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How to Use Money Tracking Apps Safely?
Personal Finance

How to Use Money Tracking Apps Safely? 

When it comes to getting ahead financially, there are endless resources on the App Store. Whether it is the Apple App Store or the Google Play store, there are a ton of budget-trackers that aim to help you get off on the right foot. The issue many have, is the possibility of their financial information being trusted to a random app. It can be difficult to know if you can even use money tracking apps safely. The good news is that you absolutely can! To help you do so, we’ve got some quick Do’s and Don’ts to get you started.

Do’s

Do use popular and highly-rated apps

This one is the quickest and easiest way to vet a money tracking app for safety. If many others use it successfully and safely, then you are probably choosing a good app. This isn’t the most thorough solution, but it is a great start.

Do research the creator/owner of the app

Making sure you know who handles your financial information is vital in keeping your data safe. Many of the more popular apps are owned by firms that already handle a ton of user financial data, and you can look them up on the Better Business Bureau website to see if they have run into any trouble doing so.

Do check the Terms of Service and Privacy Statement

These two documents are legally required to be approved by you for a reason: They tell you how the provider will be using your data. You need to be wary of apps that make money by selling certain information about you, which most of the free ones do. While it isn’t legal for most important financial information to be sold at all, it is still a must to ensure you know exactly what information of yours is and isn’t protected.

Don’ts

Don’t be a guinea pig

Don’t be one of the first people to get on a trendy app. By using apps without proven track records, you may run into quality and safety issues. If an app does its job better than any other, it will get noticed. You don’t need to take a risk on an app with only a few hundred reviews (that can be easily defrauded) to get a quality product. Use established apps owned by established financial firms.

Don’t use apps that hold personal/financial info on public Wi-Fi

If you are borrowing the Starbucks Wi-Fi for a little while, banking and financial apps can wait until you are back on your own data. IF strangers can share the same Wi-Fi network as you, there are ways for them to access the information transmitted on that network. While this isn’t overwhelmingly common, the consequences are not worth the risk.

Don’t forget to password-protect your device

Phones nowadays have great ways to keep your information secure. Not only can you create a PIN or passcode, but you can even use biometrics to ensure you are the only on with access to your phone. Moreover, many apps are even able to integrate these same measures to ensure that your info is safe. You don’t want a stranger to be able to pick up your phone and hijack your finances. So, it is only sensible to add countermeasures everywhere possible.

We hope you’re able to use money tracking apps safely using these tips, and get on the right financial track! If so, tell us what your favorite finance app is in the comment section below.

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