In an era where fuel prices fluctuate more unpredictably than ever, managing fuel expenses has become a crucial aspect of daily life. This article offers an in-depth analysis of GasBuddy, exploring whether it could benefit your needs in seeking cost-effective fueling solutions. Whether you’re planning a road trip, managing a fleet, or simply trying to minimize your daily fuel expenditure, we delve into the features and effectiveness of GasBuddy. Weighing its pros and cons, this review provides a balanced perspective, helping you discover if GasBuddy is the right tool for navigating the dynamic and often daunting landscape of gas prices.

Pros of GasBuddy:

• Price Search: Find the cheapest gas prices.
• Crowdsourced Information: Real-time, user-updated gas prices.
• Rewards Program: Earn points for reporting prices, and enter to win free gas.
• Trip Cost Calculator: Helps with fuel budgeting.
• Fuel Logbook: Tracks fuel purchases and consumption.
• Pay with a GasBuddy Card: Save on each gallon at participating stations.
• Price Hike Alerts: Notifies users of upcoming price increases.

Cons of GasBuddy:

• Privacy Concerns: Tracks and potentially shares user data.
• Inaccurate Information: Relies on user updates, which may be outdated.
• Impracticality: Chasing lower prices might lead to inefficient decisions.
• Usability Issues: Some users find the app glitchy or non-intuitive.
• Limited Benefits for Infrequent Drivers: Not as useful for those who drive less.
• Overemphasis on Price: Might overlook other station amenities.
• Advertisements: Contains promotional content.
• Resource Usage: Can drain battery and data on mobile devices.

What is Gasbuddy?

Imagine you’re a truck driver constantly on the road and know how gas prices can make a big dent in your wallet. That’s where GasBuddy comes in handy:

It’s like having a co-pilot who knows where all the cheapest gas stations are, no matter where you’re headed.

GasBuddy is an app you can use on your phone. It shows you the current gas prices at different stations in your area or along your route. The cool part? The prices are updated by other drivers like you, so they’re usually pretty accurate.

As a truck driver using GasBuddy, you’re part of a big community where everyone helps each other find the best fuel prices. When you stop to fill up, you can quickly update the app with the current price you see. This is a breeze to do – just enter the price per gallon and hit submit.

Now, here’s where it gets interesting. GasBuddy actually rewards you for these updates. They have a points system where you earn points every time you report a gas price. These points can add up, and you can use them to enter daily contests GasBuddy runs, where you can win free gas. It’s a bit like a game where your participation pays off in helping others and giving you a chance to save some serious cash on your next fill-up.

How does GasBuddy work?

Imagine GasBuddy as a massive, crowdsourced gas price finder. It’s like having a network of fellow truckers and drivers who always share where to find the cheapest gas. Every time you or another driver fills up, you can hop onto the GasBuddy app and update the price you just paid. It’s just a few taps on your phone, and you’re done.

Now, here’s where the crowdsourcing magic happens. Every driver using GasBuddy does the same thing, creating a real-time map of the most current gas prices across the country. It’s like everyone’s working together to paint the big picture of where the best gas deals are at any moment.

This approach is super effective for a couple of reasons. First, gas prices can vary a lot from one place to another and can change quickly. By getting updates from many drivers who are on the road just like you, GasBuddy keeps up with these changes in real time. You’re not relying on outdated prices or guesses; you’re getting the scoop straight from the source – other drivers.

And here’s a bonus – GasBuddy rewards you for contributing. Each time you report a gas price, you earn points. These points can be used for chances to win free gas. So, not only are you helping out your fellow drivers by sharing info, but you’re also getting a shot at saving some cash for yourself.

What are the main features of Gasbuddy?

Let’s break down the main features of GasBuddy and how they can be useful to you:

1. Price Search: The core feature of GasBuddy is its ability to search for and display gas prices at various stations. This helps you find the cheapest gas near you or along a route you plan to travel. It’s like having a quick guide to the best gas deals in town or on your journey.
2. Crowdsourced Information: The prices on GasBuddy are updated by other users. This means you’re getting real-time information from other drivers. It’s like getting a tip-off from a friend about where to find cheap gas.
3. Rewards for Participation: You earn points when you report gas prices through the app. These points can be used to enter drawings for free gas. It’s a way of making saving on gas a bit more fun and rewarding.
4. Trip Cost Calculator: GasBuddy offers a tool to estimate the fuel cost for a trip. This is great for budgeting, whether planning a road trip or just needing to know how much it’ll cost to visit family in another city.
5. Fuel Logbook: This feature lets you track your fuel purchases and consumption over time. It’s a handy way to monitor how much you’re spending on gas and how efficient your vehicle is.
6. Pay with a GasBuddy Card: This free card can be used like a debit card to pay for gas. Users can save on each gallon of gas purchased at participating stations. It’s like having a discount card for gas.
7. Price Hike Alerts: GasBuddy can notify you when prices are expected to rise, allowing you to fill up before the increase. It’s like having an inside scoop on when to buy gas.

Is GasBuddy actually worth it?

GasBuddy is worth it if you are keen on finding the lowest fuel prices and don’t mind the potential inaccuracies or privacy concerns associated with app usage. It’s beneficial for people who drive frequently or long distances. However, if your driving is limited or you prioritize convenience over saving a few cents per gallon, its benefits might be less significant for you.

GasBuddy’s attractiveness increases further when considering its Point Rewards Program. This feature allows you to earn points by reporting gas prices, which can then be used for sweepstakes entries, offering chances to win free gas or gift cards. Such rewards add a layer of value, especially appealing if you’re engaged in the GasBuddy community and actively participate in updating prices.

These potential rewards can make GasBuddy more appealing to frequent drivers or those in areas with fluctuating fuel costs. The program promotes user engagement, ensures more frequent and accurate gas price updates, and incentivizes saving more. The chance to win prizes for activities you might already be doing (like reporting gas prices) enhances the app’s utility.

Based on extensive hands-on testing and numerous user reviews, it’s evident that the reliability of GasBuddy’s system can significantly fluctuate depending on the geographic location. This aspect is crucial when assessing the app’s utility: in regions where the app enjoys a high level of active user participation, GasBuddy’s accuracy in reporting gas prices is often commendable. Users in such areas have frequently praised the app’s effectiveness and helpfulness. Conversely, the app’s data tends to be less reliable in areas with lower user engagement. This has led to some users experiencing frustration due to inconsistencies and outdated pricing information. The effectiveness of GasBuddy is intrinsically linked to the degree of community involvement. The more active the user base in a specific area, the more accurate and current the gas price information appears. This user activity and engagement disparity directly impacts GasBuddy’s efficiency in delivering up-to-date gas prices across different regions.

It’s important to note that it’s not entirely reliable to list specific areas where GasBuddy currently provides good results, as this could change over time. The nature of the app’s crowd-sourced data means that its accuracy and reliability can fluctuate, influenced by factors such as changes in user engagement or regional driving patterns. Therefore, the best way to assess GasBuddy’s usefulness for your needs is to test it yourself. Personal experience with the app in your regular driving areas will give you the most accurate understanding of its effectiveness. Trying out GasBuddy in various locations you frequent can clearly show how well it works in real-time, reflecting current user activity and data accuracy in those regions. This approach ensures you get a direct and up-to-date assessment of GasBuddy’s performance rather than relying on outdated or region-specific reviews. By engaging with the app firsthand, you can also contribute to its data accuracy, joining the community effort to share and update gas prices, which could enhance the app’s reliability for yourself and other users in your area.

When GasBuddy may not be the right choice for you?

One significant concern revolves around privacy. The app gathers and potentially shares user data, including location information. For instance, if you’re someone who’s particularly cautious about digital privacy, the idea of your driving patterns being tracked might be unsettling.

Regarding sharing information, GasBuddy’s policy outlines several scenarios where user data might be shared with third parties. This includes sharing with service providers who assist in operating the app, business customers through their B2B SaaS platform, and events like mergers, acquisitions, or bankruptcy. Law enforcement agencies might also access user information if required by law. Significantly, GasBuddy may share mobile and driving data, including detailed location and driving behavior, with business partners for advertising, analytics, and traffic navigation purposes. For example, they share driving data with Arity 875, LLC, for analytics and advertising purposes.

GasBuddy’s revenue model includes various streams such as advertising, referral, subscription, and licensing fees from its white-label software. Much of their revenue also comes from selling aggregated and anonymized data. Although the exact details and amounts are not explicitly specified, it’s understood that this could involve data related to fuel prices, availability, location preferences, and more. Importantly, GasBuddy’s privacy policy asserts that they do not sell personal data. However, a closer look reveals a more nuanced picture. Until 2019, GasBuddy reportedly sold data such as speed, location, IP address, time stamps, and driving habits to insurance companies without user permission. This was part of their partnerships with companies like Root Enterprise and Reveal Mobile. The value of this data was significant; for instance, location data was estimated to be worth about $9.50 per 1000 users. Given GasBuddy’s user base of over 4.5 million monthly users in 2017, just one such partnership could bring in $500,000 in additional profit without modifying the app’s features.

This information provides a clearer picture of the extent to which GasBuddy has leveraged user data for profit. It’s important to note that selling such data, especially without explicit user permission, raises substantial privacy concerns. This aspect of GasBuddy’s operations might be a significant deterrent for users susceptible to digital privacy. While the company claims not to sell personal data, the aggregation and selling of user location and driving data, especially in the past without explicit consent, is an important consideration for potential and current users.

Accuracy of information is another issue. Since GasBuddy relies on user-generated content, the gas prices listed may not always be up-to-date. Imagine planning a trip to a specific station based on a low price reported on the app, only to find that the prices have increased upon arrival. This inconsistency can be frustrating, particularly in less active areas with infrequent user updates.

Furthermore, the pursuit of lower gas prices might lead to impractical decisions. Consider a scenario where you drive five extra miles to save a few cents per gallon. The additional fuel consumption and time spent might offset the savings, making it counterproductive, especially if your vehicle is not fuel-efficient.

Usability issues are another potential drawback. Some users have encountered technical glitches or found the app’s interface less intuitive. This could lead to a less-than-optimal experience, where navigating the app becomes more of a chore than a convenience.

GasBuddy’s benefits may be negligible for those who don’t drive frequently or have easy access to affordable fuel. For example, if you’re a city dweller with reliable public transportation and only use your car for occasional errands, the effort to track down the cheapest gas might not yield significant savings.

The app’s focus on price might also overshadow other important factors. A station with the cheapest gas might not necessarily offer the best quality fuel or the services you need. If you value a full-service station with amenities like car washes or good-quality convenience stores, GasBuddy’s price-centric approach may not align with your preferences.

Lastly, the app contains advertisements and promotions, which can be a source of annoyance for some users. If you prefer a clean, ad-free interface in your apps, the promotional content in GasBuddy could be a deterrent. Additionally, for those mindful of their device’s battery and data usage, GasBuddy, like any mobile app, can drain these resources, especially if used extensively during long trips.

In summary, while GasBuddy has advantages, these factors — ranging from privacy concerns to practicality issues — suggest that it might not be the ideal choice for everyone. Whether it’s the apprehensiveness about data privacy, the potential for outdated information, or the pursuit of savings leading to inefficient decisions, these are all valid reasons to consider whether GasBuddy aligns with your personal needs and preferences.

