The benefits of budget apps with accounts

Privacy is a top concern in today's internet climate. We know more and more people are scrutinising what companies do with their data, especially when it comes to personal finances. Find out more about why Budgeto asks you to sign up for an account, the benefits of budget apps with servers, how Budgeto protects your data, how to use Budgeto in device-only mode and what you can do to minimise the risks when using budget apps.

 

Why Budgeto asks you to sign up for an account

 

Budgeto has an advanced suite of features designed around automation and helping make it easier for you to keep an eye on how you're tracking with your finances. Whether you're in line waiting to get a coffee and want to see how much you have left, or if you're sitting down to do a review of your finances for the past year, Budgeto helps you see how much money you've got leftover from your pay.

 

A lot of our functionality is only available when you have an account registered on our servers because it either relies on automation or on tracking data over a period of time.

 

We offer you the ability to have transactions automatically added to your budget on a regular interval. If you have Netflix, you can tell Budgeto when you get charged it each month; if you have a weekly gym membership, or an annual subscription to a software, you can tell us that too. We even tell you when you'll be charged for your Budgeto subscription, so you've got visibility of that within your budget cycle automatically too - right in the app! This is only possible by having a server that can check for recurring transactions and automatically update your budget cycle.

 

We also give you long term history views, where you can see how multiple previous budget cycles have ended in terms of your savings history. This enables you to see how your progress has been with Budgeto over a period of weeks, months or even years if we're lucky enough to have you for a long period of time!

 

As we continue to roll out features in the future, such as portfolio views, AI modes and savings goals, all of these will also likely involve storing some data on our servers too.

 

The benefits of budget apps with accounts

 

Beyond just features, one simple benefit of having an account with a budget app is consistency. You can log in from any device and see your same data, the same experience, and the same benefits.

 

Bought a new phone? Out for dinner with friends and need to quickly log something? At work and want to add the coffee you bought with your coworkers? You can do that from any device - anywhere.

 

Some budget apps out there only store your data on your device. They do not upload your data to the cloud, nor do they have the option to sign up or sign in. While this is great for your privacy, there are some drawbacks

 

• If something happens to your device, all your data is lost
• If the app glitches, is uninstalled, or if you erase the data, it can be permanently lost
• Some apps are only built for one platform i.e iPhone or Android, and may not be available to friends, family or yourself if a different device is used
• Device-only apps often contain limited functionality, and can lack features like bank sync, automated transactions or history
• Your data can't be accessed from a different device, such as a laptop

 

How Budgeto protects your data

 

Budgeto is a completely independent budgeting app. We do not have investors, we do not sell your data to third-party, we do not track your usage to sell ads nor do we run any ads on the platform.

 

Our mission is purely to help you budget better and to make sure you have the best experience possible while doing so. This allows us to be more conscientious with who we decide to partner with and why. We do not work with any partners that would violate this mission, either in principle or in praxis.

 

Our independence gives us the ability to hold higher standards when it comes to doing what the modern digital community now expects and asks for.

 

We keep all your data encrypted on servers hosted in Sydney, Australia. Your financial data is not accessed by third parties except where strictly required to deliver core Budgeto functionality.
We also designed the app to be privacy-first by specifically not asking for data we don't need, including:

• Government ID
• Date of birth
• Full name
• Address

 

And other data that we do not require to deliver you Budgeto functionality.

 

You can read more about these circumstances in our privacy policy

 

How to use Budgeto in device-only mode?

 

While we strongly encourage you to sign up for an account to get the best experience out of Budgeto, we also provide a local-only mode you can use Budgeto in completely for free and without an account.

 

This mode gives you access to the basic dashboard where you can set a budget cycle duration (up to 30 days), add income and expenses, and view your leftover and spent money in real time.

 

While it is designed to be a demo for you to try out Budgeto before signing up to see how it works and if it can help you, it is not restricted. You can use it on any device, for any duration of time. Your data is not sent or stored on our servers, nor are any trackers used on this page except for first-party analytics to determine aggregate numbers of people visiting the demo page.

 

This mode is available on both the web and mobile apps. iOS and Android are both supported, as are all web browsers, so you don't have to worry about your device not being supported with Budgeto. Everyone is welcome!

 

How can you minimise your risk when using budget apps like Budgeto?

 

There are a few ways to help keep yourself safe when using budget apps

• Use generic information. Instead of "Coffee at 123 Bourke St on Friday the 31st with my Commbank credit card ending in 1234", just write "Coffee"
• Be discerning about which apps you sign up for. Check whether they sell your data, who their investors are, how much information they ask for
• Do not give it more information than you feel comfortable to give. If you don't feel comfortable connecting your bank accounts, don't! Budgeto offers bank sync as a separate billing add-on option for this reason
• Check if the app has had any security issues recently
• Check what avenues of remediation there are for any issues. For Australian customers and businesses, you can contact the Office of the Australian Information Commissioner for any privacy and freedom of information concerns. For any consumer rights complaints, you can contact your relevant state's consumer protections office e.g. NSW Fair Trading, or the ACCC for any concerns of businesses doing the wrong thing.

 

Ready to give budgeting a go? Sign up for Budgeto today and see how we can help you take charge of your finances - in a privacy-friendly way.