5/25/2023 0 Comments You need a budget review vs mintbreak down big expenses into monthly “bills,” 3. How it works: YNAB, formerly "You Need a Budget," aims to help newbie savers and is based on four budgeting rules the founder established for himself: 1. Who owns it: YNAB is independently owned. Get Mint for iPhone on iTunes Get Mint for Android on Google Play YNAB: geared toward beginners Last but certainly not least, Intuit may use some of your data in its research, minus any personal identifying information. How your data is used: Mint uses your information to advertise Intuit services and other third-party products and services, as well as to personalize your app experience. It also gets information from third parties (like your credit card company) when you sync that account and collects information about how you use the app. What Mint collects: Mint collects personal information including your name, shipping/billing address, email, phone, username, and password. Mint also analyzes offers for everything from checking accounts to CDs and IRAs to suggest which savings plan will give you the greatest return based on your savings potential, goals, and lifestyle. A daily budget shows you not only how your spending decisions add up, but also how your current spending affects the money you will have at the end of the month and year. You can also use that view to see how cutting back in various categories can help you save. Mint also breaks down your spending by category in real time, so you can track where your money is going. The service says it works with “almost every US financial institution connected to the Internet.” Once you add your accounts, you will see your balances, bills, credit score, and more, all at a glance. How it works: Mint’s real claim to fame is its ability to automate tracking your spending. Who owns it: Intuit, maker of TurboTax and Quickbooks Read on to decide which best fits your financial goals, and data-sharing comfort level. The budget apps we surveyed run the gamut from basic free expense trackers to robust personal finance coaches. (Our notes below were accurate at the time of publication.) Privacy policies are also subject to change, so you should review any updates when notified. Additionally, if a service is free (or even if it’s not), understand what that means for your data-in particular, is it being sold? Thirdly, apps may offer services or promotions or serve up advertisements, targeted based on your app use and spending habits. First, are they clear on who they are sharing data with? Business partners or service providers like Amazon Web Services are essential to running such an app, but companies may also share your data with other third-party vendors, advertisers, or researchers. While privacy policies are often dense and full of legalese, Scherer says there are a few things you can look out for to understand how your data is being used. “Users want apps to be very transparent, tell us what they’re doing with our information, and who they sell it to.” “As a consumer, you want to tell you everything,” says Don Scherer, a cybersecurity expert and professor at the Tulane University School of Professional Advancement. Nowadays, budgeting is more important than ever with economic uncertainty during the coronavirus pandemic.īut before you hand over your most intimate financial details to a budget app, you need to regard one very important detail carefully: your privacy. Budgeting apps are a great way to keep all of your accounts, bills, and payment methods in order (and in one place!). But putting this into practice is where it gets tricky. The concept of budgeting may seem simple: Don’t spend more than you make.
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