Top 7 Budgeting Apps for Freelancers

Freelancers have nearly unlimited freedom at their fingertips and are able to take on passion projects wherever, whenever. Freedom, however, comes with a price, and stability is frequently traded off for uncertainty. While 9-5’ers may have paychecks that are always on time, freelancers ride a rollercoaster of up-and-down income, unpredictable expenses, and the constant shadow of keeping track of taxes. Without a solid budgeting plan, it’s easy to lose track of your finances and fall into a financial tailspin.

BUT thankfully, there are game changing apps out there that can help balance the budget for freelancers. They can do everything from helping to ease the burden of financial management, track cash flow, and help harness long term success. This guide is to help shed light on the best budgeting apps out there, and how they can empower freelancers to keep control of all things “finances” without the pile of stress.

Why You Should Mind Your Budget as a Freelancer

Frankly, budgeting isn’t anyone’s ideal conversation piece at coffee time (OK…we see you bankers), but for freelancers, it’s absolutely essential. Budgets aren’t just for tracking spending—they are the blueprints for achieving financial goals and the heartbeat of sound financial health. To a freelancer, that means being able to track their financial situation around the clock. And with an income that resembles a Yo-yo competition, knowing what to put aside for rent, taxes, food, and having an emergency fund can be the difference between financial stability and famine. Check out our blueprint to achieving a financial peace of mind in our step-by-step guide on setting freelance budgeting goals.

Freelancers should keep tabs on every dime and dollar, even when it seems like a burden. Without proper financial planning, it’s easy to overspend on a good run and then be scrambling to scrounge in a drought. The purpose of having a well-oiled budget is to facilitate financial decisions that keep financial health in good standing—and that means having a sufficient emergency fund, mitigating overspending, and keeping tabs on taxes and those ever present bills.

At first glance, Excel spreadsheets and free templates may seem like the proper play, but in reality they have a ton of limitations. Spreadsheets require manual input, which require constant time and attention to jot down each transaction and expense. This is where budgeting apps come to the rescue and save the time heist! They automate money management by synching with your bank accounts and offering automatic tracking. For business owners juggling small business expenses, these apps can make it easier to stay organized and ensure long-term financial success. If you’re struggling to stay organized or unsure how to properly categorize expenses, take a look at our article on the best ways to track expenses as a freelancer.

Why You Should Use an App for Effective Budgeting

As a freelancer, good financial management requires much more than a basic budget. On this roller-coaster, you need a system to account for fluctuating income, taxes, and business expenses, and that’s exactly where budgeting apps shine. Using one (Do your research to find the one that suits you best) gives you the power to stay organized, automate time-consuming tasks, and see your financial picture through clear eyes.

Being self-employed comes with a plate of extra financial obligations, so it’s critical to keep a lookout on your cash flow. Freelancers often juggle both personal and business expenses, and apps designed for freelancers simplify this by integrating bank accounts, automating expense tracking, and offering tools like invoicing and cash flow analysis. These features empower freelancers to make smart decisions, maintain financial stability, and avoid cash flow crunches.

Some of the best features in budgeting apps include:

• Integrating Bank Accounts and Expense Tracking: Say goodbye to jotting down every transaction and expense (put the pencil down) and say hello to the ease of automatic tracking.
• Real-Time Access to Financial Accounts: With this, you’ll know exactly where your finances stand at any given moment.
• Cash Flow Analysis: Thanks to powerful forecasting models, budgeting apps can help you get a better idea of the ups and downs and predict expenses and earnings. Time to even out the roller coaster.
• Invoicing: Many apps include invoicing features, so you can disperse invoices directly through the application and know exactly who owes you what. For a deeper dive into invoicing strategies and how to get paid faster, check out The Freelancer’s Guide to Invoicing.
• Cash Flow Management: Managing cash flow is a must for freelancers that enjoy peace of mind, and real-time cash flow management can facilitate stress-less irregular income predictions. Our comprehensive guide on managing cash flow as a freelancer will give you the insights you need.

As you can see, by allowing automation for these tasks, you can spend more time working and less time worrying. In addition, many apps allow for authentication for secure access, pricing plans that accommodate all types of budgets, and options for linking your checking account or savings account. No matter the need, there is a budgeting app out there for you!

A Short List of the Best Budgeting Apps for Your Freelance Business in 2024

It’s important to note that not all budgeting apps in the digital universe are created equally. There’s ones that are for you (and most others)...and ones that are not (almost nobody). The following apps were selected because they combine easy-to-use interfaces with powerful personal finance tools that cater to freelancers. Let’s dive into the best ones.

You Need A Budget (YNAB)

YNAB is built to wow on a proactive budgeting system known as zero-based budgeting. It was designed to allow freelancers to allocate every dollar for a specific purpose, so nothing slips through the cracks. With YNAB’s envelope budgeting system, freelancers can assign funds to categories like bills, savings, and taxes, and make sure everything fits perfectly. Even better, YNAB offers real-time syncing across devices, so you always know your financial standing. If you’re wondering whether YNAB is the right tool for you, check out our deep dive, YNAB for Freelancers: Is It Worth It?, where we break down its pros, cons, and how it stacks up for freelancers.

