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Thursday, February 29, 2024

Top 10 Financial Apps for Couples to Streamline Their Finances in 2023

If a romantic evening out on the town with your significant other is your idea of celebrating Valentine’s Day, you know how quickly expenses can add up. A fancy dinner with wine, flowers and all the bells and whistles can quickly become quite expensive. To celebrate your love and ensure that you don’t overspend this Valentine’s Day, why not consider getting your finances in order with one of the best financial apps for couples? This is a great way to keep track of your expenses and manage your money together.

Talking about money with your significant other can be a difficult conversation to have. In fact, a survey found that 40% of individuals in long-term relationships don’t even know their partner’s income. To avoid these discussions, some people (as many as 35%, according to a Credello survey) even go so far as to hide debt or large purchases from their partners. To combat these issues, some couples find success by having regular “money dates” where they discuss their financial situation. As your relationship grows, it’s important to make these discussions a regular habit to work towards financial wellness together.

Recommended to Read: The Ultimate Guide to How To Save Money

Financial transparency can enhance your relationship at any stage and prevent disagreements over spending, savings, and debt management. Download one of these financial apps for couples to get on the same page and reduce the stress of how your spending habits may impact your financial situation. Whether you’ve been together for a short time or many years, open communication about finances is key to financial stability and relationship happiness.

Consider consolidating your Debt

You have choices for debt consolidation if you or your partner are having trouble paying off many obligations.

1. Honeydue – The Best Financial App for Couples to Prevent Financial Conflicts

Price: Free

Honeydue offers a comprehensive view of your combined finances by syncing all of your joint and individual accounts, including bank accounts, credit cards, investments, and more. The app automatically tracks your spending and provides updates on the payment due dates to keep both partners informed and on the same page with budgeting. If you want to keep a transaction hidden for surprise purposes, Honeydue allows you to set visibility limits. The app also includes a chat feature, providing a dedicated space for important financial discussions.

2. Mint – The Second-Best Budgeting App for Couples

Price: Free

Mint is a popular and easy-to-use financial software from Intuit. It links to all of your bank and credit card accounts, giving you a clear overview of your income and expenses. The program allows you to categorize your spending, and you can adjust these categories to fit your needs as a couple. Setting up alerts for over-budget, bill reminders, credit monitoring, and more is straightforward.

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3. Zeta – A Recommended Financial App for Couples with Joint Account Needs

Price: Free

Zeta allows couples to customize their experience and focus on what’s important to them. The app offers joint accounts with virtual cards for spending, specifically designed for couples and accessible to both partners. While existing accounts cannot be linked, Zeta can help newlyweds merge their finances, and help committed couples reassess and reach their financial goals or anyone else who would benefit from a shared account. With Zeta, you can prioritize spending, adjust your budgeting strategies, and effectively manage your family’s finances as it grows. The app allows you to create a savings plan, communicate with your partner through the app or text, and stay on top of your finances.

4. Best Financial App for Parents of Young Children: Firstly

Price: Free

For families seeking a solution to manage household expenses while saving for the future, Firstly is a great option. This money app for couples has an in-app chat feature, allowing you and your partner to have important financial discussions within the app. You can also add other family members, such as aging parents or teenagers if desired. By using Firstly, you can set up savings goals for important family objectives like a down payment on a new home or college expenses. The app’s ability to be shared with other family members makes it an excellent educational tool for older children learning about money management.

5. Qapital: Best financial app for new couples

Price: $3/month

Qapital is the perfect financial app for newlyweds looking to take control of their finances together. With the Dream Team feature, you and your partner can work together on the financial issues that matter most to you. You can choose to share as much information about your spending, savings, and investments as you like with your partner for complete financial transparency, or only share what you’re saving for, such as a new home or a trip together, if you’re just starting to build your financial partnership. Whether you want to work together on your finances or handle some things on your own, Qapital provides the flexibility and control you need to build a strong financial foundation together.

6. You Need A Budget (YNAB) is the Best Budgeting Tool for Couples

Cost: $14.99 per month or $99 per year

YNAB is considered one of the best financial apps for helping couples create a joint budget if it’s one of your top financial goals. YNAB is highly adaptable and customizable, allowing you to create the ideal budget based on your specific financial objectives. Whether you’re looking to pay down debt, increase your savings, invest, or simply improve your spending habits, this budgeting tool is an excellent way to work together as a couple.

7. Monarch is the best financial app for couples to use for long-term planning.

Cost: $14.99 per month or $99.99 per year

Long-term planning is essential for couples looking to achieve significant (and often expensive) goals. Monarch is one of the top financial apps for couples that can help with just that. Connect all of your accounts to get a comprehensive overview of your money, and invite your spouse or any other family members to participate in the app. With individual logins, you can manage who sees and can make changes to your information. Whether you’re focused on debt reduction, investing, or long-term savings, Monarch can help you synchronize your finances by offering personalized advice that will help you both make the most of your money.

8. Goodbudget: Best financial app for couples who use cash stuffing

Price: 20 “envelopes” are free; limitless are $70 per year.

Goodbudget is a financial app that is perfect for couples who employ the cash stuffing or envelope budgeting method. It allows you to track your spending by using virtual “envelopes” and manually entering each purchase you make. You can communicate your budget information with your partner and save money for important goals like paying off debt all in one place that you can both access from your smartphones. Goodbudget can help keep you both accountable by sending notifications if you exceed your budget in any area.

9. Personal Capital is the best financial app for managing money for couples.

Price: Free

Personal Capital is one of the easiest apps for couples to use to track their finances as their relationship and wealth grow. You can get a clear picture of your financial situation by combining all of your accounts, both joint and individual. You can manage your portfolio balances to stay on top of your assets as well as use the app’s budgeting capabilities to stay on the same page with your expenses. One simple tool allows you to set up bill pay reminders, track your retirement contributions, and save money in an emergency fund. You can opt to pay for access to licensed financial advisors who can evaluate your financial situation and assist with investment planning, in addition to the app’s free comprehensive financial tools and tracking.

Trim: The Top Financial App for Couples to Reduce Expenses

Cost: 15% of the first year’s savings is spent on bill negotiation.

If you and your partner are struggling to make budget cuts, let Trim do the research for you. Instead of worrying about convincing your partner to give up their daily coffee habit to pay off debt, let Trim’s skilled bill negotiators help you cut costs where it will benefit you both. With this financial app, you can save money, identify subscriptions to cancel, and reduce your overall bill spending as a couple.

Summing it up

Downloading a financial app to manage your funds as a couple is a crucial step toward promoting financial transparency in your relationship. No matter which of these money management apps you choose, it’s a positive move towards improving the financial well-being of both you and your partner, whether your priorities are debt repayment, saving for the future, or controlling your expenses.

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