GasBuddy alternatives

• Gas Guru provides up-to-date gas prices sourced from the Oil Price Information Service, not relying on public input. It helps users find the nearest pump with the best prices and save favorite locations. This app focuses more on accurate, real-time pricing than cashback offers, making it suitable for users primarily interested in finding the lowest prices.
• Upside offers cash back on gas, groceries, and restaurants. Users can save up to 25 cents per gallon on gas and earn cash back by uploading their gas receipt. It provides offers at nearby stations without requiring a new payment method. Unlike GasBuddy, Upside doesn’t require a dedicated payment card. It’s useful for those looking for broader savings beyond gas.
• Waze: Known as a navigation app, Waze also helps users find cheap gas stations along their route. It allows setting preferred gas stations and sorting them by price or brand. Waze is particularly useful for those who want navigation and gas price information in one place, especially for long road trips.
• AAA TripTik Planner: This app, part of AAA’s services, helps plan road trips with up to 20 stops and shows the best places to stop for gas. It’s most beneficial for AAA members or those considering AAA services, offering more than just gas price information.
• Checkout 51: This app offers cash back on gas purchases, similar to Upside but pays out as a check. It partners with Upside for gas offers and requires a minimum balance of $20 to cash out. Checkout 51 is best for those who prefer receiving checks over digital payments.
• Carfax Car Care: Focused on vehicle maintenance, this app helps monitor true miles per gallon and maintenance intervals. It’s best for users who prioritize vehicle upkeep to save on gas costs in the long term.
• Gas Prices by MapQuest: MapQuest’s app shows where to find the cheapest gas and lets users select fuel types and favorite stations. It’s useful for those who want a user-friendly app with additional navigation features like restaurant reservations and real-time traffic conditions.​
• GEICO Mobile: The GEICO app helps find the best gas prices using the Oil Price Information Service data. It’s a good choice for GEICO customers or those considering their insurance, as it combines gas price information with other car-related services.
• Drivvo: This car management app shows the cheapest nearby gas stations and estimates when and where you might need to refuel based on your car’s mileage. It’s ideal for users interested in comprehensive car management, including fuel costs.
• Fuelio: Similar to Drivvo, Fuelio offers vehicle management, expense management, and fuel price tracking. It stands out with no ads or in-app purchases, making it suitable for users looking for a straightforward, ad-free experience
• aCar: Another car management app, aCar helps track expenses, gas mileage, and maintenance needs. It also shows fuel prices and locations for the cheapest fuel. aCar is useful for those who want a complete vehicle management solution focusing on fuel prices.

Final words:

In conclusion, GasBuddy offers a useful service for drivers seeking to minimize fuel expenses. Its core features, like real-time price search and crowdsourced information, provide valuable insights into the cheapest gas prices. The app’s rewards program, trip cost calculator, fuel logbook, and additional features like price hike alerts and the GasBuddy card enhance its utility, making it an attractive option for frequent drivers and those mindful of their fuel budget.

However, it’s important to weigh these benefits against potential drawbacks. Privacy concerns due to data tracking and sharing, the possibility of encountering outdated information, and the app’s focus on price over other station amenities are significant considerations. Additionally, practical issues, such as driving extra miles for minimal savings and encountering usability issues, might offset the app’s advantages for some users. Advertisements and resource usage on mobile devices are also minor inconveniences.

While GasBuddy can be a valuable tool for many, its suitability depends on individual driving habits, privacy preferences, and the value placed on convenience versus savings. For those who drive less frequently or prioritize other aspects of their fueling experience, alternative apps like Gas Guru, Upside, Waze, or AAA TripTik Planner might offer more aligned benefits.

The post GasBuddy Review: Navigating the Pros and Cons for Drivers first appeared on My Blog.

What prompted me to write this article, however, was the overwhelming number of negative reviews Acorns has received on various review platforms. Just take a look at the screenshot below. It’s a representation of the sentiment many users seem to have, and I felt it was important to provide my own, informed perspective amidst this backdrop.

This stark disparity becomes even more intriguing when you contrast these negative sentiments with the glowing reviews Acorns has garnered on major websites like Forbes, NerdWallet, and CNBC. So, what is the real story here? What’s the underlying truth? Are these prominent publications heavily incentivized, while the average Joe is left in the dust, potentially bleeding money? These discrepancies propelled me to delve deeper, to navigate the fine line between sponsored content and genuine user feedback. Join me as we unravel this financial mystery together!

With a burning curiosity, I began to comb through the feedback on various review aggregator sites, most notably Trustpilot and the Better Business Bureau (BBB). My initial impression? Something didn’t quite add up. As of my last check on Trustpilot, out of the 347 reviews, a staggering 25% were gleaming 5-star reviews, while an even more eyebrow-raising 65% were 1-star reviews. Such a polarised distribution is not just unusual; it’s downright suspicious. A natural dispersion of reviews would typically reflect a gradient of user experiences, from highly satisfied to thoroughly disappointed. But this? It screams of manipulation, hinting that there’s more than meets the eye. So, the next question arises: amidst this sea of skewed feedback, how do we discern genuine grievances from manufactured negativity and sincere accolades from possible incentivized flattery? Let’s embark on this investigative journey and sieve out the real from the reel.

When scrutinizing positive online reviews, it’s essential to be wary of potential manipulation tactics, such as incentivized feedback, review farming, internal pushes from company affiliates, and selective review removal. Authentic reviews typically delve into specifics, while generic or overly vague praises can be potential red flags. I was genuinely taken aback when I came across the first review showcased in the screenshot below:

The review emphatically stated: “Not sure why anyone has had difficulties with this company.” This comment, in itself, is telling. It reveals that even those leaving positive feedback are acutely aware of the overarching negative sentiment surrounding Acorns. Such a remark underscores the palpable disparity in user experiences. While this particular user may have had a smooth journey with the app, they’re not oblivious to the contrasting stories from other users. And this revelation was just the tip of the iceberg. As I continued my exploration, I found that this wasn’t a lone voice in the wilderness. Several other positive reviews seemed to acknowledge, either directly or indirectly, the prevailing negative feedback while simultaneously sharing their contrasting, positive experiences. To give you a clearer picture, here are a few more examples:

This sentiment was further crystallized by the concluding words of one reviewer: “I hope I never come across what has happened to the other reviewers.” This statement was nothing short of mind-boggling to me. Given the volume of detailed feedback, one would assume that the grievances of unsatisfied users would be transparent. However, the tone of this comment suggests an air of mystery surrounding these adverse experiences, as if there’s some inexplicable, almost mystical force at play that only affects a select group of users.

It’s unsettling to think that some users feel like they’re tiptoeing around a potential pitfall, uncertain of when or if they might encounter the issues others have described. This ambiguity, this sense of playing Russian roulette with an app, is hardly what one would expect or desire from a financial tool meant to foster trust and security.

This deepens the intrigue and frames the review discrepancies in a more dramatic light, emphasizing the uncertainty and unpredictability of user experiences with the app.

Ok, so the next step is to find the obvious pitfalls, especially the ones that repeat the most in public Acorns user reviews, the ones that pop up over and over. Let’s dive deeper. After checking a dozen negative Acorns reviews, I still wasn’t able to extract a clear negative perspective on the Acorns app, but I’m starting to identify another type of pattern. Look at these 3 reviews:

These Acorns reviews seem to be pushing an unrelated agenda, specifically mentioning “calmo shub” and “plutonium investments”. I strongly recommend steering clear of these mentions. They are fresh, published from August to October 2023, there are a lot of them. They have some common characteristics:

• These kinds of reviews are numerous, interspersed occasionally with some genuine reviews.
• They are vague, and the language used appears to be “spun”. By “spun”, I mean that the text has likely been processed or rephrased by software to make it appear unique, even though the core content might be duplicated (like the “calmo shub” in the screenshots above). Here is a basic example of spun text, where the original sentence is: “The quick brown fox jumps over the lazy dog.”. A spun version would be: “The speedy tan fox leaps above the idle hound”. As you can see, the spun version retains the core meaning of the original sentence, but the words have been swapped out for synonyms or slightly altered to make it appear different. And yes, it sounds weird, much like many of these reviews. Now, I’m beginning to grasp why people couldn’t pinpoint what was off when going through these reviews.
• They appear to be frequently removed by the website hosting the reviews. There were some I had noticed when I began writing this review, which have since vanished, yet many new ones spring up like weeds. It’s evident that public review platforms are struggling to manage them.
• Since including links is prohibited, they grapple with directing the user toward the intended advertisement, as with the “plutonium investments” review mentioned earlier. If they are too overt, they likely face deletion; if too ambiguous, they serve no purpose. That’s why the majority tend to lean toward being vague.
• These reviews appear to be posted automatically. I came across a user who posted strikingly similar reviews to Acorns, Acorns Lettings (a property management company), and Acorn Estate Agents (which is South East London and Kent’s Leading Estate Agency Group).
• The profiles that post these reviews don’t represent real individuals. They either have just one review attributed to them or dozens of negative reviews for various apps they target with advertisements. For instance, the profile in the screenshot below had 28 negative reviews targeting casinos, all posted within the span of a few weeks. Here is an example in the screenshot below:

Conclusion:

Why are there so many bad Acorns reviews?

The prevalence of negative Acorns reviews is largely due to individuals aiming to promote something. They exploit public review platforms for this purpose, particularly the sections dedicated to negative feedback. However, it’s important to note that not all negative reviews fall into this category. After sifting through hundreds of negative reviews for Acorns, I estimate that somewhere between 50% to 75% resemble these promotional types. A significant portion still consists of genuine users voicing authentic concerns and issues. We’ll delve into these genuine reviews shortly.

But what do the genuine Acorns reviews reflect?

Most of the user reviews, and my personal experience reflect this:

Pros:

• It’s a safe ‘set and forget’ method to save money. Rounding up your spare change can accumulate quickly, especially if you engage in numerous transactions each month.
• It’s one of the simplest methods to invest money automatically. Notably, the automatic weekly investment feature enhances this convenience, allowing for consistent contributions over time.
• Through Acorns you can invest in ETFs, they can be a relatively safer investment option compared to individual stocks.
• A majority of the negative reviews seemed to have an ulterior motive, often promoting something. Coupled with dubious user profiles, signs of automation, poorly constructed language, and outright misinformation, I’d estimate that this accounts for up to 75% of them. Even individuals who posted positive reviews were taken aback by the sheer number of negative ones, often responding with comments such as: ‘I am genuinely shocked to read so many negative reviews’, ‘I hope I never experience what has happened to the other reviewers’, and ‘I was shocked to see the majority of reviews since the app has been nothing short of fantastic for me. It was not obvious to them that most were fake.

Cons:

• Even though it may look cheap, it has high fees on small account balances due to the pricing structure. This will be explained later in the article.
• No tax strategy –  this means that it doesn’t offer specialized tools or methods to minimize the taxes you might owe when you decide to take those profits out or sell your investments.
• Opening accounts is straightforward, but closing them can be more challenging. Many users have reported difficulties when attempting to close their accounts.
• There are complaints about customer support, yet there are praises as well. This is a nuanced topic, and I’ll provide more detailed explanations in the following sections.
• Some users express concerns over hidden fees. Yet, the main issue appears to stem from a system where users easily subscribe to a low-cost plan, only to forget about it. When later faced with the charges, they voice their complaints, often feeling there’s little recourse.
• There’s a flat fee ranging from $3 to $5. In unique scenarios, particularly when there’s limited transactional activity, one might earn less than this fee, effectively resulting in spending rather than saving. However, this is reserved for particularly extreme cases.
• Acorns is for investing, not for trading. This doesn’t appear to be evident, as many users have expectations akin to those set by trading app comparisons.
• Many fake negative reviews – I list this under the cons because if these aren’t addressed, they could significantly tarnish the Acorns brand image and deter potential users.

What is Acorns best for?

Acorns is best for people who genuinely want to save but consistently find it difficult. It caters to those who, in theory, have the means to save but can’t seem to make it happen in practice.

What makes Acorns stand apart from the rest?

