What to look for in a budgeting app
A free trial period: Choosing the right budgeting tool should be like choosing a new car -- you should be able to take it for a test drive. Most budgeting apps offer free trial periods that range from a week to a month. Use those free windows to compare your options and get a sense of what works best for your lifestyle.
The ability to grow with you: You might be focused on reducing your spending or paying off your credit card bill right now. Down the road, you may want to monitor investments and plan for retirement. Look for an app with robust enough features to serve you as your needs evolve.
The security protocol: Anytime you share your banking information, it’s essential to verify that the company is doing everything possible to protect it. Make sure the app uses bank-level security so your data is encrypted at the highest level.
What the app does with your data: Your budgeting app will know everything about you -- what you’re buying each week, what kind of credit card you have, how much you spend on your housing payment and more. Some apps use that information to target you with advertisements for new products or services from its marketing partners, so be sure to read the privacy policy before signing up.
Alternatives to using a budgeting app
A budgeting app can be very helpful, but there are other ways to manage your money. Most big banks offer helpful budgeting features within their apps. For example, PNC’s Virtual Wallet provides a categorized look at your spending, and the Chase mobile app includes a day-by-day spending breakdown for your credit and debit cards. Before you add another app to your phone, review your bank’s app to determine if it can help you make better decisions with your money.
If you don’t want to use your phone to monitor your cash flow, consider creating an Excel spreadsheet or goingold-school: Sit down every week with a pen and a piece of paper to crunch your numbers.
FAQs
There are plenty of replacements for Mint, although the best options tend to cost money vs. Mint’s $0 price tag. The best choice for you depends on your budgeting style and preferences. With many budgeting apps offering free trials, it’s worth testing out a few to find the one that suits your needs.
The leading budgeting apps all use bank-level security to protect your data. Still, it’s equally important to do your part to protect your confidential information, such as using a strong, unique password, enabling two-factor authentication and avoiding sharing any information over public Wi-Fi networks.
It might sound strange to pay money for a service to help manage your money, but the best budgeting apps can be well worth the investment.
Think of it this way: You’re paying a few bucks a month for services like Netflix and Hulu. Why not pay a few bucks a month for something that will make you feel more financially secure? Since many budgeting apps can help save you money, you can get a nice return on the monthly fee.
WallyGPT, the first AI-powered budgeting app, seemed like it could be an interesting alternative to Mint, but it’s no longer available in the US.
Methodology
CNET reviews financial apps by comparing them across set criteria. We consider the features and functionality of each budgeting app, including the user experience, interface, support options and overall value compared to the price. We also evaluate key features and the ability to transfer data from the Mint app.
Other budgeting apps we tested
Empower, Goodbudget, EveryDollar, PocketSmith, Zeta, Fudget and Honeydue.
