Why Your Bank's App Isn't Enough: 3 Money Tools That Do What Online Banking Can't

Gone are the days when you had to go to a physical brick-and-mortar branch to withdraw cash, deposit a check or chat with a teller for other banking needs. Now, bank apps offer plenty of perks to help you manage your finances at home.

But there are some other money management tools that you may want to use alongside your banking app to get a sense of your full financial picture. Here are three additional apps to consider.

1. Budgeting apps show the 'why' behind your spending

Banking apps will show you how you spent your money. You can find deposits, withdrawals, card transactions and bill payments, and sometimes they will show how much you spent in each category. However, budgeting apps go even deeper when it comes to organizing your spending into categories such as groceries, entertainment and transportation, and can help you change your spending habits.

These apps can pull information from your accounts across multiple institutions to spot patterns and provide personalized insights that can help you lower spending. The platforms often allow you to set spending limits and savings goals. You can also set up alerts on your smartphone that are more detailed and informative than low-balance alerts.

While budgeting apps aren’t enough to reduce spending, they provide a solid framework and actionable steps you can use to free up more space in your budget.

2. Credit monitoring tools explain what your bank app may not

Credit monitoring tools let you see your credit score at all times, but you can also assess key components impacting your credit score. Seeing changes to how your payment history, credit utilization, account history, new credit and credit mix are impacting your score can help you take action to give your score a boost.

Credit monitoring apps can also help you stay alert to any suspicious activity, such as if someone tries to take out credit in your name. You can then act quickly to keep scammers away from your credit.

You can get even more information by requesting a free copy of your credit report. This report contains your financial history, and disputing any inaccurate items can result in a higher score. If you prefer help with keeping an eye on your credit score, you can consider these top credit monitoring services.

A bank app may show a credit score if the bank offers that feature, but dedicated credit monitoring tools can provide more context about credit reports, score changes and suspicious activity.

3. Cash-flow and bill-planning tools help prevent surprises

Many consumers have fixed monthly expenses such as rent and subscription services, but a few surprises can stretch budgets and trigger overdraft fees if you aren’t careful. Cash-flow tools can forecast upcoming income and expenses, so you know what to expect.

While many banks alert customers when they have low balances, third-party tools can offer a more complete calendar of your spending. That way, you know what can result in a low balance instead of simply receiving a notification when your balance gets low and then having fewer options to navigate emergency expenses.