The pros and cons of different budgeting apps

The Pros and Cons of Different Budgeting Apps

In 2025, budgeting apps have become essential tools for managing personal finances, offering convenience and automation to track spending, set goals, and plan for the future. With the closure of popular apps like Mint in 2024, users have a wide range of alternatives, each with unique features and philosophies. However, no app is one-size-fits-all, and choosing the right one depends on your financial habits and goals. This article explores the pros and cons of five popular budgeting apps—YNAB, Quicken Simplifi, EveryDollar, Goodbudget, and Honeydue—based on recent analyses from sources like Forbes, NerdWallet, and CNBC.

1. You Need a Budget (YNAB)

Overview: YNAB is a zero-based budgeting app, meaning every dollar of income is assigned a specific purpose, such as bills, savings, or debt repayment. It emphasizes proactive financial planning and hands-on engagement.

Pros:

Zero-Based Budgeting: Encourages intentional spending by giving every dollar a "job," helping users avoid overspending.

Robust Features: Syncs with bank accounts, tracks net worth, sets savings goals, and offers detailed reports. Users can share budgets with partners.

Educational Resources: Provides workshops, guides, and a YouTube channel to teach budgeting skills, ideal for beginners or those seeking discipline.

Trial Period: Offers a 34-day free trial to test its features.

High User Ratings: 4.6 stars on the Apple App Store (12,000+ reviews) and 4.3 on Google Play (20,000+ reviews).

Cons:

Cost: No free version; costs $14.99/month or $99/year, making it one of the pricier options.

Steep Learning Curve: Requires significant user involvement, especially initially, which can overwhelm those unfamiliar with zero-based budgeting.

Manual Adjustments: While it syncs transactions, categorizations often need manual tweaking, which may frustrate users seeking automation.

No Investment Tracking: Lacks tools for monitoring investments, limiting its scope for wealth-building.

Best For: Detail-oriented budgeters committed to zero-based budgeting and willing to invest time and money for comprehensive financial control.

2. Quicken Simplifi

Overview: Quicken Simplifi is designed for household finance management, offering automated tracking and a clean interface for monitoring bills, savings, and cash flow.

Pros:

Comprehensive Tracking: Automatically imports and categorizes transactions, tracks bills, and provides real-time alerts for unusual expenses.

User-Friendly Interface: Clean, scrollable dashboard displays net worth, spending trends, and savings goals, making it easy to navigate.

Multi-User Access: Allows sharing with partners or financial planners, ideal for collaborative budgeting.

Custom Reports: Offers detailed spending and cash flow reports to analyze financial habits.

Strong Connectivity: Reliably syncs with major financial institutions, including Fidelity, which some apps struggle with.

Cons:

Subscription Cost: $3.99–$5.99/month (pricing varies by platform), with no free version or trial, which may deter budget-conscious users.

Glitches Reported: Some users note occasional app responsiveness issues, requiring computer access for budgeting.

Limited Free Features: Lacks a free tier, unlike competitors like EveryDollar or Honeydue.

No Credit Monitoring: Does not track credit scores, which may be a drawback for debt-focused users.

Best For: Households seeking an automated, visually appealing app for tracking expenses and savings, especially for shared budgets.

3. EveryDollar

Overview: Created by Ramsey Solutions, EveryDollar simplifies zero-based budgeting with a user-friendly interface, offering both free and premium versions.

Pros:

Free Version: Allows manual transaction entry, budget creation, and multi-device syncing, suitable for beginners.

Zero-Based Budgeting: Like YNAB, it assigns every dollar a purpose, promoting accountability.

Premium Features: For $17.99/month or $79.99/year, includes bank syncing, automatic transaction tracking, and custom reports. Also offers financial coaching and net worth tracking.

Intuitive Design: Easy to set up and use, ideal for those new to budgeting.

Goal-Oriented: Tracks progress toward debt payoff, retirement, and other financial milestones.

Cons:

Manual Categorization: Even in the premium version, users must categorize transactions manually, which can be time-consuming.

Premium Cost: The paid version is expensive compared to free alternatives like Honeydue.

Technical Issues: Recent updates have caused responsiveness problems for some users, though Ramsey Solutions is addressing bugs.

Limited Automation in Free Version: Requires manual entry, which may not suit users seeking convenience.

Best For: Beginners or Ramsey followers who want a simple, zero-based budgeting tool and are willing to pay for premium features.

