Understanding how much you earn and spend is the key to getting control of your finances.
Creating a budget gives you a better sense of where your money is going and can help you achieve financial milestones like buying your first home.
CNBC Select has selected the best free budgeting tools for beginners, investors, small business owners and more. (See our methodology for more on how we made our selections.)
Best for managing subscriptions: Rocket Money
Who's this for? Rocket Money is our pick for keeping on top of subscriptions. It will find recurring charges you may have forgotten about and (with Premium) even cancel them for you.
Standout benefits: Rocket Money's bill negotiation service will help you lower recurring fees from internet, phone and cable bills, in return for a percentage of the money you save
Rocket Money
Cost
The basic plan is free. Rocket Money Premium is $7 to $14 a month with a 7-day free trial. Bill negotiation services cost 35% to 60% of the first-year savings, if the negotiation is successful.
Standout features
Easily cancel unwanted subscriptions, track your spending and credit score, automate savings and get help lowering bills. Rocket Money Premium includes additional services like net-worth tracking, credit reports and a subscription cancellation concierge service
Security
Rocket Money accesses transaction data via an encrypted token, uses Plaid API so user credentials are never stored, provides bank-level 256-bit encryption and hosts servers on Amazon Web Services
Availability
Offered online and on both the App Store (for iOS) and on Google Play (for Android)
Terms apply.
Pros
- Allows you to easily view and cancel unwanted subscriptions
- Offers a free version
- A+ from Better Business Bureau
Cons
- Nonrefundable bill negotiation fee can be up to 60% of savings
- Premium pricing varies
Best for investors: Empower
Who's this for? Empower is ideal if you're looking for an investment tool that tracks both your spending and wealth.
Standout benefits: The Empower Budget Planner automatically categorizes various financial accounts, including IRAs, 401(k)s, mortgages and personal loans.
Empower
Cost
App is free, but users have option to add investment management services for a fee
Standout features
A budgeting app and investment tool that tracks both your spending and your wealth
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Data encryption, fraud protection and strong user authentication
Terms apply.
Pros
- Free to use
- Includes money-tracking dashboard, plus a net-worth tracker
- Syncs to your bank and credit cards as well as other financial accounts
- The Currency blog offers financial planning tips
- Security features include data encryption, fraud protection and strong user authentication
Cons
- Budgeting features aren't as comprehensive as other apps
- Investment management services come with cost
Best for beginners: Goodbudget
Who's this for? Goodbudget is a great fit if you're new to budgeting. It's essentially a digital version of envelope stuffing, assigning a category to all of your money, and comes with an easy-to-use interface and lots of education tools.
Standout benefits: Users can share and sync their budgets, making this app a good option for couples and families.
Goodbudget
Cost
Free for 20 total envelopes, $10/month (or $80/year) for unlimited envelopes
Standout features
Allows couples to track debt and use a digital "envelope" system to budget funds
Categorizes your expenses
Yes, but free users must manually input transactions
Links to accounts
No, users must manually input purchases and transactions
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android) and for desktop
Security features
Information is protected using bank-grade 256-bit SSL
Terms apply.
Pros
- Free tier available
- Can share budget and spending with a partner in real time across multiple devices
- Digital envelopes help couples and households stay aligned on spending goals
- Offers money management courses and educational resources
- Available on iOS, Android and desktop
Cons
- Free tier doesn't sync with bank accounts (all transactions must be entered manually)
- No bill-paying or investment-tracking features
Best for small business owners: GnuCash
Who's this for? A desktop application, GnuCash uses a double-entry accounting method that will appeal to small business owners. It also has invoicing, accounts payable and receivable and payroll management tools.
Standout benefits: GnuCash supports accounting in different currencies and multiple languages, making it a winner if you do business internationally.
GnuCash
Cost
Free
Standout features
Free, open-source accounting software with double-entry bookkeeping, thorough reporting and professional-grade invoicing, bill payment and payroll tools.
Categorizes your expenses
No
Links to accounts
Allows users to import their bank account information
Availability
Compatible with Windows, Mac OSX, GNU/Linux, BSD and Solaris, as well as an app for Android users
Security features
GnuCash is desktop-based, so data is stored locally, not on the cloud.
Terms apply.
Pros
- Free to use
- Double-entry bookkeeping helpful to startups and small businesses
- Highly customizable reports, graphs and account structures
- Available in multiple languages and currencies
- Users can create recurring transactions and payment reminders
- Desktop-based, so data is not at risk of being stolen
Cons
- Steep learning curve
- Outdated user interface
- Lacks direct bank integration
Best for meeting savings goals: SoFi Relay
Who's this for? SoFi Relay is available through the SoFi app, but you don't have to have a SoFi account to use it. It links to most cards and bank accounts, to easily let you track your spending and savings. You also get access to a financial expert to discuss your savings goals.
Standout benefits: Relay comes with free credit score monitoring.
SoFi Relay
Cost
SoFi Relay has no fees or costs for use.
Standout features
SoFi Relay allows you to compile into one place information about your assets, liabilities and financial goals.
Categorizes your expenses
Yes, Relay allows you to view charts that categorize credit card and debit card transactions by budgeting categories (such as groceries and utility bills).
Links to accounts
Yes, Relay allows you to link accounts at external institutions to review spending, savings and budgeting across multiple accounts, and based on current month as well as historical trends
Availability
Available on SoFi.com on the web or in the SoFi mobile app.
