Hello and welcome to our comprehensive guide on expense tracking apps. In today’s fast-paced world, managing finances can be a daunting task. With the rise of digital technology, there are a plethora of apps available to help you keep track of your expenses. In this article, we will explore the top 20 expense tracking apps and their features, helping you choose the best one for your needs. So, let’s dive in!
What are Expense Tracking Apps?
Expense tracking apps are digital tools designed to help users manage their finances. These apps allow users to track their expenses, create budgets, and monitor their spending habits. With features such as automated categorization of expenses and real-time reporting, these apps provide users with a comprehensive view of their financial health.
How do Expense Tracking Apps Work?
Expense tracking apps work by collecting data on your spending habits. Once you link your accounts to the app, it can automatically categorize your expenses into different categories such as food, transportation, entertainment, etc. Some apps even allow you to take a photo of your receipt, which is then automatically added to your expense report. With this data, the app can generate reports and provide insights on your spending habits, helping you make informed financial decisions.
Now that we have a basic understanding of expense tracking apps, let’s dive into our top 20 picks and their features.
Top 20 Expense Tracking Apps
| App Name | Price | Features |
|---|---|---|
| Mint | Free | Automated categorization of expenses, budget tracking, bill reminders, credit score monitoring |
| Personal Capital | Free | Investment tracking, net worth calculator, retirement planner |
| You Need a Budget (YNAB) | $11.99/month or $84/year | Goal tracking, debt payoff planning, financial education |
| Wally | Free | Expense tracking, budgeting, bill reminders, receipt scanning |
| Zenmoney | Free | Expense tracking, budgeting, bill reminders, investment tracking |
| Expensify | $4.99-$9.99/month | Receipt scanning, expense tracking, reimbursement tracking, mileage tracking |
| Splitwise | Free | Expense tracking with friends, bill splitting, IOUs, group expenses |
| CoinKeeper | Free | Budgeting, expense tracking, bill reminders, financial goals |
| Money Lover | Free | Budgeting, expense tracking, bill reminders, investment tracking |
| Goodbudget | Free | Envelope budgeting, expense tracking, bill reminders, financial planning |
| Clarity Money | Free | Expense tracking, budgeting, bill reminders, subscription tracking |
| Albert | Free | Budgeting, automatic savings, bill negotiation, financial advice |
| Digit | $5/month after 30-day free trial | Automatic savings, debt payoff, bill reminders, overdraft prevention |
| Honeydue | Free | Expense tracking with partner, bill reminders, budgeting, savings goals |
| ExpensAble | $7.50/month/user | Expense tracking, reimbursement tracking, travel expense management |
| Receipt Bank | $12.50-$39/month | Receipt scanning, expense tracking, bookkeeping, supplier management |
| QuickBooks Self-Employed | $15/month or $180/year | Expense tracking, mileage tracking, invoicing, tax deduction tracking |
| Shoeboxed | $29-$99/month | Receipt scanning, expense tracking, bookkeeping, tax preparation |
| Wave | Free | Expense tracking, invoicing, accounting, payroll |
| Xero | $11-$62/month | Expense tracking, invoicing, accounting, payroll, inventory management |
Mint
Mint is a popular expense tracking app that offers a wide range of features. With automated categorization of expenses, budget tracking, bill reminders, and credit score monitoring, Mint provides users with a comprehensive view of their finances. Users can link their bank accounts, credit cards, and investments to the app, allowing it to automatically track their expenses and generate reports. Mint also offers personalized financial advice and tips to help users save money and reach their financial goals.
One of the standout features of Mint is its budget tracking tool. Users can set up budgets for different categories such as food, transportation, and entertainment, and Mint will notify them when they are close to reaching their budget limit. Mint also offers bill reminders, making it easy for users to stay on top of their bills and avoid late fees.
Mint’s credit score monitoring feature is also a valuable tool for users. The app provides users with their credit score and credit report, as well as alerts for any changes to their credit score. This feature can help users improve their credit score and make informed decisions about their finances.
Pros:
- Automated categorization of expenses
- Budget tracking
- Bill reminders
- Credit score monitoring
- Personalized financial advice
Cons:
- Ads and offers for financial products
- Some users have reported issues with linking their accounts
Personal Capital
Personal Capital is an expense tracking app that focuses on investment tracking and financial planning. In addition to tracking expenses, Personal Capital offers a net worth calculator, retirement planner, and investment tracking tools. Users can link their investment accounts to the app, allowing it to provide real-time updates on their portfolio performance. Personal Capital also offers personalized financial advice and investment recommendations based on the user’s financial goals.
