If you’re looking for a budgeting app but don’t want it directly connected to your bank account, Wally may be a good choice for you.
We’ve looked at how it works and which features it offers to help you figure out if you like it (before actually downloading it!).
Wally is a budgeting app that can help you keep track of your bank accounts and cards and expenses – so that you know exactly how much you can afford to spend on that shopping spree you’re planning for next week.
It launched in 2013 and is now available in 18 different languages. India, US and China are the countries where it is most popular, but you can use it in the UK too.
Unlike its most popular competitors – such as Money Dashboard and Yolt – Wally doesn’t rely on Open Banking to connect to your bank accounts, get all your financial data and elaborate it to give you insights. You have to insert it manually yourself.
Now, if this sounds like a nightmare, you can probably stop reading this review and head to our budgeting app section to take a look at the competitors that do automatically gather the data for you.
But doing things manually has its advantages, among which is total control over what you put in the app and how you categorise your spending. If you like the idea, here’s what you can do with Wally:
In its basic version, Wally is free to use. There’s also a Wally Gold option, which costs £25.49 a year or £3.29 a month, and adds a series of extra features, such as a currency converter and custom budgets and categories.
In the US and in Canada, you can also directly link Wally to your bank account for an extra fee, so hopefully that same feature may also come to the UK at some point.
Wally doesn’t actually manage any money, nor does it have access to your bank account, so the only thing you have to worry about is that it contains and manages a whole lot of data about your spending behaviour.
You can set a password to protect the app, all data is encrypted and Wally says it never sells it to third parties.
There are some very advanced budgeting apps in the UK market, and Wally cannot really compete with them; manually inserting all the information every single time you make a payment requires a whole new level of consistency, and most people will be better off with an app that relies on Open Banking to automatically get the data. Not to mention that many digital current accounts, such as Monzo or Starling, also offer some similar budgeting tools directly into their own app.
However, as we said, Wally is a good shout for people who are a bit wary of Open Banking and would rather retain control over their money management practices. It has a very respectable range of features and the app looks clean and tidy.
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