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Wismo Budget App Review

Wismo budget app lets you easily track daily expenses and create a budget without the need to connect banking information first. Free budget app – see what you’re spending your money on.

Knowing how to manage your budget and finances can be complicated, and its something everyone must learn and do in order to save money instead of overspending.

Creating a budget can be a daunting task too. Not to mention that its a time consuming process. Luckily, there are several great budget apps available that do this for you. The key however, is finding one that is easy to use, easy to interpret and doesn’t require too much time to get your budget up and running. Additionally, most budget apps require connecting your financial accounts in order to create a budget. Nonethelss, I found one that is not only easy to use but is also free. Wismo budget app

With Wismo I plug in numbers into the app and quickly create a budget that analyzed how I was spending my money. Connecting my banking and credit card information for a more thorough analysis came later.

What is Wismo?

Wismo is a budget app available for Android and iPhones with the main purpose of tracking daily expenses. It easily creates a budget that quickly gives you a picture of your overall monthly cash flow.

Wismo is also a family friendly budget app that allows you to link family members (or friends) in order to track a family budget. The family feature is super helpful for families that give kids an allowance. Their expenses are part of your budget too.

Another feature that sets Wismo apart from other budget apps is that it also available in Spanish. Its not limited to one language.

Getting a snapshot of where money is being spent and most important – how much money is left to spend in the budget is a core function of Wismo app. You know how sometimes when you’re at a store and see something and want to get it? With Wismo app you can see if you have enough money left in your budget to afford it.

How Wismo Works.

Create a budget with Wismo

  • download Wismo
  • choose a name and password
  • enter monthly income, dwelling expense, and transportation expense

After choosing a user name and password, the app asks to input your monthly income, dwelling expense, and transportation expense to get started. (Tip: I recommend choosing a user name that does not describe you, or choosing personal names.)

Start saving through simple daily tracking.

Wismo starts creating 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:

  • Housing
  • Utilities
  • Transportation
  • Loans/Debt
  • Savings Goals
  • Subscriptions
  • Insurance
  • Health
  • Family
  • Retirement

Basically, these categories 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 for example, you can’t delete it.

Its worth noting that the app carries the budget categories into the following month, so you don’t have to re-enter categories monthly.

Tracking your budget

In a nutshell, in order to track your budget you take a picture of the receipt, enter the amount spent, choose a category for the expense, and that’s it.

The app automatically deducts your expenses from your income in order to keep track of your daily expenses. From there, you can see how much you have left to spend, so you stay within your budget.

When discussing budgets we generally think of spreadsheets. But Wismo has a different approach for tracking money. Creating and analyzing spreadsheets is not necessary.

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. The formula is PSI = Spend/Income x 100. Basically if you PSI is 100 or less it means that you’re spending less than what you earn.

Here’s an example: say you earn $1000 monthly. and you spend only $500 then your PSI=500/1000 x 100 or 50. You’re saving half of what you earn.

Budget reports

Reports is where the usefulness of creating a budget lies. Knowing where the holes in your pocket are is crucial to being an efficient saver. 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 each category, the percentage of your budget for each category, 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 & Credit Card Accounts

The option to connect your bank and credit card accounts to Wismo is also available. What’s nice about this option is that you don’t have to connect it if you don’t want to. This is why I think this app is great for teaching young people how to budget. Most 16 or 17 year olds don’t have a bank account, but they may earn money. Either by working or an allowance. Either way, one is never too young to learn about managing finances.

When linking your bank accounts your transactions are automatically downloaded to the app, giving you an up–to date snapshot of your budget. Seeing where your money is being spent and how much you have left is more accurate and less time consuming. This use to be a Premium feature, but is now part of the free version.

With everything related to finances over the internet, security is crucial. Wismo uses Plaid to link bank accounts, and uses a secure and encrypted end-to-end 256-bit encryption according to the Wismo team.

In order to link your accounts you’re asked to enter the login credentials. However, these credentials are not stored in the app.

Wismo is a social app

An interesting feature about Wismo that is different from other budget apps is the social component. Wismo connects people through finances.

wismo app feed shows other people´s budget

Wismo lets you see other people’s budget. That means they see yours too. Frankly, I wasn’t too sure about the sociability feature. I don’t want the world to see my budget. Finances are personal.

However, I found that while your information is available for everyone to see, the only way someone would know its you is if you put your name and a picture of yourself in your profile or tell someone your user name. Keep your anonymity by choosing a unique user name and an avatar that does not describe you.

The concept of letting everyone see other user’s budgets is to learn about budgeting from one another. Compare your budget to other’s and learn what other people do to save money. You can find people who have the same income bracket for example or the same age, and see how they budget. Get ideas to improve your own PSI through other people’s spending habit.

wismo budget app welcome message

You see other people’s budget by going to the ‘Friends’ section and clicking ‘Discover’. Choose the age and the income and search. Everyone listed has a unique user name and an avatar. But you get to see the person’s finances. You can choose to ‘follow’ a person and see how their budgeting habits work. This person could be anywhere.

The ‘Feed’ section shows you what users are spending money on and send them a ‘Kudos’ icon. You can also find people to follow and add to your feed. In all, I think its fun.

If you prefer to keep your information private you can upgrade to the premium plan. The premium plan includes privacy mode and is ad-free. Wismo premium plan can be paid monthly for $2.99/month or pay $29.99/ year which gives you two months free.

Family Plan

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.

Wismo app reviews indicate that most users find it easy to track expenses and monitor spending, while negative reviews stem from people having difficulty with downloading the app.


Based on App Store user reviews

Other Wismo app features – more than daily expenses

1Track budget on the go. As long as you have your cellphone you have access to your budget. Super handy when you want something and need to make sure you have the money to pay for it.

2 For cash back app users, Wismo app helps track cashback app savings. You can add a category for income with your favorite cashback app, and another category for expenses for the same app. Basically, by tracking how much is spent on cashback app deals versus total earnings, extreme savers can determine savings from cash back apps. 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.


In my opinion what makes Wismo one of the budget apps is that its simple to use. I also 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, try 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.

Some graphics made with Canva.

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