8 Popular Budget Apps for Couples

Q: Is there a budget app you can share with your spouse?

Yes. Many budget apps allow you to sync the budget with more than one person. There are also budgeting apps that are specifically designed for couples and families.

Q: How should a married couple set up a budget?

To set up a monthly budget, you’ll need to: Determine how much income you have coming in each month. Tally up all of your necessary monthly expenses, such as utilities, rent/mortgage payments, and groceries. Subtract monthly necessary expenses from your monthly take-home income. Based on what’s left over, decide how much you want to allot to paying off debt, discretionary spending, and saving for goals each month.

Q: How do couples split budgets?

There are several different ways couples who live together can split expenses. One option is to simply split everything 50-50. Another is to put your paychecks into a joint account and pay for everything from there. A third option is for you and your partner to contribute different amounts to the joint account (such as a certain percentage of your income) and use the account to pay for shared expenses.

Austin KilhamUpdated January 25, 2023

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

Managing your finances can be challenging enough when you're single. Add a significant other into the mix, and things can get even more complicated. Even if you keep separate bank accounts, you’re likely splitting household expenses. You may also be planning a shared future, which might include buying a home, sending kids to college, and planning for retirement.Fortunately, there are a number of financial apps that can make managing money as a couple a lot easier. These (often free) tools can help you keep tabs on your accounts, track your spending, and work toward your short- and long-term goals. And, they’re generally easy to set up and use. Intrigued? Here’s what you need to know about budget apps for couples.

Why Do Some Couples Budget Together?

Setting up a budget as a couple allows you to learn more about each other’s expenses, debts, and investments. It can also help you to manage your shared monthly expenses, prioritize your spending, and reach your joint money goals — whether that’s paying for your wedding or making a down payment on a home — faster.Recommended: Money Saving Games and Financial Gamification

7 Best Budgeting Apps for Couples

Here’s a look at seven popular budgeting apps that are either designed for or can work well for couples. All are offered in both the App Store (for iOS) and on Google Play (for Android).

1. Honeydue

With the Honeydue app, couples can see both partner’s bank accounts, credit cards, loans, and investments. (However, each of you can decide what accounts you want to share vs. keep private.) The app allows you to set spending limits for different categories. Once you do, it will track your spending and send alerts when you’re approaching your limit. You can also use Honeydue to monitor savings goals and keep track of bill due dates. Cost: Free.

2. Simplifi

Ideal for first-time budgeters, Simplifi is a user-friendly app that allows couples to connect all of their key financial accounts, such as bank accounts, credit cards, loans, and retirement accounts, for a shared bird’s eye view. You can also use the app to set financial goals and generate a customized spending budget that can help you realize those goals. If you go off track, the app will let you know. Cost: $3.99 per month when billed annually; $5.99 when billed month to month.

3. Mint

Though Mint isn’t designed specifically for couples, it allows you to connect multiple accounts and makes it easy to set up a household budget. The app will automatically categorize your spending (so neither partner has to manually enter their purchases) and will send you alerts when you’re going over budget. Also handy: Mint lets you know when you might be overpaying for certain things (like cable and internet) and if there’s been a suspicious transaction on any one of the connected accounts. Cost: Free.

4. Personal Capital

Personal Capital is a full-service personal finance app that does everything from managing your budget to monitoring your investment portfolio. The dashboard gives you a financial snapshot of your net worth, along with how you’re progressing toward different goals, such as your emergency fund and retirement savings. In terms of budgeting, the app has everything you need — it lets you sync all of your accounts, tracks your spending, and lets you know when bills are almost due. Cost: Free.

5. Goodbudget

Goodbudget is based on the envelope method of budgeting. With the old-school envelope method, you put cash in envelopes earmarked for certain budget categories like groceries or clothing. Once you spend all the cash in the envelope, you can’t spend any more. Goodbudget provides a digital alternative to carrying around a stack of cash-filled envelopes. The app doesn’t link to your accounts, though, so you’ll need to manually enter your amounts.Cost: You can get 20 free envelopes and one shared account on two devices for free; it's $8 a month for a bigger plan.

6. Firstly

Firstly (formerly known as Honeyfi) offers a one-stop shop for managing family finances. It can be a good choice for couples who are supporting children, as well as aging parents. You can use the app to manage your household’s expenses, work toward savings goals (like retirement or sending kids to college), teach your teens about saving, and monitor your parents’ monthly bills — all in one place. Firstly also allows in-app conversations with family members.Cost: Free.

7. PocketGuard

Whether you're budgeting solo or as a couple, PocketGuard takes the work and drudgery out of the process. Once you link all of your financial accounts and set your financial goals, the app will automatically build your budget (based on your combined incomes, recurring bills, and goals). PocketGuard will even sift through your expenses and identify ways to save and improve your finances. Cost: The basic version is free; the premium version (which allows for more customization) is available for $7.99 a month or $79.99 a year.Recommended: How Much a Baby Costs the First Year

Why Is Budgeting Important?

While the term budgeting often has negative connotations, a budget is simply a plan for how you want to spend your money. Rather than being restrictive, a budget can actually set you free — it enables you to prioritize your spending and focus your money on the things that are most important to you. When you spend without any kind of a plan, you can end up allocating a large portion of your income to things that you actually don’t care that much about, and end up with less to spend on the things that really do matter to you — like buying a home or going on a great honeymoon. A budget also ensures that your bills get paid in full and on time, and can help you get out of debt. There are all different kinds of budgets. One popular approach is the 50/30/20 budget. It divides your take-home income into three spending categories: 50% goes toward needs, 30% goes toward wants, and 20% goes toward savings and debt repayment.Recommended: Common Types of Bank Accounts

Where to Store the Money You Set Aside

Once you and your partner start using a budget app, you’ll likely start saving more. Where can you earn the most on that savings? There are many types of savings accounts that allow you to earn interest and grow your balance over time, including high-yield savings accounts, money market accounts, and certificates of deposit (CD). To find the best rate on a savings account, you’ll want to look at annual percentage yields (APYs). This tells you how much your money will earn in a year and includes the effect of compounding (which is when you earn interest on the interest that gets added to the account). Comparing APYs allows you to compare accounts apples to apples.Savings accounts can be a good way to save for things you want to pay for the next few months to a year, such as a vacation or wedding. However, even high-yield savings accounts typically don’t pay enough interest to hit long-term savings goals, like retirement or a child’s college education. For that, you may want to consider investments like stocks or mutual funds, however, these carry risks so be sure to consider your investment goals and objectives.Recommended: What is the Average Interest Rate on a Savings Account?

The Takeaway

A couple’s budgeting app can help you and your significant other get on the same financial page. These tools provide transparency and can also help you come up with (and stick to) a spending plan that enables you to cover your bills, have fun, and still put some money in savings. If you’re interested in finding the best rate on your savings, Lantern by SoFi can help. With our online banking marketplace, it’s easy to compare high-yield savings accounts based on APY, fees, and balance minimums.

Frequently Asked Questions

Is there a budget app you can share with your spouse?

How should a married couple set up a budget?

How do couples split budgets?

Photo credit: iStock/Goodboy Picture Company

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About the Author

Austin Kilham

Austin Kilham is a writer and journalist based in Los Angeles. He focuses on personal finance, retirement, business, and health care with an eye toward helping others understand complex topics.

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