Home Best Budgeting Apps for Savings in 2020
Vidal Arias

Budgeting is one of those habits that can easily change your life if you build them properly. Keep in mind that from all individuals complaining about stress, more than half of them attribute their high-stress levels to their financial situation and the anguish of making ends meet.

A proper budgeting habit will help you analyze your personal finances based on your current income, allowing you to get a more macro view of your necessities, spending habits and also your goals/dreams. A  budget without compromise will not take you anywhere, but if you truly obey it and stick to it, it will surely get you closer to your goals in life.

If you were to ask someone on the street how much money do they need in order to cover all their necessities, chances are they won’t even be able to provide you a straight number. In most cases, the answer would be a derivative of what they are earning or even more than that. The whole idea of budgeting is to have a clear vision and a game plan of where every penny is going. You would be surprised by how small changes can have a major impact on someone’s financial situation.

There is a famous quote in the US about how “a Latte a day keeps retirement away“. To put it into perspective imagine spending $3,25 every day in a cup of coffee, it might not sound like a lot but once you add it up over a period of 12 months you would spending more than $1,186 a year. I don’t have anything against drinking coffee every morning, but maybe you should consider pouring it at home!

We live in a world where our closest companion is usually our smartphone or our computers, why not taking advantage of that in order to control and budget our finances! What used to be done with a calculator and long sheets of papers can now be addressed with the help of a Budgeting app.

It isn’t what you earn but how you spend it that fixes your class Sinclair Lewis

Please note that there are many great options that one can choose from, and most of them are free of use. Considering how much it can benefit your life there is no reason why you should not take an hour of your time to start your budget. This hour will yield more to your life than you can possibly imagine!

The following is the result of an extensive review of the best budgeting apps available in the market in 2020, I’m pretty confident that you will find an option that will suit your necessities in here.


What are the Best Budgeting Apps of 2020?

Best Budgeting Apps for...

1. Mint – Best for Everyday Users

One of the major setbacks of most traditional budgeting apps is that they required a lot of human intervention, which makes them less convenient and dependant. Keep in mind that if in order to be able to analyze your finances you have to take one hour of your time every week to manually input all transactions, chances are you will fail to do it consistently if you are not committed enough.

On the other hand Apps like Mint excels at delivering a less dependent environment. The firm offers a seamless interaction between bank accounts and investment accounts, providing its users with an autonomous platform. The key idea behind the app is for individuals to be able to centralize their finances and to be able to budget and record all transactions.

Note that this platform will also help you to analyze all your bank accounts as a whole, this is a great tool for anyone who uses and manages their funds between different financial institutions. Being able to know the summed balance of all your accounts, the cash available and also your bills due on that month are just a few of the key insights that you get with Mint.

Pros and Cons about Mint App


Best Budgeting Apps for...

2. Pocket Guard – Simplest Platform

Pocket guard uses a more simple and straightforward approach, instead of constantly bombarding you with a lot of numbers and information the app focuses on letting you know how much money you have left after all your goals and payments have been covered. The idea behind this model is to make sure you will always succeed in achieving your goals and that you will respect your budget.

Just like with other platforms like Mint, the app allows for a seamless connection with multiple financial institutions. One key differentiator of this firm against their competitors is that setting up the app is way easier, you will see that the software will guide you through every step in order to make the whole process smoother.

Unlike many other budgeting softwares PocketGuard allows for its own AI algorithm to automatically assign a category for all your expenses, this allows for all payments to be categorized as part of your budget. For example:

If you have a monthly budget for eating outside of $50, every time the software receives a confirmation of a payment made to a restaurant it will automatically discount the bill from your available budget. You will always know how much you have left to spend in each category and it will let know if you’ve breached your own spenditure limit.

If you have multiple loans, accounts and even credit cards you should consider using PocketGuard as a way to keep everything under control. Information can be translated to power, in the case of PG, it means the power of knowing that you are creating healthy financial habits.

Pros and Cons about Pocket Guard App


Best Budgeting Apps for...