What sets Acorns apart is its unique ability to merge savings with micro-investments. This approach allows users to take two simultaneous steps toward enhancing their financial well-being. At the heart of this combination lies the power of the compounding effect. Compounding, often dubbed the ‘eighth wonder of the world,’ is when the interest or returns on an investment start earning interest on themselves. Over time, even small, consistent contributions can grow exponentially due to this effect. It underscores the idea that consistent, disciplined savings and investments, even if they’re modest, can lead to significant wealth accumulation over an extended period. With Acorns leveraging this principle through its micro-investments, users not only save but also see their savings amplify over time.

How Does Acorns Work?

Imagine every time you buy a coffee for $2.50, Acorns takes it as $3 and puts that extra 50 cents into a special savings jar. That’s your spare change. On top of that, you can tell Acorns to take, say, $5 every week from your account and add it to that jar. Now, instead of just letting that money sit there, Acorns invests it for you in a mix of stocks and bonds. So, over time, your money isn’t just sitting still; it’s out there working and growing, kind of like planting a small seed and watching it turn into a tree. The more you spend and save, the more seeds you plant!

Acorns fees and costs

Acorns is like a fixed-price buffet, where you pay $3 every month, no matter how much or how little you eat. So even if you only invest a small amount, like $100, you’re still paying that $3 every month. Now, let’s look at an alternative app called Betterment. Instead of a fixed price, they charge you based on how big your meal is. For a $100 investment, they’ll only take 25 cents a year. That’s their way of charging – a tiny percentage of your investment. So, when comparing the lowest fees, if you’re investing just $100 for a year, with Acorns you’d end up paying $36 ($3 every month), while with Betterment, you’d only pay 25 cents. It’s like choosing between a flat buffet price and paying for exactly what you eat. In simple terms, the Acorns flat fee is tough on small accounts but can be a bargain as you invest more, while the percentage fee at Betterment gets pricier the more you invest. Even though Acorns has that set fee every month, it’s pretty much as low as you can get, almost like the price of a coffee. And given all the cool stuff and benefits the app offers, I’d say it’s a solid deal. To make the most of it, consider growing your investment in Acorns quickly. The bigger your investment gets, the more that flat fee starts to look like spare change. So, if you hustle and grow your Acorns portfolio, soon enough that $3 monthly fee will feel even smaller than the percentage you’d give to Betterment. It’s all about making your money work smart for you!

No tax strategy

When you invest money, sometimes you make profits (which is great!), but when you decide to take those profits out or sell your investments, you might have to pay taxes on those profits. Now, there are certain ways or strategies to manage and organize your investments to potentially reduce the amount of taxes you owe. This whole process of managing investments to be tax-efficient is what’s referred to as a “tax strategy.” When people say Acorns has “no tax strategy,” they mean that Acorns doesn’t offer specialized tools or methods to minimize the taxes you might owe when you sell your investments. Some other investment platforms might offer features like “tax-loss harvesting,” which is a fancy term for selling investments at a loss to offset any profits and thus potentially reducing your tax bill. So, in simpler terms: Acorns is like a basic car – it’ll get you from point A to point B, but it doesn’t have all the high-end features. If you’re looking for those special features to minimize taxes, you’d need to check out other investment platforms or consult a tax expert. But for many folks just starting out or looking for simplicity, Acorns does the trick.

Customer service and support

While there’s been significant negative feedback regarding Acorns’ customer support, a deeper analysis suggests a more nuanced picture. Numerous negative reviews appear to be disingenuous upon closer examination of the user profiles and their respective review histories. Beyond these potentially spurious reviews, genuine concerns seem to coalesce around four primary categories:

• Not getting fast and easy money from their referral system
• Paying subscription without being aware and then complaining about not getting their money back, not getting solutions from the support team
• Not having their issue solved, for example, “I have called 4 different times, sent 2 emails, and spoke with a manager. I have yet to have the issue resolved. It’s been over 3 weeks, and I’m beyond frustrated.”
• issues linking bank accounts

I’ll delve further into each of these categories to provide you with a clearer context. This will enable you to ascertain whether these issues genuinely stem from the customer support team or if they originate elsewhere. I’d also like to make an unequivocal statement: I have no financial ties to Acorns. I’m not receiving any form of compensation, nor do I stand to gain from presenting this analysis. My intention is solely to provide a balanced and informed perspective.

1. Numerous user reviews have expressed frustration over difficulties withdrawing funds after referring friends to Acorns. It seems many might have been under the impression that the referral system would grant them quick and easy money. However, the reality is that one must submit proper identification to maintain an online balance and facilitate withdrawals. “KYC” stands for “Know Your Customer.” It’s a process that banks and other businesses use to verify the identity of their clients. Think of it like when you show your ID to prove who you are before opening a bank account or getting a new phone line. They just want to make sure you are who you say you are! And the customer support team is left to manage the influx of frustrated individuals who believed they could access the money with ease.
2. It appears that a significant number of users were unaware they had subscribed to a service. Most likely, they forgot about it, and upon noticing the charge on their bank statement, their frustration grew. This led to a surge in outreach to customer support, with many seeking refunds. Naturally, in such situations, refunds aren’t typically granted. As a result, you have a multitude of upset individuals airing their grievances, feeling that the support team hasn’t provided adequate solutions.
3. Many users voice their frustrations, stating things like “I’ve called 4 times, sent 2 emails, even spoken with a manager. Yet, after over 3 weeks, my issue remains unresolved. I’m extremely frustrated.” However, this doesn’t necessarily reflect a delay in response from the support team. Every service has its share of challenging problems. While the support team seems to engage and attempt to assist, not all issues have straightforward solutions. Furthermore, many of these complaints lack details about the actual problem, making it hard to determine if it’s genuinely an unsolvable situation or a case of incompetence.
4. There are also reports of difficulties linking accounts. While support does step in to assist, these challenges are primarily technical in nature, and common to many online businesses. I wouldn’t necessarily attribute this to support incompetence but rather see it as users venting their frustrations.

Hidden fees

Numerous user reviews express frustration over perceived “hidden fees” with Acorns. But in truth, while there are costs involved, there’s no indication of egregiously concealed fees. The real concern seems to be that many users inadvertently sign up for subscriptions, or perhaps they’re aware at first but forget as time goes on. This unintentional commitment can result in unexpected charges. It’s crucial to stay attentive, particularly when considering an upgrade to a paid account.

Cancelling accounts

Many users have reported facing issues when trying to close their Acorns accounts. Common complaints range from enduring persistent monthly subscription charges even after attempting to close the account to facing hurdles in trying to unlink associated bank accounts. Some users claim they’ve made multiple attempts over extended periods without success, with one remarking that the $5 monthly subscription fee appears “immortal.” Another user lamented the need to provide extensive documentation, such as a driver’s license, utility bill, and bank statement, to unlock and eventually close the account – documentation that wasn’t required during the initial sign-up. However, it’s worth noting that sometimes these complaints might stem from individuals who forgot about their subscriptions and, upon realization, sought to rationalize the situation by shifting the blame elsewhere. The cancelation process is pretty simple, here is a step-by-step guide:

• After logging in to your account, tap the menu (avatar) in the upper left corner of the screen
• Tap “Settings”
• Select “My Subscription”
• Tap the individual account(s) that you would like to close (Invest, Later, Checking, or Early)
• Tap “Close account” and the in-app experience will guide you through the process

The primary concern causing quite a stir is the requirement: “You’ll need a verified checking account linked to your Acorns account so that we can transfer your money when closing your account.” However, it’s a necessary step; after all, they need a destination to transfer your funds on account closure. Many complaints regarding account cancellation appear to stem from individuals who face challenges linking a checking account.

Is it safe to invest with Acorns?

Yes, Acorns is a regulated platform overseen by the U.S. SEC and is a member of FINRA. Accounts have SIPC protection up to $500,000. While the platform provides security measures, like any investment, there’s an inherent risk due to market fluctuations.

Alternatives to Consider

Here are some alternatives to Acorns, and reasons why they might be worth your consideration:

1) Betterment: A robo-advisor platform that automatically adjusts your portfolio.

• Pros: Personalized portfolios, tax-efficient investing, educational resources.
• Cons: Annual fee based on assets, no direct stock or cryptocurrency trading.

2) Stash: Tailored investments to your interests with as little as $5, letting you buy fractional shares.

• Pros: Thematic investing options, educational tools, allows weekly or monthly deposits.
• Cons: Monthly fees, less automated than other platforms.

3) Wealthsimple: An automated investing app emphasizing socially responsible investing.

• Pros: Portfolio customization, emphasis on ethical investing, user-friendly design.
• Cons: Higher fees for accounts under $100,000, no direct stock picking.

Conclusion:

Acorns is a commendable app that offers significant features to help users streamline their financial journey. While it has faced its share of negative perceptions, a deeper dive reveals that many of these criticisms are either unfounded or blown out of proportion. For those aiming to kickstart their savings and investment habits, Acorns presents a robust platform worth considering.

The post Acorns in Depth Review – Why So Many Bad Reviews first appeared on My Blog.

If you’re reading this, chances are you’ve heard about Truebill through various channels – be it a friendly tip, an engaging advertisement, or while navigating the maze of financial management tools online. Your interest has likely been piqued by its promises of financial clarity and control, leading you to wonder just how effective Truebill can be in managing your finances. Before we begin, it’s crucial to note that this review for TrueBill (Rocket Money) is unlike the standard ones that mainly list features and excessively praise the application with the ulterior motive of earning from client referrals. On the contrary, this analysis is a genuine attempt to gauge the app’s utility by covering all its aspects, good and bad, informed by hands-on testing of more than 20 similar applications. The observations shared in this article are based on a hands-on experience and a meticulous examination of user feedback, highlighting the common praises and complaints associated with the app. The aim is to provide a well-rounded, informed perspective to help you understand what the application truly offers.

I’m Remus Zoica, the creator of responsiblebudget.org. You might wonder what qualifies me to offer insights on Truebill or any other financial tool. Allow me to share a bit of my background. I hold a bachelor’s degree in Economic Engineering, which has equipped me with an intricate understanding of financial systems and economic complexities. However, my expertise is not just theoretical. Over more than ten years in the field, I’ve faced and untangled the complexities of personal finance firsthand. This blend of academic insights and real-world financial encounters shapes my analysis, ensuring that the reviews I offer are not only informed by expert assessment but also enriched by genuine user experience. Now, with a clear perspective and purpose in mind, let’s dive into the comprehensive review of Truebill.

First, the short version:

The Truebill or Rocket Money app is best for:

• People with terrible spending habits.
• People with ADHD, those who are newly retired, or recently divorced (read further to see why).
• People who know they are impulsive, have a terrible memory, or are forgetful.

The PRO’s for TrueBill or Rocket Money:

• It is intuitive, pretty easy to set up and use
• Exemplary customer support, but only through email
• They give refunds easily, without much hassle
• It helps you identify and cancel other subscriptions
• It has a beautiful user interface
• You get constant reminders and notifications for bills that are due

The CON’s for TrueBill or Rocket Money:

• Bill negotiation is hit or miss; many people complain about this feature
• Many upgrade to the paid version unknowingly or by mistake (and realize this later)
• No phone support

I strongly advise you to read the rest of the article to understand its meaning and if it fits you well. However, if you’re convinced to try the app, remember to be cautious when prompted to upgrade to the paid version, avoid the ‘bill negotiation’ feature, and request a refund if necessary. Then start here.

In the following sections, we’ll delve into the specific features of RocketMoney, focusing on its key offerings like budget tracking, expense management, and subscription cancellation services.

What is TrueBill (Rocket Money)?

