When it comes to money talks in the home, everyone wants to know where the money is going. Couples quarrel over money more than over every other thing. And a recent study has revealed that how couples relate when it comes to their finances could easily foretell how likely it is for them to file the big D. However, Budget apps for couples have helped in bringing sanity to the finances of couples.
A couples’ counselor featured in The New York Times once revealed that it was crucial for couples to spring up the ‘we story’ to have uniformity in their goals and values. And when it comes to couples’ finances, making use of the best budget apps should be a way to get both partners on the same page. This also impacts on their shared goals and plans.
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What are the top budget apps available for couples?
The internet is imbued with countless budget apps that can be used by both married and unmarried people. Some of the apps are free, and others have paid versions. And haven researched, tested, and received reviews of multiple budget apps, we have been able to put together the best budget apps that will be very efficient in getting you and your ‘significant other’ on same page with your shared objectives, and attaining your financial goals
Check Out The Best Budget Apps For Couples In 2020
Goodbudget employs the cash envelope system in meeting the financial goals of couples. So, if you’d prefer to go digital with your cash envelopes instead of having some physical envelopes with cash being carried everywhere, then you should consider Goodbudget.
With Goodbudget, you’ll be able to put in your money in some digital envelopes, so that whenever an amount is spent from any of your envelopes, your partner is also notified. You will be able to monitor your expenses on general needs such as gas, groceries, laundry, rent, etc. There are other envelopes which are designed for expenses which do not come often. And if you’d love to have a glamorous Christmas experience and would like to save for it, you’ll enjoy great benefits provided by More Envelopes.
Goodbudget offers a free version which comes with 10 regular envelopes, 1 account, 2 devices, 10 More envelopes,and a year of history. And for a monthly fee of $6, you’ll be able to use unlimited accounts, unlimited envelopes, and so much more.
However, both the free and paid versions do not offer users the opportunity to automatically sync their bank accounts to the app. But when you upload transactions manually in real time, you’ll have the privilege of keeping track of your bank’s account balance, or when you import files downloaded from your local bank in real time.
Mvelopes is also one of the best budget apps for couples available around. Also like the physical envelopes, couples will be privileged to create digital envelopes to carry their cash. You will be able to link the app to your bank account, based on your projected expenses in available categories. So, the digital envelopes provided to you, will be used in making all your expenses within a month.
There are three budget plans offered by Mvelopes for users. The first is Mvelopes Basic. Mvelopes Basic is the cheapest and has features available for users to set up their budget, get support through live chats, monitor their account balances in their local banks, and also receive interactive reports based on couples’ budget.
They also proffer more benefits such as debt-reduction tools, access to Mvelopes Learning Center, budgets like quarterly finance training checkup, among others.
Mvelopes have varied tiered plans which go for a monthly fee of $6, $19, and $59 respectively. Mvelopes Complete proffers increased learning opportunities on your budgeting, and with a money pro.
Honeyfi helps couples sync their bank accounts and credit cards to the app and also make available a household budget which is dependent on past spendings. Couples will be able to meet their savings target, and put up funds for specific needs. It allows you to use the app in a way that achieves your own pattern of work. You will be able to mandate the app to put some cash figures aside every month for your checking accounts.
There are many other features you’d have access to within the app, and this includes in-app discussions on spendings with your partner. If you think your partner is engaged in some acts of financial recklessness, you can nag them about it, or you could ask them to pick up a laundry detergent on their Target run.
In addition, you could decide to limit what your partner can spend to keep them in check. Couples will also be able to easily get a total summary of their joint financial situation.
Honeyfi has a monthly pay of $9.99 and yearly pay of $59.99.
EveryDollar is a concept of financial guru, Dave Ramsey. Perhaps you are already acquainted with his favourite money management method, the zero-based budget, then you’d find EveryDollar an easy tool to apply.
