In this WeMoney review, discover why the WeMoney app is the greatest free way to manage your personal finances in one place. It’s more than a simple budget tracker, it focuses on financial wellness and touches all aspects of your financial life. Securely connect your bank accounts, superannuation accounts, investment portfolios and track your net debt and net wealth. It does it all. Please read on and see if the WeMoney app is right for you in the Moneyman review.
Here’s a quick overview of what will be covered in the post. Simply click on these quick links to jump straight to different sections.
Alright, let’s get started with the verdict and what MM thinks of the WeMoney app.
WeMoney Review: The Verdict
The WeMoney app is the Swedish pocket knife of financial apps. It is feature rich and tracks all aspects of your financial life. It is simple and easy to use. And best of all, it is free.
MM recommends the WeMoney app as the best free budgeting and personal finance app on the market.
What is WeMoney?
WeMoney is a personal finance app that connects all of your financial accounts in one place to track and manage. The WeMoney app is a relatively new entrant into the financial app market in Australia. The WeMoney app doesn’t just focus on everyday spending via your bank accounts, it brings visibility to your debts and provides tools to “crush” those debts. For most people, this would be the prime motivation to use an app like WeMoney. And once you are out of debt, The WeMoney app can help you focus on growing your wealth. It brings superannuation, share portfolios and even crypto into the picture. It has all your accounts in one place and offers ways to save money and in the process, make money.
WeMoney was founded in 2020 by Dan Jovevski, the company CEO. In under 2 years the company has grown rapidly with now almost 300k downloads. WeMoney won the Finnies Award 2021 People’s Choice Award, for emerging fintech organisation of the year. WeMoney passionately believe in helping people save money and building an app that is “unique and compelling”. Which I believe they have achieved on both counts.
Why I Love the WeMoney App
I have used other personal Finance apps before, and I know they can be life changing. Budgeting is never easy with multiple accounts, as there is no simple way to keep on track. Connecting up your bank accounts to an app like WeMoney for the first time is like a cold shower. Fastfood, streaming subscriptions and amazon shipments. It gives you a Dr.Phil financial reality check, which is the first step to managing your money better. And I love that the WeMoney app levels up and goes further to help reduce debt and grow wealth. But let me start at the beginning.
When I downloaded WeMoney, I just wanted a budget tracker. I had no interest in credit scores, finance communities or linking up my superannuation. I wanted to keep it super simple. After I connected my bank account details and did some initial exploring, I was drawn in. I never knew what my credit score was, and boom, there it was. I flicked through the community pages and I thought the content was great. As I read on I thought, maybe I would post something too? Then I continued my exploration.
I added my superannuation, my investments, and I started tweaking my budget. It totally sucked me in, and it was really simple. I enjoyed setting up the app and the more I explored, the more I found and liked. I went in reluctant for new features and came out loving them. There is so much to explore and every account I own is in one place. I can get net worth analytics in every day. Wow. I love it. The WeMoney app does everything I need, and more. Read on for some of the other features I found and loved.
WeMoney VS PocketBook
I was a huge fan of Pocketbook. It set me on the path to budgeting and managing my money better after I was financially crippled. I lost my job 3 times in 2 years, with a stack of debt and a family to feed. Not fun. Pocketbook was simple and intuitive and now it has closed. As much as I loved Pocketbook, I was aware that the app wasn’t being developed and I found mistakes in their data reporting. It wasn’t a priority for Zip. But it worked for me and did what I needed. So I was happy.
WeMoney goes bigger than Pocketbook. The company is less than 2 years old and it has produced a feature rich App, with great innovations and they continue to develop the product. Where Pocketbook was a great introduction to budgeting, WeMoney is the next evolution of that. If you are using Pocketbook, WeMoney is a great step forward in your budgeting and personal finance adventure.
Pocketbook brought visibility to budgets and bank accounts for money management. WeMoney does that for your Budget, Debt, Savings, Superannuation and Investments. You honestly can’t compare the two. WeMoney levels up and over PocketBook in features, account visibility, community and functionality. If you are a beginner in budgeting apps, or even an expert, I believe that WeMoney covers everything and blows other free apps out of the water.
The 5 Greatest WeMoney Features
The WeMoney app is simple to get started as you connect your first bank account. And if you stopped there, the App can give you various insights on spending, budgeting and it can offer recommendations to save money and help you on your financial journey. Here are my 5 favourite features.
WeMoney Creates Financial Visibility
If you really want to take control of your finances, you need financial visibility and financial honesty about your spending. This visibility is the first step to really understand your finances. You can’t manage what you can’t measure and quantify. That is why an app like WeMoney is crucial for anyone, even if you think you are good with money.