TrueBill, now known as Rocket Money, is a user-friendly money management app on Android and Apple devices. The name change occurred after Rocket Companies acquired TrueBill. The app shows you all your monthly subscriptions, so you can easily cancel the ones you don’t want. It also tracks your bills, determines if they can be made lower, and negotiates better rates. Additionally, it helps you control your spending, automatically save money, and avoid paying for things you don’t use. Although some basic features are free, you’ll need to pay for premium ones like bill negotiation and more personalized budgeting. There’s also a handy service starting at $3/month that cancels unwanted subscriptions for you.

Why did TrueBill change to Rocket Money?

The TrueBill acquisition by Rocket Companies in December 2021 led to a name change in August 2022, transforming TrueBill into Rocket Money. This move made the app a part of Rocket Companies’ more extensive portfolio of financial services, which includes Rocket Loans, Rocket Mortgage, and LowerMyBills.com. Haroon Mokhtarzada, the CEO of TrueBill, noted that since its inception in 2015, the app had grown from merely a bill and subscription management tool to a comprehensive financial resource providing budgeting, smart savings, and credit monitoring. The integration into Rocket Companies and the subsequent name change to Rocket Money not only broadened the scope of services available through the Rocket platform, encompassing more than just expense tracking and subscription cancellations but also extending to savings, credit access, home buying, and more. Therefore, the answer to ‘why did TrueBill change to Rocket Money’ and ‘what happened to TrueBill’ lies in the expansion of services and the alignment with the broader mission of Rocket Companies to assist people in all areas of their finances.

Is Rocket Money Safe & Secure?

Being cautious is crucial, especially when a financial app requests access to your personal online financial records. It’s natural to be skeptical and view such requests as red flags. Proceeding with caution is always advised. That being said, Rocket Money is considered secure as it employs 256-bit encryption to store data and partners with Plaid to link your accounts securely. This means Rocket Money cannot change your accounts, and you can unlink accounts if you wish. Additionally, Rocket Money does not sell your data to third parties and hosts its data on Amazon Web Services, which is trusted to store sensitive data for organizations like the U.S. Department of Defense. So, while Rocket Money’s safety measures appear to be on par with current industry security standards, it is ultimately up to the individual user to decide if these measures are sufficient to trust Rocket Money with their data.

Is Rocket Money Trustworthy?

For a financial app like Rocket Money to be considered trustworthy, it should meet several criteria:

• Data Security
• Privacy
• Functionality
• Customer Support
• Transparency
• Reputation

While the first four categories have no issues at all, minor issues and inconsistencies exist in the last two. Though not significant, these concerns are worth paying attention to and will be discussed in more detail later on. Despite these minor issues, I would lean more towards classifying the app as trustworthy rather than untrustworthy.

How does Rocket Money Work?

Rocket Money works like a buddy who’s super good with finances. You download the app and connect your bank and cards.

Once you’re set, it’s like looking at your wallet and seeing where your cash is going. It puts all the subscriptions you’ve got in one spot – Netflix, gym, magazines, whatever – so if you spot something you forgot about, you can ditch it. They’ll even handle the breakup if you upgrade to their fancy version!

It also gives you a lowdown on your spending versus what you’re making. Plus, it’ll give you a nudge if you’re about to get hit with a hefty bill or if your account’s looking a bit slim.

It also has this excellent savings bit where it can put aside a bit of money here and there for you. You’re in the driver’s seat, deciding how much and when.

You can also peek at your credit score, see how you’re doing, and if anything fishy’s going on. And for the cherry on top, it helps you set a spending plan – like how much you wanna spend on fun stuff, food, or gas. It’ll even warn you if you’re splurging too much.

It can haggle your bills down for you. Imagine arguing with your phone company to get you a better deal. They take a piece of the pie if it saves you some cash. However, I wouldn’t recommend using this feature yet. I’ll explain why down below.

So, if you’re trying to be more on top of your money game, Rocket Money’s like that wise friend who always has good advice.

What makes Rocket Money stand apart from other apps?

1. 1. The Rocket Money App is intuitive & easy to use. After giving the app a hands-on test, I can say it’s straightforward and intuitive. And you know what’s cool? I’m not the only one who thinks so. I dug through hundreds of reviews, and many folks kept mentioning how simple it was to set up and use. A lot of regular users find it user-friendly. But what does this mean? Imagine you’ve got this shiny new gadget or app, right? Now, if you can pick it up and know instantly how to use it without scratching your head or needing a manual, that means it’s intuitive. When you hop into a new car, everything feels right where it should be. So, when a financial app is intuitive, it’s super user-friendly and straightforward. Now, why’s that so important? Well, money stuff can be super confusing on its own. So, the last thing you want is to fight with an app that’s making it even harder. An intuitive app makes your life easier. It helps you get what you need done without the fuss so that you can get on with the fun stuff. No one wants to waste time figuring out where everything is, right? An intuitive app gets out of your way and lets you do your thing. And hey, don’t just take my word for it – you can see a sneak peek of its user-friendliness in the screenshots I’ve posted in the section above.
   2. Rocket Money has a beautiful interface. So imagine this: when you open up a financial app that looks good, it’s like stepping into your favorite cafe. It’s inviting, right? You’d want to sit down, take time, and maybe return the next day. It’s the same thing with an app. If it looks sleek and pretty, folks are naturally more drawn to keep opening it up and using it. And when we’re talking about managing money, which can be a headache for many, having an app that’s a joy to look at makes the process way less daunting. The more people enjoy the experience, the more likely they’ll keep up with their finances by consistently using the app. That’s the magic of a beautiful interface.
   3. It has exemplary customer support through email. This means that they respond quickly, are super friendly, and, most importantly, know their stuff. You don’t have to wait for ages, and when you get a reply, it’s clear and helps solve your problem. I wanted to ensure I wasn’t just the lucky one getting all this promising treatment. So, I did a bit of digging. I reviewed many reviews from other folks to see if they got the same top-notch service. Guess what? It wasn’t just me! Loads of people are singing the same tune about their experience. So, it’s safe to say it’s not just a one-off thing; they’re genuinely on the ball. However, there were also many unresolved issues, mainly about bill negotiation. I will delve into this aspect when discussing the disadvantages of using the app or its weak points. But what’s commendable is that the support team was right there, even responding on the review sites. They weren’t just turning a blind eye; they genuinely tried to address the concerns. But if you prefer not to use email for communication and need to do it over the phone, remember that this feature isn’t an option.
   4. Rocket Money helps us spot and cancel unwanted subscriptions. When I connected my bank and credit card details, it rummaged through and pulled up a list of all my subscriptions. I didn’t even realize I was still paying for some of them! We all tend to forget those monthly charges or free trials turned into paid services. Rocket Money helps shine a light on those so you can decide if you need them or if it’s time to let them go and save some cash. You know, it’s kind of disappointing that our usual banking apps don’t highlight these subscription charges for us. When your account is buzzing with daily transactions, it’s like trying to find a needle in a haystack to spot those sneaky subscriptions. Having them stand out is crucial so you can take a moment and think, “Do I even use this anymore?” That way, you’re not just mindlessly letting your money slip away.
   5. You get constant reminders and notifications for bills that are due. Have you ever had one of those days when everything’s just a blur, and then, out of nowhere, you suddenly remember that bill you forgot to pay? Happens to the best of us. Getting those little nudges and reminders for upcoming bills is a game-changer. It’s like having a buddy tap you on the shoulder, saying, “Hey, don’t forget about this!” Without those notifications, it’s so easy to lose track and then bam – late fees or, even worse, a hit on your credit score. Getting those constant heads-ups? That’s a lifesaver. It keeps everything smooth and stress-free. You know, for folks like those with ADHD, where the brain’s jumping from one thing to the next, or someone who’s newly retired and suddenly adjusting to a whole different routine, these reminders are a godsend. And let’s not forget someone who’s recently gone through a divorce. Their world’s been turned upside down, and tracking bills might be the last thing on their mind. Those who are just swamped with life and have too much on their plate can miss these details. These reminders are like a gentle tap saying, “Hey, I’ve got your back. Don’t forget this.” It’s about having that extra help when life gets chaotic, making sure the bills don’t slip through the cracks.
   6. They seem to be giving refunds easily, without much hassle. There’s this story floating around in the reviews where someone mistakenly paid for a whole year. They reached out to support, and boom, without a lot of back-and-forth, they got their refund. Seems like they genuinely care about their users. This kind of smooth refund process isn’t something you see often on review sites. Many apps make getting a refund an absolute nightmare, probably hoping to discourage folks from trying. But with Rocket Money, it doesn’t seem to be that way. They seem to be on the user’s side, which is refreshing! While scrolling through reviews, I encountered at least five instances where folks mentioned similar smooth refund experiences. However, it’s a tad concerning that quite a few people seem to upgrade to the paid version mistakenly. Still, it’s good to know that Rocket Money isn’t making it a pain to get your money back.
   7. It helps you identify bad spending habits. If you’ve ever felt lost about where your money’s going, this app is your roadmap. Not only does it break things down week by week, but it also gives a clear picture of where every dime is spent. It is super helpful for folks like me with, let’s say, less-than-stellar spending habits. Plus, seeing all your cash flows laid out? Total eye-opener. Trust me, it’s a lifesaver for getting a grip on your finances.

Lowering your bills

One of the standout features of Rocket Money, which deserves a deeper dive, is its potential to lower your bills. This aspect of the app is particularly appealing to those who feel overwhelmed by their monthly expenses. The app analyzes your recurring payments and identifies opportunities where you might be overpaying. This could be anything from your electricity bill to your gym membership. The idea is that by negotiating better rates or eliminating unnecessary services, you can free up more of your income for savings or other financial goals.

However, as mentioned earlier, the bill negotiation feature has its drawbacks. It’s essential to approach this feature with a clear understanding of its workings. Remember, Rocket Money takes a percentage of the annual savings as a fee, which can be substantial depending on the amount saved. Therefore, while the potential for lowering bills is a significant advantage, it’s crucial to weigh the immediate cost against the long-term savings. This feature best suits those comfortable with the terms and confident in the potential savings outweighing the upfront fee.

Managing Subscriptions

Another critical feature of Rocket Money is its ability to manage subscriptions. In today’s digital age, where subscription-based services are ubiquitous, it’s easy to lose track of what you’re signed up for. Rocket Money highlights these recurring charges, helping you identify and cancel subscriptions you no longer need or use. This feature is handy for subscribing to multiple streaming services, online magazines, or other digital platforms.

The app’s user-friendly interface makes it simple to review all your subscriptions in one place. This clarity can lead to significant savings, as many people are unaware of how much they spend on rarely used subscriptions. By trimming these unnecessary expenses, Rocket Money helps streamline your finances, allowing you to allocate resources more effectively.

In conclusion, while Rocket Money has its limitations, particularly in its bill negotiation feature, its strengths in lowering bills and managing subscriptions make it a valuable tool for those looking to gain better control over their finances. As with any financial tool, it’s essential to use it to align with your financial goals and circumstances.

Rocket Money cost & fees

When delving into Rocket Money, one of the most perplexing aspects is the opacity surrounding its fee structure. This lack of transparency is not just a minor inconvenience but a significant concern for users turning to the app for better financial management. On the surface, Rocket Money offers a range of appealing features, some of which are available at no cost. However, the journey from a free to a premium user is where things get murky. The app’s premium services, which include enhanced features like bill negotiation, subscription cancellation, and automated savings, come with a monthly fee ranging from $3 to $12. But here’s the catch: the app doesn’t make it easy to find this information upfront.

The difficulty in finding clear information about Rocket Money’s pricing on their website, coupled with the reports of users unknowingly being upgraded to paid versions, paints a concerning picture. It suggests a possible strategy of obfuscation, where users are nudged towards premium services without a transparent acknowledgment of the costs involved.

