Financial Advice Category
Financial Advice Category

Knowledge Hub

This is a free financial education resource. Some of the products mentioned may not be offered by Horizon Credit Union at this time

Using Budgeting Apps

Using Budgeting Apps

Budgeting is a challenge, but it’s also essential. Smart money management can be the difference between living paycheck-to-paycheck and living the dream. One great money management tool is a budgeting app. Let’s explore why you might use a budgeting app, how they work and if they’re safe to use.

Why Use a Budgeting App?

Over the last decade, budgeting apps have grown in popularity due to their convenience. In a world of portable tech, starting a budget is easier than ever. With only your smartphone, you’re equipped with the tools to make informed financial decisions wherever you go.

Finance apps have come a long way from overwhelming spreadsheets and imposing strings of numbers. Many offer pleasant user interfaces designed to improve your relationship with money. The app does the hard work of calculating income and expenses, giving you digestible information to help you pursue your goals.

Whether you choose to get into the nitty-gritty or not, a budgeting app helps to increase your financial awareness. Just having an easy way to track your spending can increase your accountability to yourself. Taking an honest look at your money habits is the first step to becoming financially secure.

How Do They Work?

Most budgeting apps allow you to connect multiple accounts and cards. Once your accounts are synced, you can track all your spending and saving from the same place. You can also check your balances, monitor your net worth, and view monthly summaries. And, of course, you can create a budget to estimate your monthly income and expenses.

Different budgeting apps offer different tools in addition to the basic suite. Every app is unique. Some help you track and pay bills. Others help you set goals and teach you to manage your money effectively. Consider your specific needs and choose an app that’s right for you.

Are Budgeting Apps Safe?

Budgeting apps use security software to protect users from fraud, data breaches and identity theft. Still, it’s still important to follow safe internet practices when using them. Safe internet practices include:

It’s recommended that you only use well-known and reputable budgeting apps to protect yourself from fraud. It’s also smart to keep the app software updated. Routine software updates initiated by the app’s developers help to keep it safe and secure.

Did you know that Horizon’s free banking app has built-in budgeting tools?

You must be a member to use the app. To access the budgeting tools, follow the steps below:

  • Set up online banking.
  • Download the app from the App Store or Google Play and sign in with your online banking credentials.
  • Once in the app, click the icon on the lower right labeled More.
  • Next, choose the icon at the top labeled Money Management. Here you will find a number of tabs labeled Accounts, Transactions, Spending, Budgets, etc.

Horizon’s banking app and budgeting tools are completely free. Plus, the app connects automatically with your Horizon account and can be set up to import data from most other financial institutions. It’s simple and easy, so give it a try today!