“You can make them the way you want instead of trying to fit into the box that the app has given you,” she said.
Are budgeting apps secure?
Meanwhile, Fry says she doesn’t often recommend her clients use budgeting apps because of security reasons and instead encourages them to record expenses manually.
Cybersecurity needs to be a top priority when choosing a financial app that uses, links to and even stores sensitive banking and credit card data.
Traditionally, when people sought financial help, people would go see an adviser and talk money in private and would know that information is safe with the professional, said Robert Falzon, head of engineering at cybersecurity firm Check Point Software Technologies, Ltd.
“With using apps online, we’re doing the same thing but there is no expectation of safety,” he added.
Data theft often tops the list of concerns among budgeting app users, but Falzon said there are ways to work with these apps safely.
Using strong passwords and multi-factor authentication can help prevent breaches right from the start, he said. Using bank-provided budgeting apps that are local to Canada, or tools from reputable organizations, can also help avoid vulnerabilities.
Other safety tips include using apps that have encryption and a robust security protocol, Falzon said. Making sure there’s security software on mobile devices and that people are not using public Wi-Fi to access their banks or financial apps.
