I am a man of basic tastes, which is specifically why I am practically married to my iPhone. I love its simple design, its fantastic array of apps and the truth that whatever I wish to gain access to is only a couple of taps away. And it’s exactly this love of simplicity why I fell for Moneywiz. There’s an entire array of money management apps out there on the App Shop, all with a substantial variety of attributes, but in some cases I do not wish to spend a few hours finding out about an app prior to I really begin utilizing it. My optimal app is one where I can simply get my iPhone, launch it and immerse myself in it.
Moneywiz, from the developers Silverwiz is an individual finance app available for iOS devices and OS X. It’s not a universal app (boo!), regrettably, nonetheless the different variations do keep in sync with one an additional thanks to their Sync Every little thing! service (which is cost-free) and for personal finance apps, it’s well worth checking out.
Moneywiz is available on the App Store for $4.99 (and, as pointed out previously, there’s likewise an iPad variation offered, which I evaluated over at iPad. AppStorm). Unlike on the iPad (which has actually a user interface based very much on the desktop variation), the iPhone variation of Moneywiz utilizes its own user interface, nevertheless, do not fret as it’s exceptionally basic to utilize.
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Upon introducing the app for the first time, Moneywiz allows you to add all your accounts to the app.
Upon launching the app for the first time, you exist with 5 different choices as you can see in the left screenshot above. For beginners, you’ll have to create a brand-new account and Moneywiz allows you to include a current (checking) account, a money account (for any money in your wallet or clutch, for example), a charge account (for charge card or overdrafts) and a cost savings account.
Setting up an account is really simple within Moneywiz.
You’ll be asked to offer each account a name and to set its beginning balance. The default currency is United States dollars however you can choose any currency you want in the Settings section of the app. As soon as everything has been set up, Moneywiz will flick back to the major accounts display, which details all your accounts you’ve actually added to the app and a little colored bar that turns green when you are in credit and red when you owe money.
The main screen of Moneywiz.
Now that we’ve actually taken an overall appearance at Moneywiz, let us dive into its specifics to see where this app truly excels.
Working with Transactions
In my viewpoint, among Moneywiz’s most excellent features is the means it handles deals. To enter one, simply tap on the account you ‘d such as to assign that certain deal to then click on the little upwards arrow in the bottom-right hand corner. Deals are sorted into costs, earnings, transfers and balance adjustments. For this, I am going to add an expense (state, $100 on grocery shopping).
Setting up an expenditure in Moneywiz ($100 on grocery buying) which then appears in your account’s statement (on the right).
As you can see in the screenshot above, I have added all the essential details about my shop at Costco– including an appropriate classification. Moneywiz permits you to track your spending and earnings via categories, which can be found in actually useful when it concerns reporting and you can likewise add an image to each deal (for instance, a photo of the receipt), making it actually simple to remain on track with everything.
The high ease of including a new income or expenditure in Moneywiz is what mesmerized me one of the most. I know how tough it’s to remain on top of your financial resources and having to include every single deal to the app can get a bit laborious after a while (unlike various other monetary services, such as Mint.com, Moneywiz doesn’t integrate with your financial institution) however it took me a mere 10 seconds to add all the information you can see in the screenshot above. This ease-of-use makes Moneywiz, in my viewpoint, an incredibly basic app to deal with.
You can also include scheduled deals, which is very beneficial if you’ve a regular expenditure (say, an energy costs) or earnings (your wage or income, for example) going out of or coming into your account each month. To include an arranged deal, all you’ve to do is just tap Scheduled on the primary display, then pick its type. I am visiting include a regular earnings of $2,000 each month.
Setting up a set up transaction (either earnings or expense).
You can pick a custom-made frequency (e.g. every 3 months, every 6 months, every day and so on) and Moneywiz can likewise ‘auto-pay’ any deals– meaning that they’ll automatically appear in your account (if not, all set up transactions will have to be ‘granteded’ before they appear in your statements).
As a former pupil, I know how important budgeting is and there’s nothing even worse when you are scouting through the bargain bins at supermarkets and having to eat all the dodgy items in your cupboards to tie you over till payday. Moneywiz tries to help you prevent this by permitting you to set a budget. In the screenshot below, I’ve actually set a weekly spending plan of $50 on food.
Budgeting within Moneywiz. Note that since of the transaction I included earlier ($100 on grocery buying), this has actually surpassed my weekly meals budget plan of $50.
Moneywiz asks which accounts you ‘d like it to monitor (in this case, I’ve actually got both accounts that I included, my checking account and my credit card) and which groups also. So, you might create a spending plan for gas, heading out, utilities and so on– if there’s a classification in Moneywiz then you can set a budget plan on it. The app can likewise automatically transfer any unused money– state I invested $35 in one week on groceries, the next week I’d have $50 + $15 continuing to be from last week = $65.
Knowing where all your hard-earned money has been spent is exceptionally important (and occasionally surprising) for me and Moneywiz lets you track practically every aspect of your spending, from net worth to trends (if you have included scheduled transactions) and spending by group. Each report can be personalized to a certain date array and, if you prefer, to an individual account that you’ve actually included.
Moneywiz can report on practically every element of your spending.
Reports can either be conserved locally within Moneywiz (so you can refer to them in the future) or exported as either PDF or CSV. When you export a report, you’ll be provided the chance to email it to someone– sadly there’s no option to open it up and save it within Dropbox, Google Drive or any other suitable app on your iPhone.
I’ve actually stated it before in my review of the iPad variation and I’ll say it once again: Moneywiz is definitely brilliant. For sheer simpleness, the app excels over all the competitors out there on the App Store but it does this without jeopardizing on features. For the average Joe like you and me who just wants to take note of their spending, Moneywiz is the perfect choice. The Sync Everything! service likewise permits you to keep all your financial information in sync across all your devices (Moneywiz also has an iPad and Mac variation), meaning that any modifications you make on the move prepare and waiting for you when you get home.
My only small criticism with the iPhone variation is that it does feel a little confined here and there and flicking back and forth between screens can get a little tedious after a while. I’d like to see a sidebar introduced with simple access to your accounts, budget plans, reports and so on which eliminates the demand (for me, anyway) to have to go back to the primary menu to access a different part of the app.
Otherwise, I’d not be reluctant in suggesting this app to anyone who wishes to keep their finances in order. Sure, it’s a bit more than a few of the offerings out there on the App Store, however I still think Moneywiz is an outright steal at $4.99, and you and your finances certainly will not regret it in the tiniest!