A Review of MoneyWiz
There's no shortage of online personal finance tools on the market today. Yet MoneyWiz 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, as well. This financial tool syncs easily between all your devices and accounts generate detailed reports that are customizable to help you reach your personal financial goals. Below, we outline the pros and cons.
Pros of MoneyWiz
- MoneyWiz automatically syncs and the user experience is relatively intuitive, especially if you are an avid Mac user. The design is also clean and easy-to-use.
- 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.
- 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. It's 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, and even your Apple Watch.
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.
MoneyWiz doesn't support 401(k)s, which may be a problem for some users.
This is a pretty basic financial software program, made even simpler by the automatic syncing feature. 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, as the user experience and interface are very clean. 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 another important feature since it helps you monitor your accounts in real-time. 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 desktop version, 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 or narrow in on specific problem areas for your spending. It's nice to have a visual representation and be able to break the reports out by category.
Finding Technical Help
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 specific help you need more efficiently. However, some users of MoneyWiz have complained of recurring bugs. MoneyWiz also costs $49.99 per year or $4.99 per month, which does make it a pricier personal finance app.
While MoneyWiz boasts features such as an easy-to-use interface, detailed reports, and a customizable experience, it is pricier than many other personal finance apps.