Best Free And Paid Online Budgeting Tools

It seems like everyone is trying to get a handle on their budget and figure out a way to really maximize every dollar they earn.  The money we earn has a permanent front seat in our thoughts, and rightly so!  When I was researching the best online budgeting tools, it seemed a bit counter-intuitive to suggest software that you’d have to pay for.  But not everyone will mind paying for software that will eventually save them money…so this list will include the best 3 free online tools and only 2 paid online tools.  Hope that’s okay!

The Best Free and Paid Online Budgeting Tools

1. Yodlee – Yodlee is a trusted and reliable way to get control of your finances.  It allows you to track your net worth online, helping you follow your brokerage, 401(k), insurance and mortgage accounts, just to name a few.  You may also create a budget, track your spending, create an expense analysis chart etc. as well as share access for your account information with whomever you choose – like your accountant, spouse or even a financial planner.  Not only is it awesome and comprehensive, it is also one of the most secure online tools to help you manage your money.
2. Mint – Mint is a great combination of the Yodlee account consolidation technology and a variety of free online budgeting tools to really help you take charge of your budget.  The Mint software analyzes your spending and makes suggestions on how you may be able to cut costs.  Yes, it is often a pitch for tools and products that you would need to pay for, but they always show you how much money you can save and explain why they are suggesting that product or service.  These suggestions help keep Mint a free software, as users may or may not decide to buy them.  Oh, they also have an iPhone app to make it even more convenient to use.
3. MoneyStrands –is a web-based personal finance tool that automatically fetches your financial data from savings, checking and credit card accounts.  The software also makes personalized money saving suggestions and advice, is fully customizable, similar to Quicken and Microsoft Money light.  It is fairly basic, but will get the job done for those that need a more straight forward way to track their money and accounts.

Paid Software

1. Mvelopes Personal – This software has a free trial that you can start with, but is a paid tool.  It is based on Dave Ramsey’s cash envelope system and provides online envelope management that you can use to divide expenses like groceries, entertainment and bills.  This helps you to see how all of your income gets divided and assists you in budgeting for upcoming purchases or payments and increasing the money you want to save.
2. You Need A Budget (YNAB) – Again, you can start with the free trial, but will need to pay to keep using it.  This is a spreadsheet program that helps those who are making the effort to finally get out of debt and achieve financial freedom.  It offers several powerful budgeting tools and bonus spreadsheets that are geared to teach you how to use a debt analyzer, car maintenance schedule, a mortgage analyzer, etc.

Of course, you can always purchase premium software, such as Quicken, QuickBooks or even Microsoft Money…or simply create your own spreadsheets to track your budget with Excel.  The above recommendations fall somewhere between, but can certainly help you to establish your own monthly and yearly budgets for your personal use, business use or both!   No matter which you choose, creating a budget and tracking your spending is always the right choice.