Best Personal Finance Apps of 2020

Best Personal Finance Apps of 2020

May 31, 2020         Written By Tracy Farnsworth

Personal finance apps help people keep track of the financial side of life. They can help you manage your money, implement a budget, and monitor accounts from your mobile device. Track bills that are due, get alerts for suspicious activity, and receive tips for things you can do to better manage your money. These apps are often free and provide valuable insight into your finances, spending habits, and more. If you have been searching for an app that helps or keeps you on track when it comes to savings and investments, one of the following options may meet your needs. These are our picks for the best personal finance apps of 2020.

The Top Six Personal Finance Apps

#1 – Mint

There is a reason Intuit’s Mint has been the top of many “best of” lists. It is an exceptional personal finances app. Track your cash, debt, and investments in one place. You also have your budget laid out clearly within the app. Compare your bills and income at once and set budgets. Along the way, you will get tips to help you improve your finances. Get alerts for upcoming bills and check them off when you have paid them. If your account balance is getting low, you will get a notification for that, too. You have access to free credit scores as often as you want.

While some financial apps focus on savings and budgeting, Mint takes one additional step. Track your portfolio from the app. See which stocks are on the rise and which are falling, so that you can make wise investment decisions.

This is the best app for people looking for a comprehensive personal finances app. Sign up for Mint for free. Downloads are available for Android and iOS phones and tablets.

Additional Features:

  • Four-digit PIN or fingerprint log-in
  • Graphics that lay out your spending habits
  • VeriSign security

 

#2 – Goodbudget

Goodbudget is one of the few personal finance apps that uses an envelope system to help with spending. It is based on the kakeibo method where expenses are divided into “survival,” “optional,” “culture,” and “extra.” Instead of having one monthly budget, you divide that budget into different “envelopes” for categories like restaurants/entertainment, groceries/utilities, rent/mortgage, clothing, and debt reduction. The balances in the envelopes are tracked so that you know exactly where you are overspending and not spending enough. Money that is left in the different envelopes can go into savings to build up an emergency savings account.

Goodbudget is a great app for family finances where you need to track accounts and bills owned by one or more people in the family. See when others spend money and see exactly what is left in each part of the monthly budget. Download the iOS or Android app or access it on the web. There is a free version where you can have 10 envelopes and access for 2 devices or a paid version where you have unlimited envelopes and devices.

Additional Features:

  • 256-bit AES encryption
  • Online money management classes
  • Stores financial history for 1 or 7 years depending on if you have a free or paid subscription

 

#3 – Mobills

Many personal finance apps work with iOS and Android smartphones and tablets. Mobills is also compatible with Windows devices. It is a great app for tracking your different bank and credit card accounts. Track your income and expenses and get detailed reports of how you are spending your money. Use the app to create a budget and get the help you need to stick to that budget. When you are about to go over your budget, you will get a notification. You also get reminders for the bills that are due, so you will never pay late fees. You also avoid having late payments affecting your credit history.

There is a paid version and a free version. If you opt for Mobills PRO, you can pay quarterly or get a tremendous discount paying for the entire year. It is worth the entire year as it is not much more than one quarterly payment. Benefits to Mobills PRO include detailed charts of financial balances and projections, the ability to import and export information, email alerts, and dedicated customer service. This is a good choice if you want a comprehensive app and do not mind paying a yearly fee for advanced features.

Additional Features:

  • Cloud synchronization
  • Password, fingerprint, or PIN log-in
  • PayPal accepted for paid subscriptions

 

#4 – PayPal

If you have a PayPal account, the mobile app is a must. From your phone or tablet, you can easily check your balance, transfer or send money, donate money to your favorite charity, or start a pool of money with friends for something special. Cash a check, set up direct deposit for your paycheck, or start investing through Acorn, a service that rounds up your purchases and invests the extra into a retirement account. Add or get cash at a PayPay-friendly store, scan to pay, and find special offers from participating retailers and organizations.

The PayPal app is available in both the Google Play Store and the apps at iTunes. You can connect your PayPal account to Google Pay if desired. Do you sell at flea markets or your local farmer’s market? Add the PayPal Here app to your phone, and you can also accept payments on your smartphone or tablet. There’s also an app for business users who want to be able to send invoices and issue refunds from anywhere.

Additional Features:

  • Touch-free in-person payments
  • Two-factor authentication
  • Fingerprint log-in

 

#5 – Prism

Prism Money is designed for people who have multiple bills to keep track of. Bills are entered into a calendar and reminders go out to ensure you do not miss a bill. The visual format allows you to see bills due that day and later in the month. If a bill is higher or lower than usual, you also get a notification to see why it is different. If rates have gone up, you will have the information available if you want to cancel the service or negotiate a better rate. You also have tables where you can view your income, account balances, and pay bills directly from the app.

The Bill Pay service in Prism is free. Set up automatic payments or arrange same-day payments. You do not have to pay a monthly or yearly fee to use it. This is the app to pick if you are trying to get better control over your bills and expenses.

Additional Features:

  • 256-bit AES encryption
  • Biometric log-in
  • Personal information kept behind a firewall

 

#6 – You Need a Budget

YNAB is available for iOS and Android devices. It is the app of choice if you need to get your finances under control and are aiming to end the paycheck-to-paycheck life. Set financial goals and get reminders and tips to help you stay on track. The app also has free online workshops to help you along the way. Track your spending and balances in real-time, even if you have a shared bank account, to ensure you stick to a budget.

Unlike other financial apps, YNAB focuses on four criteria to help you make the best financial decisions. You must account for your expenses, make sure every dollar you spend is doing its job, plan for surprises, and gain the satisfaction of having money left over that is building up your savings each month. You track your wages, expenses, and financial goals.

YNAB does have a monthly fee, but you get a 34-day free trial. Plans can be billed monthly or yearly, and you can cancel at any point. This is the app for users who need help learning how to set and stick to a budget.

Additional Features:

  • 100% money-back guarantee
  • Data encryption and bcrypt hash for security
  • Detailed visual reportsWhat Should You Look For?

 

When you are looking for the best personal finance app, what should you look for? You need to target the app to your needs. If you want a family app that helps everyone stick to a budget, you need an app that allows multiple users to access the app and add their bills, income, and bank accounts. If you have a low credit score and want to improve it, an app with free access to credit scores and a strong focus on bill paying is important.

Pay close attention to security measures. If the app does not use bank-level encryption, you may want to find a safer option. If you can log in using a fingerprint or facial recognition, it can be a safer option than a password. You must be smart when it comes to the password you use. Make it challenging. Never use one of the most common passwords like “123456” or “password.” Your password should be at least eight characters and a mix of upper and lowercase letters, numbers, and symbols. This will depend on the limitations set by the app’s developer.

Finally, find out how easy it is to get help if you are having problems. If you want a free personal finance app, some restrict help to forums. If you pay the monthly or yearly price, you get access to email or phone help. That may influence your final decision.

The information contained within this article was accurate as of May 31, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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tracy

About Tracy Farnsworth

Tracy Farnsworth went straight from a business track in high school to a full-time job in mortgage banking in Burlington, Vermont. After having children, she built a freelance career in content writing and took online classes as time allowed. She completed Social Media Marketing and Digital Marketing certificate programs with Ireland's online Shaw Academy and completed several courses in SEO and analytics. In her free time, she's the “mom” to a very clingy rat terrier, and the pair walk at least a mile every day. She's also a novice baker who is trying to master the art of sourdough bread.