Best Personal Finance Apps for Entrepreneurs

two cell phones punching each other to represent best personal finance apps facing off

Let’s face it, when you’re busy starting up or running a company (or simply working at one!), managing your personal finances can often take last place on the priority list. You want simple and easy. If you’re an entrepreneur or small business owner, your personal cash flow is often as volatile as your business. Luckily, there are a plethora of personal finance apps available today that make managing your money easy and can help you stay on track. We downloaded and tested the best personal finance apps on the market and share below what we love—and don’t love—about each so you can go out and find what might work best for you.

Here are a few of the best personal finance apps for entrepreneurs:

GoodBudget

What it is: An envelope-based budgeting app that allows you to track your expenses and sort purchases into specific categories.

What we love:

  • Set up is easy, and you can create a budget in minutes.  
  • The free version lets you sync with two devices so you can track spending with your significant other.
  • The basic reporting component is also free and displays trends of your spend over time based on your envelopes.
  • You can view your real spend versus your budgeted spend as well as the stores where you spend the most money. Now you’ll know the unfortunate reality of what the Target dollar section does to your bank account.

What we don’t love:

  • The free version only gives you 10 envelopes to use for sorting.
  • There is no bank account syncing so every transaction must be entered manually.
  • There is no option to categorize your envelopes.
  • Reporting is basic in comparison with other tools on the market.

Mint

What it is: From managing transactions and seeing daily account status for numerous accounts to comparing credit cards and pulling your credit score, this app is the Swiss Army knife of money management tools.

What we love:

  • Mint syncs with your bank and credit card accounts for free and displays an overview of your exact cash position and balance at any given time.
  • It can track investment activity such as IRA or 401k contributions.
  • You can set up monthly budgets and see how you align throughout the month. Green means you’re under budget, yellow means you’re getting close to going over, and red means you’ve gone over!
  • Transactions are automatically pulled into the app and you can assign tags to each to categorize your spend.
  • Over time, Mint will learn your categories and tag transactions itself.
  • You can set up savings goals for anything from buying a house to paying off your student loans, and Mint will help calculate what you need to save to meet your goals.
  • Reporting is extensive and breaks down your spend into a variety of categories including your net income over time.
  • It will give you savings tips, investment advice, and tell you which credit cards are the best options for your needs. Oh and it checks and displays your credit score periodically so you always know where you stand.

What we don’t love:

  • It takes some time for Mint to learn your spending habits, and we found that the app would frequently miscategorize our transactions (but thank you, Mint, for counting our liquor store purchases as grocery spend because it sounds better).
  • You can’t do much with Mint unless you are willing to sync all your credit card and bank accounts which isn’t for everyone.

EveryDollar

What it is: Like its name suggests, EveryDollar helps you track every bit of your spend. It’s an envelope-based budgeting system to the extreme in that it doesn’t leave room for uncategorized transactions.

What we love:

  • Setup is a breeze and the app is great about walking users through the program. You can create a budget in less than eight minutes—we timed it.
  • The “baby steps” feature is wonderful for anyone who is just getting started with savings goals. It walks you through goals such as creating an emergency fund, paying off debt, and saving for retirement—just to name a few—and gives clear savings guidelines for every step of the way.
  • Envelope names and budgeted amounts can be edited on the same screen which is very handy.  

What we don’t love:

  • In order to sync your bank accounts there is a $99 annual fee. Ouch.
  • Reporting is also rather limited in scope.
  • No app for Android users (yet).

You Need A Budget

What it is: A straight-forward budgeting app that does what it’s meant to do without the bells and whistles.

What we love:

  • It’s designed so that you are planning your spend instead of reacting to it. You input bills you know are coming and YNAB has you allocate your paycheck to those before you can whittle it away on Chipotle burritos.
  • The new version syncs directly with your bank account/credit cards so you don’t have to input expenses directly.
  • They are constantly updating and making the core of the product better without getting too fancy-pants about it.
  • “I like that they aren’t farming out my data to third parties, and I don’t get ads for stuff I don’t need.” —from our CTO (he may—or may not—have said stuff)

What we don’t love:

  • The yearly subscription is $50. Not horrible but there are cheaper options.
  • No phone or email support; only a live chat option.
  • You have to direct import your expenses from your bank and credit card accounts which is a new feature and still a little buggy.

Digit

What it is: It’s not an envelope budgeting system like some of the previous tools we’ve mentioned; it’s a savings tool. Digit helps users build savings by automatically withdrawing money from your linked checking account and depositing it into a user’s Digit account. Its algorithm determines how much it thinks you can spare based on your spending habits. You can deposit the funds into your personal accounts at any time.

What we love:

  • Instead of having to proactively transfer funds into a savings account, this app does it for you. It’s the “you won’t miss this” mentality of saving money you might otherwise waste if you see it in your checking account.
  • You can easily set and work toward simple savings goals.  
  • The web app communicates with users via text and displays information about your checking account balance as well as automatic Digit withdrawals.
  • You can easily reply to Digit’s texts with “save less” and “save more” when you want to sock away more moolah.
  • You can earn $5 per referral. Cha-ching.
  • Small, but welcome interest earnings on your Digit balance over time.

What we don’t love:

  • You can’t make any transactions, deposits, etc. via the website. You can only communicate with the system via text message. We learned to love this, but text-only took a little getting used to at first.
  • Not ideal for saving toward long-term goals like buying a house, retirement, tuition, etc.
  • One of our users reported having a larger digit amount deducted from her checking account on a day where heavy bill-related activity also happened, and her daily Digit deduction took her checking balance below zero triggering a bank fee for insufficient funds. Bummer. Digit deducts random amounts, but since our user’s Digit amounts had typically been in a specific range, she didn’t expect the deduction in question to be so large. Does she still love Digit to the moon and back? Absolutely, but she is better about telling the app to “save less” when she is expecting her bills to hit her checking account; she tells Digit to “save more” for more aggressive saving once she is in the clear. She also said to mention she uses her bank account like a crazy person (something about airline miles and one big credit card payment at the end of every month), so her experience may be unique.

There you have it! A review of a few of the best personal finance apps for entrepreneurs—those loved by our team, anyway. Stay tuned as we review additional apps in coming posts. Do you have a favorite? Tell us in a comment or send your experience to hello@p2bi.com so we can write about it!

4 Comments on “Best Personal Finance Apps for Entrepreneurs”

  1. Hi! This is Chris from Digit, wanted to say thanks for the review and chime in with some helpful tips based on that situation you mentioned with that user to help make for better situations all around 🙂

    – We have an overdraft guarantee, if a user receives an overdraft from our automatic transfer, we’ll cover the fee for you.
    – You can text “Pause” to put Digit on hold temporarily if you have unexpected expenses that Digit might not be aware of.
    – You can set a checking minimum on your account that Digit will not attempt to save if your checking balance is under by texting “Minimum” to Digit.

    Hope that helps for all our other awesome savers out there, save on!
    help.digit.co

  2. Hey there!

    This is Karisa from Goodbudget.

    Just wanted to update y’all with some info about the Free Plan. With the Free Plan, you’re able to track your expenses in 10 Regular + 10 Annual Envelopes. And while Goodbudget doesn’t automatically sync with your real-life bank account, you can import your transactions by downloading a recent activity file from your bank’s website. Finally, you can categorize your Envelopes into groups while on the website.

    Hope this helps!

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