“You can design it the way you want, rather than trying to fit it into the box that the app gave you,” she said.
Are budgeting apps secure?
Now, Fry says she doesn’t often recommend her clients use budgeting apps for security reasons, as an alternative encouraging them to trace expenses manually.
When selecting a financial app that uses, links and even stores sensitive banking and bank card information, cybersecurity should be a top priority.
Traditionally, when people sought financial help, they’d go to an advisor and speak about money in private, knowing their information was secure with the expert, says Robert Falzon, chief technology officer at cybersecurity company Check Point Software Technologies, Ltd.
“When we use online apps, we do the same thing, but we cannot expect security,” he added.
Data theft is commonly at the highest of the list of concerns for budgeting app users, but Falzon says there are methods to work securely with these apps.
Using strong passwords and multi-factor authentication can assist prevent security breaches in the primary place, he said. Using local budgeting apps from banks or reputable organizations also can help avoid vulnerabilities.
Other security suggestions, in line with Falzon, include using apps with encryption and a strong security protocol, ensuring mobile devices have security software installed, and ensuring users don’t use public Wi-Fi to access their banking or financial apps.
