Although I love to do the finances in our household, one thing that I have struggled with is keeping accurate records of our expenses and creating a budget. I tried so many different apps to make this happen, but I have never been able to settle on one that just works for me. For the longest time I was using Mint, and though that was great, the service was just too unstable for me. So the search continued for me and I actually resorted to just checking my bank account every day to see how we were doing financially.
Well, a few days ago, I saw an app called WalletMap and was instantly intrigued by how easy and simple it looked. When it comes to these expense and budget apps those are two words you don’t hear too often. So I decided to give it a whirl and for the past few days I have really liked what I have seen so far.
What Is WalletMap?
I think the best way to start this review is to actually tell you what WalletMap is and what it can do for you. Basically, it is a simple way to record and analyze your expenses. Yep, that is it, plain and simple and nothing more than that. For a lot of people, they may not think that this is suitable for them because there aren’t enough features to make this a robust app. But, give me the chance to show you more of it and then let me tell you why I think this is a good app to have around.
Adding Your Expenses
There are a couple of ways that you can add your expenses to Wallet Map, with one of them being with your smartphone. Right now you can use their iPhone or Windows app to log your expenses and soon you will be able to get it on Android. I won’t spend much time on this aspect being that this is supposed to be a web app review. Basically, you can log your expense on the mobile app and then use the web app for everything else, which I will get to in a bit.
If you don’t have one of the phones mentioned above or you just don’t want to use the mobile app, you can also log your expenses from within the website. They make it really easy for you to do this by having you input just a few things like the cost, category, time and date. The one thing I couldn’t figure out was if I wanted to add a category, I couldn’t find a way to do that. They give you a preset amount of categories and they work okay, but I would have liked to have the option to add my own if I wanted to.
In my opinion, no expense app is complete without a some feature that shows you how you are spending your money over a specific period of time. WalletMap gives you a few stats to show you where your money is going. They give you an overview of your spending by showing you on a pie chart where your money is going and then below you can also see the amount spent for each category.
You can then go into each category and see how much money you are spending for it specifically over a certain time period. Other than that there are not many other stats features. Being that I don’t use these expense apps too much, I am not sure if there should be more data for you to analyze, but it seems like it would be nice to have one or two more stats to be able to look over.
The Web App Compliments the Mobile App
To truly get the most out of WalletMap and its features, you really should use the mobile app. This is where the magic and ease of use really happens. When you log your expense on your mobile phone, all you have to do is put in the amount of the expense. From there WalletMap tries to figure out where you are at using your GPS location and then when you open up the website, it will show you the expense and the categories for that expense based upon where you were. You can then select the right category to go along with your expense.
When testing the app out, I personally used the iPhone app in conjunction with the web site and I found that each expense was categorized pretty accurately. When WalletMap was unsure of what category to choose, they gave me a range of categories they thought I could pick based off of the place I was at. One thing I liked about all of this was that it was quick and easy with both my iPhone and the web site. One of the biggest hurdles for me to continue using expense apps on my phone was the fact that you had to put in so much information that I didn’t want to bother with it when I was done paying. I will say this though, you don’t really need the iPhone app to take advantage of WalletMap, but it does help.
What I really appreciated about this, as I had mentioned earlier, was the fact that using both the iPhone and web app, it was a breeze to enter in the necessary information, but yet feel like I was gathering enough data to be able to look back at my expenses. WalletMap is not going to blow you away with all of these amazing features and they definitely will not overwhelm you with too many of them. People who are looking for a simple way to record their expenses need to definitely check this out. I also think that people who have a hard time staying disciplined with their finances and are looking for a way to get back into it, this is a great way to start.
I would love to see WalletMap add a few more features to make the app a little more robust and attractive to more users. As of right now they are a free service, so you really have nothing to lose to at least try it out. Take it for a spin and see if it works for you.