Picking a budgeting app can seem like a small decision when compared to other personal finance choices. But the right budgeting app can make
a big difference in your personal financial life.
When selecting a budgeting app, be sure to consider what your needs and goals are first. The right budgeting app can provide you
helpful insights and data into your expenses and savings. But before that happens, identifying your financial goals can help you
refine your search for the right budgeting app for you.
Outside of your goals, here are a few features to consider before you commit to a budgeting app:
Budgeting apps differ in their costs. Many budgeting apps are free—or offer free versions—while some charge a monthly fee. While it
may be tempting to choose a free app, don’t overlook the paid apps. If a budgeting app can significantly improve your financial outlook, it
may very well be worth the small monthly investment.
Each app has unique features and benefits, so it may make sense to test a few different apps to see which one best fits your needs. If
you’ve used a mobile banking app, you have a head start on the features you’ll be seeking. Typical features in the leading budgeting
apps include: connecting all your financial accounts, receiving notifications of upcoming bill payments, designing a budget, credit
score tracking, tracking spending, setting up financial goals and more.
The security of your personal information is extremely important, especially around banking data and logins. While most budgeting apps
have some level of security, some are more sophisticated than others. Be sure to look into the level of security encryption of each
app. On their websites, you may find security features such as 256-bit encryption and multi-factor authentication. Along with using a secure
Wi-Fi network, features like this will help deter intruders from accessing your information.
If you run into an issue when using a budgeting app, having a technical team you can reach out to can be helpful. When selecting a
budgeting app, be sure to find out what customer service options are available, both from the app and from the desktop version, if
applicable. It also may help to read reviews of others’ experiences with the app you’re considering.