It’s been pointed out that only 1 in 3 Americans has a budget. More track their spending, but that is still a surprisingly small number considering how easy it is to do any more.
At least that is the conventional wisdom. I am one of the 72.8% of Americans that don’t use an app to manage my money. Sort of. I have apps for my banks to check balances, transfer funds between accounts, and deposit checks. But I don’t use Mint or other aggregator sites or apps. The fact remains that banks don’t make it that easy. In an effort to make their sites more robust and secure, more and more banking websites don’t play well with others.
My student loan issuer, for instance, will lock down your account and make you call to get it unlocked if it sees a 3rd-party trying to log into your account. CreditKarma has been moving to make itself more “Mint-like.” However, the only account I have ever successfully linked in it was my primary checking account at Chase. My other accounts at other banks all fail.
And really, what’s the point of aggregator sites? As a commenter pointed out on my recent net worth post, you really don’t need to know the balance of all your accounts on a daily basis. With 7 years of repayment left on my student loan, does it really matter what my balance is going to be on Thursday? I don’t even need to know what the balance is on all of my cash accounts at the same time. I just need to know the balance of the one I’m about to use.
Maybe that is why so few people use such apps and programs?
Source: Real Money, Virtual Wallets
Do you use an aggregator site or app? If not, why?