It’s five days into the new year — how are those financial resolutions coming?
According to Fidelity’s annual new year financial resolution study, 53% of Americans want to save more in 2020, 51% plan to pay down debt and 35% say they will spend less.
A way to jump-start those goals is to grab a smartphone and download a budgeting app for a quick “reckoning,” said Lauren Silbert, general manager of personal finance website The Balance.
The Balance ranked the Top 8 budgeting apps for 2020, and said Mint from Intuit was the best overall with a wide array of features — the “most useful has always been its budget tools, which lie front and center when you log in.”
“A well-done budget is simple and provides clarity into where a person’s money is going and helps them determine what their priorities are,” Zhi Min Li, a fee-only financial planner and owner of Twelve Two Capital in Brooklyn, said in an email exchange.
Li has used Goodbudget, and now YNAB (You Need a Budget). “I like Goodbudget because it’s a simple interface and a pretty easy learning curve,” he said. “As for YNAB, I like their philosophy on budgeting; give every dollar a job. With that philosophy, it really helps form good money habits.”
With so many budgeting app options, how to choose? One way is to see what others have done.
SimilarWeb, a market intelligence firm, found in the Android market that Mint was far and away the app of choice with 2.7 million downloads through Dec. 28. Clarity Money from Marcus by Goldman Sachs came in second with 515,000 downloads.
Sensor Tower, an app marketplace intelligence firm, ranks YNAB and Dave Ramsey’s EveryDollar budgeting app high on its list of top-grossing iPhone finance apps.
The Penny Hoarder personal finance site curated a list of apps with cost in mind, noting, “Finding a budgeting app that meets your needs — and is affordable — has proved difficult.”
Honeyfi, an app designed for couples, topped its list.