Best Personal Finance Apps to Save Money in 2024

Best Personal Finance Apps to Save Money in 2024

Introduction

I know that many of us are looking to revamp our financial habits. Whether it’s saving for that dream vacation, paying off debt, or simply you have a cushion for unexpected expenses, personal finance apps can be game-changers. With the rise of digital tools, managing your finances has never been easier. In this blog, we’ll explore the best personal finance apps of 2024 that can help you save money, track expenses, and set financial goals.

We often find ourselves juggling multiple aspects of our financial life, sometimes unsure of where our money is really going. This is where personal finance apps come in handy. They simplify the process, making it easier to track your spending, automate your savings, and ensure you’re on track to meet your financial goals.

What to Look for in a Personal Finance App

Before diving into the top apps for 2024, it’s essential to understand what makes an app worth downloading. You’ll want to consider:

• Ease of Use: The app should have an intuitive interface that makes financial management simple, even if you’re not a money expert.
• Customization: Each user has different financial needs. An ideal app will offer flexibility and customization options to fit your personal situation.
• Security: Since you’re linking bank accounts and credit cards, robust security measures are non-negotiable.
• Insights and Reports: A good app doesn’t just show you numbers; it helps you interpret your spending and savings patterns with reports and insight.

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How Does this Finance App Help?

• Budgeting Made Easy: Personal finance apps help you create budgets tailored to your lifestyle.
• Automated Savings: Many apps offer features that automatically save a portion of your income.
• Expense Tracking: See where your money goes each month, highlighting areas where you can cut back.
• Goal Setting: Set savings goals and track your progress, providing motivation to stay on course.

Top Personal Finance Apps for 2024

List of some of the best personal finance apps to help you save money in 2024.

1. YNAB 

If you’re serious about budgeting and want to take full control of your finances, YNAB is one of the best choices on the market. I’ve been using it for a year now, and it completely changed how I think about money. Instead of just tracking where my money goes after the fact, YNAB encourages me to plan ahead and assign every dollar a specific job.

Main Features:

• Proactive Budgeting: This app encourages users to plan their spending in advance.

• Educational Resources: YNAB provides personalized coaching and informative webinars to help you understand budgeting principles.

• Zero-based budgeting system that forces you to be intentional with every dollar.

• Real-time updates for tracking expenses across multiple devices.

• Debt payoff tool to create a plan for paying off loans.

• Goal tracking, so you can save for that dream vacation or emergency fund.

• Subscription Cost:

YNAB operates on a subscription model, which is about $14.99 per month, or $98.99 annually.

From my personal experience, YNAB is fantastic for anyone looking to break free from the paycheck-to-paycheck cycle. It may take a bit of time to get used to the system, but once you do, you’ll feel more empowered and in control of your financial life. Plus, the app’s educational tools are invaluable for improving your overall financial literacy.

2. Mint

Mint has been a favorite for years, and for good reason. It’s one of the most comprehensive free personal finance apps available. The app connects with your bank accounts, credit cards, and bills, providing a full snapshot of your financial life in one place. I’ve recommended Mint to several friends who are just starting to get serious about their finances, and it’s always a hit because of how easy it is to use.

Main Features:

• Free to Use: Mint is entirely free and generates revenue through ads.

• All-in-One Dashboard: It aggregates all your financial information, including bank accounts, credit cards, and investments.

• Budgeting Tools: Create and manage budgets while receiving personalized insights.

Mint categorizes your transactions automatically, making it easy to see how much you spend on necessities versus luxuries. Mint has saved me from several late fees thanks to its bill reminders, and I love how it categorizes my expenses automatically. It’s perfect for anyone who wants a simple, all-in-one financial overview without a lot of manual input.

3. PocketGuard

If you’ve ever wondered, “How much money do I have left to spend?” then PocketGuard is the app for you. This app takes a straightforward approach to budgeting by showing you exactly how much disposable income you have after accounting for bills, savings goals, and essentials.

Main Features:

• In My Pocket feature that shows how much money is available to spend.

• Savings goal tracking to help you set money aside for short-term and long-term goals.

• Subscription monitoring, which tracks recurring payments like Netflix or Spotify.

• Bank account linking for an easy, all-in-one view of your finances.

I started using PocketGuard when I wanted to get a better handle on my discretionary spending. The “In My Pocket” feature gave me a clear snapshot of what I had left to spend after taking care of my essentials. I’ve used it to curb my impulse purchases, and the app has definitely helped me stay on track with my savings goals.

4. Honeydue

Managing money as a couple can be tricky, but Honeydue makes it easier by allowing partners to track expenses together. My partner and I started using Honeydue when we moved in together, and it’s been a game changer for keeping us both accountable and on the same page financially.

Main Features:

• Shared budget tracking, where each partner can see their joint and individual expenses.

• Customizable notifications so you’re both alerted about upcoming bills or account activity.

• Chat feature within the app to discuss expenses or questions about money.

• Savings goals that you can set as a team, whether it’s for a vacation or a home purchase.

Honeydue has helped us avoid awkward conversations about money by keeping everything transparent. We both know what’s going on with our shared expenses, and it’s been a great tool for managing household finances as a team.

5. Chime

Chime is technically an online bank, it deserves a spot on this list because of its excellent savings features. With its automatic savings options and no-fee banking, Chime is ideal for anyone looking to streamline their savings process without dealing with traditional banking fees.

Main Features:

• Automatic savings transfers, which round up your purchases and transfer the spare change into a savings account.

• Fee-free banking, including no overdraft fees or minimum balance requirements.

• Get paid early feature that allows you to access your paycheck up to two days early.

