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Budgeting is a daunting task; you have to manage multiple accounts and align them in a way that you keep moving closer to your financial goals. So, when your partner joins in, it doubles the task as there are more accounts to manage and wider goals to achieve!
If you can relate to everything we just mentioned, this article is definitely for you! We will discuss how you and your partner can bring all your information together under one budgeting app and tackle everything smoothly.
There are multiple options for the best budget app for couples. We will guide you through choosing the best apps and using them for fruitful financial management.
How to Start Budgeting as a Couple?
Financial planning or budgeting as a couple is more about teamwork! You need to understand that it is about collaboration, not controlling each other’s finances. So, both partners have to sit and discuss their common goals and align their income and expenditure accordingly.
It is good to start by discussing the goals; it can be saving up for a vacation or a home together. Once you sort your goals, make a list of priorities, so that you both know what you are moving towards.
Now, when it comes to money management, all you need is the best budgeting app for couples. These apps let you track your expenses and give a clear idea about whether you are overspending on anything. To help you choose the best budget app, we have listed the top 5 options you can consider exploring.
5 Best Budgeting Apps for Couples
1. HoneyDue
Rating: 4.5 Stars
Cost: Free of Cost
Key Features
- The app lets you sync your bank account, loans, and other investments for easy management.
- You get a free transaction tracking feature to learn about every expense you make.
- The app gives you bill reminders to avoid penalties.
2. EveryDollar
Rating: 4.7 stars
Cost: The basic version is free of cost. You pay $17.99 per month for the premium plan.
Key Features
- The app allows you to create a budget while keeping your income and expenses in mind.
- You can split your transactions into different expenses and set due dates for automatic payment.
- The app allows you to sync your bank account into it, so you won’t have to manage multiple apps for various transactions.
3. GoodBudget
Rating: 4 stars
Cost: Free basic plan and 10$ per month for a premium version.
Key Features
- The app allows you to schedule your transactions and track debt.
- You get a debt progress report, ensuring you are aware of how far you have come.
- You can create unlimited accounts and envelopes in the app.
- All your information is secured using the highest bank security features.
4. You Need a Budget (YNAB)
Rating: 4.8 stars
Cost: $14.99 per month
Key Features
- The best feature of the app is that it offers reports for everything. You get a spending report, expense, and net worth report as well.
- You can easily sync your bank account to the app.
- There is a loan calculator available for those who have joined the app for debt repayment.
5. Monarch Money
Rating: 4.7 stars
Cost: The basic plan is free. You pay $100 for a year
Key Features
- Both partners can access the app with their unique logins.
- All your finances can be laid seamlessly on the app dashboard, be it your credit card, bank account, or likewise.
- The app offers informational data insights to encourage you to meet your goals or financial targets.
The Benefits of Budgeting Apps for Couples
When you start planning finances together as a couple, you certainly need something that makes things easier for you. That is where the best money management app jumps in! Here are a few benefits that these apps offer.
- You can bring all your finances under one platform and manage them from there rather than switching different apps of your bank or other financial institutes.
- Both the partners can update where their money goes simultaneously and there will be no surprises at the end of the month.
- The best budgeting apps send notifications and alerts about upcoming bills, making sure you are safe against penalties.
- Hassle-free money tracking will help keep transparency between a couple and turn a rather emotional topic into something productive.
There are countless other benefits that you can enjoy by simply signing up for the best budget app for couples in 2024. All that matters is that your choice of app is best.
How to Choose the Best Budget App for a Couple?
Though it might sound challenging to explore the best budgeting apps, it is a rather convenient task if you know the right strategy. We have listed some tried and tested tips you can keep in consideration to filter the available options and pick the best app for efficient financial planning as a couple.
- You should look for an app that offers shared access to both of you. This way, you both can log in and use the app as you wish.
- Make sure the app you choose has a user-friendly interface that is easy to use without any expert assistance.
- We suggest using the budget app that lets you add categories like grocery, tuition, and entertainment to easily track all the expenses.
- The spending habits of each couple vary, so it is best to choose the budgeting app that allows customizations. This way, you will be able to turn the dashboard per your requirements.
- Check the pricing of the app before finalizing it. Moreover, you should do a detailed cost-benefit analysis to ensure the features are worth the price you will pay for the app.
With these simple yet effective strategies, you can conveniently pick the budget app for couples that certainly helps you in efficient financial management.
Conclusion
For a couple to manage their money together is the best way to achieve their financial goals faster. If you are worried about how all the accounts and expenses will get sorted, these couple budgeting apps will do the grunt work for you.
These apps let you categorize your expenses, allocate funds to each expense, and invest your money in a way to keep moving closer to your financial goals.
All it takes is a little bit of research and exploration to find the best app. As Finbuzz readers, you are in for a treat as you only have to explore the 5 best options listed above and start with fruitful money management within a few clicks!
