7 Top Budgeting Apps for Graduates in 2023

Are you about to graduate and embark on a new journey? As you transition into the working world, it's important to establish a solid financial foundation. One of the best ways to achieve this is by using budgeting apps. These handy tools can help you manage your finances, track your expenses, and save money effortlessly. In this article, we will explore the top 7 budgeting apps for graduates in 2023 that can not only simplify your financial life but also enable you to achieve your financial goals.

Why Use Budgeting Apps?

Managing personal finances can be challenging, especially for recent graduates who are just starting out. Budgeting apps provide a convenient and user-friendly way to stay on top of your finances. Here are some compelling reasons why you should consider using budgeting apps:

1. Simplifies Expense Tracking: Budgeting apps allow you to easily track your income and expenses in real-time. You can categorize your expenditures, set spending limits, and receive notifications when you exceed your budget.

2. Automates Budget Creation: These apps can automatically create a personalized budget based on your income, expenses, and financial goals. This takes the guesswork out of budgeting and ensures that you are on the right track.

3. Promotes Saving: Many budgeting apps offer savings features that encourage you to save money. These features may include round-up options, where spare change from your purchases is automatically transferred to your savings account.

4. Provides Financial Insights: By analyzing your spending habits, budgeting apps provide valuable insights into your financial behavior. This helps you identify areas where you can cut back, save more, or invest wisely.

5. Syncs Across Devices: Budgeting apps are available for smartphones, tablets, and computers. They use cloud technology to sync your financial data across devices, ensuring that you have access to your budget anytime, anywhere.

Now that we understand the benefits of budgeting apps, let's dive into the top 7 budgeting apps for graduates in 2023:

1. Mint

Mint is one of the most popular budgeting apps for graduates and for good reason. It offers a comprehensive suite of tools to help you manage your finances effectively. Here are some key features of Mint:

• Expense Tracking: Mint automatically tracks your expenses by linking to your bank accounts, credit cards, and other financial institutions. It categorizes your transactions and provides detailed insights into your spending habits.

• Budgeting Tools: Mint allows you to set up a budget based on your income, expenses, and financial goals. It sends you alerts when you approach your budget limits and offers suggestions on how to save money.

• Credit Score Monitoring: This app provides free credit score monitoring, helping you stay on top of your credit health. You can also receive alerts for any changes in your credit report.

• Bill Reminders: Mint sends you reminders for upcoming bills, ensuring that you never miss a payment. This feature helps you avoid late fees and maintain a good payment history.

• Investment Tracking: If you are interested in tracking your investments, Mint offers features to monitor your investment portfolio and track its performance.

Mint is available for free, supported by ads, and is compatible with both iOS and Android devices.

2. YNAB (You Need a Budget)

As the name suggests, YNAB is all about budgeting. It takes a proactive approach to help you gain control of your money. Here's what makes YNAB stand out:

• Four Rules Method: YNAB follows four simple rules that promote responsible financial habits. These rules include giving every dollar a job, embracing your true expenses, rolling with the punches, and aging your money.

• Goal Tracking: YNAB allows you to create and track your financial goals. Whether it's building an emergency fund, paying off student loans, or saving for a vacation, YNAB helps you stay focused on your goals.

• Debt Paydown Plan: If you have student loans or other debts, YNAB provides features to create a debt paydown plan. It helps you prioritize your debt payments, save on interest, and become debt-free faster.

• Educational Resources: YNAB offers educational resources, including videos, podcasts, and blog articles, to help users improve their understanding of personal finance and develop healthy money habits.

YNAB offers a 34-day free trial, after which it requires a subscription. The app is available for both iOS and Android devices.

3. Personal Capital

If you're looking for a budgeting app that combines budgeting and investing, Personal Capital is an excellent choice. Here are the key features of Personal Capital:

• Net Worth Tracking: Personal Capital provides a comprehensive overview of your net worth by linking all your financial accounts in one place. This includes bank accounts, investments, mortgages, and loans.

• Investment Management: Personal Capital offers investment management services for users with larger portfolios. Their team of financial advisors can help you optimize your investments and create a personalized investment strategy.

• Retirement Planning: The app includes retirement planning tools that can help you estimate your retirement needs and determine how much you need to save each month to achieve your goals.

