​​#5 Best Budgeting Apps for Couples to Track Finances

In the ever-evolving landscape of personal finance, managing money as a couple can be both rewarding and challenging. Navigating shared expenses, saving goals and financial aspirations requires effective communication and most importantly, the right tools. In the realm of digital finance, budget apps for couples have emerged as indispensable companions for couples looking to streamline their financial journey. As per a survey conducted by The Knot Financial Survey 2023, finance apps are popularly used by 40% of couples to stay updated about financial planning and investing. Tracking mutual spending, savings or financial targets becomes a breeze when you have a budgeting app accessible to both of you – it's the budgeting tool you can trust.

Advantages of Using Budget Apps for Couples

Embarking on financial management might leave you wondering how to maintain a budget as a couple. Fortunately, technology can simplify the process. Apps can automatically categorize your spending and eliminate the need for manual tracking. This streamlines the budgeting process, making it easier to incorporate into your routine. However, it is necessary to regularly review the app's categorization and check for duplicate entries to ensure its reliability.

The advantages of budgeting apps extend beyond efficiency. They can also enhance your financial literacy, promote economic well-being and foster financial equality in your relationship. Budgeting apps can empower couples to feel like they have equal control over their finances. Moreover, they can facilitate more constructive financial discussions.

According to The Knot Financial Survey, most couples deal with their day-to-day financial management based on financial expertise (43%), followed by mutual discussions (39%). In non-heterosexual relationships, financial responsibilities are more evenly divided. LGBTQ+ individuals, for instance, are less likely to have one partner solely manage daily expenses (18% vs. 28% non-LGBTQ+).

However, joint involvement in managing expenses doesn't guarantee equal financial control. Only 38% of LGBTQ+ couples strongly agree that both partners have an equal voice in overall financial decision-making (compared to 54% of non-LGBTQ+ couples). Implementing a shared budgeting tool can help promote more equitable financial management in your relationship.

Prime Budget Apps for Couples

When you start sharing your finances with your partner, it becomes more than dividing your expenses. It is about creating your financial objectives together for your future. So, here are five budget apps for couples to help you and your partner create a brighter financial future together:

• Goodbudget: Best for tracking your spending habits
• Monarch: Popular for its user-friendly interface
• Mint: Ideal for connecting and accounts management
• YNAB: Idea for zero-based budgeting
• Personal Capital: Perfect for detailed financial planning

1. Goodbudget

Ideal for: Couples aspiring to try the virtual envelope method

You can synchronize and share your expenditures with the virtual envelope method. You and your partner can divide your budget into various spending categories and allot the finance accordingly with Goodbudget.

Your budget and account can be categorized into various budget categories:

• Rent
• Gas
• Groceries
• Credit card bills

2. Monarch

Ideal for: Couples seeking a user-friendly interface

Monarch streamlines the process of centralizing your accounts and investments, enhancing harmony between you and your partner. You can use it for free in the first 30 days and pay $9.99 monthly.

Monarch can be connected with more than 11,000 banks and other financial institutions so that you can easily collaborate with your partner without changing your bank. It is a one-stop solution for performing all your operations:

• Receiving personalized advice
• Tracking all of your accounts
• Creating a long-term plan for financial milestones
• Restricts you from overspending by sending notifications

3. Mint

Ideal for: Couples seeking to connect their bank accounts for improved budget management

Mint allows you to freely integrate your and your partner's accounts to keep track of your spending patterns. It minimizes the need for using various apps by providing you with a comprehensive financial picture through the following features:

• Informs about due bills
• Personalized budgeting
• Informs about increase in subscription prices
• Free of-cost updates about credit scores
• Customized guidance for smarter spending with Mintsights

4. YNAB

Ideal for: Zero-based budgeting

You Need a Budget or YNAB, comprises a Four Rule program to help you manage your money. You can use it for free for the first 34 days. You would benefit from its zero-based budgeting system by following its Four Rules:

• Rule One: Allocate Every Dollar
• Rule Two: Embrace Your Expenditures
• Rule Three: Adapt to Financial Changes
• Rule Four: Increase Your Money'sMoney's Age

5. Personal Capital

Ideal for: Couples aspiring for comprehensive financial planning

Personal Capital is different from its competitors as it helps you monitor the balance of your portfolio and manage your budget. You can get a comprehensive view of your financial landscape with specialized software that excels in the following domains:

• Savings Overview
• Retirement Assessment
• Education Funding Evaluation
• Investment Review
• Fee Assessment
• Financial Blueprint
• Personal Finance Strategy
• Employer Benefits Analysis
• Strategic Withdrawal Planning

Key Insights

Navigating the financial landscape as a couple can be daunting, but it doesn't have to be. With the help of technology, couples can now effectively manage their finances and achieve their financial goals together. This article has explored 5 budget apps for couples, each offering unique features and benefits to suit different needs and preferences. Whether you're seeking a comprehensive budgeting tool, a streamlined expense tracker or a collaborative platform for financial decisions, these apps can empower couples to take control of their finances and achieve financial freedom.