One of the most common questions I get from clients is:
“What budgeting app do you recommend?”
My answer usually surprises them.
I still use Excel.
Yep… good old-fashioned Excel.
After more than 35 years in financial planning, I’ve found that the “best” budgeting system isn’t necessarily the one with the most bells and whistles—it’s the one you’ll actually use consistently.
That said, I know many people prefer the convenience of automatic transaction downloads, spending alerts and colorful dashboards. If that’s you, there are some excellent budgeting apps available today.
My Thoughts First…
Before we dive into the apps, here’s something I tell every client:
A budgeting app won’t fix bad spending habits.
No app can make you spend less, save more or stop impulse purchases. It is simply a tool. The real value comes from becoming aware of where your money is actually going and making intentional decisions.
Whether you use Excel, a notebook or an app, consistency matters far more than technology.
My Top Budgeting App Recommendations
Rocket Money
Best for: Subscription management
If you’ve ever looked at your credit card statement and wondered, “What am I still paying for?” Rocket Money is a fantastic option.
It automatically identifies recurring subscriptions and even helps cancel the ones you no longer want. They can also negotiate certain monthly bills on your behalf.
Pros
- Great subscription tracking
- Easy-to-use interface
- Free version available
Cons
- Some premium features require an upgrade
- Bill negotiation and subscription cancellation may involve additional fees
Empower
Best Free Budgeting App
If you’re looking for a completely free option, Empower is hard to beat.
One feature I really like is that it gives you a complete picture of your finances in one dashboard. You can view your checking, savings, investment accounts and retirement accounts all in one place.
For many of my clients, this isn’t just a budgeting tool—it’s a great way to understand their overall financial picture.
Pros
- Completely free
- Excellent account aggregation
- Includes retirement planning tools
Cons
- Fewer budgeting customization options
- Doesn’t include some spending alerts found in other apps
Monarch Money
Best for Customization
If you’re someone who likes organizing everything exactly the way you want, Monarch may be your favorite.
It allows extensive customization, transaction tagging, recurring expense tracking and budgeting flexibility.
Many former Mint users have migrated to Monarch after Mint shut down.
Pros
- Highly customizable
- Excellent visual reports
- Strong replacement for Mint
Cons
- Subscription required
- No free version
Which One Do I Recommend?
Honestly…
It depends on your personality.
- Want help finding subscriptions and reducing monthly expenses? Rocket Money.
- Want a free dashboard to track your entire financial life? Empower.
- Want a highly customizable budgeting system? Monarch.
There isn’t one “perfect” app for everyone.
Are Budgeting Apps Safe?
Generally, yes—provided you’re using a reputable company.
Look for apps that offer:
- Bank-level encryption
- Two-factor authentication
- Read-only access to your financial accounts
Read-only access means the app can display your account information, but it cannot move money or make transactions.
Final Thoughts
As a financial planner, I can honestly say I’ve seen clients succeed using sophisticated apps… and I’ve seen clients succeed using nothing more than a simple Excel spreadsheet.
The magic isn’t in the software. The magic is paying attention.
If a budgeting app helps you become more aware of your spending and encourages better financial decisions, then it’s doing exactly what it’s supposed to do.
And if you’re like me and still love Excel… don’t let anyone tell you it’s outdated. Sometimes the simplest tools are still the most effective.
Need help creating a spending plan that actually works?
A budget is only one piece of a successful financial plan. If you’d like help creating a personalized plan that aligns your spending, investments, taxes and retirement goals, we’d love to help.
Contact us to schedule a complimentary introductory consultation.