Young working professionals tend to splurge their salary on various products and services. But when people start spending more than they should, their finances can pile up and become quite complex to track. That’s why one should consider using a money management app that comes with various features to set budgets, plan investments, and work towards financial goals. One can explore the top budgeting software in the market and pick what meets their needs.
Rocket Money
Young adults can use this budgeting app to track spending habits. Rocket Money can help one get a better handling of personal finance and even discover ways to save money. The free version of this budgeting app allows one to link financial accounts, set balance alerts, manage subscriptions, and track spending. It also imparts financial literacy with content that empowers users to make smart decisions about their money.
PocketGuard
This money management app offers a range of features while maintaining a simple interface and process. Users can connect their credit cards, bank accounts, loans, and investments with the app. It uses this information to display how much an individual has left to spend after keeping some funds aside for things like necessities, bills, and goals. The budgeting tool for millennials also offers bills and net worth tracking features. Plus, those who want to avoid linking accounts have the option to track finances manually. Users who sign up for the paid version of PocketGuard will receive additional features, such as a debt payoff plan and the option to import and export transactions.
YNAB
The personal finance tracking app enables users to plan for their financial decisions. The software follows a zero-based budgeting system, encouraging users to manage each dollar earned. One can instruct YNAB precisely how much income should go towards various categories like savings, spending, and debt. The goal is to encourage users to make intentions with their money by actively prompting them on what to do with it. Further, YNAB allows users to link their checking and savings accounts, credit cards, and loans.
Honeydue
This money management app allows professionals and their partners to view all financial insights in one place. Both individuals can sync bank accounts, loans, investments, and credit cards. The free budgeting app automatically recognizes categories of expenses. But one can also create custom categories. Both partners can use this to their advantage and set monthly limits on each category. Honeydue will then alert both individuals when a limit is near. The app also sets reminders for upcoming bills and enables users to chat and send emojis, enhancing their experience.
Goodbudget
A top finance planning app for young adults, Goodbudget follows the envelope budgeting system. Users deposit a portion of their monthly income toward specific spending categories (called envelopes.) While it does not connect a user’s bank accounts, one can manually add account balances, cash amounts, debts, and income information. Users can then assign this money to the envelopes. The app has a free version where users can run one account, two devices, and limited envelopes. The paid version—Goodbudget Premium—allows unlimited envelopes and accounts, up to five devices, and much more.
Quicken Simplifi
This is one of the best budgeting apps for young professionals. It encourages savings, such as putting money aside for a vacation or tracking retirement savings. The budgeting app for beginners can generate fully customizable reports based on their spending, savings, and income, and one can view insights on progress. Quicken Simplfi also offers a personalized spending plan based on income and expenses and adjusts it as one spends in real time. Moreover, a user can add a particular month’s planned spending to the app, such as birthday dinners or anniversary celebrations.
Empower Personal Dashboard
The app’s free version offers useful features for those looking to track their expenses. One can connect and monitor savings, checking, and credit card accounts. Even 401(k)s, Individual Retirement Accounts (IRAs), loans, and mortgage accounts can be synced and monitored on the app. It also offers a spending snapshot by listing recent transactions by category. One can customize these categories and view the total monthly spending each represents. Young professionals can also use the app to track their net worth and portfolio.
Monarch
This is an easy-to-use budgeting app for beginners. The platform presents information clearly and has a clutter-free interface. Furthermore, Monarch enables users to customize the dashboard so they can always see what is most important and relevant first. It is also possible to sync a partner’s monthly bank account and credit cards to this platform.
EveryDollar
This is a top expense-tracking and budgeting app for young professionals. Its free version lets one manually enter incoming and outgoing money throughout the month. One can also categorize line items in the budget and set reminders for bill payments. The paid version of EveryDollar offers additional features, including the option to connect a bank account, transactions automatically appearing on top, custom reports, and recommendations based on one’s spending habits.
