Do budget apps actually help? | The Tylt

Do budget apps actually help?

Budget apps claim they can help users save money by increasing awareness of daily spending. Budget apps like Mint, YNBA and more have built their brands on the idea that users simply need more clarity in order to adjust their habits and meet their savings goals. But critics say budget apps fail to hold users accountable to those goals—an app can only go so far. Do budget apps really work?

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Budget apps provide the ultimate convenience to users. They track every single purchase you make (outside of cash transactions) and serve as a financial planning tool for millions. Balance ranked the top budget apps of 2019, and Mint took the top spot: 

Mint automatically categorizes transactions from linked credit and debit cards and tracks them against a budget you can tweak and customize to your needs. Get alerts when you go over budget, and track by category or look at your overall cash flow to get a well-rounded picture of where your money goes each month.

Other apps have specific purposes within the budgeting world. PocketGuard protects against overspending, Mvelopes helps with cash budgeting, and Personal Capital guides users in investing. No matter what your budgetary needs are, there's a money app that can help you reach your goals. 

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But according to some personal finance experts, budget apps can only go so far. Per CNBC's Evan Kuh:

Having an app to create a budget and track purchases seems like a good idea, but experts say simply downloading and having constant access to an app won’t necessarily result in better money management or increased savings. 

The most popular budget apps tend to deal with daily finance. Your grocery store and coffee shop spending might be tracked diligently, but what about helping you build a long-term savings or investment plan? Per Kuh:

With nobody to hold users accountable for reaching their goals, users often come up short of their savings targets, or lack a realistic picture of their expenses. 
FINAL RESULTS
Culture
Do budget apps actually help?
#LoveBudgetApps
A festive crown for the winner
#BudgetAppsDontWork