A Comparison of Two Popular Budgeting Tools

YNAB and Empower are two of the most popular budgeting tools available today, each offering unique features and benefits to help users manage their finances effectively. YNAB, short for You Need A Budget, is known for its powerful zero-based budgeting tool that helps users keep a close eye on their spending. The philosophy behind YNAB is centered around giving every dollar a job, embracing true expenses, rolling with the punches, and aging your money.

On the other hand, Empower, formerly known as Personal Capital, focuses on building investments and tracking net worth while also offering budgeting tools. Empower is entirely free to use, with the company making money through investment management services. The platform offers features like investing tools, automated expense tracking, personalized budget analysis, and a high-yield savings account called Empower Cash.

When comparing YNAB and Empower, some key differences emerge. YNAB offers more manual control over budgeting setup, while Empower provides a suite of investment tools. YNAB also offers a wider range of educational resources, while Empower focuses more on investment management services.

In terms of pricing, YNAB costs $14.99 per month or $98.99 per year, with a 34-day free trial available. Empower, on the other hand, is free to use, with the company earning money through investment management services.

Ultimately, the choice between YNAB and Empower depends on individual preferences and financial goals. YNAB is ideal for those seeking maximum control over their budget setup, while Empower is a great option for those looking for a free tool to monitor spending and net worth. Both platforms offer valuable tools to help users achieve their financial objectives, so it’s essential to choose the one that aligns best with your needs.