Have you ever wondered where all your money goes?
Then you could probably use help from a cost tracking app.
A digitized log of your expenses shows you easily how to spend your dollars. However, most apps go beyond a simple output diary. You summarize your expenses according to budget categories and ask them to set spending limits.
With a cost tracking app, you can identify unhealthy spending habits and make necessary changes. For example, if you have declined how much of your paycheck is used for take-away meals, a cost tracking app tells you the truth. Then you may be convinced to cook more at home to save money.
We've summarized 10 of the best cost tracking apps so you can find the right one for you and better control your spending.
1. Clarity money
Clarity Money is a free budgeting app supported by Goldman Sachs. Cost tracking is done automatically by linking your bank, credit union or credit card accounts.
The app does not allow you to manually add transactions, so you cannot count cash or accounts that are not linked.
Clarity Money sorts your expenses into preset budget categories and shows you how much you have spent at a particular merchant. It summarizes your total spending over the past few days and shows you how much money you still have to spend based on your monthly income.
Another feature highlights recurring expenses to alert you to unused subscriptions that you may want to cancel.
EveryDollar is a budgeting app that focuses on the zero-based budgeting method. It was created by personal finance guru Dave Ramsey.
In the free version of EveryDollar, you have to manually enter your financial transactions to track your expenses. If you swipe your debit card in the grocery store or buy clothes online, you'll need to sign up for these purchases.
For $ 129.99 a year, the premium version of the app – Ramsey Plus – automatically tracks your expenses by syncing them with your bank accounts. It also provides access to Ramsey's Financial Peace courses and helps you follow your path through his "Baby Steps" plan.
You can sign up for a seven-day free trial of Ramsey Plus to try before you commit to the annual cost.
3. Good budget
Goodbudget is a personal finance app that digitizes the cash envelope budgeting method. If you're a fan of the envelope budgeting system, this app lets you track your expenses this way.
It's a good budgeting app for couples because you can sign in from multiple devices. With the free version of Goodbudget, you can log in from two different devices and edit up to 20 digital envelopes.
The paid version costs $ 7 a month or $ 60 a year and allows seven devices to register. With the paid version, you can budget with an unlimited number of envelopes.
Goodbudget is not synchronized with your financial accounts. You will need to manually update your transactions or download your transaction history from your bank's website and import it into the app.
Aileen Perilla / The Penny Hoarder
Honeyfi is another good couple app. You can send in-app messages to your other half to chat about questionable spending from shared accounts.
This app is linked to your financial accounts so you can see your expenses in real time. You can set up notifications to notify you when your partner is making a transaction or when you have an upcoming invoice. This app also shows you how much cash flow you still have for the month.
In addition to tracking your expenses, you can use Honeyfi to track your savings goals. You can authorize the app to regularly reserve a certain amount of money in a separate account.
Honeyfi costs $ 59.99 a year, but you can try it for free for 30 days.
Mint is a long-standing budgeting app that is run by Intuit.
It is a free app that syncs with your bank account and allows you to adjust your budget by creating as many categories of expenses as you want. Mint analyzes your finances and suggests budget limits based on your spending habits.
With this app you can keep track of upcoming invoices and receive notifications when your balance gets low. With Mint's additional features, you can check your creditworthiness and track your investments.
Mvelopes is another budgeting app based on the cash envelope budgeting system.
You can sync your bank accounts to track your spending and keep track of how much money you have left in each of your budget categories.
This app has three price levels. Mvelopes Basic costs $ 6 a month or $ 55 a year. Mvelopes Premier costs $ 9.95 a month or $ 99.95 a year. Mvelopes Plus costs $ 19 a month or $ 190 a year.
Each level offers additional features to improve your personal finances, including learning resources and quarterly coaching. You can try Mvelopes with a free 60-day trial.
7. Personal capital
Personal Capital is an app known for bringing all aspects of your financial life together in one place – including tracking your net worth, your retirement, and your investments. However, it also includes a cash flow feature that helps you keep track of your spending on linked bank and credit card accounts.
Personal Capital allows you to adjust your budget to determine where you spend the most money. It also compares your current expenses to those of the previous month so that you can see if you are on the right track to make similar expenses.
This app can be downloaded for free and used for basic money management. However, if you want to use Personal Capital's wealth management services, e.g. For example, advice from a financial advisor, you will be charged fees based on the size of your portfolio.
Simplifi is a Quicken money management app. Sync your financial accounts to see all your expenses in one place.
Simplifi automatically categorizes your expenses, shows you upcoming invoices, and keeps track of recurring expenses to highlight subscriptions that you may want to cancel. You can also set savings goals and get tips on how to achieve them faster.
This app costs $ 3.99 a month or $ 39.99 a year. However, you can try it out with a free 30-day trial.
9. Tiller money
Tiller Money is a cost tracking tool for spreadsheet lovers. It takes the information from your linked financial accounts and imports it into your Google Sheets budget or Excel budget, which you can customize to your liking. Tiller Money also has budget templates that you can use.
This app can automatically categorize your expenses or you can categorize them manually. Tiller Money keeps you up to date on your spending with emails with daily account activity.
Tiller money costs $ 79 a year. Try it for free with a free 30-day trial.
YNAB – or you need a budget – follows the zero-based budget principle of giving every dollar a job. Use this app to keep your expenses in line with your budget.
Link your bank accounts to track your expenses automatically. YNAB creates reports so you can see how your spending is versus your money goals.
You can access this app from almost any device, including Alexa or your Apple Watch. So you have no excuse not to know where your money is going.
YNAB costs $ 11.99 a month or $ 84 a year. Try it free for 34 days.
Nicole Dow is a senior writer at The Penny Hoarder.
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