MyBudgetCoach Review

MyBudgetCoach is a budgeting app that goes a step further by offering providing you with a personalized budget coach who can help you stick to the plan. 

If you're new to budgeting or who has had trouble sticking to a budget in the past, MyBudgetCoach might be the accountability solution you’ve been waiting for.  We explore what you need to know about MyBudgetCoach in this review.

What Is MyBudgetCoach?

MyBudgetCoach is a zero-based budgeting app that offers automatic bank account syncing, financial goal setting, and basic reporting. But what separates MyBudgetCoach from other apps is that it offers access to financial coaches who can help you manage your money (for an additional cost). 

What Does It Offer?

Let’s take a look at the key features MyBudgetCoach has to offer.

Zero-Based Budgeting App 

MyBudgetCoach offers a desktop and mobile budgeting app that you can use to build a zero-based budget. A zero-based budget requires you to make a plan for every dollar you earn. 

You’ll start with the amount you need to budget each month. From there, you’ll assign each dollar a job. For example, you might set aside $300 for food or $1,000 for rent. As you assign different expense categories, you’ll start to see your budget take shape. The goal is to not have any money left over when you've finished your budget. If you do, you can put extra funds toward saving, paying down debt, for example. 

The MyBudgetCoach app is able to connect to your bank for automatic transaction uploads. There is also a goal-setting feature, and you can access basic reporting. 

Access To Budgeting Coaches

When you get started with MyBudgetCoach, you'll be matched with a budgeting coach. The app provides dozens of coaches that you can work with. Each offers different specialties, so you can opt to work with a coach that best aligns with your needs.

MyBudgetCoach will guide you through a quiz to help you find the right coach. You’ll be asked about your financial situation, price preferences, and goals. From there, you’ll get matched with a coach. But you can also browse through all of your options to help you find the right coach for your situation.

You can message your coach in the app for virtual support, but you can also book 1:1 meetings if you require more in-depth support. Note that these meetings are optional and there is an extra cost. 

Automatic Transaction Tracking

As mentioned, MyBudgetCoach will automatically track your banking transactions throughout your budget period. If you prefer, you can choose to add your transactions manually. Although this means more work on your end, it does eliminate the need to link your bank accounts to the tool.

As the transactions come into the tool, you’ll need to categorize them. Over time, the tool will begin to learn which expenses go where, which means the process of categorizing your expenses will become more automated over time.

Budgeting Support For Couples

Every couple manages their money differently. MyBudgetCoach allows you to budget with your spouse or partner in a way that makes sense for you.  

This includes:

• Joint: If you wish to combine all of your money into shared accounts, you can opt for joint budgeting. 
• Hybrid: If you share some accounts but keep some things separate, you can opt for hybrid budgeting. 
• Separate: For couples who manage their funds separately, you can also keep your budgets separate. 

Useful Financial Calculators

MyBudgetCoach offers several free calculators including a mortgage calculator, retirement calculator, and debt payoff calculator. Whether you are just starting your financial journey or want to fine-tune your plan, these calculators can come in handy. 

Are There Any Fees?

You can give MyBudgetCoach a test run with a 35-day free trial. After that, you’ll have two pricing options:

• Full access at $14.99 per month (or $8.25 if you pay yearly): Full access to the budgeting app, simple goal tracker, bank import, net worth tracking, basic reports, and virtual coaching (in-app messaging). 
• 1-on-1 calls start at $34.99+ per hour: You can book a call to get dedicated help from a coach when you want it. Services include encouragement, budgeting tune-ups, in-depth advice, premium guided setup, and personalized help. Note that the pricing varies depending on the coach you choose to work with. 

How Does MyBudgetCoach Compare?

MyBudgetCoach isn’t the only option out there. Here’s how it stacks up.

YNAB, or You Need A Budget, is another popular budgeting tool. Like MyBudgetCoach, it includes tools to help you create and manage a zero-based budget by giving every dollar a job. YNAB costs $14.99 per month or $109 per year. You can get started with a free 34-day trial. You won’t have access to a live coach through the platform, however, YNAB's budgeting app and tools are more powerful than MyBudgetCoach. 

EveryDollar is a popular budgeting app from Ramsey Solutions. There is a free version, which means you can start budgeting without any costs. If you want access to all the features, it costs $17.99 per month or $79.99 per year. The app doesn’t come with access to a coach, but like YNAB, it's a powerful tool that can help you build and track your budget.

How Do I Open An Account?

If you want to open an account, head to the MyBudgetCoach website and select the plan you have in mind. From there, you’ll take a quick quiz to find your coach. It took me just two minutes to find my coach options. Once you have a coach, you’ll finalize the account setup by sharing your email and some other details with your chosen coach. 

Is It Safe And Secure?

MyBudgetCoach makes every effort to keep your information safe and has an in-depth privacy policy. However, remember that no method of transmission over the Internet or electronic storage is 100% secure. As MyBudgetCoach states that "While we strive to use commercially acceptable means to protect Your Personal Data, we cannot guarantee its absolute security.”

How Do I Contact MyBudgetCoach?

If you want to get in touch with MyBudgetCoach, you can send an email to [email protected]. Customer phone numbers are not provided on its website. 

Is It Worth It?

If you want to start budgeting and feel like you would benefit from the accountability a coach can provide, MyBudgetCoach is a worthwhile option. With access to a coach when you need it, you can sort through your pressing budgeting questions as you get off the ground. On the other hand, if you have a handle on your spending, opting for a more dedicated and cost-efficient budgeting app without the coaching might be sufficient. 

Check out MyBudgetCoach here >>

MyBudgetCoach Features