or saving towards a big purchase.
If you’re serious about managing your money, a budgeting app is a great place to start!
Interested in finding out where your money is going? Learn How to Track Your Spending Without Stress!
What is Quicken Simplifi, and What Makes it a Contender for Being the Best Budget Tracking App?
Quicken Simplifi is a modern budgeting app designed to help you streamline your finances. Its popularity is due to its ease of use, comprehensive features, and affordability. Trying to save for a big goal? Wanting to tackle debt? Needing to stick to a budget and track your expenses? Simplifi has you covered.
If you’re interested in understanding budgeting, read Here Are the Budgeting Basics That Matter and learn Why Budgeting is Important.
Why Quicken?
Quicken has been a trusted name in personal financial management since its inception in 1983, so it’s been around for over four decades. More than 20 million customers have relied on Quicken to help them take control of their finances and lead healthier financial lives. Quicken launched Simplifi in January 2020 to provide a streamlined, user-friendly budgeting tool for the newest generation of users. Many now enjoy apps rather than desktop or laptop software, so Quicken started Simplifi to meet their needs. I like Simplifi because it’s the best budget-tracking app for Quicken’s price and solid history.
Learn How to Create a Family Budget.
What are the Key Features of Quicken Simplifi?
Let’s see what this budgeting app can do for you:
- Personalized Spending Plan: Simplifi can create a spending plan tailored to your income and bills. As you spend money, your spending plan updates, so you’ll always be able to see how you’re doing.
- Savings Goal Tracking: Whether saving up for a big vacation or trying to build an emergency fund, Simplifi makes it easy to monitor your progress.
- Debt Management Tools: Simplifi allows you to visualize your debts. You’ll also receive actionable tips to help you pay them down faster.
- Investment Insights: If you have investments, you can track them alongside your daily finances.
- Bill Tracking: Do you tend to forget bills, especially ones that don’t occur monthly? You’ll receive reminders about your upcoming bills so you never miss a payment.
- Access on Multiple Devices: This is important to me. You can access Simplifi and all your information across multiple devices, such as smartphones, tablets, or your computer, for seamless management, whether at home or on the go.
What’s the Price of Quicken Simplifi?
If you decide to pay monthly, you’ll pay just $5.99. They’re advertising a special through January 2025—if you pay annually, you’ll pay just $2.99 monthly for the service. Click here to get started on their budgeting app. The low price and features make Quicken Simplifi the best budget-tracking app available.
What If I Don’t Want an App?
I understand that too—some people don’t feel comfortable using an app. Quicken also offers Quicken Classic Premier for Mac or Windows. If you pay annually, you’ll pay $3.99 instead of $7.99. Quicken Classic Deluxe for Mac or Windows is also available at a discount: instead of $5.99 monthly, you’ll pay $4.99 if paying annually.
Is There an Option for Businesses?
There is, and it’s Quicken Classic Business & Personal for Windows or Mac. You’ll pay $10.99 monthly, but if you pay annually, it’s reduced to $5.49.
What Do Customers Love About Quicken Simplifi?
Users love Quicken’s clean interface, customizable features, and robust customer support. People who want to manage their finances easily, daily, no matter where they are, say that Simplifi makes it easy to see how daily spending can impact long-term goals.
Do you have an Emergency Savings Fund? Here’s how to start one!
What Makes Quicken Simplifi Better Than Other Apps for Budgeting?
One of the things that mattered to me as I looked at apps was their pricing. I also hoped to find flexibility in how people could set up a budget and the ability to sync with accounts for ease of use and fewer chances of errors.
YNAB
YNAB stands for You Need a Budget and has been around for 20 years. The only budgeting style it supports is you must be budgeting with a zero-based budget. Not everyone likes that method of budgeting! At the end of each month, your income minus your expenses equals zero.
YNAB lets users work towards goals and offers financial reporting. However, the price tag is steep: $14.99 monthly after a free one-month trial period. By paying yearly, users can lower that cost to $9.08 monthly. That’s more than 3x the price of Quicken Simplifi with the current discount they’re offering by paying annually.
