Andrew Schwarz, assistant professor of finance, spoke with WalletHub about what to look for in a budgeting app.
Assistant Professor of Finance Andrew Schwartz recently spoke with WalletHub, offering an expert opinion on budgeting and budgeting phone apps.
Schwartz answered several questions for the financial literacy website, including what the “best budget apps” have in common.
“The best budgeting apps share three traits. First, they allow for customization. You get to define the spending categories that reflect your life,” he said. “Second, they are automated. You want to find an app that seamlessly syncs with your banks and credit cards so tracking is effortless. Finally, you want an app that lets you track your goals. Seeing slow but steady progress towards goals, such as paying off credit cards or saving for retirement, can be a powerful motivator.”