Can Monefy simplify your money for the better?

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Can Monefy simplify your money for the better?

The first step to getting a handle on your finances is often by tracking your income, spending and saving. But sometimes that’s easier said than done.

Where do you start? How much information do you need to track? How hard will it be? How long will it take? These questions can be daunting. Luckily, Monefy is here to help, making tracking your money as simple as possible.

The Good

  • Incredibly simple way to track spending
  • Don’t have to link all of your accounts
  • Can export data in spreadsheet format
  • No commitment

The Bad

  • It’s all manual
  • Visualization changes on you
  • Simple can be limiting

What is Monefy & how does it work?

Monefy is a money management app that tracks income and spending and displays your budget over time.

It’s extremely simple to use. For income, hit the plus sign and green numbers show up on your balance. For purchases, hit the minus button and transactions show up in red. When adding purchases or income, you can categorize it using different categories. Users can also add an optional note about the transaction.

Monefy displays your spending in a pie chart, showing how each category affects your overall budget. You can set this for daily, weekly, monthly and yearly spending. At the end of the month, the app automatically carries over any money into your new month of spending.

Clicking on your balance shows the category list with the number of transactions in each category.

There’s a Pro version for a one-time $2.50 fee, which allows for multiple currencies, customized spending categories and recurring records with billing reminders. The pro version also lets you sync with other devices or a partner, so you can track spending together.

What’s good about Monefy?

Incredibly simple way to track spending
Monefy makes it easy to track your money. Adding transactions takes a few seconds. If I'm out shopping, I could add my transaction to Monefy while I was waiting for my credit card to process or the cashier to give me change.

I’ve always had trouble tracking my spending beyond a few days, but this app makes it so simple. It quickly made me realize how I could be in better control of my money.

Don’t have to link all of your accounts
Other financial apps make you link all of your bank and credit card accounts, and transactions don’t show up in the app until they hit the account. Because Monefy doesn’t require that step, you can track your transactions as you go and get your financial picture in real time.

As an added bonus, since Monefy doesn’t have access to any financial accounts, you also don’t have to worry about hackers trying to break the encryption on the third-party app in order to get to your accounts.

Exports data in spreadsheet form
You can export the data to your Google Drive or Dropbox and open it in a spreadsheet program to get an additional layer of analysis on your spending habits.

No commitment
Other financial apps try to turn personal finance into a relationship. Monefy is very hands-off. No notifications, no emails.

What’s bad about Monefy?

It’s all manual
Because you have to input each transaction, it’s easy to get behind if not tracked in real time. If you don’t have a receipt or other record of your spending, it might be tough to remember how much you spent.

Visualization changes on you
As you add transactions, your pie chart of spending changes accordingly. Unfortunately, the category icons also get rearranged on the chart so it’s easier to read. It can be jarring to reorient the pie chart every time you update it because you can’t always count on a category icon being in the same place.

Simple can be limiting
Monefy tracks dollars and cents by category, and that’s basically it. If you’re wondering how much you’ve spent at a particular store, it’s up to you to put the store name in the note field. If you want to do any kind of deeper analysis, you need to export the data.

Is Monefy worth it?

I’ve always been the type of person who collects data but rarely ever does anything with it, so I loved this app for its simplicity. Monefy does everything I need it to do to get control of my spending habits, which is basically answer the questions, “How much am I spending?” and “What am I spending it on?”

It’s quick and gives me info at a glance — and, if I keep up with it — in real time. It’s great to have this tool on my phone and thankfully won’t inundate me with notifications.

Want more reviews? Check out these best free budgeting apps.

Image: Alfred Geschiect