EveryDollar
EveryDollar is a budgeting app created by Dave Ramsey in 2015. Like YNAB, it focuses on zero-based budgets, which is fine for some but not flexible enough for others. The free version allows the creation of a basic budget, but it doesn’t allow connecting to bank accounts, which makes it more challenging to use accurately. Developing a financial roadmap, setting goals, and paycheck planning are included in the paid version but not in the free one.
EveryDollar costs $17.99 monthly or $79.99 yearly, more than double the price of Quicken Simplfi.
Mint
Intuit’s free money management app Mint shut down in March 2024 and is no longer an option.
GoodBudget
GoodBudget is another commonly used budgeting app that was started in 2009. It is based on the envelope budgeting system, which will not work well if that’s not how you budget. There is a free version along with a paid version. The free version limits the number of envelopes you use, doesn’t offer email support (just community support from other users), and does not sync with bank accounts.
The paid version offers unlimited envelopes, automatic bank sync, and email support for $10 per month or $80 per year when paid annually.
Monarch Money
Monarch Money, a paid budgeting app, was established in 2018. It supports two budgeting styles: flex and category. It lets users set goals, connect accounts, and track investments. Again, the limit here is in the budgeting style you can use.
Monarch charges $14.99 monthly or $8.33 per month when paid yearly.
PocketGuard
The PocketGuard budget app has been around since 2014. It comes with a 7-day free trial before you must begin paying for it. Budgets are based on categories and it notifies you if you need to make adjustments due to spending. It syncs with bank accounts and lets users work towards goals.
PocketGuard charges $12.99 monthly or $6.25 per month when paid yearly.
Frequently Asked Questions
- How is Quicken Simplifi different from free apps? Many free apps have built-in limitations: no account sync, limited budget choice, and no goal setting. They offer paid plans that get around those options. While Quicken Simplifi doesn’t offer a free version, it is reasonably priced and allows you to do all those things.
- Can I trust Simplifi with my financial information? Yes. Quicken states that Simplifi uses bank-level security and encryption to protect your data.
- Is Quicken Simplifi worth the subscription cost? Yes! The cost is reasonable compared to other popular budget and online expense-tracking apps. Using the app effectively allows you to follow a budget and reach your goals.
- Does Simplifi sync with all banks? Simplifi says it can sync with most major banks and financial institutions, making it easy to consolidate all your accounts in one place.
- Can couples use Simplifi? Yes! Although it’s primarily designed for individuals, you can manage shared expenses by creating categories for joint accounts.
- What if I try Simplifi and don’t like it? There is a 30-day money-back guarantee. If you’re unhappy, you can request a refund within that time period.
- How does Simplifi help with managing debt? Simplifi lets you track debts visually so you can easily see them increasing or decreasing. It also suggests strategies for helping you pay off your debt and helps you monitor your progress over time.
- Are there tutorials for beginners? Yes! Simplifi includes tutorials and excellent customer support to help you get started.
Relevant Statistics
- Nearly 70% of budgeting app users report improved financial habits through the use of budgeting apps, according to Next Gen Personal Finance.
- According to CNBC, Gen Z is the highest group of budgeting app users, followed by Millenials and Gen Y.
- CNBC states that Baby Boomers are the smallest budgeting app users, followed by Gen X.
- Globe Newswire reports that the personal finance apps market will grow from $106.15 billion in 2023 to $133.08 billion in 2024.
My Final Thoughts
Quicken Simplifi is the top budgeting app I’ve considered. Because it’s easy to use, you’re more likely to stick with it and work towards goals. I was impressed that if you run into a problem, support is free by phone or chat.
I hope you’ll continue following along on Save Money Fever! I share information on budgeting, saving, spending less, meal planning (recipes included), and enjoying life!
Note: I’m not a financial advisor or accountant. I’m just sharing what I’ve learned that has been useful. You should carefully review and consider any suggestions. It is important to conduct due diligence and speak with financial experts before making any decisions.
