WeMoney the better way to budget your spending

WeMoney Budgeting App

Are you finding it difficult to curb those shopping spending habits? Not everyone can have the unwavering willpower to rein in their spending. Even more so when there are discounts and online sales every day. However, there is one way to sharpen your savings. In order to become more disciplined and track your spending, see the new money management app WeMoney. WeMoney is a budgeting app that is designed to put your finances on autopilot. Most importantly, It does this by connecting all of your financial accounts into one place. Firstly, the app can download data anywhere. For instance from loans, transaction/trading accounts, credit cards to Buy Now Pay Later Accounts. Secondly, not only does it track your financial health but even provides a credit score. Therefore, you can see straight away if you are in a strong position to get a loan with a bank.

Budgeting Tips with WeMoney

The easiest way to track your spending within the app is to analyse your expenses on a monthly basis. The WeMoney app can split the expenses into separate categories. Here your transactions are allocated between income and expenses. I have outlined the following steps to consider to get the most out of your WeMoney App:

6 Savings Tips

1. View Categories: View your different income (salary) and expenses Water, Electricity, Gas, telephone, internet, Rent, Groceries, Entertainment, Travel, Holiday.
2. Check Monthly Spending: Once you have checked each category, you will have a breakdown of the monthly cost of each expense.
3. Track ins and outs: You will be able to see the total month-to-month ins and outs within the Track Tab
4. Estimate future expenses: Now you know your estimated expenditure you can track this to actual costs as you progress throughout the month
5. Compare Budget vs Actual: This will show you the difference between estimated vs actual spending to see if your are on target.
6. Reflect and Reassess: Now you have a starting point to identify where your money is being spent and what expenses you can reduce to improve your cash flow and saving for the future.

Reduce your Weekly Shopping bill

ShopBack

When buying essential items online (not splurging) you may like to use a cashback app. This could be done to receive a percentage of cashback and reduce your monthly shopping bill. ShopBack and Cashrewards are two popular cashback programs that allow you to save on your spending. As a signup bonus, by registering and making your first purchase with ShopBack (for example groceries from Coles) you can instantly get a Shopback $25 bonus after your first purchase, not bad!

Cashrewards

The Cashrewards app can help cut the cost of your weekly spending if done carefully. To qualify for the Cashrewards $10 signup bonus you would need to spend at least $20 on your first shop. However, if you already know that you get tempted to overspend then the cash back system may not be for you. I note that as these are affiliate links, I would receive a small commission upon sign up.

If you already have some money saved and want to learn how to invest for the long term. Watch the Pearler Tutorial and gain some tips on the path to achieving financial independence.

I have summarised some of the pros and cons to using WeMoney below:

WeMoney Pros

• Tracks your spending in one place
• Fast sign up within 2-3 minutes
• Security through identity verification
• Online community to motivate each other
• Real time notifications
• Assessable from anywhere

WeMoney Cons

• Information overload for those starting out
• Limited future forecasts of cashflow
• Can get lost in the list of apps if not used regularly
• No real time consequences if you overspend

There are many great benefits to using WeMoney from a simplistic interface that shows a visual representation of your money to automatic categorisation of expenses. One of the greatest advantages that I have found has been that I can check my spending all on the one page within a minute saving me time and effort to track the expenses from my bank statements. A drawback is that there are no consequences if you do not follow the app. Therefore it is up to you to make the change and the budgeting app is the perfect way to change your habits or improve them.

Signing up

If you are interested in giving WeMoney a try it is easy to download from the app store and install straight to your phone. When signing up make sure to use the code LIUH1533 and click here to get started. You can earn yourself $5 just for registering with the link above. For disclosure, I would receive a small commission on the registration. Sign up and get so you can get on your way to making money management easy. Learn how you can increase your income and make your budget look even better. For more information, have a read of the following article How can passive investments make me money.