• Spending insights to help you better understand your habits.

I switched to Chime for my personal banking last year, and the round-up feature has been a lifesaver for building my savings without even thinking about it. The fee-free structure is also great for anyone looking to avoid unnecessary charges.

6. Goodbudget

If you prefer a cash envelope system for budgeting, but want a digital solution, Goodbudget is the app for you. Instead of physical envelopes, you allocate money into different “digital envelopes” for each spending category. This app is especially useful for people who want to be more intentional with their money and stick to strict spending limits.

Main Features:

• Envelope budgeting system, which forces you to allocate money for specific categories.

• Goal tracking for savings or debt payoff.

Multiple device support, so you can share your budget with a spouse or family member.

• Debt tracking tools to help you pay off loans faster.

I used Goodbudget for a few months when I wanted to try the envelope method, and it was incredibly helpful in controlling my spending on dining out. Seeing exactly how much money I had left in that category made me think twice before grabbing takeout. It’s a great way to be more mindful of where your money is going.

7. Trim

Trim is a financial assistant that helps you save money by analyzing your spending and negotiating bills on your behalf. If you’re like me and hate dealing with subscription services or calling customer service for discounts, this app can do all the hard work for you.

Main Features:

• Bill negotiation, where Trim works with your providers to lower your bills.

• Subscription cancellation, which helps you get rid of unused services.

• Spending analysis to identify areas where you can cut back.

• Automated savings to help you build a rainy day fund.

I’ve personally used Trim to cancel a few old subscriptions that I’d forgotten about, and it saved me a lot of time and hassle. It’s perfect for people who want to save money but don’t have the time or energy to track down every bill or subscription.

8. Acorns

Acorns combines saving with investing, making it unique among personal finance apps.

Main Features:

• Round-Ups: Acorns rounds up your purchases to the nearest dollar and invests the difference.

• Investment Options: Choose among various portfolios depending on your risk tolerance.

Did You Know? Acorns can help you save and invest without needing a large sum of money to start.

How to Choose the Right App for You

With so many options available, it can be daunting to choose the right app. Here are a few tips to help you decide:

1. Assess Your Needs: Determine if you need an app primarily for budgeting, saving, or investing.

2. Consider User Experience: Look for apps that have a user-friendly interface and positive reviews.

3. Check for Integration: Ensure the app can connect with your banks, credit cards, and other financial accounts.

 Final Thought 

Managing your finances is a vital step toward achieving your life goals, and the right personal finance app can be a powerful ally in that journey. 

By leveraging tools like Mint, YNAB, PocketGuard, Acorns, and Personal Capital, you can save more, budget better, and reach your financial goals in 2024.

Some Question and Answer

1. What are the best personal finance apps to save money in 2024?

The top personal finance apps to save money in 2024 include Mint, YNAB (You Need A Budget), Personal Capital, and PocketGuard. Each app offers unique features like budget tracking, saving goals, and investment analysis.

2. Can personal finance apps really help me save money?

Yes, personal finance apps can help by tracking your spending, setting up budgets, and giving you insights on where you can cut costs. Many apps also send reminders for bill payments, preventing late fees.

3. Which personal finance app is the easiest to use for beginners?

For beginners, Mint is often recommended. It’s user-friendly, free, and provides a simple way to manage your budget, track spending, and even get credit score updates.

4. How can personal finance apps help with budgeting?

Personal finance apps categorize your spending, show where your money goes, and allow you to set limits for each category. This helps you stick to your budget and avoid overspending.

5. Are personal finance apps safe to use?

Most personal finance apps use bank-level security features such as encryption and two-factor authentication. However, it’s essential to choose apps with a good reputation and strong security practices.

6. Do personal finance apps charge fees?

Some apps, like Mint, are free, while others, like YNAB, charge a subscription fee for premium features. The fees vary depending on the services and tools the app offers.

7. Can personal finance apps help with saving for specific goals?

Yes, many apps allow you to set savings goals. You can track your progress and receive notifications when you’re off track or hitting milestones.

8. What is the best personal finance app for tracking investments?

Personal Capital is highly recommended for tracking investments. It provides detailed insights into your portfolio, helping you make better financial decisions.

9. Are there any personal finance apps for couples or families?

Yes, apps like Honeydue and Goodbudget are designed for couples or families. They allow shared budgeting and help keep everyone on the same financial page.

10. Do personal finance apps offer features for debt management?

Yes, apps like YNAB and PocketGuard help manage debt by showing how much you owe and when payments are due. They also assist in prioritizing debt repayment.

11. Can personal finance apps help me reduce my bills?

Some apps, like Truebill, specialize in identifying subscriptions or services you may not need and helping you lower or cancel them to save on bills.

12. Is there a personal finance app that tracks subscriptions?

Yes, Truebill is a popular choice for tracking and managing subscriptions. It shows all your recurring payments and allows you to cancel unused services easily.

13. Which personal finance apps offer cash back or rewards?

Some apps, like Rakuten or Dosh, offer cash back on purchases made through their platforms. These can be a great way to save on everyday shopping.

14. Can personal finance apps help with tax preparation?

Yes, apps like QuickBooks Self-Employed offer tax tracking features. They help you categorize expenses for tax deductions and estimate your quarterly taxes.

15. How do personal finance apps track my spending automatically?

Most apps connect to your bank account and credit cards, automatically importing your transactions. They then categorize these expenses, helping you see where your money goes.

16. Are there any personal finance apps for freelancers or self-employed individuals?

Yes, apps like QuickBooks Self-Employed and FreshBooks cater specifically to freelancers. They help track income, expenses, and even prepare invoices.