- With MoneyWiz you will know the balance of each of your accounts.
- Organize accounts into groups and see the group balance
- Set which accounts balances count towards your net worth
- Get notifications when an account balance goes low
- MoneyWiz supports accounts in all world currencies, including crypto currencies such as Bitcoin
- Optionally, you can connect your MoneyWiz accounts to your bank and MoneyWiz will download & categorize the transactions automatically. Or you can enter transactions manually and be in full control.
Here is how Jason from California paid off his debt with MoneyWiz:
In 2012 I was in deep debt. My car loan and mortgage took a toll on my home budget. Due to a work related accident I had to spend several days in hospital which then resulted in a hefty hospital bill so things were not looking up for me back then.
I was on the market for a money management software and found MoneyWiz. By month 9 after I started using it, I’ve managed to pay off my medical bill and all my credit cards!
Here is how I did it:
- I first added all my accounts, including the mortgage, car loan and cash account. That gave me a bitter overview of my total debt but it’s OK, at least I knew where I stood.
- I then added all of my bills in the Scheduled section and my & my wife’s paycheck. MoneyWiz gives you a nice overview of how much you’ll owe on bills this month, next month and so on.
- Once I setup my bills I had a baseline of my month-to-month spendings that I can’t go below. But here is the first thing MoneyWiz helped me with – once I had everything in one place, I realized that I can easily cut some of these bills. I found out that I was paying for multiple streaming services, and had a few other subscriptions that I didn’t really need to have.
- After that I used the forecast Trends report to see how much am I estimated to pay in expenses and how much my income will be for the next 12 months. Subtract the two and you’ll know how much money you are left with.
- I took that amount and dedicated a part of it for my debt payments. Now I had a second amount of money – the money I actually have on monthly basis for things such as food, drinks, going out, clothes and so on. In my case I was left with a little over $1800/month for all these expenses.
- I then imported all my bank statements and used the Categories report to see how much I’ve been paying for stuff. I immediately identified several categories that I can cut on (yeah, it’s not a pleasant experience, but being in debt is not any better).
- So, with $1800/month total budget and knowing how much I’ve spent historically for different things I’ve created budgets for the necessities. I made a Groceries budget for $1000/month, Household budget for $150, Entertainment for $100, Car for $100 and everything else for $450.
- I realized that since food is what I mostly spent on, I needed to cut back some. So I ran a Payees report to see whom was I giving so much money to and found out that I can easily cut my groceries costs if I simply shop wiser – I used Amazon Subscribe & Save to get 15% off on items such as drinks, jars etc. I also started buying things in bulk which added for additional discounts.
The first 2 months were tough. I had to make a complete change of my spending habits. I was vigilant about monitoring everything in MoneyWiz and thanks to that I managed to get everything under control in the 3rd month. By month 6 I already saw more ways to save and pay my debt faster. By month 9 I was debt free!
Here is how Jorge from Brazil saved money for a mortgage downpayment:
I started using MoneyWiz in early 2014. I’ve just graduated and got my first job in the local office of an international company. It is a well paid job but not well enough to save money for an apartment.
Since I had a static income and there was nothing I can do about it, my strategy was to reduce my expenses. I’ve tried to do that in 2013 but failed because I didn’t realize how much I was paying for things and I didn’t realize for what I was giving away my money. It always felt that I didn’t spend too much but at the end of the month I never had more than a few bucks left.
So here is what I did:
- I installed MoneyWiz on my Mac, then modified the categories to fit my needs.
- I then added all my accounts and manually added the transactions in each of them for the past 3 months. I couldn’t remember anything for my cash account so that one I left empty.
- I added my recurring expenses and salary income. MoneyWiz shows you your total scheduled expenses amount for a month, so it was easy to take that out of my salary and see what I am left with.
- I then created just one budget that was for the money I am left with minus R$4000. That R$4000 was what I wanted to save per month.
- I then installed MoneyWiz on my iPhone and synced it with the Mac. I needed it on my iPhone so that I can keep track of expenses while I am outside, otherwise I will forget to enter them. So my strategy was – as soon as I make an expense, I enter it immediately.
- After a month of entering my expenses I started to realize that I am spending a lot of money for things I didn’t really need that much. I used a few of the reports to analyze my expenses and found out how I can decrease them.
- I also found out that the Daily Limit option in Budgets is very useful as it was showing me how much I am allowed to spend per day to keep in budget, and that amount will automatically re-calculate as I go. It made my day to day buying habits different but I was able to modify them because I knew what was happening
After a little over 2 years of using MoneyWiz, I’ve recently bought an apartment as I managed to save enough for a downpayment!
With MoneyWiz you can have all your recurring expenses and incomes in one place. You can also schedule future non-recurring transactions.
What good is that? Well, it gives you the power to:
- Find bills that you may be able to cancel, such as subscriptions you don’t use
- Use the built-in forecasting tools to find out what your account balances would look like in the future
- Know in advance when you need to move money
- Pay bills in time – MoneyWiz will send you a notification when a bill is due so you don’t get to late payment fees
When tax day comes, MoneyWiz is there to help you fill in your return without errors. Even if you use a personal accountant, MoneyWiz can save you a lot of money by giving you the reports that your accountant will ask for.
MoneyWiz is the #1 personal finance software for families that want to budget together. That’s because MoneyWiz has its own cloud syncing platform, called SYNCbits.
The way SYNCbits works is that you can connect unlimited number of devices to the same SYNCbits account. Then each device keeps an offline copy of the data so that it’s accessible even when the device has no internet connection. Each device also keeps a log of the changes made on it. Then when internet is available it automatically pushes these changes to the cloud and downloads any changes made from all other devices.
So if you and your spouse want to see your accounts, budgets and bills in one place and share all the information, then MoneyWiz is perfect for you.