4. Goodbudget

Overview: Goodbudget digitizes the envelope budgeting system, where money is allocated to virtual "envelopes" for different spending categories. It’s ideal for manual budgeters and couples.

Pros:

Envelope System: Helps visualize spending limits, promoting discipline, similar to the cash-stuffing method popularized by Dave Ramsey.

Free Version: Supports one account, 20 envelopes, and two devices, sufficient for basic budgeting.

Syncing for Couples: Allows budget sharing across devices, making it great for families or partners.

Debt Tracking: Tracks debt payoff progress without sacrificing savings goals.

High Ratings: 4.6 stars on Apple App Store (12,000+ reviews) and 3.9 on Google Play (20,000+ reviews).

Cons:

Limited Free Version: Restricts users to one account and 20 envelopes; premium ($10/month or $80/year) unlocks unlimited envelopes and five devices.

Manual Entry: Lacks automatic bank syncing in the free version, requiring more effort.

No Investment Tools: Focuses solely on budgeting, missing features for wealth-building or credit monitoring.

Basic Analytics: Offers minimal data analysis compared to apps like Simplifi or YNAB.

Best For: Users who prefer manual budgeting, the envelope system, or need a free app for shared household budgets.

5. Honeydue

Overview: Honeydue is a free app designed for couples, focusing on shared financial management while allowing privacy for individual accounts.

Pros:

Completely Free: No subscription fees, with an optional tip model, making it accessible for all.

Couple-Friendly: Syncs joint accounts, allows transaction chats, and supports bill reminders with emoji reactions for collaboration.

Privacy Options: Users control what expenses are shared, balancing transparency and independence.

Wide Connectivity: Links with over 20,000 financial institutions across five countries.

User-Friendly: Simple interface, ideal for couples new to budgeting.

Cons:

No Desktop Version: Mobile-only, which may inconvenience users preferring larger screens.

Limited Support: Relies on online forums rather than live customer service.

Weak Savings Goals: Lacks robust tools for setting or tracking savings objectives, unlike Monarch or Simplifi.

Past-Focused: Emphasizes reviewing transactions rather than proactive planning.

Best For: Couples seeking a free, collaborative budgeting app with minimal complexity.

General Pros and Cons of Budgeting Apps

General Pros:

Convenience: Apps sync with bank accounts, providing real-time financial snapshots accessible anywhere.

Automation: Many apps categorize transactions, track bills, and send alerts, reducing manual work.

Goal Setting: Features like savings goals, debt payoff plans, and net worth tracking align with long-term objectives.

Security: Most use 256-bit encryption and multi-factor authentication to protect data.

Accessibility: Available on iOS, Android, and often web platforms, catering to diverse users.

General Cons:

Learning Curve: Apps like YNAB require time to master, especially for non-tech-savvy users.

Privacy Risks: Connecting bank accounts carries a small risk of data breaches, though mitigated by encryption.

Overreliance: Users may become passive, assuming the app manages finances without active engagement.

Cost: Many apps charge subscriptions ($5–$18/month), which can feel counterintuitive for budgeting tools.

Inflexibility: Some apps may not align with unique financial situations, like irregular income schedules.

Choosing the Right App

When selecting a budgeting app, consider:

Budgeting Style: Zero-based (YNAB, EveryDollar), envelope-based (Goodbudget), or automated tracking (Simplifi, Honeydue).

Cost vs. Features: Free apps like Honeydue or EveryDollar’s free version suit tight budgets, while YNAB’s premium features justify its cost for dedicated users.

User Involvement: Manual apps (Goodbudget, EveryDollar free) require more effort, while Simplifi offers automation.

Collaboration Needs: Honeydue and Simplifi excel for couples or families.

Trial Periods: Test apps with free trials (YNAB, Monarch) to ensure they fit your needs.

Conclusion

Budgeting apps can transform how you manage money, but their effectiveness depends on your commitment and the app’s alignment with your financial style. YNAB and EveryDollar are ideal for zero-based budgeters, Simplifi suits those seeking automation, Goodbudget appeals to envelope system fans, and Honeydue is perfect for couples on a budget. Weigh the pros and cons, try free trials, and choose an app that empowers you to take control of your finances. With the right tool, you can streamline your budget, reduce stress, and work toward your financial goals in 2025 and beyond.