Mmastodon BusinessPersonal Finance first seen 1 d ago, last 9 h ago, peak #2

Field study finds budget apps may lead to overspending

Original: Found something wild: in a real field study about budgeting-apps, people with no budget info — just tracking spend from

A field study on budgeting apps reportedly found that people who tracked spending from memory, without detailed budget data, did not overspend, while those who checked a budget app regularly ended up spending more than planned. One suggested explanation is that not knowing exactly how much money is left encourages people to hold back and save.

Why now: The finding challenges the common assumption that budgeting apps help people spend less, which is striking for anyone managing personal finances.

budgeting apps

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Evidence

• Found something wild: in a real field study about budgeting-apps, people with no budget info — just tracking spend from memory — didn't overspend. People checking a budget app regularly spent more than they'd budgeted. Theory: Not knowing exactly what's left makes you save… · fjorderapp · 1

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