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Tuesday, March 5, 2024

What are the Best Free Budgeting App?

The short answer to the question “Is there a free budgeting app for me?” is yes, maybe. There are free budgeting apps available, but they are not all created equal. Some of the more basic budget apps allow you to link your financial accounts to track your expenses and categorize your expenses so you can see exactly where your money is being spent. However, there are many apps that can offer you much more than this.

Here we look at some free budgeting apps to give you an idea of ​​what you can benefit from, and what doesn’t work so well.

Good budget

As apps go, Goodbudget is great for planning your finances going forward, rather than tracking past transactions. Based on the envelope budgeting system, the app divides your monthly income into ‘envelopes’ labeled for specific spending categories.

The app does not link to your bank accounts; you’ll need to manually add your account balance, along with any cash, income, and debt. Once you’ve added all this information, you can allocate funds to your envelopes.


  • Available via telephone and internet
  • Useful videos and articles to help you use the app
  • Free version that allows one account, two devices and a limited number of envelopes
  • There is a paid fer version, Goodbudget plus, that allows you to do more

Pros and cons:

  • Accounts cannot be synced; each expense must be added manually, which can be time-consuming
  • It is free
  • As a simple budgeting app, it does what it’s supposed to do

Empower personal dashboard

Empower Personal Dashboard is mainly used as an investment instrument. However, it is a free budgeting app with features that you may find helpful in tracking your expenses.

It allows you to connect and monitor credit cards, savings, mortgages and loans, and gives you a snapshot of spending through recent transactions, broken down by category. Categories can be customized and it is possible to see a percentage of the full monthly spend per category.


  • Available by telephone or computer
  • Can be used as a portfolio or wealth tracker
  • Expenses can be categorized to allow closer examination of finances

Pros and cons:

  • The app is completely free to use
  • If you want to track your spending and savings, this may not be the right app
  • The budgeting features are good

Pocket Guard

Unlike some of the other free budgeting apps out there, Pocketguard doesn’t have any major features. This makes it very easy to use and is a great option for many people. It allows you to link all your credit cards, bank accounts, investments, loans and even track your accounts. It uses this information to show you how much you have left to spend after you’ve processed bills, goals, and other necessities

You can use it to track net worth, and if you don’t want to link your accounts, there’s an option to track things manually.


  • Basic Pocketguard is free
  • The app is easy to use and does a lot of the work so you don’t have to
  • It is very good for those who want to have more hands free

Pros and cons:

  • If you want to plan your money yourself, the user experience is not so good
  • It doesn’t offer many of the features that other apps have
  • It is very easy to use for those who just want to get a handle on their finances


This is an innovative free budgeting app with an intuitive interface and features that are AI-driven. There is an automated savings feature that looks at both your income and spending habits to calculate how much you can comfortably save. This makes saving very easy.

The AI ​​assistant can provide personalized recommendations and guidance to help you with your budgeting. You can also tailor your own financial goals, with a view to saving for a specific goal.


Pros and cons:

  • Very user-friendly
  • Can be used on a mobile device
  • Automatic saving and investing possible
  • Limited features available in the free version of the app


A little different from our other suggestions, Honeydue is a free budgeting app that couples can use. This allows both partners to view all finances in one place. All bank accounts, loans, credit cards and investments can be added, but partners can choose how much they want to share.

Expenses are automatically categorized, but you can create your own categories and set limits for the categories the app alerts you to as you approach. It also reminds you of outstanding bills and there is a chat function.


  • Free to use app
  • Easy for couples to share their financial responsibilities
  • Alerts users when they are approaching preset budget amounts

Pros and cons:

  • Focuses more on learning from past transactions than planning for the future
  • Users can choose what they share with each other, so the app does not always have a complete financial picture

Hopefully you now have an idea of ​​which free budgeting app is right for you, but if you’ve been budgeting well for a while, you may have different goals. That’s why it’s worth seeing if there’s a free budgeting app that allows you to upgrade to paid features at a later date if you.

Frequently Asked Questions – FAQs

What features differentiate Goodbudget from other budgeting apps?

Goodbudget stands out with its envelope budgeting system and manual expense tracking.

Can Empower Personal Dashboard be used solely for budgeting?

While it’s primarily an investment tool, Empower offers budgeting features and customizable spending categories.

What makes Pocket Guard suitable for users who want a hands-free experience?

Pocket Guard is easy to use, automates tracking, and is ideal for those seeking a more hands-free financial management approach.

How does Plum’s AI-driven interface contribute to budgeting?

Plum’s intuitive AI analyzes income and spending habits, making budgeting effortless and providing personalized recommendations.

Is Honeydue suitable for individuals or designed specifically for couples?

Honeydue is tailored for couples, allowing shared financial tracking and communication while accommodating personal preferences.

Can users upgrade from free to paid features in budgeting apps?

Many free budgeting apps offer the flexibility to upgrade to paid features as users’ financial goals evolve.

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