After going through everything Rocket Money has to offer, I’ve realized that, even though it has some handy features for managing money, it handles user upgrades, and fee transparency could be a lot better. It feels like you’ve got to be extra careful and aware when you’re using the app just to ensure you don’t run into any surprises with fees or unexpected upgrades.

What’s bad about Rocket Money? What are the Concerns and Risks?

Of course, I’ve laid out all the shiny bits about this app, but to give a complete picture, we’ve gotta dive into the not-so-great parts, too. Every story has got two sides, right? Alright, buckle up! Let’s dive into the bad and the ugly side of TrueBill / Rocket Money.

1. 1. Bill negotiation is hit-and-miss. I wouldn’t advise you to use it yet. Give it at least a few years until this type of service is mature enough; it is in its infancy right now. It’s worth mentioning that many complaints about this app focus on this specific service. There are many of them, so it’s not just a tiny issue. It works like this: the Rocket Money app looks over your bills to spot any possible savings. Then, their team can reach out to those companies and try to get you a better deal. What’s the problem? First, many folks who use this feature don’t realize they have to part with a chunk of the money they save as a fee for the service. Rocket Money takes anywhere from 30% to 60% of the yearly savings and charges it all at once to your card. When we’re talking about more significant amounts of savings, this upfront fee can feel pretty hefty. So, while it might help in the long run, it can pinch your pocket in the short term. Adding to that, you can probably guess the other headaches that can arise. Let’s say a company you’re subscribed to decides to change its pricing next year or throws in some new terms. With bill negotiation, misunderstandings can quickly happen. Maybe you already had a special subscription rate and might lose that sweet deal. There are just so many ways this can take a wrong turn. And you know what? The number of complaints Rocket Money gets about this feature speaks volumes. It’s clear there are some kinks they need to work out. And it makes sense when you think about it. The bill negotiation service is only as good as the negotiating person. While one person might have the knack for getting fantastic deals and understands the ins and outs of the process, another might just be trying to close the deal quickly without digging deep. The varying levels of expertise and dedication among negotiators can lead to wildly different outcomes for users. So, while some folks might rave about their savings, others might wonder if they drew the short straw. If I were giving advice, I’d suggest steering clear of this bill negotiation feature, at least until around 2025. By then, the company will hopefully have had enough time to iron out the kinks and refine the service. It’s always good to give new features time to mature and develop. And who knows? In a few years, it might be their standout feature! Until then, it might be best to play it safe and avoid potential headaches.
   2. Many users unknowingly or by mistake upgrade to the paid version (and realize this later). From what I’ve gleaned from user reviews, many users have unexpectedly upgraded to the premium version. They’re getting nudged up a tier without catching that moment. It could be that the wording isn’t crystal clear, or something else is catching their eye and distracting them. If you dive into the app, just be vigilant and ensure you’re only signed up for what you truly want. If they weren’t giving out fast and hassle-free refunds, I’d be shouting about this from the rooftops. But the way it’s going, it’s almost like they’re doing the very thing they’re trying to prevent: having folks shell out for something they’re not using. It’s a bit ironic.
   3. No phone support. Email support doesn’t cut it for everyone, no matter how stellar it is. Imagine being in a tight spot financially (like a single mom who paid for a one-year subscription without realizing it, and you need the money fast), then all you want is a real person on the other end of the line to say, “Hey, I got you.” In those heart-dropping moments, you don’t want to type up an email and wait, right? You want immediate answers. It’s about peace of mind. So, no phone support can be a real bummer, especially for a financial app where high stakes and time often matters. This is especially true for the bill negotiation service. For example, imagine if they negotiate a new rate for your cable bill, but it drops a crucial channel you watch. You’d want to address that immediately, not wait for an email response that might take hours or even a day.
   4. There were some complaints related to cancellations, but they seem to be fixed. I’ve gathered that those complaints were about the old TrueBill app. But they’ve ironed out those kinks since they switched things up to Rocket Money. This is not a huge deal, but you should know about it.
   5. A few users preferred the old TrueBill over the new Rocket Money app. But honestly, those voices are drowned out. Way more people are giving thumbs up to the new app than the old one.

Is rocket money available globally?

No. Rocket Money does not extend its services to international financial institutions. Just a heads up if you’re thinking about using Rocket Money – it’s great for local use, but it doesn’t play well with banks outside the U.S. So if you’ve got accounts in places like Canada, Mexico, Australia, or Europe, you won’t be able to link them up with this app.

Long-term use, app updates & improvements

I did some digging to find out about the long-term updates for the Rocket Money app, and honestly, it was a bit surprising. There’s not much out there about their update history, and what’s more, they don’t seem to have a clear roadmap for future updates. This lack of a roadmap means we’re in the dark about what new features or improvements might be coming down the line. Honestly, I think Rocket Money really needs to step up their game here. Not having a clear roadmap makes it tough for us users to know what’s coming next. It would be so much better if they were open about their plans. That way, we’d feel more in the loop and confident about using the app for our financial needs. It’s all about trust, right? If they showed us where they’re headed, it would make a huge difference in how secure and informed we feel while using their app.

Rocket Money alternatives

Exploring alternatives to Rocket Money is essential in the quest for financial management tools, especially considering the challenges some users face with its fee structure and bill negotiation feature. Here, we delve into a few noteworthy alternatives, highlighting what makes them stand out in the crowded financial app marketplace.

1. Mint: The All-Encompassing Budget Tracker

Why It Stands Out: Mint, a long-standing player in the financial app world, offers comprehensive budgeting tools and real-time tracking of your finances. Its standout feature is the ability to categorize transactions automatically, providing a clear picture of where your money is going. Unlike Rocket Money, Mint is free, making it an attractive option for those wary of hidden fees or unintentional upgrades to premium services.

2. YNAB (You Need A Budget): The Proactive Budget Planner

Why It Stands Out: YNAB‘s philosophy centers on giving every dollar a job, encouraging proactive budgeting rather than just tracking expenses. This approach helps users actively manage their money and plan for future expenses. While YNAB is a paid service, its pricing is transparent, and it offers a 34-day free trial, allowing users to fully understand the app before committing financially.

3. Trim: The Automated Financial Assistant

Trim enters the financial app arena as a robust contender, particularly for those seeking an automated assistant to manage their finances. Similar to Rocket Money, Trim offers a range of services aimed at optimizing your financial health, but with its unique twists and capabilities.

4. Simplifi: More intuitive but less comprehensive

Simplifi offers a more intuitive and user-friendly interface compared to Rocket Money, but Rocket Money excels in providing more comprehensive features for expense tracking and subscription management.

5. Empower: for more banking and savings focus

Empower leans more towards banking and savings, whereas RocketMoney centers more on subscription management and budget tracking. For individuals seeking an all-in-one banking solution that offers interest-bearing accounts and tools to enhance savings, Empower stands out as a good alternative.

6. Kubera for Wealth, RocketMoney for Daily Finances

Kubera is more about wealth tracking and the bigger picture of one’s financial health, while RocketMoney is about managing and optimizing day-to-day expenses and subscriptions. For someone interested in detailed wealth portfolio management, Kubera would be the better choice, whereas for those looking to control their monthly expenses and manage subscriptions, RocketMoney would be more beneficial.

7. Acorns: Revolutionizing Micro-Investing

In my Acorns micro investing review, I discovered that while Acorns and Rocket Money serve different personal finance needs, they share similarities. Both apps provide a user-friendly interface and automated financial management tools, emphasizing a mobile-first approach for ease of use. Acorns, however, extends its offerings beyond mere expense tracking, delving into the realm of micro-investing. This feature enables users to invest spare change by rounding up purchases, making it an ideal platform for those new to investing.

Each of these alternatives to Rocket Money has its unique strengths, catering to different needs and preferences in financial management. Whether you prioritize comprehensive budgeting, investment tracking, simplicity, or collaborative financial planning, an app can meet your needs. The key is to choose an app whose features align with your financial goals and whose fee structure and transparency match your comfort level.

Final thoughts

Considering whether Rocket Money is the right financial management tool for you, it’s important to weigh its strengths and weaknesses. Here, I’ve compiled a list of pros and cons:

Pros:

1. Intuitive and User-Friendly: Rocket Money is easy to set up and use.
2. Customer Support: Offers exemplary customer support, albeit only through email.
3. Refund Policy: They provide easy, hassle-free refunds.
4. Subscription Management: Helps in identifying and cancelling other subscriptions effectively.
5. User Interface: The app has a beautiful user interface.
6. Reminders and Notifications: Constant reminders and notifications for upcoming bills.

Cons:

1. Inconsistent Bill Negotiation: The bill negotiation feature is hit or miss, with many users expressing dissatisfaction.
2. Unintended Upgrades to Paid Version: Users often unknowingly upgrade to the paid version, realizing it later.
3. Lack of Phone Support: The app does not offer phone support, which might be inconvenient for some users​​.

We’ve delved into the features, user experiences, and reviews surrounding TrueBill and its successor, Rocket Money. Rocket Money might be worth a test run if the advantages align more with your needs than the disadvantages. Start with the free version, and tread cautiously when considering an upgrade to premium. Financial tools are deeply personal, so always ensure they match your requirements before diving in!

The post TrueBill / Rocket Money Review – After Testing 20+ Financial Apps! first appeared on My Blog.

Keeping track of your money can be challenging, especially if you’re dealing with a variable income, unexpected expenses, and bills that come due on a regular basis. It’s easy to get caught up in the day-to-day grind and not realize until later that you spent more than expected or are coming up short in preparation for an upcoming event like a vacation or car purchase. That’s where budgeting apps can help. These apps make it easier to keep track of your money by presenting all your financial information in one place, helping you identify areas for improvement and set new goals for future savings. With the help of these apps, you might be able to save more money, pay off debt faster, and plan for future expenses.

What can these budgeting apps do to help you save money?

Budgeting apps can help you save money in a number of ways. First, they can help you track your spending so that you can see where your money is going. This can help you identify areas where you may be spending too much money and make adjustments accordingly. Second, budgeting apps can help you set up a budget and stick to it. This can help you ensure that you are not spending more money than you can afford to and help you reach your financial goals. Finally, others may offer features like cash-back rewards or coupons. Many budgeting apps also offer features like notifications or alerts that can help you stay aware of your spending and make sure that you do not go over budget. Let’s take some concrete examples:

How to save money with YNAB?

YNAB is a software program that you can use on your computer or phone, and it is also available as a mobile phone app. The app gives you the ability to track your spending, set goals, and see where your money is going. It also offers tips and advice on how to save money and get out of debt.

One way to save money with YNAB is to use the “envelope” system. This system assigns every dollar you have to a specific category, like rent, groceries, or entertainment. Once you’ve assigned all of your dollars, you can only spend what’s in each envelope. This system forces you to think about your spending and makes it easy to see where your money is going each month.

Another way to save money with YNAB is to create a monthly budget. This budget should include all of your income and expenses for the month. Once you know how much money you have coming in and going out each month, you can make adjustments to ensure that you’re saving money. For example, if you see that you’re spending too much money on eating out, you can cut back and save that money instead. YNAB can also help you to track your progress in terms of saving money and reaching your financial goals. This can help you to stay motivated and on track, and can also help you to spot any potential problems or areas where you may need to make adjustments.

How to save money with Albert App?

Simply download the app and create an account. Once you’re logged in, you’ll be able to add your bank account and start tracking your spending. You can also set up goals and see your progress over time. It also has a feature that allows you to set up a savings goal and automatically transfer money into your savings account each month. Another way in which this app can help you to save money is by finding discounts and coupons for the things you want to buy before you buy them. The Albert app offers some great discounts on a variety of products and services. You can often find deals for 10-20% off your purchase, and sometimes even more. Be sure to check the app often for the latest deals.

How to save money with Gasbuddy?

