Review of the personal finance app for iOS Moneywiz
I have started using this application Moneywiz to take control of my finances, small as they are. I am finding it to be very useful to enter transactions and keep on top of the day-to-day looking after the pennies. It is easy to set up the application so that you can enter transactions with the minimum of fuss. You can set up a number of categories so that you can see where your money is going to. You can check the details of your financial life with a number of very good reporting facilities in the MoneyWiz apps.
Adding a transaction in Moneywiz
It is really easy to enter a transaction in Moneywiz, I am just using the iOS versions. I have the application on my iPad and also on my iPhone. While I am out and about doing whatever I’m doing, be that spending some money while shopping or if I am at someplace and receiving some money, I can enter those details into the Moneywiz application using my iPhone. It is very reassuring to know that once I get back home again and I open up the application on the iPad, or the Mac application if I had it, that the transaction will be there and nothing more needs to be done.
The reports is where it is at, in Moneywiz
In order to make sense of your financial situation you need to have some reports which will take your transactions that you have added willy-nilly and organise them somehow. Within Moneywiz you categorise your transactions with categories. So if you’re buying groceries then that will be categorised as a grocery or food and drink transaction. When you’re looking through the reports later to see how much money you’ve spent during the month, you can check the category for groceries in the reports section. You can take that one step further also by having a budget.
In the reports you can look at your net worth, trends, account balance, budget balance and there is a report which gives you all of the statistics for your account. You can generate a report which will give you a forecast for your money over the next amount of time that you decide, be that the next three months or the next half year. So there are lots of graphs and pie charts that you can look at to give you just about all of the information that you need. It is also possible to save the settings for a report, so that you can go back to it again later.
Budgeting your money in Moneywiz
If you want to make sure that you don’t spend too much money on certain things, then you can create a budget. You decide how much you want to spend, maximum for the month or quarter and see how the budget is faring There is a little indicator which shows you how far you are through your budget for the period. Also from this budget you can get through to any of the transactions to get down into the detail.
Scheduling of transactions in Moneywiz
There is a view that you can choose to look at to see your scheduled transactions. So when you know that you have payments that are due out at specific points during the month you can enter those. You can also enter any income you expect to receive. This can all help keep your money under control so that you don’t go into the position of entering an overdraft unnecessarily. An unauthorised overdraft at a bank will be expensive and therefore it is well worth to buy the application Moneywiz to make sure that you know exactly what is going to happen. All you need to do is to tap and hold down on a future date in the calendar and the application will give you a pop-up financial forecast for that day. It will tell you what the balance is expected to be and any incomes and expenses for that day.
The NoStylus and Mac20Q verdict on Moneywiz
Moneywiz is a very capable application that will most definitely help you look after your money. It is easy to use and gives you good information back in the form of the excellent reports. I have contacted the developers to ask about what to do in regard a refund situation and how to enter that into Moneywiz. They got back to me very, very quickly indeed to tell me that they are specifically adding a function in the next version to deal with money that has been refunded. They also gave me four options for dealing with this type of transaction with the application as it is at present. I would like the ability to add new categories at the time that I’m entering a transaction. At present the categories need to have been added beforehand in the settings. I paid full price to buy these applications, the iPad version and also the iPhone version and I am still happy with the purchase. I would certainly recommend Moneywiz to other iPad and iPhone users. The Mac application for Moneywiz is a good bit more expensive to buy. For the way that I’m using Moneywiz I’m quite happy to stay within iOS.