Personal finance management can be daunting, especially for those without a financial background. Fortunately, there are simplified personal finance tools available to help you budget, invest, and track your expenses with ease. Discover these user-friendly solutions today!
1. YNAB: For Detailed Budgeting
You Need A Budget (abbreviated as YNAB) is perfect for those who want to take control of their finances with a more detailed approach. The app is designed around a proactive budgeting system that encourages you to give every dollar a job. 1 By assigning your money to specific categories like bills, savings, and discretionary spending, YNAB helps you stay on top of your finances in a more structured way.
YNAB also emphasizes helping users break the cycle of living paycheck to paycheck. It provides tools to help you plan for both expected and unexpected expenses. The app’s interface is user-friendly, making it easy to track spending, adjust budgets, and set savings goals. While YNAB is a paid app, its robust features and goal-focused approach make it a great choice for people serious about improving their financial habits.
2. Empower: Best for Investment Tracking
If you’re looking for an app that goes beyond basic budgeting, Empower (formerly Personal Capital) is a powerful tool that combines financial tracking with investment management. It helps you track spending, manage budgets, and—most importantly—monitor your investments. The app provides an overview of all your financial accounts, including savings, checking, retirement, and investment portfolios.
Empower’s investment tracking tools are especially useful for people with long-term financial goals. It provides detailed insights into your portfolio, including asset allocation, fees, and performance. Additionally, Empower offers a retirement planner feature that helps you project your retirement savings based on current income and spending habits. While the basic version of the app has no fees, it also offers premium financial advising services for users who want professional help managing their investments.
3. PocketGuard: Simplified Budgeting
PocketGuard is a straightforward budgeting app designed to help you quickly see how much disposable income you have after covering essential expenses. By linking your financial accounts, PocketGuard analyzes your income and expenses, allowing you to see what’s left for savings, spending, or paying off debt.
The app automatically categorizes your transactions and shows you where you’re spending the most. It also includes a feature called “In My Pocket,” which calculates how much money you can safely spend after accounting for bills and savings goals. PocketGuard’s simplicity makes it a great choice for users who want a no-fuss way to manage their budget and avoid overspending.
4. Goodbudget: Envelope Budgeting System
Goodbudget is based on the traditional envelope budgeting system, where you allocate portions of your income to different spending categories (or envelopes). The app allows you to create digital envelopes for expenses like groceries, rent, or entertainment, helping you stay within your spending limits. 2
Goodbudget is ideal for users who want to focus on cash flow and budgeting without linking their bank accounts. You manually input income and expenses, which gives you more control over tracking your finances. While there is a no-fee version with basic features, Goodbudget also offers a paid version with additional envelopes and account syncing across devices. It’s a great option for those who prefer a hands-on, manual approach to budgeting.
Explore the Best Personal Finance Apps and Tools
Managing your finances can be much easier with the right personal finance apps and tools. YNAB provides detailed budgeting for those who want to take full control, while Empower is ideal for tracking investments. PocketGuard simplifies budgeting, while Goodbudget brings back the traditional envelope system in a digital format. By choosing the app that fits your financial goals and lifestyle, you can take control of your money and achieve better financial health.