Saving You Money: how budgeting apps help you track spending

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STATEWIDE (WGME) -- There's an app for just about everything these days, including tools to help track your spending.

In this week's Saving You Money, we found out how budgeting apps can keep more money in your account and what you should watch out for when providing your personal information.

Jake Holmes at Maine's Credit Unions helps young adults with things like banking and finances, but he says people of all ages can benefit from budgeting apps.

"I really recommend Mint," Holmes says.

To utilize them, download the app, create a user ID and password, then enter your bank account information and monthly bills like mortgage, rent, student loans or car payment.

Holmes says these apps allow you to create a budget instead of just checking your balance.

"It'll tell you how much you have left to spend, it'll give you tips so you don't go over and it really just helps you stay organized," Holmes says.

Mint includes a tab specifically for saving and how you can earn cash back.

"It even tells you your credit score which is really cool," Holmes says.

Experts stress security, however. Do your research, find out who makes the app and how your personal information is protected.

"Just really make sure it's reputable before you just toss your account information out there," Holmes says.

Holmes says people should start taking advantage of these tools as early as possible.

"It's a really good idea to get in the practice now because if you're practicing bad spending habits, it's really hard to break," Holmes says, "So the sooner you can start being smart with your money and getting smart one topic at a time, it's the right thing to do, for sure."

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