5 iPhone Apps to Create a Budget — and Stick to It
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Creating a budget isn’t actually difficult. It's sticking to it where things usually get messy.
You might start the month knowing exactly how much you can spend, only to lose track after dozens of small purchases. Add recurring subscriptions and unexpected expenses, and the plan you made at the beginning of the month can quickly become impossible to follow.
Luckily, you don’t have to do it alone; we have technology. And the App Store has tons of apps that can help. A good budgeting app can make managing your money pretty straightforward. Some even connect to your financial accounts and automatically organize transactions, while others deliberately make you enter purchases yourself so you’re more aware of what you’re spending.
There’s no single budgeting method that works for everyone. Luckily, these apps offer different methods to keep tabs on your money without making it too difficult.
YNAB
YNAB, which stands for You Need a Budget, is one of the best-known dedicated budgeting apps. This platform has been around for years, and there’s a good reason for that.
Its approach revolves around deciding what the money you currently have needs to do as soon as you get it. Instead of simply looking back at what you spent last month, you assign the money you have right now to categories based on what you need it for.
You might have categories for groceries and gas, for example. You can also gradually set money aside for an expense that won’t arrive for several months. That way, instead of having to find $1,200 by the end of the year, you can start assigning $100 to that category each month so it’s not as hard.
Another great thing about YNAB is that it can automatically import transactions from supported banks, although this isn’t available everywhere. It currently supports select banks in the US and Canada, along with the UK and European Union. Everyone else has to manually import their transactions, which isn’t all that bad, especially if you don’t tend to have much control over your finances.
There’s a 34-day free trial when you subscribe directly through YNAB, after which you’ll need a paid subscription, which can be a bit pricey. The good news is that you can share it with up to five other people, which is perfect for the whole family.
PocketGuard
PocketGuard focuses heavily on helping you understand how much money you actually have available to spend, which can be easier to follow than a complicated budget containing dozens of categories.
PocketGuard makes it easy to connect a supported account and organize your transactions right from the app. You can then create a budget based on the approach that makes sense for you, including category-based or envelope-style methods.
The app also tracks recurring bills and subscriptions, which can help you understand how much of your income is already committed before you start spending on anything optional.
It also includes a debt payoff tool to help you understand how much money you need to pay off all your debts. If you’re debt-free (congrats) or have a goal in mind, you can also set financial goals and use PocketGuard’s planning features to track your progress.
Unfortunately for international users, PocketGuard’s bank connection feature works only in the US and Canada, although its other features work fine for anyone who wants to manually enter their transactions.
To use PocketGuard’s features, you’ll need to pay for an annual or monthly subscription. But you can try it before actually committing to a subscription.
Goodbudget
Compared to the other apps on the list, Goodbudget takes the most traditional form of the envelope budgeting method and moves it onto your iPhone.
At its core, envelope budgeting involves dividing cash between envelopes for different expenses. For example, once you empty the “junk food” envelope, you know you’ve used all the money available for eating out.
That's the approach Goodbudget takes, but with digital envelopes instead. You divide your income among different purposes and record your spending for the month in each envelope. That gives you a very clear indication of how much you’ve reserved for each area of your life.
This method might not be for everyone, but there’s no doubt that it’ll make you more mindful about your money and how you spend it. Goodbudget has a free plan with a limited number of envelopes and accounts. The premium plan makes envelopes unlimited and lets you use more devices.
EveryDollar
EveryDollar is built around zero-based budgeting. The idea is to give all of your income a purpose (the same method the YNAB app uses). Some money might go toward everyday expenses, while another portion could be assigned to savings or debt.
Having zero dollars left to assign means that you’ve decided beforehand what all of your available income is supposed to accomplish during the month or year.
EveryDollar guides you through creating that plan and then lets you track your actual spending throughout the month. That way, you’ll know where your money is going and how much you have left before making any impulsive purchases.
The free version requires you to enter transactions manually. That takes additional effort, but manually recording a purchase can also make you considerably more aware of what you’re spending.
Honeydue
Honeydue has a much more specific audience than most apps on this list. It’s designed for couples who want to manage money together.
Each person can connect their supported bank account and decide what information they’re comfortable sharing. You don’t necessarily have to combine every part of your financial life just because you’re using the app together. At the same time, it lets you manage your finances with your significant other with little hassle.
Once your accounts are connected, you and your partner can keep track of household expenses and your current balance. There are also bill reminders so you never forget important payments.
What’s cool is that it also lets you comment on individual transactions or chat with your partner so everything related to money stays in one place.
And the best part about Honeydue is that it’s completely free. That’s right, you can download it and start budgeting with your loved one without spending money that maybe you don’t have right now.
Find a Budgeting App You’ll Actually Keep Using
Long gone are the days of using a spreadsheet to try to keep track of your money. As you can see, budgeting and tracking your expenses are easier than ever.
You can try any of these apps and, if you actually stick to your budget, you should see some improvements in your finances in no time. Ironically, many of these apps aren’t free, so you’ll probably have to pay some money up front. However, you can still try most of them out without spending a dime and see how they can make a difference in your spending habits.