With the app, you’ll be able to customize decide what patterns fits and works for you by customizing the budget template. The app has a very easy-to-use interface with no ads popping up here and there.
The premium version, EveryDollar Plus, allows users to automatically sync the app to their different bank account and also connect to Dave Ramsey’s Financial Peace University.
EveryDollar has a free version. Annual fee for the paid version is $129.99
Honeydue allows users to make important financial discussions with their partners with a high transparency level in spendings. Each partner will be able to see whatever the significant other is doing with money in real time, and also react or comment under each purchase.
There is a reminder feature on the app to get couples reminded about their bills and the due dates. There are a lot of similarities between this budget app and Honeyfi. But a major difference is that, while Honeyfi has monthly subscription fees, Honeydue is totally free to its users.
Couples would be able to keep track of their savings and spendings through shared bank transactions, and also manage debts and savings by syncing loans and investment accounts. Honeydue is rated among the list of ‘best apps of the year’ by Forbes.
Mint is one of the leading budget apps for couples around. It has unique features such as the ability to automatically place your transactions in different categories, to set up email alerts and phone numbers to achieve multiple user-functions, and consider users’ spending habits in creating budgets for users.
The app is cloud-based – this means that you can access your data on the app from any browser. And once you have connected your bank accounts to it, it automatically downloads all your financial transactions from the accounts.
Couples can set up an email or phone alert for when any of their categories is over budget. They will also have a summary of weekly reports of transactions. Mint helps couples stay together as regards their finances. it is also very rewarding for individuals who would like to make use of it. And more importantly, the app is absolutely free!
PocketGuard is efficient with automatically detecting your bills and income after your bank accounts are synced together. Although, you may still need to do one or two adjustments to meet your goal. Set your savings on the app. Your daily savings wouldn’t be lesser than $1 and $30 minimum for each month.
There is a special feature on the app called, “In My Pocket,” which lets you know what cash you have left in your pocket after deducting your regular bills and savings. Every other transaction shared by couples will come up in near real time. The app also notifies couples whenever they are driving close to overspending in this kind of category with its spending-limit feature. These notifications are effective in calling each partner or the couple to order their finances, for better financial decisions.
PocketGuard has a free version with features that are suitable for all beginners. To enjoy all the benefits every month, you’ll be required to pay $4.99 per month.Quarterly fee is $10.99, and annual subscription fee is $34.99.
Zeta app is a free budget app for couples who would prefer to be in control of whatever information they want their partner to be aware of over their financial habits. It allows syncing of shared bank accounts, or allows management of individual accounts.
You can ask your partner questions over their spending habits, and make other finance-related discussions within the app. You’ll also be able to split transactions so that your partner can be made to do a payment refund. E.g. household bills. There is a section for your savings and also for planning your future financial purchases.
Splitwise is free, effective, simple, and among the best budget apps for couples who do not necessarily want to share accounts or combine their finances, but would rather split their expenses. The app allows you to enter each of your transactions, the person paying, and the amount each person will responsibly bear in the payment. So, if you get a shirt while shopping but your partner picks three, or you pay for something which will only be used by your partner, and somehow, your expenses aren’t 50/50, then you’d greatly appreciate Splitwise features.
The app then keeps a record of how much the other must be paid by you to square off the debt you incur to each other. While this isn’t automated, it is however a great way to keep constant check on your spending habits.
Betterment provides users with high-level automated investment for couples who have consistently struggled with achieving their investment plans. The app allows couples to operate a joint account to grow their wealth. And if you need to get a broad view of your financial situation and set financial goals, you could link all your bank accounts to the app.
Betterment has automated investment options that select where your cash is being invested based on your settings on the app. This may however not achieve your plan if you’d rather want to be in charge of your investment plans.
And couples who passionately want to invest, but do not know how to begin, would have access to reliable advice through the platform on how exactly to go about their plans. This is beneficial to getting both partners involved in contributing to the financial success of both, which is way more valuable than the additional charges that may be involved.