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Wallet by BudgetBakers review
Finance app Wallet offers a wide range of budgeting features. Here's what you need to know before using it to organize your money.
Our review covers Wallet’s features and pros and cons to help you decide if you really need this finance app to occupy some of your smartphone’s memory.
What is Wallet?
Wallet is a budgeting app that can be downloaded on Android or iOs, or used through its web interface.
Wallet comes with clean graphics and straightforward menus and options. After you download the app, you can sign up through your email, or using either Facebook or Google, and then start using it immediately.
The basic features are for free, but free Wallet only works as a manual budgeting app – you’ll have to manually enter your expenses and handle your accounts. If you’re looking for something a bit smarter and more automated, you’ll need to pay for Wallet Premium.
How does Wallet work?
Wallet’s free features on Android include:
- Up to three accounts in one place. Wallet allows you to add up to 3 accounts that can be categorized according to where the money comes from (cash, debit account and loan, for example). You can add the data manually or, if up until now you’ve been using a spreadsheet to do your budgeting, upload a xls/csv file with your previous transactions.
- Categorize your spending. Every time you spend money, you can add a transaction into the app and categorize it accordingly. Categories include, among others, “food&drink”, shopping, entertainment, transport, home, communication. Each category has a list of subcategories and can be personalized.
- Saving goals and budgeting. You can set a budget for a specific account or category and Wallet will notify you when you go beyond it. You can also set how much you’re planning on saving this month; Wallet will tell you how close you are and predict if you’ll hit the target basing on your spending habits.
- Planned payments. You can plan regular payments, which means that, if you have regular expenses such as the rent, you won’t need to add it to the app every month – Wallet will do it for you. However, don’t forget that Wallet is a budgeting app, so you cannot use it to actually spend money and send out payments. You’ll still need your bank app for that.
- Financial reports. Wallet will analyze your financial data and tell you where you’re spending most money. Reports are organized by account and shown in a clear pie chart.
- Shopping list. This is a little quirky feature that allows you to set a shopping list and tick and untick items while you’re shopping.
- Receipt archive. You can take pictures of the receipts and archive them for future reference.
What is Wallet Premium?
Here’s what Wallet’s premium option adds to its basic deal:
- Bank synchronization. This feature is the real game-changer. Your transactions will automatically be added to Wallet and categorized, saving you a huge amount of time that you would otherwise spend to feed the app with your financial data. More than 15,000 banks and cards worldwide can be managed through Wallet.
- Unlimited accounts. You can have as many accounts as you wish, both manual and synced.
- Multi-user sharing. You can create a financial sharing group with your partner, friends and family in order to sort out your finances collaboratively.
Wallet Premium is an in-app feature, which means that you need to sign up to the basic version of the app first and then you can upgrade if you want.
Is Wallet safe?
As Wallet does not allow you to actually spend your money at any point, even if you buy the premium option and sync the app with your bank account, data are accessed in read-only mode, so your money is still as safe as your bank keeps it.
Wallet does not sell or share data with third parties, unless it is necessary to provide its services. In plain English, this means that BudgetBakers may, for example, give your data to the company that provides the servers that make the app work, but will not sell your details to an advertiser.
You can protect the app with a PIN or with your fingerprint, so that, if your smartphone gets lost or stolen, your financial data are shielded by an extra security layer.
Pros and cons of Wallet
- Clear and good-looking app
- Organizes your finances through personalized budgets, goals and categories
- Has a web interface (some of the competitors are only available through the smartphone)
- Useful spending reports, including super-handy charts
- The iOs and web versions lack some of Wallet’s features
- The free version only allows “manual” budgeting, which is extremely time-consuming
- You cannot make any payment, so you’ll still need to access your banking apps often
- Wallet Premium is quite expensive for a budgeting app
If you’re a tech-savvy person who’s simply looking for a budgeting app that helps you save time, it’s difficult to see why you should choose Wallet. Some of the competitors allow you to synchronize your cards and accounts with the app for free, instead of paying a monthly fee.
However, some people are not big on automation, especially when it comes to financial data and banking. If you’d rather do your budgeting manually, and are looking to upgrade from your endless Excel spreadsheet to something a little slicker, Wallet by BudgetBakers is worth a try.
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