Managing money as a couple can be challenging. You have to track your income and expenses, plan for retirement, save for major purchases (like your first home), and otherwise keep your household headed in the right direction. While there are tons of apps that can assist with many of these tasks, not all are as robust as others. If you are trying to manage your money better as a couple, here are four of the best personal finance apps that can help you do just that.
If you are looking for a simple (and free) money management app, it’s hard to beat Mint. Offered by Intuit Inc. – the company behind TurboTax and QuickBooks – Mint is an all-in-one solution for creating a workable budget, monitoring income, tracking spending, and even keeping an eye on your credit card activity and bills.
For budgeting, you can create spending categories and allocate portions of your income to each purpose. As you categorize your outgoing transactions, Mint monitors how much you’ve assigned to each spending segment. If you get close to a limit, Mint will give you a warning notification. The app can also make recommendations to help you control your spending, using your habits to customize the advice.
Mint also has the ability to give you reminders when a bill is coming due. The app can send you a notification, tell you how much you’ll need to pay and when, and even let you know if you have enough money available.
For couples who want to start investing but don’t know where to begin or don’t have much money to dedicate, Acorns is an app that can help. Once you sign up and list a debit card, Acorns rounds up every purchase to the nearest dollar. Then, Acorns takes that small nest egg and invests it into a portfolio featuring low-cost exchange-traded funds (ETFs). You can set your portfolio up based on your risk tolerance, so you do have some control over where your money goes too.
For many users, Acorns is the painless way to start investing. It costs as little as $1 a month to get started, and all of your investment activity is completely automated. If you are part of a couple that wants to invest without much hassle, Acorns is worth exploring.
PocketGuard is a great app for couples who worry that they are overspending. You can connect all of your financial accounts to the app. Then, you can monitor your spending and compare it directly to your budget. It’s incredibly easy to set up, making it a great option for anyone who might be a little less tech-savvy.
Additionally, PocketGuard also identifies potential savings opportunities. The app monitors your recurring bills, like phone and internet, and tries to locate a better deal. If it finds another service provider that costs less, PocketGuard lets you know. Once you get the notification, you can take a closer look at the alternative option and see if it meets your needs. If so, then the app didn’t just help you monitor your spending; it saved you money, too.
Most money management apps aren’t built with couples in mind. Instead, they were crafted for individuals, and couples just have to use the same credentials if they want to keep an eye on things together.
However, Goodbudget is different. It has options specifically for couples, allowing you to take part in the budgeting journey together. You can share and sync data with your budgeting partner’s account, allowing you to keep some things separate while also working together.
In many cases, the free version of Goodbudget is enough for most couples. However, there is also a paid version that comes with additional features, which might be worth exploring, depending on your financial situation.
Ultimately, all of the apps above can help couples manage their money more effectively, and most of them are available for free. Consider checking a few out and see which works best for you and your partner. Then, just make sure to use the apps regularly. That way, you can keep an eye on your financial situation and make smarter decisions that will help you today, tomorrow, and well into the future.
Do you have some favorite apps to manage money? Tell us about it in the comments below.