YNAB Pros:

• Encourages proactive budgeting with its envelope method.
• Real-time syncing across mobile and desktop devices.
• Goal-setting features help you prioritize saving for larger expenses. For a detailed roadmap on how to set realistic financial goals, check out step-by-step guide to setting freelance budgeting goals.

YNAB Cons:

• Learning curve for beginners.
• Lacks built-in invoicing or business-specific tools.

Monarch

Monarch is the go to for freelancers looking for pure simplicity. It automatically categorizes expenses and sends alerts for upcoming bills. Monarch has a totally free version, making it accessible for freelancers on a budget, and it's easy to use without bonking you on the head with unnecessary (and annoying!) features.

Monarch Pros:

• Free version available.
• Automated expense categorization.
• Alerts for bills and spending.

Monarch Cons:

• Limited customization options.
• Not as strong for managing complex finances.

PocketGuard

PocketGuard is the Creme’ de la Creme’ for freelancers who want to get a handle on their day-to-day spending. Its “In My Pocket” feature prevents overspending by telling you what you have left after paying bills. PocketGuard also links directly to your bank accounts for real-time tracking.

PocketGuard Pros:

• Simple, intuitive interface.
• The “In My Pocket” feature helps control discretionary spending.
• Linked accounts for automatic tracking.

PocketGuard Cons:

• Limited advanced financial analysis.
• More focused on personal finance than business.

Wave

Wave is a powerful, feature packed, and wait for it...totally free financial tool designed for freelancers, entrepreneurs, and small businesses. It is an all-in-one platform where you can manage accounting, invoicing, and receipts. One amazing feature of Wave is that it offers professional invoicing for free, with options to accept credit card and bank payments for a small fee. It's perfect for freelancers who are just starting up and need to skimp on costs while still having powerful tools at their fingertips. For those trying to decide between these two popular invoicing tools, we’ve broken down the pros and cons in our detailed comparison.

Wave effortlessly synchs your personal and business finances, making it a breeze to track expenses, handle accounting, and stay steady for tax season. It’s especially useful if you’re looking for an app that covers the whole nine yards of freelance finance management without breaking the bank with a monthly subscription.

Wave Pros:

• Completely free accounting, invoicing, and receipt scanning.
• Professional invoicing with the ability to accept payments.
• User-friendly and easy to navigate, even for those without accounting experience.
• Seamless integration of personal and business finances in one place.

Wave Cons:

• Customer support can be slow unless you pay for premium support.
• Limited advanced features for larger-scale businesses.

FreshBooks

FreshBooks is a cloud-based accounting app that offers tools for invoicing, expense tracking, and time management, accommodating need for freelancers that want more than a budgeting tool. FreshBooks is known for its invoicing functionality, which gives freelancers the power to send professional invoices and pull in payments faster. It also generates tax-ready reports, taking away the tax season headache.

FreshBooks Pros:

• All-in-one solution for invoicing, accounting, bookkeeping, and time tracking.
• Cloud-based, accessible from anywhere.
• Tax-ready reports for easy filing.

FreshBooks Cons:

• Overly complex for freelancers with simple needs.
• Limited budgeting features compared to other apps.

QuickBooks Self-Employed

QuickBooks Self-Employed is built for freelancers and small businesses alike. It’s a heavy hitter (see its bigger brother than Fortune 500 companies use) and is jammed with features like mileage tracking, automatic tax estimates, and invoicing, making it an excellent choice for managing both personal and business finances.

QuickBooks Self-Employed Pros:

• Mileage tracking for business travel.
• Automatic tax calculations and estimates.
• Invoicing and expense tracking in one app.

QuickBooks Self-Employed Cons:

• Monthly subscription required.
• Can be complex for very small-scale freelancers.
• Limited features for non-US users.

Cash Flow Calendar

Cash Flow Calendar is perfect for freelancers looking to get a grasp on all things irregular income. Using a calendar-based system helps you track when money is flowing in and when expenses are due. The visual approach is perfect for freelancers who prefer to see their cash flow at a glance.

Cash Flow Calendar Pros:

• Calendar-based for easy visualization.
• Great for managing irregular income.
• Helps plan for upcoming expenses.

Cash Flow Calendar Cons:

• No invoicing or business tools.
• Limited automation options.

Practical Tips for Freelancer Budgeting Success

Every freelancer’s financial situation is unique to them, which means there’s no umbrella solution to keeping the budget healthy. Finding the right tool means considering your specific needs—everything from invoicing, to automation features, to net worth tracking and beyond. Many of the above apps offer these features, allowing you to automate and streamline your financial tasks with ease.

Each app offers unique functionality that can help alleviate worry and stress in your business and personal finance needs. Look for apps that let you integrate both business and personal finances in one place, and feel free to play the role of the mad scientist until you find a combination that fits you.

Budgeting may be no fun, but remember that it keeps freelancers “free”, away from the 9-5, and on the path to financial stability. Finding the right budgeting companion to share the journey can make all the difference. No two freelancers financial landscape is the same, so finding the right tool means finding one that fits your needs perfectly. No matter if you need invoicing, cash flow tracking, or automating your savings, chances are there’s an application that can help you achieve lasting financial success.