MoneyWell: Organize Your Finances

MoneyWellMoneyWell 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.

MoneyWell Screen

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.

Comments

4 Responses to “MoneyWell: Organize Your Finances”

  1. Jared on October 3rd, 2007 1:23 pm

    Mvelopes uses the same envelope budgeting method. It’s pricey (from about $8-$14/month), but the convenience of a web-based app that downloads all of my transactions automatically is, for now, worth it to me.

    Is anyone aware of any other envelope budgeting style program (like moneywell) that will download transactions from financial institutions?

  2. Brajeshwar on October 3rd, 2007 3:52 pm

    @Jared
    Not sure of the Envelope-like budgeting but Mint is a good online budget-money-finance application.

  3. a10b4e758554 on May 9th, 2008 9:22 am

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  4. Nick on February 25th, 2011 2:17 am

    I have been using Mint.com for a while and I really want to like it. However, ever since it was bought out by Intuit it has had a lot of problems. It’s gotten to the point now where it is too frustrating to use. This is the reason I am interested in MoneyWell. I’m going to keep browsing reviews but it seems promising so far.

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