Are you looking to replace Mint? Maybe you simply need a tool to help you manage your money but don’t want to pay. Our best free budget apps list can help!
Best Free Budget Apps: Why Free Is Never Truly Free
One thing to remember is that nothing is truly free. Free apps can make money in a variety of ways. Let’s explore in-app purchases, product referrals, and data sharing to see how these budget apps generate enough revenue to charge no direct fees.
Offering In-App Purchases and Premium Features
One of the most frustrating ways that free apps make money is through premium feature upgrades. Many times free apps include so many ads the free version is practically unusable. In other cases, you may find that you are so limited in using the free app that you need to pay to unlock a full version of your budget or other financial details.
Referring Related Products
One way free budget apps make money is to try to get you to sign up for other products. Sometimes these product pairings make a lot of sense. For instance, you might be using an app to help monitor your credit score. Then, that app recommends a credit card or other product that allows you to transfer high interest debt, saving you money on the overall interest. That could be a real win.
However, some people find credit cards too tempting. They end up costing some users a lot of money in the long run. Other times, apps will simply recommend products for the referral’s sake. That means that the recommended products are recommended simply because it benefits the app creators, not the users. That doesn’t mean that you should never use a recommended product. Instead, you simply want to do your own research.
Selling Your Data
Some apps sell your data. What exactly does this mean? They aren’t going to give away your bank account number or other sensitive information. Instead, they sell data about your online behaviors and habits. Then, advertisers and other third parties who buy this data can have easy access to information allowing them to predict market trends, understand consumer behaviors, and create effective ad targeting.
Best Free Budget Apps
Now that you understand how some free budget apps make their money, let’s take a look at some of the best free budget apps.
Empower
Empower is a fintech veteran. It came onto the scene as Personal Capital and amassed a cult following of users, especially the early retirement crowd. Users love Empower because it really is a free tool and it offers a total financial snapshot.
Check out our full-length Empower review to learn more!
Best Features
While the budgeting tool is somewhat limited, it is really sophisticated in terms of helping with retirement planning, education savings, and portfolio management. For people who are looking for a one-stop shop, Empower checks many of the boxes.
Areas for Improvement
The most important thing to note about Empower is that it is much more than a budgeting tool. As a result, some people find the money-tracking features too simplistic.
How they make money When It's Free
Empower really is a free financial tool. But they still make money! Once you cross into six figures in assets, Empower will set up a call to offer their financial advising services. They also offer a robo-advisor as part of their wealth management services. This also generates revenue for them.
EveryDollar
EveryDollar is a zero-based budget tool that might feel a little familiar to you. That’s because EveryDollar is part of Ramsey Solutions. Yes, as in Dave Ramsey. So if you’re someone who is using his Baby Steps model to pay down your debt, EveryDollar might be the tool for you.
We go into more depth here in our full EveryDollar review.
Best Features
EveryDollar is great for people who are already fans of Dave Ramsey. It uses the same principles that you’re probably already using to manage your money.
Areas for Improvement
However, it is worth noting that the free version of EveryDollar is somewhat limited. You cannot link your bank accounts or customize your budget the same way you can with the paid version.
How they make money When It's Free
There is a free version of EveryDollar. However, the hope is that users will pay to upgrade to the premium version ($79/year) or get a Ramsey+ subscription ($129/year). In doing so, you can unlock upgraded features, giving you a much more robust budgeting experience.
GoodBudget
Have you heard about cash envelope budgeting? The idea is that you create an envelope for each budget category and fund it with cash at the start of the month. Then, when your cash runs out, you’re done with spending in that category. It’s a very effective budgeting tool, yet in a day and age that is moving towards a cashless society, it can feel a bit old-fashioned. Enter GoodBudget. GoodBudget is a digital cash envelope tool that you can use for free!
Best Features
The cash envelopes are a really effective way to stick to a budget. We love this tool for people who are just getting started and looking to truly understand how a budget works and keep a pulse on the inflows and outflows of their money.
Areas for Improvement
Currently, the free version limits users to one account. That means one of the best features is only available if you pay for the app. Also, if you are looking for educational money and investing resources, you won’t find much within this tool.
How they make money When It's Free
GoodBudget is free. However, if you want to use it as a couple and want your bank to sync up automatically, you have to pay for the subscription to use the unlimited plan ($80/year).
Rocket Money
Rocket Money is an app for both iOS and Android users that promises to help simplify your money. Formerly known as Truebill, Rocket Money can help you build a budget, track your net worth, monitor your credit score, and find extra money. It does this by searching for and then canceling unused subscriptions.
