No matter how long you’ve been together, it’s never easy to handle finances as a couple. Technology can be an excellent resource for couples who are unsure of how to begin or who wish to enhance their joint financial situation. So, to help you find the ideal fit, we’ve compiled a list of the top budgeting apps for couples. The Knot Financial Survey 2022 found that 40% of couples use finance apps as their primary source of information regarding day-to-day financial planning and investing. There has never been a better opportunity to test the waters of using technology to assist you in keeping to a budget or boosting your investments. In this article, we will discuss the best budget apps for couples that they use for free, including Mint budget apps and simple ones.
How to Start Budgeting as a Couple
Having a conversation about money with your partner is a great place to start if you want to create a joint budget. Reaves suggests fostering an atmosphere conducive to open and honest dialogue on these issues. “No one should be made to feel like they’re wrong for their financial actions or less than,” she argues. Always keep in mind that you’re working together toward a common goal.
Reaves recommends figuring out what you value most as a partner after you’ve established a safe space for open communication. “Some high-priority talking points should include building credit, paying down debt, and financial goals as a couple and as individuals,” she suggests. There may be one key area that needs improvement before you can move on to the next. The financial advisor gives the following example: “For example, if a joint goal would be to own a home someday, credit could play a major role.”
The first step in creating a budget is determining your long-term financial goals as a couple and as individuals. We have compiled a selection of our top budgeting apps so you can work together to create and manage your budget. You may even use the same app to monitor both your shared and separate finances. In the end, technology can help you chart a more direct course toward your financial objectives.
There are just a few details to remember before you get going. Before making a budget, Reaves advises deciding how expenses and revenue will be divided. Do you plan to split the cost of groceries, utilities, etc., 50/50? Alternatively, you may take turns paying the rent and utilities. “Make sure both parties are on the same page about goals, responsibilities, and expectations, then move to create the budget around those things,” she says.
What Is the 60-40 Relationship Rule?
The “60:40 relationship rule” isn’t a widely recognized or established concept in relationship psychology or advice. It seems more like a simplified guideline than a well-established principle. However, if we interpret it broadly, it might refer to the idea that successful relationships often involve a balance of effort, compromise, and communication between partners.
In this context, the “60:40 rule” could suggest that both individuals in a relationship should aim to give at least 60% effort towards making the relationship work, leaving some room for individual needs and boundaries at around 40%. This implies that a relationship should be built on a foundation of mutual effort, understanding, and compromise.
It’s important to note that every relationship is unique, and there’s no one-size-fits-all rule for success. What works for one couple may not work for another. Effective communication, empathy, trust, and mutual respect are generally considered essential factors in maintaining a healthy and happy relationship. Therefore, while the “60:40 relationship rule” may offer a simplified perspective, it should be viewed as a loose guideline rather than a strict formula for relationship success.
Best Budget App For Couples
There are an abundance of options when it comes to budgeting apps. When it comes to joint financial management, though, not all budgeting apps are created equal. We’ve compiled a list of the best budgeting apps for couples to help you find the financial monitoring tools that work best for you and your partner.
#1. Mint
Because of its helpful features and straightforward design, Mint is one of the best budget apps for couples. Keeping track of your household’s money as a pair can be difficult, but Mint makes it easy by providing a single location from which to view everyone’s financial standing.
First and foremost, Mint enables you to consolidate your banking, credit card, loan, and investment information into one location. This function is especially helpful for married people because it gives them an instantaneous snapshot of their joint finances.
With Mint, making a budget is simple. Spending plans can be tailored to individual categories of costs, with restrictions and progress reports provided. By working together, partners are more likely to talk to one another and take responsibility for their actions.
The sophisticated transaction categorization in Mint makes it simple to identify where your money is going by automatically allocating spending to predefined categories. By tracking their finances together, couples might gain insight into their joint spending habits.
In addition, Mint can keep tabs on your credit score, keep track of your bills, and remind you of payments. These capabilities allow partners to coordinate their efforts toward common financial goals and responsible financial management. In a nutshell, Mint is a great option for couples who want to manage their finances efficiently and jointly due to its ability to consolidate financial information, assist in budgeting, and provide insights into expenditure.
#2. Goodbudget
Goodbudget is, without a doubt, one of the best budget apps for couples who are looking for a unified method of handling their combined finances. Its innovative envelope budgeting technique is fantastic for couples who want to work together on financial planning.
