Modern Budgeting Tools
/The landscape of budgeting tools has evolved significantly since the days of spreadsheets and the physical “envelope method”. Various websites and apps have become popular for making budgeting vastly simpler and more efficient. Although, recently one of the most used apps (Mint by Intuit) changed its platform and combined with Credit Karma by Intuit causing issues for some users. Luckily, there are a variety of other websites and apps that provide the same functionality as the old version of Mint, and some even provide a better experience.
These are popular replacements for Mint:
MetLife Personal Finance app
Monarch Money
YNAB – You Need A Budget
Quicken Simplifi
Your bank’s website or app, which might allow you to connect outside accounts
These budgeting tools allow you to securely sign in to bank accounts, credit cards, mortgages (or other loans), insurance policies, and investment accounts (including employer plans).
Transactions and account balances are automatically tracked over time. Everything is also automatically categorized, and you are provided with easy-to-digest summaries and visual representations of the information. Additional features often include specific savings goal planning, debt paydown planning, and automated budgeting based on your spending habits.
While these tools offer numerous benefits, they may not be suitable for everyone. Some might find it difficult to reconcile the way the app works with the way they think about budgeting. Also, some transactions or accounts might not get categorized correctly or might get double counted. While these issues can be solved by making manual adjustments or testing different apps, it can be a tedious process. Moreover, these tools have a narrow focus and, therefore, are not a substitute for professional financial advice. Finally, users should consider security and privacy concerns before using them. Nonetheless, many individuals still find that the advantages outweigh these challenges.
If you have not explored a modern budgeting tool yet, now is a great time to get started!
- Kyle McCune, CFP®, Worley Erhart-Graves Financial Advisors