To learn more about Rocket Money, explore our detailed Rocket Money review.
Best Features
Rocket Money is one of the only free apps that tracks your net worth and monitors your credit score. Our experience is that very few tools do both. As a result, if you want to streamline your finances, this tool can be really helpful.
Areas for Improvement
Rocket Money bills itself big time on its ability to cancel unused subscriptions. So it’s a point of frustration for many users when they realize that this free app charges a pretty penny for that service. Fees are charged on a sliding scale, plus they take a cut from their bill negotiations and subscription cancellations.
How they make money When It's Free
You can get started with Rocket Money for free. However, if you want to take advantage of the subscription cancellation services, be prepared to pay. The price isn’t totally clear, but Rocket Money says most people pay between $6 and $12 a month.
Credit Karma
Credit Karma has been on the scene for a long time. Originally, it focused specifically on credit. Now, though, you can use it to review your expenses, see your balances, track your net worth, and more.
Best Features
Credit Karma offers a lot of helpful financial tools within a single app. We love that it offers a basic budget and allows you to keep tabs on your credit. Not only do you get to see your score, but you can access your full credit report.
Areas for Improvement
A lot of Mint users jumped to Credit Karma at the recommendation of Intuit, the parent company of both platforms. The problem is that the budgeting services offered through Credit Karma feel downright lackluster compared to what Mint offered its users. As a result, you might feel less supported with your budget needs.
How they make money When It's Free
Credit Karma is free to use, and it’s a really helpful tool. It makes its money through product referrals, which means it will constantly recommend credit cards, mortgages, and other products.
Other Free Budgeting Options to Consider
Are you finding it hard to choose from our list of best free budget apps? Maybe the unexpected costs leave you with some concerns. There are plenty of other free budgeting options to consider as well.
Make Your Spreadsheet
The spreadsheet is the heart of any budget. So if our list of free budget apps isn’t cutting it, you can always create your own. Don’t worry about mastering sophisticated formulas. Setting up basic rows and columns with simple addition and subtraction formulas is more than enough to build a basic budget.
You can use the built-in help features in Google Sheets or Microsoft Excel if you need a refresher. Additionally, there are plenty of online tutorials and videos for more support.
As an added bonus when you build your own budget on Google Sheets, you can put the Google Sheets app on your phone. Then, you can take your budget with you. It’s true that modifying Google Sheets on your phone can be a bit clunky. But it works in a pinch. Plus, it’s very handy if you are simply looking to pull up a few numbers before you start shopping.
To add automation and synching to your bank accounts to your Google Sheets budget, consider Tiller. It's not free but they do have a free trial.
Download a Template
If Excel or Google Sheets isn’t your thing, you can also use a budget template. A quick Google search will unearth dozens of options. Whether you work with Google Sheets or Excel, you can easily make a copy of the template. Once you have the template open, you can modify it to fit your budgeting needs.
Of course, if nothing free suits your needs, there are a plethora of low-cost options as well. The beautiful thing about these downloads is that they are one-time purchases you can continue to modify throughout your financial journey. As a great example from a trusted friend, check out the Debt Free Millennials template!
Pencil and Paper
One of the simplest ways to budget is to use a few pages of a notebook. At the start of the month, you can estimate your income. Then, list your expenses. This basic budget can serve as a guide, helping you monitor the inflow and outflow of your money throughout the month.
As the month goes on, you can use another page in the notebook to track your actual expenses. Some people go through them in real time, whereas others choose to categorize them once a week or at a month’s end budget review session. Highlighters or different color pens can make this task simple and rewarding.
While writing by hand can be more tedious, there is plenty of research to show we connect more deeply with what we write than what we type. As a result, you might find yourself interacting with your financial numbers in a more meaningful way. In fact, if you are trying to get a handle on your impulse purchases or looking to uncover patterns in your spending, a handwritten budget might be best of all.
Visiting Local Library for Free Budgeting Resources
Do you love frugal and free things? Then you’re probably no stranger to your local library! But have you ever wondered what kinds of free financial tools you might find there?
If you are looking for the best free budget options, your library could be a goldmine. Certainly, there will be print books that you can check out. You may even be able to copy reproducible pages within some of those books.
In addition to a robust collection of personal finance and financial literacy books, there are other resources in your library. Many libraries offer patrons access to financial databases and paid subscriptions for free. Moreover, you will want to check the events calendar. Your local library is likely partnered with several financial institutions to put on occasional money workshops. Expect an uptick of events every year around April since that is Financial Literacy Month.
