Budgeting apps are convenient in that most automatically sync to you bank accounts and credit cards so that you can easily track your cash inflow and outflow.
If you have money in the markets, however, you likely aren't able to extensively analyze your investments in the same app you use to keep an eye on your everyday spending.
The Personal Capital budgeting app is one exception that has advanced tools for all your financial planning. Out of a dozen-plus apps that CNBC Select compared when rating the best budgeting apps of 2021, Personal Capital stood out for being the best app for investors.
In addition to being a basic budgeting app, Personal Capital acts as an investment tool that links to your bank accounts and credit cards, as well as IRAs, 401(k)s, mortgages and loans. Its money-tracking dashboard makes it easy to see an overall view of all your personal finances in one place.
Below, we review the Personal Capital budgeting app to give you all the details on its features, including the tools, perks, safety, pricing, availability and ratings so you can decide if it is the right app for managing your money.
Personal Capital budgeting app review
Personal Capital
Information about Personal Capital has been collected independently by CNBC and has not been reviewed or provided by Personal Capital prior to publication.
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Cost
App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million)
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Standout features
A budgeting app and investment tool that tracks both your spending and your wealth
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Categorizes your expenses
Yes, but users can customize
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Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
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Security features
Data encryption, fraud protection and strong user authentication
Pros
- Free to use
- Includes money-tracking dashboard, plus a net-worth tracker as well as a breakdown of your investment portfolio
- Offers free investing tools, such as a retirement planner, education planner and fee analyzer to check portfolio fees
- Syncs to your bank accounts
- Offers Daily Capital blog for 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
Personal Capital budgeting app tools
Personal Capital is a budgeting app and investment tool that tracks both your spending and your wealth by linking to your bank accounts, credit cards, IRAs, 401(k)s, mortgages and loans.
The app includes a popular money-tracking dashboard with a breakdown of your investment portfolio included so a recap of your finances can be easily found in one place.
It also offers a net-worth tracker so users can track their financial value, in addition to seeing where their money goes and setting a budget. Personal Capital will automatically categorize users' expenses, but they have the option to customize.
Perks
For those who invest, Personal Capital has a bunch of perks for you.
Users can count on having access to free investing tools, such as a retirement planner, education planner and a fee analyzer to check their portfolio fees. There is also an investment checkup available where you can see how well your investments are performing and how they could improve, plus a savings planner tool to help you save for retirement, an emergency fund or debt payoff.
Investing newbies can learn financial planning tips and more through Personal Capital's Daily Capital blog.
And, for a fee (see below), you can even access personalized investment services and wealth management advice from licensed fiduciary advisors. They will offer insights on your cash flow, spending and budgeting, as well as advise on things like your 401(k) and how to build a more tax-efficient portfolio.
Safety
Personal Capital's security features include data encryption that sends you codes to access your information, fraud protection that keeps you up-to-date on your transactions and strong user authentication to confirm your identity.
Pricing
The Personal Capital budgeting app is free to use.
You have the option to add personalized investment services and wealth management advice from licensed fiduciary advisors for an annual management fee of 0.89% of your investment assets under $1 million. An in-depth breakdown of these tiered plans can be found here.
Availability and ratings
The Personal Capital budgeting app is available in the App Store (for iOS) and is compatible with the iPhone, iPad, iPod touch and Apple Watch. It is also available on Google Play (for Android).
Rating in App Store at time of writing: 4.7 out of 5 (over 29,000 ratings)
Rating on Google Play at time of writing: 4.5 out of 5 (over 14,000 ratings)
Bottom line
Our methodology
To determine which budgeting apps offer the best user experience, CNBC Select analyzed over a dozen apps offered by the top companies in this market and looked at their pricing, features, user reviews and ratings.
We narrowed down our ranking by only considering apps that sync transactions from users' bank accounts, come with low (or no) cost to sign up, are easy to use and can be accessed on multiple devices so are accessible and compatible for most.
The five apps we selected for this ranking are either free, offer a free version or have a free trial for users to test out before signing up.
All of the apps in our round-up have a sizable number of user reviews and high ratings. Each app on this list has at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating over 4 stars (out of 5) on both platforms.
Other factors we looked at included apps' security features, user customization and educational tools offered.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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January 20, 2021 at 02:18AM
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The best budgeting app for investors - CNBC
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