Do you ever find yourself stressed while paying the bills? Or upset with yourself when you spend too much money on a shopping binge? If so, it might be time to start budgeting your money. If you’re intimidated by budgets, you’re not alone! According to a survey by The Penny Hoarder, more than 55% of Americans don’t use a budget to manage their income. However, this can leave you feeling stressed out by money issues. Learn how you can manage your finances with the best family budgeting app.

Woman checking finance app

What are budgeting apps and how do they work?

Budgeting apps can help you create a budget that suits your individual needs while also tracking your finances. If you live with roommates, a partner, or family members who contribute income to the household, you can use a family budgeting app. These apps will track your individual spending while also taking the family budget into consideration. But why should you use a budgeting app?

When you make a purchase, the app records and categorizes your spending. Later, you can view your budget to see the amount you have left and how much you spent that month. Budgeting apps ensure that you stay disciplined about your budget without overspending.

If you have multiple accounts with different banks or providers, you’ll be able to view them all within one app. Budgeting apps can also alert you when you’ve gone over your budget or if something seems fishy with your accounts. You can customize the alerts, so if you want to know when your bills are due, you can set up an alert for that too.

Best family budgeting apps

Budgeting doesn’t have to be difficult. Gone are the days of balancing the checkbook. Let a budgeting app do most of the work for you so you’re free to do more important things, like spend time with your family. Just like it’s important to create a family media plan, it’s equally important to share budgeting tips with your family to help them learn.

Here are some of the best family budgeting apps available today.

Couple looking at finances

1. Monarch Money

Monarch prides itself on being the modern way to manage your money. You can invite a partner to join finances without the hassle of switching banks. Your partner will get their own login, and you’ll both get a shared view of what’s happening with your money. If you do switch banks though, Monarch syncs with over 11,000 institutions. You can also track all of your financial goals and create a plan to achieve them. If you get off track, they’ll help you get back on track.

2. Goodbudget

Goodbudget is an app based on the envelope budgeting method. They’ll help you sync and share budgets, save for big expenses, and pay off debt. If you are crafting a budget with a partner, your budgets will sync between your mobile device and the web. So if you’re at Target wondering if you have enough for a new pair of shoes, you can check the app and see how much your partner already spent on the clothing budget.

3. Mint

Mint is the number one most downloaded personal finance app for a reason. Their software allows you to link your cash accounts, credit cards, investments, and bills all in one place. With 256-bit encryption and multi-factor authentication, your personal information is safe and secure. If you go over your budget or if Mint spots areas where you can improve your budget, they’ll send you a notification.

Woman checking receipt on best family budgeting app

4. Rocketmoney

Rocketmoney makes it easy to set up a budget that automatically monitors your spending by category. Their spending breakdown shows your historical spending patterns, making it easy to set financial goals. They also intelligently analyze your transactions to help you understand how much you have available to spend each month. Rocketmoney will help you manage your subscriptions and put money into savings.

More ways to save money

Setting a budget for yourself using the best family budgeting app is just the first step. Next, you’ll need to practice self-discipline in order to reach those financial goals. But don’t worry—your budgeting app will help hold you accountable.

For more ways to save money and practice good spending habits, learn more about the best time to switch internet providers. Is inflation taking a bite out of your budget? Check out five often overlooked ways to cut costs. The CenturyLink Discover blog is here to help.

Emily Richey is the Content Manager for the CenturyLink and Quantum Fiber blogs. A recent graduate of Pace University NYC, she's an avid reader and writer. She spends most of her free time in bookstores and cafes, seeking the perfect cup of coffee.