However, it is important to remember that libraries are incredibly receptive to patron requests. If you have a question about budgeting and your library doesn’t offer resources to support you, there is a good chance that they will work to get you that information. That might mean adding more print or digital materials to their collections. It might also mean hosting different events or connecting you with local business partners. No matter what kind of free budgeting support you’re looking for, your local library can likely help!
Best Free Budget Apps FAQ
You’ve reviewed our list of best free budget apps. Now you probably have a few questions. We gathered answers to the most common questions about free budget apps.
Is Mint no longer free?
Mint was one of the most beloved free budget apps. Now, Mint is no longer free, and it is now completely shut down. Intuit, the Mint parent company, terminated the tool in March 2024. Users are now being directed to Credit Karma. Within Credit Karma, you will find some basic budgeting and financial tracking tools but they are not as good as what Mint once was.
Why are free budget apps hard to find?
Does it feel like free budget apps are getting increasingly harder to find? That’s not your imagination. Many free financial tools have recently switched to subscription-based models. That’s simply because there is a considerable cost that comes with running an app effectively.
When people are looking to scale back their spending and build better budgets, they are less likely to interact with ads, make in-app purchases, or do other things that would help a free budget tool make money. As a result, many of these free tools have found low-cost monthly or yearly subscriptions allow them to keep their fintech afloat.
Do free budget apps sell my data?
We hope not! But the reality is that many apps do sell your data. That’s why you should vet any app before allowing it to access your personal information. Incogni–a data protection company–says that a majority of budgeting apps do share your data with third parties. 5 data points per account is the average amount of data shared, with one app collecting more than 20 data points to share. If an app does share data, it will sometimes allow users to opt-out.
In addition to looking at how a company might sell your data, you also want to explore how they keep your data safe. Look for multifactor authentication and bank-level encryption to start. Then, do your due diligence on the app’s security page looking for more specifics before linking your accounts or entering any sensitive data.
Is it safer to use a free budget app or a paid budget app?
It’s hard to say. While it might be easier to conclude that paying for an app makes it safe, that isn’t always the case. Whether you use one of the best free budget apps or a paid model, you still need to take steps to keep your information safe.
Are you working with sensitive financial information online? Then, remember these cybersecurity basics:
- Follow password safety. Create a unique password for every app and account you create.
- Set up multi-factor authentication (MFA). It might seem like a pain to receive a code via text and input it when you log in. However, MFA can save you a lot of hassle in the long run.
- Use biometric authentication when possible. Some financial tools allow you to use facial recognition or other biometrics to log in. This is another effective way to keep your information protected.
- Keep your connection private. When you are working with sensitive financial information, you want to use a secure WiFi connection.
- Monitor your accounts. Are you looking to automate your finances? Budget tools can be great for that. But you don’t want to let things run so smoothly that you forget to keep an eye on your accounts. Doing regular checks can help you spot fraudulent activity.
What are the best budget apps for families?
Are you looking for a tool that allows you to optimize your family budget? You’re probably already considering popular budgeting tools like YNAB and Tiller.
You can check out the features of Monarch. Though people typically think of this as an app for couples, it actually allows you to add more household members. That’s great if you are working on finances with adult children or if you are part of the sandwich generation and need to include your parents in your budget.
To learn more, take a look at our list that profiles seven of the top picks for family budget apps!
What are the best budget apps for couples?
Monarch is one of the most commonly named apps when you ask couples which fintech tool they use to budget together. In fact, it tops our list of best budget apps for couples! Other popular options include YNAB, Copilot, and Simplifi.
However, Monarch sets itself apart as one of the best budget apps for couples. This budgeting tool is robust enough to allow you to create a budget, track recurring expenses, and more. Plus, you can set financial goals together. Dig into our in-depth review to learn more about Monarch.
Final Thoughts on Best Free Budget Apps
When it comes to building a budget, there is some trial and error involved. The same is true for choosing a budgeting tool. You can certainly experiment with different options on our best free budget apps list. Just remember that even if a tool is free, there is often an additional cost.
As a result, you may want to explore other options like creating your own spreadsheet or using resources from your local library. No matter what you choose, know that it might take some time to get it right. Even then, a budget is definitely worth it!
Which tool on our list of best free budget apps stands out to you? What do you use for budgeting?
Please let us know in the comments below.
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