Budget and finance apps have been become increasingly popular, but they may not surpass traditional methods of managing money.
Finance Instructor John Reing said the methods people use to budget their money can vary depending on what they are comfortable using.
If people are looking for apps specifically, they should look at Fox Business’s Top Personal Finance and Budgeting Apps online.
“There’s thousands of apps out there,” Reing said. “As I tell my students, the best app for personal finance is the one you will use. Be it manual or putting money in a jar, if it allows you to manage your money that’s good.”
With apps, a lot of the legwork is done for the user, Reing said.
Ultimately, Reing said managing money comes down to discipline, regardless of whether or not one uses an app.
“The apps aren’t going to help you [budget],” Reing said. “They may make it fun for you, but you have to have the discipline no matter what method you use.”
Erik Dupont, finance and economics subject tutor at The Learning Commons, said most students understand the concept of budgeting, but the fact that money has value over time might be lost on students.
“I think even students who are the worst money managers have a concept of rent being due at the end of the month,” Dupont said. “Students are pretty aware, but it pays to be even more aware.”
Dupont said he uses excel and mobile banking apps.
Apps are appealing because they provide instantaneous information, Dupont said.
“They are useful because you get a sense of how you spend your money,” Dupont said.
Being able to deposit checks through the camera on a phone is another benefit to uses mobile banking apps, Dupont said.
A PNC Bank representative, Timothy Stokes said they offer their customers the Virtual Wallet because it “gives customers the ability to see when money enters and leaves their account and creates a banking experience that makes it easy for customers to understand.”
The representative also said PNC Bank tries to build relationships with students early because the sooner they start saving, the better.
“I think students taking charge of their finances early is good because the money you save now is worth much more than the money you save 10 years from now,”
Dupont said.
Dupont said students could benefit, if they tried to put managing their money into a perspective that’s easy to grasp.
“This cup of Starbucks is not me saving $4, its my first beer tonight,” he said. “It’s more about asking yourself what your priorities are and trying to get the most out of your money. Clearly personal finance apps help you do that.”
