Budgeting has never been easier than it is now. There are so many different ways you can manage your money. You can go old-school with a spreadsheet or even more traditional with pen and paper. However, apps have made everything more readily accessible. But not every app should be trusted. Some of the most popular budget apps have been investigated and found to be selling user data. Here are six you may have heard of.
1. Mint: Popular, But Not Always Private
Mint was once one of the most downloaded budgeting apps, known for linking your accounts and offering smart money tips. At one point, it was under fire for its data-sharing practices. Users discovered that Mint shared spending and behavioral data with third parties for targeted advertising. Although some sharing was anonymized, it raised major concerns among privacy advocates. It’s a reminder that “free” often comes with a hidden cost—your personal information. Since then, Mint has shut down and was “reimagined” on the Credit Karma app.
2. Truebill (Now Rocket Money): Powerful Tool, Questionable Practices
Truebill, recently rebranded as Rocket Money, has gained popularity for helping users cancel subscriptions and track expenses. While the app offers some useful features, it’s been criticized for collecting detailed financial data for marketing purposes. The company has stated it anonymizes user data, but critics argue the sheer volume of data collected makes it risky. Some users reported targeted ads shortly after interacting with the app. If you’re privacy-conscious, Rocket Money may not be the right fit.
3. EveryDollar: Faith-Based Budgeting Meets Data Mining?
EveryDollar, created by financial guru Dave Ramsey, is marketed as a faith-centered budgeting tool. But even this seemingly wholesome app raised eyebrows when it was found collecting user behavior data beyond what’s necessary for budgeting. While the company hasn’t been directly accused of selling personal financial info, the app’s permissions and vague data policies leave room for concern. Users who expected transparency from a values-based brand were disappointed. Always check an app’s privacy policy—no matter the name behind it.
4. Goodbudget: Envelope Budgeting with Data Sharing Surprises
Goodbudget offers a digital take on the old-school envelope budgeting system and appeals to users who prefer manual control over automatic syncing. But even this low-tech alternative has been called out for sharing user data for “research and marketing” purposes. While it doesn’t link to your bank directly, the information you input can still be collected and monetized. That includes spending patterns, category preferences, and even device data. Minimalist app or not, it’s still tracking more than you might think.
5. PocketGuard: Budget Alerts—and Privacy Alerts
PocketGuard markets itself as a way to “protect your pocket”—but maybe not your data. Reports surfaced of the app sharing information with affiliates and marketing partners, often without users realizing it. The company’s privacy policy confirms that user activity and preferences may be sold or used for advertising purposes. If you’re linking bank accounts and financial goals to an app, it should do more guarding than selling. Unfortunately, PocketGuard hasn’t always lived up to its name.
6. Clarity Money: Shutting Down, But Not Forgotten
Clarity Money gained traction for its clean design and automation tools, but it didn’t leave the best legacy when it comes to data privacy. Before being shut down by Marcus by Goldman Sachs, it was revealed that the app collected a large amount of user data—including transaction histories—and used it for internal product development and marketing. While technically legal and covered in the terms of service, many users felt blindsided. The story of Clarity is a cautionary tale: read before you tap “agree.”
Watch Where You Budget—Not All Apps Play Fair
In the digital age, convenience often comes at a cost, and when it comes to budget apps, that cost might be your privacy. These apps promise to help you take control of your finances, but some are profiting more from your data than your subscriptions. Always read the fine print, check privacy settings, and consider whether the features offered are worth the potential risks. A little research can go a long way in protecting your personal and financial well-being.
Have you ever stopped using a budgeting app because of data privacy concerns? Share your experience in the comments below!
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