The envelope approach, which uses digital “envelopes” to represent various types of expenses, is crucial to the effectiveness of Goodbudget for couples. Both partners can participate in establishing spending restrictions for things like food, entertainment, bills, and more, fostering an atmosphere of open communication and shared decision-making.
Because Goodbudget can be accessed from a variety of devices, it’s simple for both parties to add transactions and monitor the budget’s progress. The app also allows for cross-device synchronization, which keeps both users on the same page with regard to their shared financial objectives.
Moreover, Goodbudget provides couples with informative statistics and visual representations of expenditure, allowing them to see trends, make educated decisions, and fine-tune their budget as needed. This app’s real-time tracking and sharing features promote open communication and teamwork, both of which are critical to a couple’s financial success.
In a nutshell, Goodbudget is a great option for couples who want to work together and stay organized with their money, thanks to its envelope budgeting method and straightforward layout. It encourages teamwork and the distribution of monetary authority within a pair.
#3. Simplifi
Another best app for joint budgeting and saving for couples? Simplifi. The name of this app sums up all its benefits perfectly: it makes budgeting, saving, and planning for the future easy. We really like that the Simplifi app not only helps you keep track of your day-to-day spending but also your long-term savings targets.
When it comes to personal finance apps, Simplifi is at the top of the list for couples. Simply enter your objective into the app’s main screen, and it will walk you through the rest. You can alter the amount you need to save each month, and the app will automatically update your savings goal and schedule. Your monthly budget can also accommodate longer-term objectives, making it simple to steadily increase your savings over time. Finally, eye-catching graphics make it simple to track development. Simplifi’s budget-creation process is on par with that of competing apps. Include your savings, checking, credit card, and investment accounts for a complete financial picture. Over 14,000 banks and credit unions are linked to the app.
For couples, Simplifi’s requirement that both partners use the same login makes it less convenient than other budgeting apps. Unless you two never seem to find the time to sit down and go through your budget together, you might want to reconsider. Complicating matters further is the desire to handle financial matters while on the fly or the maintenance of several accounts.
#4. Splitwise
Although Splitwise isn’t your typical budgeting app, it’s still a great option for couples who want to keep their finances on good terms. It’s especially helpful for couples who frequently share expenses because of its emphasis on bill splitting and managing IOUs.
Splitwise’s ease of use is a major selling point. It’s a convenient way for couples to keep track of their financial transactions, divide up their expenditures, and settle their debts. By being open and honest about money matters, couples can avoid arguments and miscommunication.
From rent and utilities to groceries and vacations, Splitwise can handle it all. It even supports several currencies. This adaptability is particularly helpful for households with various financial commitments.
Additionally, Splitwise has the option to send reminders for unpaid accounts, which helps facilitate timely repayments amongst partners. This helps to keep the financial arrangement on solid ground.
Splitwise succeeds at meeting the urgent monetary demands of split costs, but it may fall short for certain couples who need more robust budgeting and financial planning tools. That’s why it’s so useful for couples who don’t need the features of a full-fledged budgeting tool but still want to streamline their financial contacts.
#5. Honeydue
If you’re a couple looking for an easy and collaborative approach to managing your funds, Honeydue is one of the best budget apps you can buy. With a focus on openness, communication, and financial harmony, this software was developed with couples in mind.
Honeydue’s strength is in its capacity to integrate and sync bank accounts, providing instant access to a joint financial picture for both couples. This function removes the need for double-entry of data and guarantees that both parties are always up-to-date on their financial standing.
It also allows users to assign expenses to specific categories, establish budgets, and monitor spending. As a result, it’s far simpler for married people to manage their finances responsibly as a unit.
Honeydue’s “Chat” function allows couples to have in-app conversations regarding money matters such as budgeting and saving. The result is more honest and fruitful conversations regarding money.
The app’s bill-tracking function ensures that neither partner ever forgets to make a payment. It notifies you of incoming payments and lets you divide up the work of paying them.
Honeydue is a great option for couples who want to work together on their finances thanks to its user-friendly interface, account synchronization, budgeting tools, and communication capabilities. It makes it easier to make sound financial decisions as a couple and facilitates open communication about money matters.
#6. EveryDollar
The EveryDollar budget app stands out as a great option for couples who want to work together to manage their money. Dave Ramsey’s Baby Steps to Financial Freedom is a step-by-step guide to creating a budget that follows his ideas for responsible spending.