WeMoney provides everything you need as a personal expense tracker app with budgeting in one place. The information is organised in simple categories and with minimal effort, you can gain insights into your habits. These insights can help reform wasteful spending habits and build financial restraint that may have never existed. And new habits will emerge, as you adapt to a new status quo, where you can’t buy everything and the WeMoney App can keep you honest and living within your means. Simply, it is that visibility of all your accounts, bank accounts, credit cards, BNPL cards, everything, tracked in one view that will change your life. You can see every single transaction happen in real time. That is the ultimate visibility and all you need to do is control it, by creating a budget.
WeMoney Helps You Create and Manage a Budget
Once you set a monthly budget number in the app, you are ready to go. The name of the game is to spend less than you make. The WeMoney app has a nice, visual for the monthly budget and it almost gamify’s the budgeting process. Stay under the Budget line to win. It also tells you exactly how much you spent and how much money you have remaining. These two numbers are important and can drive your behaviour to spend less.
It is also worth setting up category level budgets. Analysis is available for all your spending categories, such as groceries, insurance, fuel /petrol. The WeMoney app will give you an average spend for these categories based on the data loaded in. These amounts can be used as your category level budget amounts. Or if you find that you are spending too much on food and drinks for example, you can set the budget lower to reduce that expense. Once these budgets are set up, you can keep track and limit your spending to stay under these limits. This category level visibility will help you save money and keep on track for your bigger, total monthly budget goals.
WeMoney Gives You Visibility of Upcoming Bills
The WeMoney app also displays upcoming bills for the next 30 days. Any upcoming bills can be considered when you are looking at your monthly budget. For example, a $300 Rates bill is due on the last day of the month. If you want to stay under budget, you need to factor that into your spending for the month. This visibility (again) helps prevent any potential surprise bills appearing and blowing your budget.
Overall, the budgeting features, reporting and forecasted spending are fantastic to help maintain control of your spending in a simple way.
WeMoney Goes Beyond Basic Budgeting
The WeMoney app looks at the bigger picture of your finances. Spending and budgeting is really important, but the app automatically introduces financial concepts that may be new for some users.
WeMoney Visualises Your Net Worth
The WeMoney app can integrate with all your bank accounts, homeloans, superannuation and investments. These integrations form the assets and liabilities that create a net worth figure for the user. Net worth is not a common, everyday term or focus for most people. But it is a single value that can define your level of wealth. Similar to your budget, having a net worth number visible means it can be managed and measured.
This feature is so powerful. The WeWork app can normalise the idea of net worth and ways to increase it. Personally, I look at my net worth once a year for fun but having it top of mind, moving up as my investments increase and my Super increases, is an amazing feature. By having net worth visible in the app, it has set my mind in motion. I’m wondering how else can I increase that number? And I’m sure it could also trigger similar ideas and actions from other users.
WeMoney Gives You a Debt Tracker
Also included in the app is a debt tracker. This brings all your debts together into one big shiny number. It also gives you insights into the debt and the amount paid off amongst other insights. The app also provides a credit score for the user. This is a great feature as I doubt most people are aware of what their credit score is. The higher the number, the better you look to a lender if you want to borrow money for a house for example. Again, the visibility of the credit score is important. Users with a low score can work to improve it and ensure they can access credit when required in future. Therefore, improving their financial future.
WeMoney Offers a Community to Inspire and Recommendations to Help You
Personal finances are usually personal, meaning private and not shared with anyone. Being in debt or in financial trouble can be embarrassing. And the task of getting out of debt can be a long and difficult journey. Especially when undertaken alone. The WeMoney app has a financial community built within the app, offering inspiration, financial tips and support. I enjoyed the community content and the community aspect can reinforce your resolve to get out of debt and ultimately, lets you know you aren’t alone when battling your finances. This is a feature I didn’t expect to like as much as I did.
The WeMoney app also provides special offers to consolidate debt, get cheaper loans, cheaper energy and other financial products. It’s a simple way to save money without really trying. The app will recommend a better deal where possible and it does the legwork for you. Literally, various ways to save money are served to you on a silver platter. Is that passive saving? I’m not sure but the feature has saved many people, lots of money and I can see how valuable that is.
WeMoney Has Some Really Cool Features
While playing with the WeMoney app, I discovered some really cool features that I haven’t seen in a personal finance app. These features are almost considerd easter eggs, tucked away to be found. I enjoyed discovering them and I loved how these features worked. And I can only imagine what other cool ideas the WeMoney team have yet to drop into the app.
WeMoney Feature Requests
The WeMoney app continues to be improved with more features rolled out regularly. This includes adding Superannuation accounts, banks and other financial institutions that currently are not available in the app. One feature that I loved was the app feature request screen. This is where you can request new features or integrations, and you can vote on what you want added to the app.
