Why Expense Tracking Changes Behavior
Research in behavioral economics consistently finds that the act of tracking expenses alone — even without changing anything — reduces spending by 10-15%. Awareness is the first and most powerful step. The best apps make tracking so frictionless that you stick with it long enough to change habits.
Empower (formerly Personal Capital)
Best free option — tracks spending AND investments
Empower connects all your accounts (bank, credit card, investment) and provides automatic expense categorization, net worth tracking, and investment fee analysis — all completely free. The investment tools alone are worth the setup.
Pros
- Completely free forever
- Best-in-class investment tracking
- Automatic categorization
- Net worth dashboard
- Fee analyzer for investment accounts
Cons
- Upsells to financial advisors
- Less powerful budget vs. YNAB
- Some sync connection delays
Expensify
Best for business & freelance expense tracking
Expensify is designed for expense reports — capture receipts with SmartScan OCR, auto-categorize business expenses, and submit reports directly to employers or accountants. Essential for freelancers and anyone who gets expense reimbursements.
Pros
- Best receipt scanning in the industry
- Automatic expense report generation
- Syncs directly with accounting software
- Corporate card integration
- Mileage tracking built-in
Cons
- Overkill for personal use
- Free tier limited to 25 SmartScans/mo
- UI dated compared to newer apps
Simplifi by Quicken
Best dedicated personal budget tracker
Simplifi focuses purely on personal finance with clean spending watchlists, customizable categories, and a savings plan feature. At $4/month annually it's one of the most affordable paid options with excellent features.
Pros
- Very affordable
- Clean, focused interface
- Excellent spending watchlists
- Bill tracking and alerts
- Good reporting
Cons
- Less powerful than Monarch/YNAB
- No investment tracking
- No zero-based budgeting
| App | Price | Auto-Sync | Receipt Scan | Best For |
|---|---|---|---|---|
| Empower | Free | Yes | No | Free investment + expense tracking |
| Expensify | Free / $5+ | Yes | Yes — SmartScan | Business/freelance expenses |
| Simplifi | $48/yr | Yes | No | Personal budget tracking |
| Monarch Money | $99/yr | Yes | No | All-in-one management |
| Wallet by BudgetBakers | Free / $2.99/mo | Yes | Yes | International users |
| Spreadsheet (manual) | Free | No | No | Total control, no privacy concerns |
Apply your expense data to the 50/30/20 rule
Once you know your spending, use the Budget Planner to see how you align with the needs/wants/savings framework.