A Review of MoneyWiz 2

Is Money Wiz a good option for you?
••• PhotoAlto/Gabriel Sanchez/PhotoAlto Agency RF Collections/Getty Images

There's no shortage of online personal finance tools on the market today. 

Yet MoneyWiz2 by SilverWiz has emerged as a top contender. Originally designed specifically for Mac users, the cloud-syncing app is now available for both Windows and Android users, we well. It communicates effectively between the computers and your other devices and offers a great live sync feature that you cannot find in other programs. MoneyWiz is definitely a great option if you are looking for personal finance software. Below, we outline the pros and cons. 

Pros of MoneyWiz

  • MoneyWiz's interface is easy to understand and intuitive, especially if you are an avid Mac user. The design is also clean and easy to use. 
  • The sync feature is the best I have seen across all personal finance software and programs. 
  • The tool allows you to manage all your accounts in one place, offers a native experience on each device, and is extremely customizable – as in, there are 400 different features you can take advantage of, depending on your financial needs and goals. 
  • No more manually importing your data. MoneyWiz syncs it all for you. 
  • You can generate a number of reports to give you a snapshot of a specific area of your finances. 

Cons of MoneyWiz

  • The sheer number of features and options when setting up and using the tool may be overwhelming to finance beginners. 
  • It doesn't support 401(k)s, which may or may not be an issue for you, depending on your financial goals. 

One of the best features of this program is the live syncing feature. This is great if you are married and working on the budget together, because you can update on your phone while you are shopping, and you will see in real time where you stand. This is also helpful if you want to access your finances on different devices; you can view real-time, fully synced info on your iPhone, iPad, Mac, even your Apple Watch. 

Using MoneyWiz

This is a pretty basic financial software program, made even simpler by the sync feature. 

You begin by setting up your budgeting categories in the preferences menu. MoneyWiz then takes you through how to add accounts and recurring expenses. This program allows you to customize the categories based on your budgeting needs. 

It's also very appealing to design-oriented Mac users and fits in with the other Mac related software very well. And don't forget about the syncing option. During the setup process, select the Sync Everywhere option, which will allow you to access the iPhone, iPad, and Mac versions of the app. 

You can manually enter transactions, or, you can import data using accepted formats, which will simplify the setup process even further. The reconciliation of the accounts is easy to use, which is really important if you want to stay on top of your accounts and your money. You can also download transactions from your bank to save time when it comes to reconciliation.

The budgeting aspect is easy to access, and you can visually check to see how you are doing in each category by scrolling through the budget section of the program. On the computer edition, it is on the left-hand side of the screen. 

Another great feature is the reports section that allows you to create graphs and charts of your entire budget or specific categories so you can track your spending habits and your budget progress over time. The reports are easy to use and it is nice to have a visual representation and be able to break the reports out by category. This is one of the best reports sections I have seen in Mac-specific software.

Finding Technical Help for MoneyWiz

The website has a great help section that is easy to access and it is well organized. It's also organized by device, so you can find the help you need more efficiently. However, some users of MoneyWiz have complained of recurring bugs. MoneyWiz is $24.99 from the App Store. 

MoneyWiz not for you? Check out these other finance tools:

Updated by Rachel Morgan Cautero