Sometimes Spreadsheets Aren't Enough
If you're drowning in debt, stick to the free templates. But, if you make too much to be as broke as you are, it might be time to consider using a premium budgeting app.
My Top Picks
What I Think Of Each Budgeting App
YNAB
Pros:
One of the best features of YNAB has to do with the four guiding money principles. Very few other budgeting apps are built around such a clearly articulated methodology. While this methodology does require some getting used to, it pays off big for YNAB users.
One of the principles that I really appreciate is the age of money principle. By tracking the age of your money, YNAB can help you understand how quick you are to spend money. Have you ever felt like you collect a paycheck and it's already spent? You’re not alone! Understanding the age of your money can help you reign in your spending and boost your savings even when it feels like you don’t have anything left to save.
Cons:
While YNAB fanatics are quick to sing its praises, they also have to admit that the learning curve can sometimes be steep and painful. Of course, YNAB believes that their budgeting method is actually what helps its users find so much success.
Still, for people who are looking for a quick financial win and don’t have the time to really dig into how a tool works, YNAB probably isn’t the tool for them.
Monarch Money
Pros:
Your net worth can be a solid indicator of your financial health. But sometimes it gets a little complicated to calculate it. Monarch makes this incredibly simple not only for you as an individual but for couples. Honestly, when it comes to couples, there is no app that compares to the breathe of features.
You can easily tag your partner to review transactions and be sure everything looks right. And they make it easy to review a monthly report together so you can kick off monthly money conversations.
Cons:
It's hard to come up with a lot of missing features. One thing if you're big into Crypto, they are lacking in their ability to pull in data about the crypto you own.
Also if you're used to using something like Mint where you can easily track time to goal, they are lacking in that department, although I could see them changing that very soon.