EveryDollar’s intuitive design is a major quality that makes it usable by couples with varied levels of financial knowledge. It breaks down the budgeting process into manageable chunks and invites equal participation from both partners.
The program is designed to make it easy for couples to create individual budgets, divide up funds, and monitor spending. It encourages responsibility by keeping both people apprised of their financial objectives and the steps taken to achieve them.
In “zero-based budgeting,” every dollar must have a justification before it can be spent. This is something EveryDollar fully embraces. By taking a collaborative approach to money, this method helps couples save and invest wisely.
In addition, the premium edition of the app, called EveryDollar Plus, has features like automated bank transaction syncing, which makes it even easier for couples to keep track of each other’s financial transactions and manage their money together.
In a nutshell, EveryDollar is a great app for couples who want to take control of their finances together due to its ease of use, adherence to basic budgeting concepts, and emphasis on collaborative budgeting. It encourages couples to work together toward their financial goals and fosters financial stability.
#7. PocketGuard
When it comes to apps that help couples budget their finances together, PocketGuard is among the best. This application is great for helping couples remain on top of their finances since it gives them a clear and up-to-date picture of their status at all times.
One of PocketGuard’s most attractive qualities is its capacity to synchronize with your various financial accounts, providing a consolidated view of your joint finances for you and your partner. This feature encourages openness and joint accountability for fiscal matters.
Easily establish spending limits for different categories and monitor expenditures using the app’s user-friendly budgeting tools. Automatically classifying transactions, PocketGuard shows you exactly where your money is going and helps you have well-informed conversations about how to improve your budget.
The “In My Pocket” function in PocketGuard determines how much disposable income is left after fixed expenses and savings have been deducted. Couples who are making joint plans for activities and purchases may like having access to their funds in real-time.
To make sure neither partner forgets to make a payment, PocketGuard includes a bill-tracking feature with alerts. This helps both spouses meet their financial obligations on time.
In a nutshell, couples who want to manage their finances together will find PocketGuard to be an excellent option due to its comprehensive financial overview, user-friendly budgeting features, and real-time tracking. It makes joint financial decision-making easier and fosters financial stability in the partnership.
#8. YNAB
YNAB is a personal budgeting app for couples that helps you start from scratch every month with a balanced budget. Assigning a “job” to each dollar means putting it where you want it to go in your budget, which should reflect your values. Unlike other budgeting programs, YNAB only requires you to account for the money that is already in your bank account, rather than the money that you expect to receive in the future.
If you choose, you can authorize YNAB to access your bank account information directly. By monitoring your bank account’s balance, transactions, and expenses, you may easily create a budget. You can still keep tabs on your savings, checking, mortgage, and other accounts; however, you will need to manually enter the transactions and amounts. While YNAB’s more complex interface is intended to force you to rethink your approach to budgeting, it may require some getting used to.
For effective budgeting as couples, the YNAB app recommends just four guidelines:
- Create a job for every dollar.
- Set aside more money than you think you’ll need to cover your actual costs.
- Budget flexibility is essential.
- Avoid wasting cash.
Because YNAB is based on a zero-sum concept, all of your available funds will have to be allocated to a single category. Also, if you increase spending in one area, you’ll need to reduce spending in another. If you fail to set aside funds specifically for recreation, for instance, you can simply deduct that amount from another fund.
What is the 50-30-20 Rule?
The 50/30/20 budgeting rule recommends spending your money as follows: 50% toward your needs, 30% toward your wants, and 20% toward savings or debt reduction.
- 50% to Needs: Housing, utilities, food, transportation, and medical insurance are all included in this sum. It guarantees that you won’t have to worry about going without the things you need.
- 30% to Wants: Spending in this bucket is entirely up to the individual and might include things like going out to eat, going to the movies, buying a new hobby, or going on a vacation. It encourages a well-rounded lifestyle that is fiscally responsible.
- 20% to Savings or Debt: The importance of saving money and preparing for the future is emphasized here. You can use it toward retirement savings, a rainy-day fund, or paying off high-interest debt.
If you follow this rule, you can keep your finances from getting out of hand by making sure that you aren’t putting off meeting basic needs or paying off debt. However, these percentages may need to be modified depending on your personal position and objectives.
Is Quicken Good for Couples?