Using GasBuddy, you can see the gas prices at different stations and choose the cheapest option. This can help you save money on your gas bill each month. Additionally, GasBuddy’s trip cost calculator can help you estimate how much you’ll spend on gas for a trip, so you can budget accordingly. Many users think that GassBuddy is useful. It has been downloaded over 10 million times and has a 4.5-star rating on the App Store. Many say that it has saved them a lot of money on gas and that it is very user-friendly. Some have even said that it is the best gas price app available!

What other advantages do budgeting apps bring to the table?

1. Budgeting apps are fast. If you are someone who is very organized and enjoys using technology, a budgeting app may be a great option for you. It is way faster than using pen and paper, or even spreadsheets. Budgeting apps are designed to be fast and easy to use, and many users find them to be helpful in managing their finances.
2. Budgeting apps are easy to use. Budgeting apps can be easy to use, depending on the app and your level of comfort with budgeting and tracking expenses. Some apps are more user-friendly than others, and some may require more time and effort to set up and use effectively. If you’re not sure where to start, there are plenty of reviews and articles online that can help you compare different budgeting apps. Once you’ve found a few that look promising, take some time to explore them and see which one feels the most user-friendly to you.
3. Budgeting apps make you accountable. Budgeting apps can definitely help make you more accountable for your spending. Having all of your transactions in one place and being able to see where your money is going can be a real eye-opener. You may be surprised to see how much you’re actually spending on things like coffee or eating out, and this can help you make some changes to your spending habits. If you’re looking to get more control over your finances, a budgeting app can definitely be a helpful tool. Some budgeting apps allow users to set goals and track their progress, which can further motivate them to stick to their budget. Ultimately, even though it works for many people, whether or not a budgeting app makes you accountable is up to you and your individual circumstances!
4. They make it easy to categorize expenses. For example, let’s say you have a monthly budget of $1,000 for groceries. You could use a budgeting app to track your spending in this category, and the app would help you to stay within your budget by alerting you if you were close to or over your limit. This could be especially helpful if you tend to overspend in certain categories, as the app would provide a reminder to help you stay on track. Of course, budgeting apps are not perfect, and they will not work for everyone; some people may find them to be too restrictive.
5. They provide useful money reports. Many budgeting apps offer features that allow users to export their data into a format that can be easily shared with others, such as a PDF or spreadsheet. This can be helpful in identifying areas where money is being wasted, as well as providing a way to keep track of progress toward financial goals.

Are there any other ways in which these budgeting apps include can help you?

Yes, there are a few more ways in which budgeting apps can help you:

1. They can help with credit scores. Budgeting apps can most definitely help with credit scores! By tracking your monthly spending and income, you can better understand where your money is going and make adjustments accordingly. This can help you free up more money to put towards paying off debt, which in turn will help improve your credit score. Additionally, some budgeting apps also have features that allow you to track your credit score and credit utilization, which can further help you stay on top of your credit health.
2. They can help with bill negotiation. Budgeting apps can definitely help with bill negotiation! By keeping track of your spending and knowing where your money is going, you’ll be in a much better position to negotiate with creditors and get the best possible terms on your bills. In addition, many budgeting apps offer features like bill reminders and payment tracking, which can help you stay on top of your payments and avoid late fees.
3. They can help you invest. Acorns is an app that helps people save and invest their spare change. It will give you the possibility to automatically reinvest your spare change into a diversified portfolio of exchange-traded funds (ETFs). This can help you build up your investment portfolio over time without having to make large contributions all at once. Additionally, Acorns can provide you with guidance and advice on how to best grow your investments. Turning innovative business ideas for entrepreneurs into reality often requires a financial investment. This investment can provide the necessary resources and support to bring the idea to fruition, allowing the entrepreneur to launch and grow their business.

Can budgeting apps actually make it harder for you to save money?

Of course, budgeting apps are not perfect. Some can be expensive, and most of them require you to input a lot of data. They also might not be able to provide the same level of customization and flexibility as a traditional budget. But if you’re looking for a way to take control of your finances and save money, budgeting apps are definitely worth considering. But usually, budgeting apps are not expensive. In fact, most budgeting apps are free. While some of these apps do have paid features, they are not necessary in order to use the app and budget effectively. There are a variety of different apps available, so be sure to do your research to find one that best suits your needs. Start with the free ones, and pay attention to pricing and how much they cost, and you won’t have any problem on this side.

It’s important to explore the other side of the coin if you are tempted to start using budgeting apps. But before you do, you should know that there are many people who hate budgeting apps. The main reasons for this are that they find them cumbersome to use, difficult to understand, and often ineffective in helping them manage their finances. Additionally, many people simply do not like the idea of having to track their spending and budget their money, preferring instead to live impulsively and spend whatever they want. To find these people, just check popular user review websites and sort the reviews by the number of stars, starting with those that only gave one-star reviews. You might find out that you have similar values, views, and beliefs.

Budgeting apps may not be worth it if you are not willing to put in the work to make them effective. Just like with any other budget, you need to be diligent about entering your transactions and keeping track of your spending. If you are not willing to put in the time and effort, a budgeting app is not likely to be helpful.

Final words

According to a study done by Bankrate, 63% of smartphone users have at least one financial app. And it looks like younger generations rely more and more on these kinds of tools. If you are in the category of people that don’t yet use a budgeting app, why don’t you give it a try? In the worst-case scenario, you will just abandon them. And if they work, they could bring a lot of improvements to your financial circumstances.

The post Why a Budgeting App Could Help You Save Thousands first appeared on My Blog.

In the modern world, everything revolves around technology. While smartphones and other devices can make everyday life much easier, they can complicate things. This is especially true when it comes to finances. Thankfully, there are plenty of great options for users looking to organize their spending habits and bills. As with any software program, there are some issues that crop up time and time again. There are several common problems that users experience when using these budgeting apps. This article will discuss some of the most common problems and disadvantages people have while using budgeting apps and how you can overcome those difficulties if you’re also planning to use budgeting apps in your daily life.

This article will be particularly valuable if you are exploring the option of using a budgeting app and seeking a comprehensive understanding, including the less discussed aspects. While most resources tend to highlight only the advantages, my focus here is solely on the disadvantages, offering a unique perspective essential for making a fully informed decision.

Many budgeting apps feel non-intuitive

Even though most budgeting apps are designed with the user in mind, because there are so many workflows and approaches to managing your finances, many fail to appeal to a larger audience. Budgeting can be a complex task, and it can be difficult to design an app that is both easy to use and effective at helping people manage their finances.

Budgeting apps can definitely have a learning curve – after all, you’re trying to learn a new way to manage your finances! Depending on the app, there may be a lot of features and functionality to learn to get the most out of it. But there are ways to make the learning curve a little less steep. First, try to find an app with good reviews recommended by people you trust. Second, take some time to watch tutorials or read articles about how to use the app before you dive in. Finally, be patient with yourself – it takes time to learn anything new, so don’t get too frustrated if you don’t get the hang of it immediately.

There are also external reasons that may influence how people perceive these budgeting apps. People are generally bad at estimating their expenses and often underestimate how much they spend in a given month. And they might easily put the blame on the tool instead of their awareness and skill.

It has certain features that annoy me!

Budgeting apps can have a lot of features that annoy people. For example, some apps have ads that can be intrusive, while others may have in-app purchases that people find annoying. Some apps require users to input every purchase, which can be tedious. Another example worth mentioning is that some apps have a lot of fine print and small print that can be confusing to read. Here are a few more potential annoyances that budgeting apps might include:

• Limited customization options
• Lack of flexibility
• Inflexible budget categories
• Difficult-to-use interface
• Lack of comprehensive features

While not everyone considers these issues drawbacks, and some may even find them preferable, they certainly highlight some disadvantages of budgeting apps. It ultimately depends on individual preferences and needs.

They could use better tutorials and better help sections

When trying out budgeting apps, a potential disadvantage is the inadequacy of help sections or tutorials. In general, most budgeting apps offer some form of help section or tutorial to help users get started. But it looks like they don’t do a great job at it. For example, some of the reviews for YNAB reviews are mixed; some people complain about not having enough tutorials or help information, while others praise it for the great help section. The community is also very active and helpful, so you can always find answers to your questions there.

The push notifications are pushy or not working properly!

Budgeting apps (and generally mobile apps) have a notorious problem with how they handle notifications. On one hand, notifications can be helpful in reminding users to stay on track with their budgets. On the other hand, notifications can be overwhelming and cause users to abandon the app altogether. The key is to find a balance with notifications. Some budgeting apps allow users to customize their notifications, which can be helpful. Others include a few basic notifications, such as a daily or weekly summary.

There is some debate on whether or not budgeting app notifications are annoying. Some people find them helpful in keeping track of their spending and staying on budget, while others find the constant reminders to be intrusive and disruptive.

A few budgeting apps have been known to have annoying notifications. Some users have complained about apps like Mint and Goodbudget sending too many notifications, which can be frustrating. There are also a few reports of YNAB (You Need a Budget) sending notifications for every little thing, which can be overwhelming.

A notable disadvantage of some budgeting apps, such as Mint and Goodbudget, is the unreliability of their notifications and alerts. Despite Mint’s popularity, many users have expressed dissatisfaction with its inconsistent alerts, which are crucial for effective budget management. Similarly, Goodbudget has faced complaints about the unreliability of its notifications. This issue underscores a critical aspect where these apps may fall short, impacting the overall user experience and the app’s effectiveness in helping users stay informed about their financial activities.

They can have bad customer service

Budgeting apps generally tend to have good customer service, as they understand the importance of providing timely and helpful assistance to their users. But this is not true for all the apps out there, let’s take some examples:

Mint is a great option for those seeking a budgeting app with excellent customer service, offering 24/7 support and a user-friendly interface. YNAB also stands out with email, chat, or phone support. EveryDollar follows suit with efficient service through email or phone. In comparison, as highlighted in my review of Rocket Money, it boasts exemplary customer support. However, it’s important to note that RocketMoney offers its support exclusively through email, catering to users who prefer digital communication for handling their queries and support needs.

In analyzing customer support for various apps, it’s important to tread carefully as there can be some shady areas, much like what I uncovered in my Acorns review for investing. During that review, I detailed an entire saga concerning their customer support and how their public reviews are manipulated by malicious intent to look bad. Despite these issues, it’s crucial to note that, in reality, Acorns’ customer support is actually quite good.

But If we take a look at some customer reviews of GasBuddy, it seems that many people are not happy with the level of service they have received. Complaints include long wait times, unhelpful staff, and difficulty getting refunds or credits. It’s possible that GasBuddy has improved its customer service since these reviews were written, but it’s also possible that the company is still struggling in this area. If you’re considering using GasBuddy, it might be worth researching whether recent customers have had positive or negative experiences.

As you explore the disadvantages of budgeting apps, it’s important to know that not all apps offer the level of customer support you might expect. While apps like Mint and YNAB provide robust support, others may not meet these standards. You might encounter issues such as slow response times, limited support options, and a lack of personalized help. These drawbacks can significantly affect your experience, especially when timely and accurate support is crucial for managing your finances. Therefore, as you weigh your options, consider these potential disadvantages to ensure your chosen app aligns with your needs for effective financial management.

They sell user info to third-party companies

A few budgeting apps sell user information, although most do not. The ones that do typically sell it to advertisers so that they can target ads more effectively. The sold information is usually anonymous and cannot be traced back to individual users. However, some budgeting apps may sell more personal information, such as names and addresses, to third-party companies.

Some budgeting apps, like Mint and You Need a Budget (YNAB), sell user information. Both of these apps have been known to sell user information to third-party companies, which means that your personal financial information could be at risk if you use either of these apps.

