All the budgeting apps


Emma: I really want to like it, but it only works with one of my banks (Monzo) with no prospect of my other banks being added anytime soon. Also really don’t like the Facebook login, or the way the budgeting works.

Monzo: assumes I want to spend all my money each month and shows summary accordingly. Setting the budget doesn’t work for me. I completely ignore the summary screen the vast majority of the time.

YNAB: Is incredible. I saw it mentioned a few times on here and gave it a try. For the first time ever I actually feel really in control of my finances, rather than them controlling me. It just really clicks with the way my mind works. Currently using it for free as a student, but will absolutely be happily paying for it next year.

(Sendu Bala) #23

Tandem (the credit card people) is also an aggregation/ budgeting type app. I still use the credit card, but not the other functionality, because it sucked.

My finding with all of these things is that they’re useless if they’re not perfect. If that summary number of “how much you can spend this month”, or “what you spent on category X last month/ the whole year” is not accurate, you can’t rely on them for anything. “Oops, it didn’t take my new direct debit in to account!”. You still have to double check and do everything manually. So there’s no point.

I used YNAB the most, but like the others I tried, it never managed to learn categories of purchases correctly, I could never get it to understand my transfers to other accounts in a useful way, and it was a lot of manual effort each month just to tell me about purchases I had already made long ago.

For me the best budgeting app in the world is Starling. That saved my financial life. Because it’s your actual bank account, everything is direct as opposed to a potentially inaccurate reflection. Using Goals for your budgets lets you not care about automated tagging mistakes. You just keep nothing in your current account, and if you want to buy something, you take the required amount of money out of a goal first.

That really makes you think about each purchase, and makes you directly aware of how much you’re spending in each category and how much you have left for the month.

I don’t think any other tool can really come close to the simplicity and power of envelope budgeting with Starling.

(Is Santa here yet?) #24

Monzo :woman_shrugging:

(Tom Halloran) #25

Added these to the list too

I agree re. money dashboard, nice UI but ultimately I didn’t find it useful enough to stick with it

(Tom Halloran) #26

I spotted a new one yesterday when walking through a Wayra co-working space, looks kinda interesting: