The functionality to customize the title of a Menu Item is found in App Config/Menu Editor/Menu Editor tab.
1. Click on the Menu Editor tab;
2. Click on the Menu Item for which you wish to customize the title and the Editable and ReadOnly fields for the Menu Item will appear to the right;
3. Enter the custom title for the menu item;
4. Click "Save". Please note you will be able to see the changes but other users will need to log-out and then back in to view changes.
Starting with the above Menu Item title of "Budgeting Dashboard":
And then changing the CustomText to "Enter Your Budget Here":
The Menu Item title changed as below: