A new advertisement has caught my eye this Summer. I see it pop up across various platforms and different types of online content. The ad is for the money app that says it “works for you”. This company is essentially a finance app that tracks data for its users in a variety of ways. From credit scores to savings accounts, debt and net worth trackers. Very basic things that hundreds of companies have been offering to help people with for decades.

However, these services do not seem to be the reason why folks are downloading the app. What could it be that is drawing people in to give them a try? They must be having some success if they have that large of an advertising budget. It must be groundbreaking. An invention that has changed the personal finance game. Proprietary patents in place to protect the company. I had to take a look and find out.

After watching a few more of their advertisements and checking out their website, I could not believe what I found. You take your financial data and you connect it to their systems. This can include credit cards, mortgages, lines or credit, savings or chequing accounts. You can send them almost every piece of financial data you have for them to track. And in return for giving them your financial fingerprint, they must give you something amazing, right?

Wrong.

• Step 1: Send the money app that says it “works for you” a list of your expenses
• Step 2: The money app that says it “works for you” tells you what subscriptions you are paying for
• Step 3: There is no step 3

This is their claim to fame. The cornerstone of the company. They tell you what subscriptions you are paying for, after you just told them what you are spending your money on. I understand that the new model of subscriptions can be frustrating. Some companies make you pay a monthly subscription to use the heated seats in your car. What a world. But this does not mean you should give random corporations all your financial data, so they can tell you that you are still paying for BritBox after your Antiques Roadshow binge from last year.

Anyone who wants or needs to prioritise their spending and finances can review their transactions at any point. Do not throw away your hard-earned assets or your financial data; because unknowingly spending money is a lifestyle very few can afford.