• Expense Analyzer: With Personal Capital, you can analyze your spending patterns and identify areas where you can save money. The app also provides tailored recommendations to improve your financial well-being.

Personal Capital is free to use, but their wealth management services have associated fees. The app is available for both iOS and Android devices.

4. PocketGuard

PocketGuard is a user-friendly budgeting app that focuses on helping you control your spending and save more. Here's what you can expect from PocketGuard:

• Simplified Budgeting: PocketGuard automatically categorizes your expenses and provides a clear overview of your income, bills, and spending. This helps you understand your cash flow and make informed financial decisions.

• Savings Recommendations: Based on your income and spending habits, PocketGuard provides personalized recommendations on how much you should save each month. It helps you set realistic goals and track your progress.

• Smart Alerts: PocketGuard sends you real-time alerts when you are approaching your budget limits or when there are unusual spending patterns. This keeps you accountable and helps you stay within your financial means.

• Bill Tracking: The app tracks your bills and sends you reminders before they are due. This ensures that you never miss a payment and avoid late fees.

PocketGuard offers a free version with limited features and a premium version with additional benefits. The app is compatible with both iOS and Android devices.

5. Wally

Wally is a simple yet powerful budgeting app designed to help you take control of your finances. Here are the key features of Wally:

• Expense Tracking: Wally allows you to manually track your expenses by entering them into the app. You can categorize your expenses, add notes, and attach receipts for easy reference.

• Budgeting Tools: The app enables you to set up a budget and track your progress. It provides visualizations of your spending habits, helping you identify areas where you can cut back and save more.

• Currency Support: Wally supports multiple currencies, making it suitable for international students or graduates who may have financial obligations in different countries.

• Savings Goals: Wally allows you to set savings goals and track your progress. You can specify the amount you want to save, the timeframe, and the method (e.g., regular deposits or round-up options).

Wally is free to use and available for both iOS and Android devices.

6. Acorns

Acorns is an innovative budgeting app that focuses on investing your spare change. It aims to help you grow your wealth effortlessly. Here's how Acorns works:

• Round-Up Feature: Acorns automatically rounds up your everyday purchases to the nearest dollar and invests the spare change into a diversified portfolio. This allows you to save and invest without even thinking about it.

• Recurring Investments: In addition to round-ups, Acorns allows you to set up recurring investments. You can choose the frequency and amount you want to invest, making it easy to build your savings over time.

• Investment Portfolios: Acorns offers a range of investment portfolios based on your risk tolerance and financial goals. They use modern portfolio theory to optimize your investments and maximize returns.

• Found Money: Acorns partners with various brands, and when you make a purchase with one of their partners, they invest a percentage of the purchase amount into your Acorns account.

Acorns has a subscription-based pricing model and offers multiple tiers, including a free version for college students. The app is available for both iOS and Android devices.

7. Clarity Money

Clarity Money is a budgeting app that aims to make your financial life simpler and more transparent. Here are the key features of Clarity Money:

• Expense Tracking: Clarity Money automatically categorizes your transactions and provides insights into your spending patterns. It helps you identify recurring expenses and subscriptions that you might want to cancel.

• Bill Negotiation: The app offers a bill negotiation service, where they analyze your bills, identify potential savings, and negotiate with service providers on your behalf. This feature can help you save money on your monthly bills.

• Saving and Spending Insights: Clarity Money provides personalized insights and recommendations on how to save money and lower your expenses. It also offers tools to visualize your financial habits and set up savings goals.

• Credit Score Monitoring: Like many budgeting apps, Clarity Money provides credit score monitoring services. It allows you to track changes in your credit score and receive alerts for potential credit fraud.

Clarity Money is free to use and available for both iOS and Android devices.

Conclusion

As a graduate, it's crucial to establish good financial habits and manage your money effectively. Budgeting apps can be invaluable tools in this regard, helping you budget, track expenses, and save money effortlessly. The top 7 budgeting apps for graduates in 2023 are Mint, YNAB, Personal Capital, PocketGuard, Wally, Acorns, and Clarity Money. Each app offers unique features and benefits, so it's important to choose one that aligns with your financial goals and preferences. By using these budgeting apps, you can take control of your finances and build a strong financial foundation for your future.