The Best Budgeting Apps in 2020 - top 6 budgeting apps

Do you know where your dollars go? Your hard earned cash every single month? Groceries, rent, netflix? In this video we'll look at the best budgeting apps in 2020.

Budgeting can be overwhelming. But sometimes, it can be even more overwhelming to find help doing it. From new budgeters to those who love the old-fashioned envelope system, there are multiple apps that will keep your wallet happy.

With that in mind, we’ve compiled the best budgeting apps and personal finance tools for any budget.

1. Personal Capital is best for advanced users who want to track investments, net worth and cash flow. Personal Capital’s free financial dashboard offers a wealth of tools to track your finances. We like its budgeting tool because it automatically tracks all of your income and expenses. It separates expenses into spending categories and provides graphical tools to see where your money is going.
With the tool you can track your net worth, see your upcoming bills, get a snapshot of your budget, review your asset allocation, and evaluate your current portfolio.

2. Mint is best for personal finance newbies.
Perhaps the most well known, Mint allows users to create budgets, track bills and receive a free credit score. But it’s the budgeting feature where Mint shines the most. It asks you to link your bank, loan and credit card accounts, and then uses information from those accounts to suggest budgets for you based on your spending, classifying them into categories such as “Entertainment,” “Food & Dining” and “Shopping.” The best part? You’ll be able to see how much you can save by cutting back your spending in a category.

3. YNAB is best for visual learners.
First, users are asked to set a budgeting goal, such as a vacation or education expenses. Then, they must fund their goal by linking it to a personal account (checking, savings, cash, credit card or line of credit). If you choose to link your account, your balance will be automatically imported into the YNAB debt manager.
Finally, users are asked to create categories (think “dining out,” “groceries” or “transportation”) and to allocate a certain amount of money toward each so that they aren’t overspending (and are saving for that vacation or tuition bill). The service claims that it saves new budgeters $600 by month two on average, and more than $6,000 the first year.

4. Albert is best for people who want to set it and forget it.
after connecting your financial accounts to the app, Albert analyzes your income, spending, budget and overall financial health. It uses proprietary algorithms to decide how much you can safely save each month, then automatically transfers that money into Albert Savings, which lives directly in the app.

5. Clarity Money is best for subscription cutters.
Clarity Money offers a wide array of features that will benefit budgeters and savers alike. Similar to the other apps, Clarity Money requires users to link their financial accounts. The app immediately creates a pie chart displaying your finances and showing when you overspend. It will then identify your recurring expenses, such as Netflix accounts or gym memberships, and track price increases or reductions. The big draw is that it helps cancel unwanted accounts that are a drain on users’ wallets.

6. GoodBudget is best for envelope system purists.
The concept is simple. GoodBudget takes your monthly income and allows you to put aside portions of it into different envelopes for categories like groceries or transportation. As the month goes on, you can take money out of each envelope for each expense. Stop spending in that category once you’ve emptied the envelope–or before, if you’re smart. GoodBudget takes away the hassle of putting actual cash in paper envelopes, and instead allows you to track your spending online or in its app.