Yes, Quicken is a great program for couples to use together to manage their finances. It’s a convenient way to keep tabs on pooled finances, from budgeting to account and investment management. It helps couples stay organized and accountable by automatically syncing with their bank and credit card accounts, streamlining the process of tracking expenses. Couples who handle their finances together can benefit from Quicken’s bill reminders and investment portfolio management capabilities.
However, effective utilization necessitates forthright conversation and aligned monetary objectives. To get the most out of the program and keep things honest in the relationship, both partners should log in and use it regularly.
Is Ynab Better Than Mint?
The success of popular budgeting software like YNAB (You Need a Budget) and Mint depends on the user’s individual requirements and preferences.
In terms of budgeting, YNAB is well-known for its forward-thinking. Giving each dollar a purpose encourages consumers to budget for specific needs. The emphasis YNAB places on planning and creating goals can aid its users in becoming more financially independent. However, there is likely to be more of a learning curve and more manual input is required.
Nevertheless, Mint takes a more hands-off approach. It automatically logs and sorts your transactions into relevant categories, giving you a bird’s-eye perspective of your entire financial picture. Although Mint is simpler to use and requires less work on your part, it may not be as disciplined when it comes to budgeting as YNAB.
Your needs and preferences in budgeting will determine whether you’re better off with YNAB or Mint. Mint is better suited to individuals who like automated tracking and a more passive budgeting experience, while YNAB is best for those who want to take a hands-on, proactive approach to budgeting.
Is Mint Budgeting Good for Couples?
The budgeting features of the Mint app might be useful for couples because they allow for the monitoring and management of joint funds. A couple can use it to share budgets, set shared financial objectives, and view each other’s account activity. This openness facilitates honest discussion of financial matters and reduces the potential for arguments.
Mint’s category-based expenditure tracking makes it easier for couples to discuss and adjust their spending habits in tandem. As an added bonus, the app notifies both spouses of upcoming bill payments and any other strange behavior on their accounts. However, as with any budgeting tool, success is dependent on both parties’ dedication to financial goals and open lines of communication.
The way a couple shares their monthly bills might vary widely, based on personal choice and available resources. Many couples choose to have a joint bank account so they can pool their resources to pay for things like the mortgage or rent, food, and utilities.
Alternatively, some couples choose to keep their finances separate and agree beforehand on how to divide bills and other expenses, such as dividing them equally or based on their respective earnings. A fair and harmonious approach to sharing expenses is more likely to be achieved through open communication about financial objectives, budgeting, and savings. Both partners’ financial situations and compatibility should inform the final decision.
Is There a Budget App Without Connecting Accounts?
Yes, the YNAB app is the best if you don’t want to connect it to your bank account. While many users of YNAB do choose to set up automatic account syncing, you are not obligated to do so. In such a scenario, you would input your costs manually, one by one.
Best Budget App For Couples: Bottom Line
When couples begin to share their finances, honesty, and open dialogue become even more crucial components of a healthy relationship. However, there is no magic bullet when it comes to balancing the books with your significant other.
Some couples prefer to divide costs evenly; others choose to allocate funds according to who brings in the most money; and yet others find a system that works for them but wouldn’t for another pair.
Depending on your preferred method of handling money, download the best financial app(s). Apps that help you create a budget make it easier to include your spouse in the process.
Take the time to plan for your financial future as a couple by creating a budget together.
Frequently Asked Questions
What is a good monthly budget?
A good monthly budget that works takes into account your own circumstances and objectives. You can learn more about your spending habits by keeping a record of your income and expenditures. Put aside money each month for things like rent or a mortgage payment, utilities, food, and gas. Save up to twenty percent of your income in case of unexpected expenses or to fund long-term aspirations. Budget for entertainment expenses like going to the movies and dining at upscale restaurants, but restrain yourself.
Additionally, you should put money aside every month to pay off any loans or credit card balances you may have. Whether it’s saving for retirement or paying off debt, a budget needs continuous review and adjustment to be effective.
What is the Dave Ramsey budget?
The Dave Ramsey budget, often known as the “Dave Ramsey Baby Steps” or the “Total Money Makeover,” was developed by the aforementioned personal finance guru. There are seven stages to getting there, and the end goal is financial security and autonomy.
Create a rainy-day fund, knock down debt with the debt snowball method, save for retirement, and invest. Ramsey’s plan for financial freedom and security centers on strict budgeting, cost minimization, and the use of cash only.
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