Milvionne Chery Copeland, Writer
@milvionne_copeland
Yes, major budgeting apps are safe to use since they provide a high level of security to protect your personal information. The safest budgeting apps tend to have good online reviews and encrypt your data to prevent fraud and block scammers from getting access to your information. Some of these apps also add another layer of protection by supporting biometrics like Touch ID.
Safest Budgeting Apps
- WalletHub
- YNAB (You Need a Budget)
- Rocket Money
- Simplifi by Quicken
- Monarch Money
The apps above were chosen because of the security precautions they take to protect your information, like using advanced encryption and two factor authentication.
Even though these budgeting apps are usually safe, they may still share user data, such as device information, email addresses and app interactions, with third-party companies. Also, no apps are 100% safe from scammers. There are some precautions you can take, such as using a strong password and not accessing the budgeting app on public Wi-Fi, to keep your information safe.
How to Protect Your Data on Budgeting Apps
Update the app regularly. Perform app updates when they are available. These updates have the latest security features to protect your information. You can also go into your phone’s setting and have the app automatically update.
Use a strong and unique password. Weak passwords or using the same password that you also use on other sites can make it easier for hackers to access your account. According to security experts, you should change your password every three months to keep your account safe.
Don’t access the app from public Wi-Fi. Public Wi-Fi tends to be unencrypted, so any information you transmit online, including login details and banking information, can be viewed and stolen by hackers.
Beware of phishing scams. Phishing is when scammers send fraudulent texts or emails that seem to come from a reputable company in order to steal your information. To avoid falling for this scam, don’t click on links in any emails or text messages that ask you to enter your login credentials or any personal information. If it is from a company you have an account with, contact the company by phone to confirm whether the message is legitimate.
To learn more, check out WalletHub’s guides on budgeting and preventing identity theft.
People also ask
What are the pros and cons of budgeting?
The biggest pros of budgeting are that it can help prevent you from overspending and encourages you to save money for the future. On the other hand, the biggest cons are the time commitment involved and the constraints on your spending.
Pros of Budgeting
Helps prevent overspending
With a budget, you can plan out exactly how you will use your income to cover your expenses. This gives you visibility over what you...
read full answer by Milvionne Chery Copeland, WriterWhat is the best free budgeting app that you can use without linking your bank account?
The best free budgeting apps that you can use without linking your bank account are Goodbudget, EveryDollar, WalletHub, PocketGuard and Honeydue. These apps allow you to manually enter your expenses to track them, and they offer you budgeting tips you can use to manage your finances.
Best Free Budget Apps to Use Without Linking Your Bank Account
Goodbudget
Goodbudget uses the envelope budgeting method, which allows you to create envelopes for each budget category,...
read full answer by Milvionne Chery Copeland, WriterDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.