Wismo budget app lets you easily track daily expenses without the need to connect banking information. Definitely, a great budget app to stay within budget
Knowing how to manage your budget and finances can be complicated, and its something everyone must learn. Luckily, there are several free budget apps available that will to help. Most require connecting your bank information in order to track your finances however. In addition, you need to create a budget first, but Wismo budget app changes that.
What is Wismo?
Wismo is a budget app for Android and iPhones, with the main purpose of tracking daily expenses. It easily creates a budget, quickly gives you a picture of your overall monthly allotment, and is also a social app that allows you to link family members to track a master budget. Wismo is available in English & Spanish.
With Wismo, users get a snapshot of what you’re spending your money on, and how much money is left to spend from your budget. Creating a budget however, for most people, can be daunting task. Not to mention that its a time consuming process. But it doesn’t have to be.
In a nutshell, you take a picture of the receipt, enter the amount spent, choose a category for the expense, and that’s it. The app keeps track of your daily expenses, and based on your budget, you can see how much you have left to spend, so you stay within your budget.
After downloading Wismo, I found that it is easily customizable to whatever budget category settings the user sets. And, since the user doesn’t have to connect banking information, I think it would be a good budget app for a high school student who is just starting to learn to manage their allowance, or a college student who is on their own managing rent and budgeting meals. Although I can link my banking information and credit cards, I didn’t need to.
After choosing my user name and password, the app asks to a monthly income, dwelling expense, and transportation expense to get started. The app basically created the a budget. (Tip: I recommend choosing a user name that does not describe you, or choosing personal names.)
The app creates a budget by entering detailed information in two categories: Monthly Income & Recurring Expenses. Under these categories, you can add subcategories. For example, under income you can add part time jobs, family support, retirement income, and other sources.
Recurring expenses categories is pre-populated with the following categories:
- Savings Goals
Basically, these are your bills. While you can add more categories or subcategories, unfortunately you cannot delete the ones already listed in the app and free up space. So if you don’t have subscriptions, you can’t delete it. On the upside, the app carries the budget categories into the following month, so you don’t have to enter categories monthly.
Personal Spending Index
In order to find how well you are budgeting your money, usually you have to do an analysis of the data. Wismo instead uses what they call a Personal Spending Index or PSI. Basically, if you have a PSI of a 100 or less, you’re doing good. This is the formula: PSI = Spend/Income x 100.
I found the reports are easy to read and understand. No complicated graphs or pie charts. Wismo gives a monthly overview of the total income, recurring expenses, and daily spends. Then it goes on to breakdown how much you spent in which categories, the percentage, and gives a PSI score. So if you’re not a “numbers person” and just want to see how well you’re managing your budget, a PSI is displayed inside a big circle so its easy to interpret how well you are managing your money. The report also shows a graph of monthly PSI for easy comparison between months.
Linking Bank Accounts
Connect your bank accounts to Wismo to get accurate information about your finances. See where your money is being spent, how much you have left. By linking your accounts your transactions are automatically downloaded to the app.
Tracking more than daily expenses
1Track budget on the go. This way, if I’m at a store and see great shoes on sale, I can quickly check my budget and see if I can afford to get them.
2Track cashback app savings. If you use cashback apps like ibotta, for example, you can track how much you spend on cashback app deals versus total earnings. Determine if the way you’re using cashback apps is really saving you money. Here is how: under income, enter the app name. Then start tracking how much you spend on the app deals, and how much you’re getting back from it. Its super easy to use and customize this app. You can even track what you do with your earnings. You can also choose to add a subcategory under groceries for app expenses as well.
3 Parents can teach teens money skills with Wismo. Teens can start learning to manage allowances, earnings from a part time job, savings, and spending money.
Wismo is a social app
One thing that’s different about Wismo is that the app lets you see other people’s budget. That means they see yours too. Frankly, I don’t want the world to see my budget. Finances are personal. I looked into this, and found that you can still keep your anonymity by choosing a user name and an avatar that does not describe you. The only way someone can identify you is if they know your user name.
The concept of letting everyone see other user’s budgets is to learn about how others budget. You can find people who have the same income bracket and see how they budget, and get ideas to improve your PSI. You also see what other people spend their money on. You can see this information in the ‘Feed’ section of the app.
What information is publicly shared?
- user name
- monthly expenses
- daily expenses
A bit unnerving to have so much private information public in the app. However, unless you give someone your name or upload a picture of you, no one knows who you are. You also have the option to keep your information private by upgrading to the premium plan. The premium plan includes privacy mode and is ad-free. Wismo premium plan can be paid monthly at $2.99/month or pay $29.99/ year which gives you two months free.
The Wismo family plan connects up to 4 family members or 4 friends. Everyone has their own individual account, but you can see everything under the family tab. This way, a family or friends can keep track of the overall monthly budget. This is an awesome feature for people with roommates as well. You all can pool your money together and shop for groceries while keeping track of who is contributing or spending according to a set budget.
I think overall its a great budget app that’s simple to use. I like that I can track my daily expenses by just snapping a picture and can track my family’s expenses as well. And since the app is free, its worth at least trying it out.
Happy savings, TaLis
Budget app for teens, college students & families
The following video shows what the app looks like and how to use it. You can see for yourself whether Wismo app would work for you too.
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