I went in and voted for HostPlus Super to be added amongst other features I liked. This means that users of the app have a direct line to the WeMoney developers, and the WeMoney users have the power to vote and request features. It’s such a great idea and the WeMoney community care enough about the app, to request and vote on how to make the app better.
I have already started to add my own feature requests and I look forward to adding more as I spend more time with the app. And then I’m interested to see if others agree and up-vote my ideas. All very cool.
WeMoney Stealth Mode
The WeMoney app also has an amazing feature called stealth mode. For people like me, when I find something new and really cool, I need to show people. Unfortunately, you don’t want to show people the contents of your bank accounts. stealth mode is an awesome feature that masks the financial numbers of your accounts. This means you can show off your shiny new app without sharing too much about your financial status. It’s a really smart and really cool feature. Apps like WeMoney are so important and I’m glad that I can openly show friends and family a tool that can improve their financial lives and wellness.
The Not-So-Great Features of the WeMoney App
The WeMoney app is fantastic, but it isn’t perfect. Here are my only real issues.
WeMoney App Lags or Freezes Sometimes
My biggest problem is the app is unresponsive at times. Maybe other apps I’ve trialed are lighter and aren’t trying to do as much, so that is why WeMoney sometimes freezes or lags. At the moment it’s not a deal breaker, but I hope this usability issue is an easy one to resolve.
Recommendations and Promotional Pages Can Get Annoying
When you first log into the app, there are a few screens to highlight WeMoney features. This is fine as an onboarding screen when logging in for the first time. But sometimes when I log in, I need to scroll through 5 pages before I can access the app. This is minor but can be annoying.
A great feature of the App is “ways to save”, and they appear on the home page with all your budgeting and net wealth details. I should be able to turn those recommendations off from appearing on the homepage. So the homepage should be purely your numbers and details.
But I do like the recommendations on how to “Pay down debt faster” when I look at my home loan data, and I can see the community has a better rate then me. That is a great FOMO inducing feature that is perfect within the context of my loan. So maybe, more targeted recommendations that are better placed to not detract from the user experience would be appreciated.
Minor Issues I Can Lodge as a Feature Request to Fix
All of my minor quibbles I will add into the feature request pile within the app, and I hope they will get added to the list of improvements for the WeMoney Team. But overall, my minor complaints do not diminish from how great the app is.
Summary
The WeWork app is a fantastic financial wellbeing app. It literally brings every account you own, into the one place and gives you complete visibility and control to manage your finances. WeWork empowers users to increase their net wealth, improve their financial circumstances and tell their story, empowering others.
Budgeting the micro things is great and important, but the WeMoney app blows that up and gives you the macro. The big game. And making that top of mind and visible, your superannuation, net worth and debt, is powerful and probably the greatest reason to download and use the app.
MM is still new to the app, so if you have a tip or enjoyed the review, be sure to drop a comment below.
M. Moneyman
WeMoney Review FAQs
To wrap up, here are some quick answers to some frequently asked questions about WeMoney.
Is WeMoney Safe?
The WeMoney app is safe to use. It is a non-transactional service and it uses bank-grade security to ensure the app is safe. It also has end-to-end encryption and it uses Yodlee, a global leader in banking information to store your information – used by 30 million users worldwide.
We Money also has additional security features, like fingerprint, faceID and pin to access your app. As you can imagine, a financial wellness app that relies on your financial data lives or dies by its level of security. WeMoney deploys state of the art security measures, so you shouldn’t be worried about data misuse or any security risks or threats of hacking.
Is WeMoney Free?
The WeMoney App is free to use. The app makes money by recommending financial services and generates revenue by users taking up offers through their app. Delivering a free app to get yourself financially healthy.
How Often Does WeMoney Sync with My Accounts?
The data in the WeMoney App updates at least once a day. However, if you log in multiple times a day, it doesn’t auto-refresh all your accounts from my tests. And there is no indicator of when the data was last refreshed. But you can manually refresh the data whenever needed.
What Banks Does WeMoney Connect To?
We Money connects to banks accounts to access your savings, loan and credit cards. You can also connect to superannuation, cryptocurrency accounts and buy now pay later (BNPL) accounts. There are over 400 integrations available. With the most popular being the following eight.
- AfterPay
- ANZ
- Bankwest
- Commonwealth Bank
- ING
- NAB (National Australia Bank)
- St. George
- Australian Super
For a complete list – please visit this WeMoney link.
What Devices Is WeMoney Available On?
The WeMoney App is available on Apple, iOS devices (iphone) and Android devices.
Is WeMoney Good?
WeMoney is the best money personal budgeting app available as it connects all your financial accounts into one place. This is where you can manage your budget, save money and improve your financial health. It’s the best, free personal finance app available. Please refer to the previous 2000+ words if you don’t believe me.
Thank you and good night.