One of the standout features of Personal Capital is its retirement planner. Users can enter their retirement goals and current financial situation, and the app will provide a personalized plan to help them reach their goals. Personal Capital also offers a net worth calculator, which allows users to track their assets and liabilities and get a comprehensive view of their financial health.
Personal Capital’s investment tracking tools are also a valuable feature. Users can track their portfolio performance, view their asset allocation, and get personalized investment recommendations. The app also offers a fee analyzer, which helps users identify any hidden fees in their investment accounts.
Pros:
- Investment tracking
- Net worth calculator
- Retirement planner
- Personalized financial advice
Cons:
- Some users have reported issues with linking their accounts
- Not as comprehensive for expense tracking as other apps
You Need a Budget (YNAB)
You Need a Budget (YNAB) is an expense tracking app that focuses on budgeting and debt payoff planning. With YNAB, users can set up budgets for different categories such as food, transportation, and entertainment, and the app will notify them when they are close to reaching their budget limit. YNAB also offers a debt payoff planner, which helps users create a plan to pay off their debts and become debt-free.
One of the standout features of YNAB is its goal tracking tool. Users can set up financial goals such as saving for a vacation or a down payment on a house, and the app will help them create a plan to achieve those goals. YNAB also offers financial education resources such as webinars and articles to help users improve their financial literacy.
YNAB’s budgeting tools are also a valuable feature. The app allows users to allocate their income to different categories and provides real-time updates on their spending. YNAB also offers a mobile app, which allows users to track their expenses on-the-go.
Pros:
- Budget tracking
- Debt payoff planner
- Goal tracking
- Financial education resources
Cons:
- Not as comprehensive for investment tracking as other apps
- Can be expensive compared to other apps
Wally
Wally is an expense tracking app that offers a simple and intuitive interface. With Wally, users can track their expenses, create budgets, and monitor their spending habits. The app also offers bill reminders and receipt scanning, making it easy for users to stay on top of their finances.
One of the standout features of Wally is its receipt scanning tool. Users can take a photo of their receipt, and the app will automatically add it to their expense report. This feature saves users time and makes it easy to keep track of their expenses. Wally also offers a budgeting tool, which allows users to set up budgets for different categories and provides real-time updates on their spending.
Wally’s interface is also a valuable feature. The app offers a simple and intuitive design, making it easy for users to navigate and use. Wally also offers a mobile app, which allows users to track their expenses on-the-go.
Pros:
- Expense tracking
- Receipt scanning
- Budget tracking
- Simple and intuitive interface
Cons:
- Not as comprehensive for investment tracking as other apps
- Some users have reported issues with receipt scanning
Zenmoney
Zenmoney is an expense tracking app that offers a wide range of features. With Zenmoney, users can track their expenses, create budgets, and monitor their spending habits. The app also offers investment tracking tools, making it a great option for users who want to manage all aspects of their finances in one place.
One of the standout features of Zenmoney is its investment tracking tools. Users can track their portfolio performance, view their asset allocation, and get personalized investment recommendations. Zenmoney also offers a budgeting tool, which allows users to set up budgets for different categories and provides real-time updates on their spending.
Zenmoney’s interface is also a valuable feature. The app offers a simple and intuitive design, making it easy for users to navigate and use. Zenmoney also offers a mobile app, which allows users to track their expenses on-the-go.
Pros:
- Expense tracking
- Investment tracking
- Budget tracking
- Simple and intuitive interface
Cons:
- Some users have reported issues with linking their accounts
- Not as comprehensive for debt payoff planning as other apps
Expensify
Expensify is an expense tracking app that is designed for business use. With Expensify, users can track their expenses, create reports, and submit reimbursement requests. The app also offers receipt scanning and mileage tracking, making it easy for users to keep track of their expenses.
One of the standout features of Expensify is its receipt scanning tool. Users can take a photo of their receipt, and the app will automatically add it to their expense report. This feature saves users time and makes it easy to keep track of their expenses. Expensify also offers a mileage tracking tool, which allows users to track their business-related mileage and calculate the associated tax deductions.
Expensify’s reporting tools are also a valuable feature. The app allows users to create customized reports and submit them for reimbursement. Expensify also integrates with popular accounting software such as QuickBooks and Xero, making it easy for users to manage their finances in one place.