Security features
User data is stored in a location that includes physical security, fire protection, and electronic shielding.
Terms apply.
Pros
- Free to use
- Users can create charts that categorize spending in different financial categories
- Provides tips and insights based on your financial information
- Allows you to compile and view financial info from multiple accounts
- Automatically updates your connected accounts to always be up-to-date
- Security features include both physical and electronic protections
Cons
- Uses the VantageScore® 3.0 credit score, not FICO
- May lack some premium features other paid apps provide
What does a budgeting tool do?
Budgeting can be a tedious task, but a good budgeting tool can make the process a lot easier. It could be an app, a website or even a calculator.
Hands-on methods, such as manually entering your transactions, take more time but can help you be more thoughtful about your spending.
You'll also want to decide if you want to pay for a budgeting tool. While the tools on this list are free, there's a lot to be gained with paid budgeting apps like You Need A Budget (YNAB), which let you set goals, customize spending categories and receive access to educational workshops.
You Need a Budget (YNAB)
Cost
34-day free trial then $109 per year ($9.08 per month) or $14.99 per month (college students who provide proof of enrollment get 12 months free)
Standout features
Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the "zero-based budgeting system" where no dollar is unaccounted for). Every dollar is assigned a "job," whether it's to go toward bills, savings, investments, etc.
Categorizes your expenses
No
Links to accounts
Yes, bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Encrypted data, accredited data centers, third-party audits and more
Terms apply.
How do you create a budget?
Making a budget can be done in as little as five steps:
1. Calculate your net income
Your net income is the amount of money you earn after taxes and can be found on your pay stub and bank statements.
2. List your monthly expenses
Look at your regular monthly spending on things like rent or mortgage payments, utilities, loan payments, insurance, transportation, child care, groceries and subscriptions. Don't forget to include your contributions to savings, like a 401(k), IRA or high-yield savings account.
Go through and label each as a fixed or variable. Housing costs, insurance, loan payments and gym memberships are fixed, while entertainment, food, travel and clothing are variable. This will help you see where you can cut back.
3. Determine your monthly costs and adjust as needed
Review how much you spend every month in each category. It's easiest to do this while looking at your bank account and credit card statements.
If your expenses exceed your income, focus on where in your budget that you can cut back. If your income is significantly higher than your expenses, reevaluate what you should be doing with the excess — for instance, putting it in a high-yield savings account.
How to choose a free budgeting tool
First decide what your financial goals are. Are you trying to pay down debts or save for a long term goal like a down payment on a house? This will impact your decision, since these apps all have different strengths and weaknesses.
Then decide what kind of budgeter you are. Do you prefer allocating spending manually or would you rather have your money tracked automatically?
Since all these tools are free, you can test several and see which you prefer.
More on the best free budgeting tools
Rocket Money
Rocket Money, from the same company behind Rocket Mortgage, has saved its users over $1 billion. It offers more unique features like bill negotiation and help with managing subscriptions.
Availability: iOS, Android and online
Links to: Bank accounts and credit cards
Categorizes expenses: Yes
Empower
Empower serves over 18 million customers with a range of financial products and tools, from retirement accounts to investment and cash management accounts. Its budgeting app, Empower Personal Dashboard, can help you better track and adjust your finances by having all your financial accounts in one place.
Availability: iOS and Android
Links to: Bank accounts and credit cards, IRAs, 401(k)s, mortgages and personal loans
Categorizes expenses: Yes, but entries can be modified
Goodbudget
Goodbudget is a personal finance app based on the envelope budgeting system, but with a few tweaks to help modernize the method.
Availability: iOS, Android and online
Links to: Users must manually input transactions
Categorizes expenses: Yes
GnuCash
GnuCash is an accounting software developed and maintained by volunteers and fits the financial needs of both individuals and small businesses.
Availability: Windows, Mac and Linux
Links to: Bank accounts
Categorizes expenses: No
SoFi Relay
SoFi is a large online bank that offers a range of products, from student loans to mortgages, savings accounts and more. SoFi Relay allows you to create your budget and review spending habits while using the VantageScore® 3.0 credit score.
Availability: iOS and Android
Links to: Bank accounts and credit cards
Categorizes expenses: Yes
Budgeting apps FAQs
What can I use instead of the Mint app?
If you're looking for a new free budgeting tool, there are many options above that fit a wide variety of budgeting styles, like Goodbudget or Rocket Money.
Are free budgeting apps safe?
While free budgeting apps are generally safe, it's important to be mindful of your financial information and only provide it to sources you trust.
What information do I need to make a budget?
To make a basic budget you need to know your income, determine what spending is essential vs nonessential, and subtract your expenses. You can compare the differences and adjust as needed.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every budgeting tool review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best free budgeting tools.
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Our methodology
To determine which free budgeting tools offer the best user experience, CNBC Select analyzed over a dozen different budgeting tools and looked at their features and user reviews.
We narrowed down our ranking by looking for apps that offer a free service, not just a free trial, and fit a variety of budgeting methods. We wanted variety in the ways users can build their budget, and we ranked each tool based on areas where they excel.
The tools we selected for this ranking are all free and provide users value. For our selection, we also favored budgeting tools that have strong user reviews.
Other factors we looked at included the security features, user customization and illustrative data insight, such as graphs and reports, that are available.
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