With a multitude of apps available it can be difficult to choose which is right for you. As a follow-up to last month’s How to be more financially secure in 2020 blog, I took a look at popular budgeting apps Mint, PocketGuard, YNAB and Mvelopes. For the purposes of reviewing these apps I used only features available without having to link my accounts to provide a brief summary of the highlights. Here are my findings and thoughts:
MINT For this app in particular I was only able to do a very surface level review. In order to get started you will need link your bank and credit accounts. This app appears to really encompass your full financial situation and provide a variety of pie charts and bar graphs to help illustrate your spending. A lot can be said for the simplicity of having all your information in one spot. You can also schedule bill payments reminders and view your credit score. Who may be interested in this app: Someone who finds themselves overwhelmed when even thinking about their finances and wants a one stop shop or someone who really wants to drill down into their spending to reach their financial goals. Cost: Free
POCKETGUARD Similar to Mint, PocketGuard requires a link to your bank and credit accounts and provides a look into all aspects of your financial situation. One of its more interesting features is the app’s ability to review past transactions on your accounts and use this information to create a budget for you (of course you can always modify this as you like). It also includes a “In My Pocket” feature which tells you how much cash you have left at any given time, after your bills are paid. This can take away the tricky task of checking your bank balance and trying to remember what still needs to be paid in the month. Who may be interested in this app: The same people that would like Mint. Cost: Monthly or yearly payment options starting at $3.99 US per month.
YNAB (YOU NEED A BUDGET) This app is a straight up budgeting app. You would create your base budget and then add your accounts. Unlike Mint and PocketGuard, you are not required to link to your bank and credit accounts (although it would be much easier). You can elect to manually input your accounts and their current balances but you would need to update these balances regularly to get full use out of the app. One of the best features of this app are the links to free online workshops and resources to assist you in reaching your financial goals. Who may be interested in this app: Someone who is simply wanting to create and manage their budget. Cost: Free 34 day trial, followed by monthly or yearly payment options. Confirming cost for this one was a bit of a struggle. There are monthly and yearly payment options with monthly amounts ranging from $5.00 to $11.99 (unclear as to whether this was US or Canadian funds).
MVELOPES If you’ve ever watched any TV shows aimed at debt repayment and financial planning then you’ve probably heard of the envelope system. To put it simply, you would create envelopes for items like groceries, dining out, clothing, etc. and put a predetermined amount of cash in these envelops weekly, monthly or however often you choose. From there you can only spend what’s in the envelope. This app essentially takes the envelope system digital. For optimal use you would need to link your bank account. What sets this app apart from the others are its access quarterly financial coaching sessions and live chat options (available only in the plus membership option from what I can tell). Who may be interested in this app: Someone who is wanting to create and manage their budget but is also looking for extra coaching support. Cost: Free 30 day trial then $7.99 for basic membership or $25.00 for plus membership (unclear as to whether this was US or Canadian funds).