Easily track daily expenses and budget without having to connect your banking information.
Simple app that lets you get a snapshot of what you’re spending and how much you have left to spend in your budget.
There are several free apps available to track your daily expenses and help you budget. Most require you to connect your banking information however. Others have spreadsheets that let you create charts and graphs. Tracking daily expenses shouldn’t be so complicated. I just want something simple that will show me a snapshot of what I am spending my money on, and see how much money I have left to spend from my budget. I found a free app that does just that!
Wismo is an that is easy to use and its FREE. With Wismo, you snap a picture of the receipt, enter the amount spent, choose a category for the expense, and that’s it. I made a video of how to use it while I was signing up, so that you can see what the app looks like, and find out if it would work for you too. If you want to try it out, click here to download – Its available for iphones and android phones.
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. Easy to understand.
You can easily customize the spending categories too by adding it in the app. For example, If you want to specifically track how much you are spending on groceries, at a specific grocery store, you can add it as a subcategory under grocery by then typing the supermarket name. Simple click ‘add category’ and done.
Ever wonder how much cash back you get monthly from all the cashback apps you use? enter each one under income. Its super easy to use and customize this app.
Wismo also lets you see other people’s budget too. That means they see yours. 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. If you still don’t want anyone seeing anything about you, you can upgrade to the premium version. The concept of letting everyone see other users budgets is to learn about how others budget. You can choose to follow people who have a great budgeting technique, and adjust yours to improve your PSI. You also see what other people spend their money on.
There is no age restriction to sign up with Wismo, so I will definitely sign up my teen so he can learn to keep track of his expenses and control his budget! I am looking forward to this app offering a family version. I plan to uploading the app to all my family’s fun, and then create a better budget.
Happy savings, TaLis