Android App Review: Moneywise -- Money Management on the Droid
Personal Finance is at an all-time high in popularity in the western countries today. Especially in the US, people are getting concerned that their money should be made use of in the best way possible. A good number of Americans have gotten themselves into a deep ditch thanks to not being mindful of their finances, that's why the need for wisdom in personal finance management has become a need. In fact, the niche is such a hot topic nowadays that enterprising individuals and companies have created businesses around personal finance.
Even in the Philippine setting, money and budgeting are hot topics nowadays. People are feeling the economic crunch and are looking for ways to become more financially savvy. This is why a good number of smartphone users, Droid users included, are on the lookout for awesome budgeting apps they can use.
Most personal finance apps have concentrated on the iOS environment, however. Since software development is really US-centric for now, and since Americans are avid fans of Apple products, it seemed to make more sense to develop apps for the iOS. So if you're on the Android and have been trying your best to find Android budgeting and personal finance apps, we've made the search easier for you.
Moneywise for Android is one awesome find.
Moneywise has a rating of almost 5 stars on the Android Market; and with good reason.
The app is very useful in creating a budget and tracking how much you've spent. You can create different accounts, for whatever purpose: monthly budgets, travel expenses, petty cash/work expenditures, and even weekend getaways, pet expenses, or what-have-you. As sub-categories, you may create budgets under these accounts.
The main page the app will open to is the "Register," where you can enter your expenses piece by piece. There are pre-set categories which you can choose from, and you may even create tags to differentiate certain expenses so you can group them in fields you can set yourself.
The next tab is the List view, where you can find the entries you've created via the Register. These are arranged in order of the date you entered the items. From there, you can filter the items by tags, categories, expenses, income, or whether they've been cleared or are still in pending status.
Then there is the Graph view, where you can see a graphical representation of how you spend, the Budget view, where you can see your different budgets under your accounts, then the Balance view where you can see the balances of your different accounts.
The Graph view is useful if you want to understand exactly how you've been spending. This would help if you are out to change your personal spending habits. The Budget and Balance views display how much more of your budget is left, without needing for you to manually account for the expenses.
Even on the list view, the budgets are already automatically balanced; no need to manually calculate anything! Then if you wanted to know how much you spent on, say, groceries, eating out, etc., you can filter these by categories. Make sure you have tagged your entries with the appropriate categories or tags, even as you enter them via the Register view.
One great way to use tags is when you're out on a trip or a dinner date, and you're sharing expenses with friends. You can tag your entries with your name and your friends' names, that way, you can filter your expenses per person. You can then view the individual expenses and see how much each person owes. Nifty, huh?
All in all, it's easy to see why this app gained rave reviews and top ratings on the Android Market. It's absolutely useful and a must-have for budget-conscious Android users.
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Photo Credits: Moneywise Android Market Page
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