Mint has been known to sell user information to companies like Experian and Equifax, which are both credit reporting agencies. This means that if you use Mint, your personal financial information could be shared with these companies. YNAB, on the other hand, has sold user information to companies like Google and Amazon.

If you are concerned about sharing your personal information with third-party companies, you may consider using a different budgeting app that does not sell user information. There are a number of different apps to choose from, so you should be able to find one that meets your needs. This practice has been scrutinized in recent years as it raises privacy concerns. Some users have even deleted their Mint accounts due to these concerns.

In considering the disadvantages of budgeting apps, it’s crucial to address the issue of data privacy. Some apps, including popular ones like Mint and YNAB, have been known to sell user information to third parties such as Experian, Equifax, Google, and Amazon. This means your personal financial data might be shared with these companies, posing a risk to your privacy. While the sold data is often anonymous, there are instances where more personal details are involved. If privacy is a major concern for you, exploring other budgeting apps that prioritize user data protection is advisable.

You might not be able to close your account easily

Most budgeting apps allow you to close your account easily. But this is not always the case. Many people complain in reviews for many apps about being charged after they close their account or cancel their subscription. You should know this before you commit to an app for the long term.

Some apps make it easy to cancel by allowing you to do it directly from the app, while others may require contacting customer support. Additionally, some apps may charge a cancellation fee, so be sure to check the terms and conditions before signing up for a budgeting app.

Diving deeper into the disadvantages of budgeting apps, a significant concern lies in the process of account closure and cancellation. Many users have reported being charged even after closing their accounts or canceling subscriptions, a frustrating experience that raises questions about the transparency of these apps. While some apps facilitate easy cancellation directly through the app, others require contacting customer support, which can be cumbersome. Additionally, be aware of potential cancellation fees. Before committing to any budgeting app for the long term, it’s essential to understand these aspects and carefully review the terms and conditions to avoid any unpleasant surprises.

Explore alternatives

You might consider alternatives beyond budgeting apps as you explore different ways to manage your finances. This includes sophisticated personal finance software and versatile spreadsheets. You might also find value in the best physical budget planners. These planners offer a tangible, hands-on method for tracking your expenses and can provide a clear, visual approach to your financial planning, blending traditional pen-and-paper methods with effective organization.

Final words:

It’s difficult to say whether budgeting apps help more than hurt because it depends on the person using them. Some people find that budgeting apps are extremely helpful in managing their finances and staying on track, while others find that they’re more of a hindrance than a help. Ultimately, it comes down to personal preference and what works best for the individual.

The post The Disadvantages of Budgeting Apps: Exploring the Downsides first appeared on My Blog.

In the real world, individuals who can responsibly manage their money are few and far between. However, with the advent of smartphones and other mobile devices, it is now possible to access financial software anywhere at any time. This article lists the pros and cons of using budgeting apps so you can decide if such an app is the right thing for you.

Pros:

• You will better understand your finances and where your money is going. This can help you make more informed decisions about your spending. A budgeting app can be a great way to help you understand your spending patterns and where your money is going. By tracking your spending and income, you can get a better idea of where your money goes each month. This can help you make informed decisions about your spending and saving habits. Additionally, many budgeting apps offer features that can help you stay on track with your budget, such as alerts when you are close to overspending or goals to help you save money.
• It teaches you how to live within your means. It can give you greater clarity on what you can and cannot afford. While a budgeting app cannot magically teach you how to live within your means, it can be a helpful tool for making informed and responsible financial decisions. A budgeting app can help you track your spending and identify patterns over time. This can be helpful in a number of ways. For example, if you notice that you tend to spend more when you are stressed, you can take steps to manage your stress levels. Or, if you notice that you spend more when you are around certain people, you can take steps to avoid those people or situations. Knowing your spending patterns can help you make better choices about how to spend your money.
• It helps you track and prioritize your spending. A budgeting app typically tracks spending by categorizing transactions and then tracking the total amount spent in each category. They can do this by linking to a user’s bank account and tracking all of their transactions or by letting the user manually enter their spending each time they do it. After some statistics are gathered, users start to see where they spend their money, and they can adjust accordingly. Some budgeting apps also allow users to set spending limits for specific categories, which can help to curb overspending.
• It helps you stay organized. A budgeting app can help you stay organized by providing a clear and concise view of your income, expenses, and financial goals. While some personal finance apps can help you track your spending and set budgets, they can’t necessarily change your spending habits. You still have to do most of the work. However, they can make the job easier by giving you easy access to the information you need whenever you need it. In this context, considering reviews and experiences with specific apps can be immensely helpful. For example, a Truebill review might offer insights into how this app can aid in managing subscriptions and recurring bills, potentially leading to significant savings. Users’ experiences often highlight the app’s effectiveness and user-friendliness, making it a trustworthy tool in your financial toolkit. Additionally, when it comes to investing, an Acorns investing app review can shed light on its unique approach to micro-investing. By rounding up your transactions and investing the spare change, Acorns simplifies the investment process, making it accessible even for those new to investing. These reviews often underscore its ease of use and the ability to start investing with small amounts, making it a reliable option for beginner investors.
• They can help you pay off debt. Most personal finance apps will have some sort of debt payoff feature that can help you get a handle on your debt. By inputting your outstanding debt balances and interest rates, the app can create a personalized debt payoff plan for you. This can help you see exactly how much you need to pay each month to become debt-free and can also give you a timeline for when you can expect to be debt-free. Many personal finance apps also offer debt tracking features, which can help you stay on top of your debt payoff progress. These features can include things like balance updates, payment reminders, and more. Having all of this information in one place can make it easier for you to stay on track with your debt payoff goals.

Cons:

• It can be time-consuming to keep track of your budget, and you may need to make some sacrifices in order to stay within your budget. As a general rule of thumb, it usually takes a few weeks to get used to a budgeting app and to start seeing results from using it. During this time, it is important to be patient and to keep track of your spending so that you can see how the app is helping you to save money. For some people, it may take even longer if they are not used to tracking their spending or if they have a more complicated financial situation. But ultimately, it shouldn’t take more than a few days or weeks to get used to a budgeting app. But, most people don’t understand this before they try one, and usually fail because they do not have the right expectations.
• They can be difficult to use. Budgeting apps can be complex, with a lot of features and options. This can make it hard for most people to figure out how to use them effectively. Besides this, some budgeting apps require you to enter a lot of information, which can be time-consuming and frustrating. And on top of this, you may not be sure how to categorize your expenses, which can make it difficult to track where your money is going. You might need to invest some time and read some guides on this topic; for example here is a guide on how much you should allocate for food, housing, or transportation.
• It can be restrictive and cause stress. The restrictive mindset when spending money is one that is focused on saving as much money as possible and being very mindful of how every penny is spent. This approach can be beneficial in helping to reach financial goals, but it can also make it difficult to enjoy the things that money can buy. Those who adopt a restrictive mindset may feel stressed and anxious about spending, even when it is for something they really want or need. This can also affect your social circle and standing. For example, if someone is always talking about how they can’t afford things or how they’re trying to save money, it can make it hard for others to enjoy their company. Additionally, this can also make it difficult for someone to form lasting relationships.
• It may not work for everyone. Budgeting apps can work well for some people but not so well for others. It really depends on an individual’s financial situation, goals, and habits. For example, someone who is very disciplined with their spending and is able to stick to a budget may find that a budgeting app is helpful in keeping them on track. On the other hand, someone who struggles to control their spending may find that a budgeting app does not work well for them, as they may end up spending more than they had planned. Ultimately, it is up to each individual to decide whether or not a budgeting app will work for them. There are a variety of different budgeting apps available, so it may be worth trying out a few to see which one works best. However, before you try one, you should know that they may not work for everybody, which is ok. There are other ways in which you can get help if you are in this category.
• It can cause arguments if not everyone in the household agrees to stick to it. In general, budgeting apps can be a helpful tool for families who are looking to better manage their finances and save money. However, the effectiveness of budgeting apps depends on a variety of factors specific to each family’s unique circumstances. They may be more difficult to use simply because more people may be involved in managing the budget. This may lead to arguments and misunderstandings, especially if the people involved do not have the same understanding of the process. Some apps allow for multiple users, which can be helpful for families with multiple income sources. Others offer features like bill tracking and payment reminders, which can help families stay organized and on top of their finances. Whatever budgeting app you choose, make sure to take the time to set it up properly and involve the whole family in the process.

• Some people just like to stick to spreadsheets. There are a few reasons why people might prefer to use a spreadsheet over a personal budgeting app. First, spreadsheets are often more flexible and allow users to customize their budgets to suit their needs better. Second, spreadsheets can be used offline, whereas many personal budgeting apps require an internet connection. Finally, some people simply find spreadsheets to be easier to use than budgeting apps.

Are budgeting apps worth it?

As we journey through the varied landscape of budgeting apps, with their diverse functionalities and potential pitfalls, the pivotal question emerges: are these digital financial assistants truly worth their salt?

The answer, while not etched in stone, hinges on a delicate balance between the tangible benefits these apps offer and the inherent challenges they pose. On one hand, we have the undeniable allure of enhanced financial clarity. These apps don’t just track where each dollar goes; they paint a vivid picture of our financial habits, fostering a more informed and mindful approach to spending and saving. This awareness is pivotal in teaching the art of living within one’s means, a skill often overshadowed in a world rife with instant gratification.

Moreover, the organizational prowess of these apps cannot be understated. In a world where time is often a scarce commodity, the ability of budgeting apps to streamline financial management, provide alerts, and help in debt management is nothing short of a modern-day miracle. Yet, for all their digital wizardry, these apps are not without their foibles.

The initial time investment in setting them up, coupled with the complexity of their interfaces, can be daunting for many. There’s a certain irony in the fact that tools designed to simplify our financial lives can, at times, add layers of complexity and stress. This is particularly true for those who find solace in the familiarity of traditional methods like spreadsheets or those who view the restrictive nature of budgeting through an app as more of a financial straitjacket than a guiding hand.

Additionally, the one-size-fits-all approach of many apps may not gel with the unique financial tapestry of every individual or family. The spectrum of financial situations is broad and varied, and what serves as a boon for one may be a bane for another. Family dynamics, too, play a crucial role here – the collaborative nature of budgeting can quickly turn into a battleground if not everyone is on the same financial page.

In conclusion:

The worth of budgeting apps is not a universal truth but a personal verdict. For some, these apps are the compass in the labyrinth of personal finance, guiding them towards a brighter and more secure financial future. For others, they are but a modern inconvenience, a digital cacophony that disturbs the harmony of their financial symphony. Ultimately, it is not the app but the user’s relationship with their finances, their adaptability to digital solutions, and their personal financial landscape that determines whether these apps are a treasure trove or a Pandora’s box.

Final words:

If you are considering using a budgeting app after reading the pros and cons listed above, you should know that it’s important to do some research to find one that will work best for you. There are a lot of different budgeting apps out there, and not all of them are created equal. Some budgeting apps are better than others, and some are outright terrible. Consider your financial goals and spending habits, and read reviews from other users to get an idea of what to expect. Additionally, be sure to set up your budget in a realistic and achievable way so that you’re more likely to stick to it. Do your research and find an app that will work for you; there are plenty of hands-on reviews out there!

The post Pros and Cons of Budgeting Apps – Reasons To Use or Avoid Them! first appeared on My Blog.

If you’re reading this, you might need help managing your money. Thanks to student loan debt, credit card bills, and subpar salaries, living costs continue to rise while incomes remain stagnant. Even with a budget in place, most Americans struggle to keep track of their spending and end up spending more than they have on a regular basis. If you’re committed to changing your spending habits and becoming financially independent, you need an effective tool that can help you track your expenses and stay on budget at all times.

