Managing personal finances and expenses by budgeting can be simple with the right tools.
When it comes to online or mobile budget apps, a lot of options are out there — but not all money management apps are created equal.
Before scrolling through the app store for a free budget app or expense tracker, it’s important for users to know the essentials that make up a high-quality budget app in order to get a premium experience.
1. Customizable Expense Categories for Any Budget System
The ability to customize and categorize expenses is a must-have for any budget app.
Not only does this allow users to further personalize their budget, but it also enables the app to cater to different budgeting systems — both streamlined and complex, including:
- 50/30/20 Rule: The 50/30/20 rule is a relatively straightforward system for beginner budgeters in which half of the monthly net or after-tax income is meant for needs, 30% is dedicated to non-necessities, and 20% is invested in savings or used to pay off debt.
- Envelope Budgeting: This strategy is preferred by those who enjoy actively managing money. With envelope budgeting, the total net income for the month is divided into specific categories or “envelopes,” such as transportation, groceries, housing, and clothing.
- Zero-Based Budgeting: Arguably one of the most intensive or complex budgeting methods, zero-based budgeting is a goal-oriented strategy. Every dollar earned has its own plan or intended use. An example of this is only allowing $20.00 of the monthly net income to go towards paid subscriptions.
Essentially, the budget app or expense tracker should be able to grow along with your budgeting skills and lifestyle changes.
It therefore has the capacity to help financially plan for milestone goals such as starting a family or owning a home.
With the free HRCCU mobile banking app, members can tailor expense categories to match their financial needs and goals.
2. Built-In Account Synchronization
While it may seem like a basic feature, built-in account synchronization is actually not complementary in many budget apps, such as Goodbudget, Fudget, and EveryDollar, to name a few.
Some apps, such as YNAB, force users to pay a monthly or annual subscription fee in order to sync bank accounts.
And although being able to sync bank accounts is not required to create an effective budget, it can be limiting in other crucial money management areas such as monitoring expenses and transactions as well as paying bills and transferring money.
For free and expansive access to all personal finances, users ought to look into downloading the HRCCU mobile app.
Members can enjoy a wide range of built-in features that all automatically sync to every active account.
3. Security: Multi-Step Login & Authorization
Regardless of how the app can be accessed, it needs to keep sensitive financial information secure and private.
More and more people are opting in to mobile and online banking — making users vulnerable to hackers.
So, for a budget app to be considered safe, it must be able to protect the identity and accounts of its users by requiring a multi-step login or authorization process.
This is one of the most assured methods for blocking cyberattacks, particularly when logging into the app on a shared or public network.
As a general rule, it’s best to avoid using public Wi-Fi to do banking on a tablet or mobile device altogether, but a secure verification system can act as a precautionary shield in any situation.
The HRCCU mobile banking and budgeting app is a strong example of the positive impact a multi-step verification process can have on the user experience.
Members can simply input a password and verification code to login, and this code can be received via phone call or text message.
4. Responsive on Multiple Types of Devices
Circling back to performance, a good budget app should be responsive or easy to use on any type of device, whether it be a desktop computer, smartphone, or tablet.
Users ought to be able to switch between devices with relative ease and a budget app that can adjust to multiple without sacrificing quality or usability is ideal.
To give members a consistent and convenient experience, HRCCU has optimized its online banking platform for mobile devices and tablets so tracking expenses on-the-go is both safe and effortless.
5. User-Friendly Layout
Adding to any user’s experience is a comprehensible layout.
If a budget app is not intuitive, it can discourage budgeters from using it on a regular basis, which ultimately defeats the point of the app.
Functions such as depositing checks, transferring money between internal and external accounts, tracking expenses, setting personal financial goals, and creating customized budgets should be straightforward.
HRCCU members typically find the credit union’s app easy to navigate, and as a result it gains a lot of recognition from those who frequently defer to mobile banking.
As overlooked as this characteristic is, user-friendliness is among one of the most sought-after traits.
Budget for Your Financial Goals with HRCCU
Enjoy a coherent, secure, and comprehensive user experience with the HRCCU mobile app and online banking portal.
Budgeting and banking are streamlined into an efficient virtual system so members can set, meet, and even exceed their personal financial goals.
To learn more about how the financial products and services at HRCCU can help you in your pursuit of financial freedom, contact us today.
