Monarch Money has quickly become a favorite among users seeking flexible yet powerful budgeting options. Its standout strength lies in customization: you can design a budget that works for your lifestyle, whether you’re budgeting solo or with a partner. In fact, Monarch allows you to add a household member at no extra cost—making it ideal for couples managing joint finances.
Key Features
- Syncs bank accounts, credit cards, loans, and investments.
- Two budgeting methods: Flex budgeting (grouping into fixed, recurring, and flexible expenses) or Category budgeting (traditional category limits).
- Tools for tracking net worth, monitoring investments, and scheduling bill reminders.
- Collaboration features, including shared savings goals and tagging expenses.
Why we like it: Monarch’s flexibility makes it approachable for beginners while still offering depth for advanced users. Its collaboration tools also set it apart for households managing shared money.
Potential drawbacks: Monarch is a paid app, and while users say the features justify the cost, it may not appeal to those seeking a completely free tool.
YNAB (You Need A Budget): Best for Zero-Based Budgeting
YNAB is one of the most talked-about apps for a reason. It’s not just a tracker—it’s a budgeting philosophy. The app uses zero-based budgeting, where every dollar you earn is assigned a job, whether it’s paying bills, saving, or tackling debt. This intentional approach helps users shift from passively recording expenses to actively directing their money.
Key Features
- Zero-based budgeting system for hands-on planning.
- Syncing with checking, savings, credit cards, and loans (or manual entry).
- Loan payoff simulator.
- YNAB Together: allows up to five people to share a subscription—great for families or partners.
- Extensive educational resources to guide new users.
Why we like it: YNAB transforms how people think about money by encouraging proactive choices. It’s particularly useful for those who want structure and accountability.
Potential drawbacks: The learning curve is steep compared with other apps, and it’s not free. But many users say the payoff in financial control is worth it.
Empower Personal Dashboard: Best for Wealth and Spending Tracking
While Empower is often thought of as an investment management tool, its free Personal Dashboard offers robust features for budgeters who also want to track net worth and long-term wealth.
Key Features
- Connects with checking, savings, credit cards, retirement accounts, mortgages, and loans.
- Net worth and portfolio tracking.
- Spending snapshot with customizable categories.
- Accessible on phone, tablet, and desktop.
- Ability to share a dashboard with up to five people, each with individual logins.
Why we like it: Empower provides a big-picture look at both spending and investments. If you’re serious about wealth building, it’s one of the strongest free tools available.
Potential drawbacks: The budgeting side is less detailed than Monarch or YNAB. If you want granular expense planning, you may find Empower too investment-focused.
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Monarch Money: Best for Customized Budgeting
Monarch Money has quickly become a favorite among users seeking flexible yet powerful budgeting options. Its standout strength lies in customization: you can design a budget that works for your lifestyle, whether you’re budgeting solo or with a partner. In fact, Monarch allows you to add a household member at no extra cost—making it ideal for couples managing joint finances.
Key Features
- Syncs bank accounts, credit cards, loans, and investments.
- Two budgeting methods: Flex budgeting (grouping into fixed, recurring, and flexible expenses) or Category budgeting (traditional category limits).
- Tools for tracking net worth, monitoring investments, and scheduling bill reminders.
- Collaboration features, including shared savings goals and tagging expenses.
Why we like it: Monarch’s flexibility makes it approachable for beginners while still offering depth for advanced users. Its collaboration tools also set it apart for households managing shared money.
Potential drawbacks: Monarch is a paid app, and while users say the features justify the cost, it may not appeal to those seeking a completely free tool.
KOHO: Best for Building Credit History
KOHO is a Canadian financial app that pairs a prepaid Mastercard with powerful, easy-to-use credit building features. It’s designed for users who want to establish or improve their credit history without taking on a traditional credit card. By reporting on-time payments to a major credit bureau, it offers a structured path toward a better credit score while also functioning as a full-service spending and savings account.
Key Features
- Prepaid Mastercard with up to 2% cash back on spending.
- Credit Building subscription reports payment history to Equifax.
- Earn up to 3.5% interest on account balances.
- Free in-app credit score monitoring.
- No hard credit check required to sign up.
- Borrowing options, including a cash advance feature for emergencies.
Why we like it: For those new to credit or looking to rebuild, KOHO offers credit builder tools that are straightforward and effective. It removes the risk of high-interest debt associated with traditional credit cards while helping users form positive financial habits. Most members see their credit score increase in a few months.
Potential drawbacks: The primary Credit Building feature requires a monthly subscription fee, and the service is available only to Canadian residents.
YNAB (You Need A Budget): Best for Zero-Based Budgeting
YNAB is one of the most talked-about apps for a reason. It’s not just a tracker—it’s a budgeting philosophy. The app uses zero-based budgeting, where every dollar you earn is assigned a job, whether it’s paying bills, saving, or tackling debt. This intentional approach helps users shift from passively recording expenses to actively directing their money.
Key Features
- Zero-based budgeting system for hands-on planning.
- Syncing with checking, savings, credit cards, and loans (or manual entry).
- Loan payoff simulator.
- YNAB Together: allows up to five people to share a subscription—great for families or partners.
- Extensive educational resources to guide new users.
Why we like it: YNAB transforms how people think about money by encouraging proactive choices. It’s particularly useful for those who want structure and accountability.
Potential drawbacks: The learning curve is steep compared with other apps, and it’s not free. But many users say the payoff in financial control is worth it.
Empower Personal Dashboard: Best for Wealth and Spending Tracking
While Empower is often thought of as an investment management tool, its free Personal Dashboard offers robust features for budgeters who also want to track net worth and long-term wealth.
Key Features
- Connects with checking, savings, credit cards, retirement accounts, mortgages, and loans.
- Net worth and portfolio tracking.
- Spending snapshot with customizable categories.
- Accessible on phone, tablet, and desktop.
- Ability to share a dashboard with up to five people, each with individual logins.
Why we like it: Empower provides a big-picture look at both spending and investments. If you’re serious about wealth building, it’s one of the strongest free tools available.
Potential drawbacks: The budgeting side is less detailed than Monarch or YNAB. If you want granular expense planning, you may find Empower too investment-focused.