While many people use spreadsheets for their convenience and ease of use, there are several pros and cons between using an app vs. a spreadsheet when it comes to budgeting. Here’s a detailed look at both options, emphasizing how they can help you save more money in the long run.

And now, let’s dive deeper into each budgeting app vs. spreadsheet pros and cons!

Budgeting App Pros

• They are easier to use. Some people find budgeting apps easier to use than spreadsheets because they provide a more user-friendly interface and don’t require as much financial knowledge. But there is no app that is best for everybody. The disadvantage is the fact that you have to try many until you find a developer who sees finances in the same way you do. If you are willing to put up with the research process, you might find some gems that you might use for the rest of your life.
• They can automatically sync with bank accounts. Budgeting apps typically use a technique called “screen scraping” to automatically sync with bank accounts. This means the app logs in to the user’s bank account and retrieves account information directly from the bank’s website. The app then parses this data and uses it to populate the user’s budget. There are a few advantages to this approach. First, it is relatively simple to implement. Second, it does not require the user to enter any data manually – the app can just retrieve it automatically from the bank. Finally, it is relatively secure since the user’s bank login information is never stored on the budgeting app’s servers.

• More features like goals and reminders. You can also set up alerts or notifications to remind you to transfer money into your savings account when you have reached a certain spending limit. But one of the most important features of budgeting apps, compared to spreadsheets, is the option to automatically deduct a certain amount of money from your paycheck and deposit it into your savings account.

• Easier to access on the spot. Like any other mobile app, budgeting apps can be used anywhere. They are especially convenient for people who are always on the go and need to access their information quickly and easily. However, some mobile apps require an Internet connection to function properly.

Budgeting Apps Cons

• More expensive. Even though there are free budgeting apps, you might have to pay a small sum of money most of the time to access the really useful features. Budgeting apps vary in price, some have monthly or annual subscription fees, but these are typically very reasonable. Budgeting apps are affordable, but we now compare them with free spreadsheets (using Google Sheets). So, if you are unwilling to spend a dime, you might have difficulty using most of them.
• It’s hard to find one that suits your needs. Finding a good budgeting app can be difficult because so many options are available. It is important to find an app that is easy to use and understand, as well as one that offers features that are relevant to your needs. Various budgeting apps cater to different audiences, so it is important to do some research to find the right one for you.

• Might have a lot of distracting features. There can be a number of things that can be distracting when using budget apps. This can include things like ads, notifications, or even the app’s design. One of the most important things that can be distracting is if an app is constantly sending notifications. This can be annoying, and in many cases, it might be complicated to adjust those notifications to the level you would find them useful and not distracting. So, prepare to spend some time on this if you are easily distracted and want to use a budgeting app.

1. Might change in time (requires accommodation). Anything can happen in time. The app developer might sell the platform to somebody who can adjust it to their will. And the beloved app might change to something you hate in no time. This has happened a few times and will probably happen in the future. In this case, the only thing you can do is search for another app. When compared to spreadsheets, they will probably stay the same. They might have some extra features, but the basics will probably be there for a long time.

Spreadsheet Pros

• They don’t distract. Spreadsheets don’t have notifications or ads; they don’t say anything to the user. They just calculate based on the formulas you set up. They don’t have to be constantly updated. I even had to update my phone at one point because it was too old and could not install the app I needed. You don’t have to deal with anything like this when you’re working with spreadsheets. They can function on any PC, Mac, or mobile device.
• They can be customized to your liking (build your own reports). You can customize the appearance and layout of your spreadsheet reports to suit your needs better. You will be able to do this to a certain extent in budgeting apps as well, but there, you are way more limited – especially by the vision of the budgeting app developer. You can adjust the column widths, font size, and the number of decimal places displayed. You can also add or remove columns and rearrange the order in which columns appear. You can also add filters to your report to include only specific data. It certainly will take a lot of work, but in the end, you can get exactly what you want or need.

• They are free to use. Using spreadsheets in Google Sheets is absolutely free. You can create and edit spreadsheets with it and share them with others. There are no limits on the number of sheets you can create, edit, or use offline. But this won’t be the case if you particularly want to use Excel from Microsoft Office. Excel is a paid program in the Microsoft Office productivity software suite. You won’t have this advantage if you get used to it and specifically need it. Anyway, I recommend you try Google Sheets; give it a chance, and it might grow on you!

• You can store them locally. There are pros and cons to storing information in the cloud vs. locally on a device. One key advantage of storing data in the cloud is that it can be accessed from anywhere, as long as there is an internet connection. This is opposed to locally stored data, which can only be accessed from the specific device it is stored on. However, there are also some disadvantages to storing data in the cloud. One key concern is security – with data stored remotely, it is more vulnerable to hacking and cyberattacks. Another issue is reliability – you cannot access your data if the internet connection is down.

Spreadsheet Cons

• You need to know some formulas / basic spreadsheet usage – Formulas can be one of the most challenging aspects of using a spreadsheet program. While many resources are available to help users learn formulas, it can still be difficult. But it depends on many factors, such as your prior experience with computers and other software, your natural aptitude for learning new things, and the specific formulas you need to learn. However, if you are willing to spend time and effort learning, you can pick up most spreadsheet formulas relatively easily. But this won’t be easy for most people. If you have some background in using them, then this problem will be minor.

• You need to enter values manually. Manually entering transaction details is less accurate, as it relies on users remembering to input every purchase they make. However, it can still be a helpful way to keep track of spending, especially if budgeting is more of a casual endeavor. However, you should know that this can be done automatically, at least to a level where you spend significantly less time on this task. If you are diligent, don’t lose focus easily, and are not scared by numbers, this won’t be a major problem for you, but it might be for many people.

• Not easily accessible on the phone. While using a spreadsheet on a mobile phone is possible, it is not always the easiest thing to do. The small screen size can make it difficult to see all of the information at once, and entering data can be cumbersome on a touch screen. For these reasons, using a spreadsheet on a larger device, such as a laptop or desktop computer, is often better. And if you need to adjust your spending or plan often, a budgeting app might be a better choice.

• Summary graphs are hard to build. Creating data visualizations in a spreadsheet can be challenging, depending on the data set and the desired visualization. To create a basic visualization, such as a bar or line graph, you must enter the data into the spreadsheet and then use the built-in charting tools to create the visualization. If you want to create a more complex visualization, such as a scatter plot or heat map, you may need to use a third-party plugin or add-on. So, it will be complicated if you want to visualize data in special ways. I think it’s better to choose a budgeting app for this. Just check their reporting features and select one with all the reports and visualization options you need.

Final words:

In conclusion, whether you choose budgeting apps or spreadsheets, finding a tool that aligns with your financial habits and goals is key. My review of Truebill has shown that it can be trusted to manage subscriptions and track expenses efficiently. With its spare change roundups, the Acorns app offers an innovative approach for those interested in investment, as highlighted in my Acorns spare change review. Choosing between apps and spreadsheets depends on your preference for convenience and detail and how you plan to integrate these tools into your financial strategy. I hope this analysis will nudge you in the right direction when using a budgeting app or spreadsheet. Even though I prefer budgeting apps, I know there are people out there (even families) who would feel way more comfortable with a spreadsheet.

The post Budgeting Apps vs Spreadsheets – Pros and Cons for Both first appeared on My Blog.

Personal budgeting is still popular in 2022. In fact, many people find it even more necessary to budget now than ever before. The economy has become increasingly unstable, and jobs are less secure. This has made it essential for people to be mindful of their spending and save as much money as possible. As smartphones and other mobile devices are becoming more prevalent, it is easier for people to access and use budgeting apps while on the go.

Are these budgeting apps actually useful? What does the science say?

A study published in 2020 in the European Journal of Finance tried to assess whether smartphone apps can be utilized to improve financially capable behavior. Working-age people were given four budgeting apps: one debt management app, one cash calendar app, one expenditure comparison app, and one loan interest comparison app. All these four apps were put together under a package named “Money Matters”. The people receiving these apps showed statistically significant improvements in several measures designed to gauge the participants’ financial knowledge. Those receiving the apps were likelier to keep track of their income and expenses and be more resilient when faced with a financial shock.

Another study published in 2021 in the Wiley Online Library concluded that using personal finance smartphone apps improves various measures of financial knowledge and skills, attitudes and motivations, and financially competent behaviors among low-income households.

Another research paper named Making finance fun: the gamification of personal financial management apps was published in 2021 and designed to explore how gamification increases users’ motivation and intention to use personal financial management apps and how it facilitates their adoption. The research supports the use of gamification in personal finance management apps and offers suggestions that may help fintech companies and banks persuade users to engage with their apps.

In conclusion, according to science, there are pretty decent indicators that these apps might help end users and even bring an extra boost of motivation. But currently, the number of scientific papers is pretty low, and there’s a clear need for more in-depth research on this topic.

Mobile phones are clearly more popular than in the past

There is no doubt that mobile phones are becoming more and more popular. In fact, they have become so popular that it is hard to imagine life without them. There are a number of reasons for this. First, mobile phones are extremely convenient. They allow us to stay connected with our friends and family, no matter where we are. Second, they offer a great deal of entertainment. We can use them to play games, listen to music, and watch videos. Third, they are very affordable. Thanks to technological advances, we can now get a high-quality mobile phone for a very reasonable price. This, summed up with the fact that budgeting apps seem to be useful, provides some fertile ground for an increase in popularity.

Is there a higher demand for budgeting apps?

To answer this question, we can take a look at Google Trends. Google Trends is a service/platform from Google that allows users to track the popularity of particular search terms over time. It can measure the relative popularity of different topics or track changes in public opinion on a given issue. The platform also allows users to compare the popularity of different search terms side-by-side. We can use it to measure the search “budgeting apps” popularity over time since 2004.

From the picture above it’s pretty clear that the demand for “budgeting apps” has grown significantly over the years, with a few hiccups on the way. It looks like the pandemic had a negative effect on people searching for these kinds of tools.

There is an interesting comparison we can make to see if the demand for budgeting apps is growing alongside the demand for mobile apps in general. We can compare the trend with the “mobile app”. You can check the image below to see the comparison:

As you can see in the picture above, the interest in mobile apps, in general, has plateaued since 2015, which is clearly not the case for budgeting apps. Since 2015, the demand for budgeting apps has probably doubled, while a similar number of people have searched for apps in general.

Budgeting apps springing up like mushrooms after the rain

A quick search on Google Play or the App Store will reveal a number of different options, and there are likely even more that are not as well-known. Some of the more popular budgeting apps include Mint, YNAB (You Need a Budget), and PocketGuard. Each of these apps has its own unique features, benefits, or approach to help the end user. In my review of Truebill, I’ve observed it as a safe and secure option, adept at managing subscriptions and tracking expenses. For those interested in microinvesting, the Acorns app stands out. My Acorns micro-investing review details how it works, focusing on its innovative spare change investment strategy. With their individual marketing strategies, these budgeting apps aim to help users reduce spending and maintain a clear record of financial transactions.

Each of them has marketing strategies focused on increasing its adoption, and overall, they do a pretty good job at luring people in. And this could be a pretty good thing for the end user, in case they actually make a difference in reducing the overall money people spend, and keeping a clear track of where your money goes.

Is budgeting becoming more popular due to the increase in budgeting apps?

Budgeting seems to be on a downward trend, at least according to people searching for “budgeting” related stuff on Google. Check the image below; this is the trend for people searching for “budgeting” on Google:

The interest seems to be dropping. Are fewer people interested in stuff related to budgeting? Is this really the case? Why do fewer people search for general budgeting stuff, but more people search for budgeting apps? Could these apps solve some of the problems people would struggle with in the past so they don’t need to search for how to deal with them? These are all valid questions we don’t have a clear answer for, but we do have some pointers to roll with. I believe these budgeting apps will have more to do with the financial training of our younger generations.

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