MoneyWell is a finance application that I have been sitting on for some time. Why? No I’m not lazy (enough from you at the back!). I really wanted to put this app to the test, could it save my personal finance issues?
Now my “personal finance issues (otherwise known as being a student) are fairly simple. I have very little money, especially for someone who lusts over hi-tech gadgets and the latest must have items.
MoneyWell claims it will help me solve this issue by using a savings method (which may be familiar to some users) called the “envelope scheme. The principle being that you create envelopes for each area that you want to save in. Effectively you are creating micro-budgets. So in MoneyWell, you’re not just buying the software, but also a method of using your money. I wanted to really test and see how I got on with this.
At first, I admit, it wasn’t too easy. I had to keep reminding myself to open up Money Well and update all my values etc. But soon I got into a rhythm and now I don't think I could be without it. In short: the saving method works brilliantly. But since I could achieve that with a spreadsheet, what about the software (you know the bit that I'm meant to be reviewing)?
When I first opened MoneyWell, I was a bit intimidated. After creating a new file (or database) it presents you with a huge number of default “buckets (same as envelopes) to choose from. Of course you tend to scroll down the list and think you will need them all and so you are then faced with a huge amount of buckets to set up. This can quickly turn you off the idea.
However, when you discover that the key is in fact to setup just a few buckets, the software really is flawless. It strikes the perfect balance between features and ease of use. It’s the type of program that you can just open up and quickly update and be done with in 5 seconds, but also spend a good half an hour in and customize every little detail of your spending.
The interface is nice, but it isn't very standard, so if your obsessed with everything being perfectly aqua, then your going to be slightly disappointed. However, don't let that description put you off. Trust me, it looks good, and is brilliantly functional. MoneyWell is a really slick app, not only for the software but for the underlying principle itself. Its really worth a try especially if you have tried other finance apps before and never really got on with them.
MoneyWell is $39.99 shareware and available on the No Thirst website.