3. Personal Capital – Best Option for Power Users

When it comes to personal finances the most powerful platform and app available in the market right now is Personal Capital. Keep in mind that for the porpuses of this article we are evaluating how their budgeting platform works, but it is important to keep in mind that the platform does way more than simply helping you design and maintain a healthy budget.

Personal Capital is such a powerful platform that it does even offer access to their proprietary robo-advisor, capable of buying and selling securities and to maintain and rebalance any investment portfolio.

The main idea of this platform is to provide as much support and information as if you were talking directly with a financial advisor.

Please be aware that even though more complex services require a minimum deposit and net worth, their financial dashboard is completely free and available to all individuals. Even if you don’t qualify for a full account you should take advantage of their free service, this is one of those moments in life where you will truly receive a top class service completely free of charge.

If you are looking to consolidate your budgeting and investing necessities under one single brand you should consider Personal Capital as your best option.

Pros and Cons about Personal Capital App


Best Budgeting Apps for...

4. GoodBudget – Best Cash Users

This platform offers a very basic approach to budgeting, so basic that it does not even offer access for credit/debit card synchronization. Keep in mind that even though this lack of connectivity might be a deal breaker for most individuals, it can also be the reason why cash based individuals would prefer it over other options.

After analyzing how the platform works and what it can do, it’s easy to see why so many individuals vouch for their service. When reviewing good budget you need classify it under its own umbrella, it certainly won’t be the go-to option for most individuals, but for those looking to get a digital version of a traditional approach, it is simply the best possible choice.

The principle idea behind this company is to modernize how we used to save utilizing cash and envelopes. With this model you will create envelopes and the app will help you track its balances and it will also allow you to create envelopes based on your bank accounts.

The two major setbacks of this platform are that cash is risky, carrying cash in our modern society has disappeared for a good reason. The second is that most of the transactions will need to be updated manually, this requires commitment from the user in order to make it work.

If you are not an individual who feels comfortable managing cash you should remember that there are many other different options available in the market. The reason we present this name is to provide a broader range of services to choose from. In reality, the company offers a great service in a very simplified approach, it is just simply not for everyone but that does not mean is a bad option.

Pros and Cons about good budget App


Best Budgeting Apps for...

5. YNAB – Best option for a Simple Budget

If you are interested in receiving instructional support on how to approach your finances and any struggle within them, then YNAB might be the app you have been looking for. Keep in mind that the firm follows a very minimalistic approach on how a budgeting app should work.

The app will allow you to develop your own budget and will help you monitor both income and expenses from your bank accounts.  Please note that even though it automatically pulls information from your banks, you will have to update your budget manually.

It is important to mention that simplicity is the main concept behind this app. If you are interested in a more dynamic model for budgeting you should look for another option, otherwise, YNAB will offer you a reliable and user-friendly platform that will help you achieve your goals and will make you a more disciplined individual.

Pros and Cons about YNAB App



As mentioned above, the hardest part of budgeting is usually starting developing the habit and the discipline of following it through. Commitment is one of the key elements in order to succeed with a budget, if you are not planning on being strong enough to respect the rules that you decided for yourself then there is no reason to even try.

Over time you will start noticing that the rules have become easier to follow and that following a budget could even be a fun and dynamic practice. The best advice I can give you is to avoid living without a budget, saving money and investing is 100 times harder if you don’t have an already planned structure to follow.

The money that you will be able to save will allow you to live a less stressful life knowing that you have enough to live and that your expenses are well covered. You will be surprised by how much you can save with the right budgeting plan. Stop thinking about it, choose an app and give it a try!



1. What is the overall best Budgeting App?

2. How is Budgeting different from Planning?

3. Should I budget for unexpected expenses?

4. Can I save money with an active Budgeting App?

5. How expensive is it to use a Budgeting App?

Vidal Arias

Vidal Arias

Vidal is an experienced Strategist and Portfolio Manager with a keen interest and passion for the financial markets and also writing. During his career, he has developed excellent market timing skills, focusing mainly on the macro analysis of the US Equity Market and the overall US Financial Market. He started his career as a financial analyst for a major American bank and continued his way into the trading desk as a Sr. Trader and later as a Portfolio Manager for an Offshore Hedgefund in Europe. Linkedin: vidalarias Email: [email protected]