MoneyWiz OS X

Review: MoneyWiz – A Brilliant Cross-Platform Financial Planning App for Mac and iOS

Rating: 4.5/5

Posted in Apps, iOS, iPad, iPhone, iPod, OS X, Reviews on 18/03/2013 by Jim Gresham

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I first reviewed MoneyWiz for Mac last June and was very pleased with the total package SilverWiz offered customers. Less than a year later, I’m revisiting the software package after it’s 1.4 update on iOS and OS X. With more than 50 new features, MoneyWiz has even more to offer customers looking to keep a strict eye on their personal expenses.

User Interface

With no changes to visual impression, MoneyWiz still sits above of many other financial applications. As a long term iOS user, I just do not have the patience for ugly apps any more. There is no reason for a dev’s app to be ugly with the amount of tools available for graphical improvements. Thankfully, MoneyWiz is not short when it comes to style. The look and feel is consistent across iPad, iPhone, and OS X, making it a pleasurable graphic experience.

Function

Most importantly, any app that is offered cross-platform, must sync. Thankfully, MoneyWiz provides cloud syncing servers through a designated MoneyWiz account, simply tied to your email address. Unfortunately, the app does not utilize iCloud, but having used the app for over a year, I have never encountered any syncing issues. Additionally, this can keep your household on budget across multiple devices. It is a great tool for the financial savvy husband and wife team.

To begin using the application, as a first time user, create a new account or simply add an account with an initial amount of money. An account can be created later, in the event syncing across platforms is desired. The improved syncing function updates in a matter of seconds across all devices, which is perfect for my uses.

MoneyWiz Accounts copy-RESIZE

App categories are broken into Accounts, Budgets, Schedule, and Reports. The Account section is the bread and butter, keeping track of individual expenses, incomes, transfer options (from other accounts), balance adjustments, and reconciliation ability. Expense and income information is fairly detailed with a user populated autofill registry for categorical and description based line items. Version 1.4 also allows checkbook number assignments, if necessary. The payee, whether revenue or expense, will also auto complete after initially entered. These user populated lists are stored in the account sync information and will be consistent across platforms. If an image attachment is necessary, there is a native option to include images per transaction.

Sorting the account information is also important. Sort filters are provided for expenses, incomes, transfers, refunds, time frame, and pending status. I would like to see the period filter on all platforms allow a user defined period of time. The only native options are 7, 30, 90 day increments or “all.”

Budgeting begins by selecting which accounts to monitor for each particular budget. Next, enter an amount for that budget and then select which category to monitor from the selected accounts. For example, if you have a dining budget of $50 per month, make sure to monitor the Food/Dining category from your account. The budget will reset at a designated period of time and will even roll over the money from one period to the next.

MoneyWiz New Budget

Scheduling reocurring transations, whether expenses, incomes, or transfers, is made simple with MoneyWiz. Once scheduled, the transactions even appear on a calendar system and will act as a reminder to move money. Just like adding any other transaction in the Accounts section, the scheduling ability merely adds a time designation and a reoccurring option to the list of tools. Some of the additional features provide the capability to convert normal transactions to scheduled transactions, auto-pay scheduled transactions, split scheduled transactions, and duplicate scheduled transactions.

MoneWiz Reports

Reports can be run in multiple categories to best visualize your spending habits. All of these reports are fed by the expense, income, and transfer transactions from the previous app functions. I appreciate the ability to interact with the reports even on the iOS devices. Swiping across the reports gives exact information at that point on the timeline

Conclusion
Rating: 4.5/5

MoneyWiz ($4.99 iPad, $4.99 iPhone, $24.99 Mac) is a solid investment and a complete package for connected users. Personally, I hate sitting down to type in all of my transactions on the iPhone. Consequently, having the ability to use a desktop version is extremely appealing. However, with the ability to add transactions immediately after they occur, while still fresh on my mind, is also a great option. Essentially, SilverWiz provides the ability to make individualized OS choices, but offers a complete package solution for power users.

As you noticed, this app requires the user to input all transactions manually. Neither of the platforms will tap into your personal bank accounts. You may find this a breaking point for your investment in this package; however, I will never give any online account my banking information. Consequently, I use MoneyWiz instead of other more mainstream competitors that check bank accounts automatically. Also, adding the transactions manually, ensures the line items go into the correct category.

In my opinion, $34.97 is a reasonable expectation, considering other alternatives like Quicken are too complicated, provide more functionality than a typical at-home user will need, and cost much more. The MoneyWiz package will export to OFX, QFX, and QIF files if you prefer, but I’m happy with the built in functionality. For full function listings, visit the very detailed how-to pages (iPad, iPhone, Mac) or check out the helpful FAQ page. Finally, to make things simple, SilverWiz provides in-depth tutorials for switching to MoneWiz from MS Money, Jumsoft Money, Quicken Essentials for Mac, Import from Quicken for Windows, Import from MoneyDance, Import from iBank, and Import from MoneyWell.

Pros:

  • Sync everything across all Apple platforms
  • Split payment categories and scheduled payments
  • Monitor pending payments
  • Graphical charts
  • Expert view for spreadsheet like usage
  • Push notifications for budget changes
  • 1.4 Feature list

Cons:

  • Price
  • No user ability to link with actual bank accounts 


  • David_SC

    Thanks for the review of MoneyWiz, an app solution I’m looking into using.

    I would note one other major issue and that would be the lack of investment feature. Having reviewed their support site, MoneyWiz will be getting the ability to handle portfolios, assets, loans, etc. with a major new upgrade (2.0) in Summer 2013, they state. I will be holding off until that version for this reason.

    Otherwise, I agree in the attractive offering MoneyWiz provides across Mac and iOS devices.

    • JimGresham

      Thanks for reading! Good catch on the update. Keep an eye out. It is a good purchase either way.

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Jim Gresham

Author

Jim Gresham

An avid Macintosh convert, Jim appreciates the fine, detailed, and progressive products Apple designs. He spent his younger years tinkering with computers, reading about technology, and watching Star Wars. Since 2008, he has worked on improving his Apple arsenal and spends his free time researching the latest gadget trends. A native of the Commonwealth of Virginia, he enjoys the stiff crease on a well-ironed dress shirt and dons a bow tie on a regular basis.