Consideration Aussie readers! I’m coming in scorching with a brand new option to get monetary savings for journey. Are you prepared for it?
WeMoney is an award-winning monetary wellness app that goals to assist Australians handle their cash higher, repay debt sooner, and obtain their cash targets.
Certain, all of us know we must be saving cash and eliminating debt, however usually they continue to be lofty ideas that we don’t fairly know the best way to put into apply, or haven’t gotten round to tackling but.
The WeMoney app invitations you to take cost of your funds and begin doing the work that’s wanted to hit your cash targets.
WeMoney lately invited me to check out the app and evaluate it on the weblog, and this frugal frolicker eagerly obliged 🙂 Sure, I’m all the time down for saving extra money for journey!
Right here’s my WeMoney evaluate:
How The WeMoney App Works
Step 1 – Obtain the app
First, you possibly can obtain the app for iOS or Android.
The WeMoney app is free to obtain and use, although there are some paid options on the app itself.
Step 2 – Enter your particulars
After you put in the app, you’ll be guided via a sequence of inquiries to reply and particulars to supply, together with:
- Verifying your id (you’ll must add a photograph of your drivers license or passport)
- Linking your financial institution accounts (you’ll must log in to your on-line banking platform)
- Consenting to WeMoney accessing your financial institution particulars
- Your work particulars (e.g. schedule, trade, earnings) + monetary pursuits (e.g. shopping for property, saving for a automotive, investing, facet hustles)
Your pursuits are used to customise the presents and communities which can be featured for you within the app.
Your financial institution accounts are used to tug in all of your monetary particulars with the intention to see precisely how a lot cash goes out and in of them. If potential, you need to hyperlink ALL of your accounts together with checking, financial savings, loans, financing, and retirement.
WeMoney presently has 400+ accounts out there for integration with the app. If your entire accounts are Australia-based, it is best to have the ability to embrace them.
NOTE: Although I’ve absolutely embraced my new life as an Australian (sure, I’ve even converted from Fahrenheit to Celsius, 8 years later!), admittedly I’ve held on to all of my American accounts. My pupil loans are there, my Chase Sapphire Reserve bank card is there, my checking account that’s linked to that bank card is there, my retirement account is there. So simply take into account that I’m not capable of absolutely benefit from this app just because most of my monetary accounts are primarily based within the US, not in Australia.
Step 3 – Set targets and funds
Scroll down the Residence tab of the app and also you’ll see sections for Targets and Finances. Right here is the place you possibly can set monetary targets and maintain observe of your funds.
You may set both a financial savings objective or a paying off debt objective, and enter a goal quantity. Tremendous helpful for those who’re saving up for a visit, or paying off debt earlier than you journey.
To maintain observe of your progress, you both must pay to improve to WeMoney Professional ($9.99/month) so you possibly can hyperlink your accounts, or manually enter any greenback quantities you’ve contributed in direction of the objective.
In different phrases, that is the place you lastly get critical about your cash targets and both spend money on the professional model of the app, or decide to monitoring your progress by hand.
To arrange your funds, you merely enter your month-to-month earnings and month-to-month funds, and the app will begin monitoring how a lot of your funds you’ve gone via up to now this month. You may arrange completely different budgets by class and get notified for those who’re getting near or over your funds.
For this to work, it’s important to have your financial institution accounts linked to the app in order that it might probably mechanically pull in any debits and rely them as spending.
Step 4 – Be part of communities
On the Group tab of the app, you will discover and comply with all types of finance-related teams relying in your pursuits. WeMoney will advocate some to you primarily based on the small print you entered while you first arrange the app.
There’s a handful of teams created in WeMoney, which in the mean time consists of: Debt Free, FI/RE (Monetary Independence / Retire Early), Investing, Cut price Looking, Crypto, Aspect Hustles, Budgeting, and Residence Patrons. They’re all surprisingly stuffed with helpful posts with actionable ideas.
Step 5 – Browse presents
It’s unattainable to overlook the money-saving presents WeMoney has out there for you: they’re sprinkled on the Residence tab, listed extensively on the Gives tab, and periodically delivered to you by way of electronic mail.
That sounds spammy, but it surely’s not! WeMoney really aggregates various kinds of presents and presents you with quite a lot of presents to match, saving you tons of analysis time. You may even apply for them straight from the app!
Varieties of presents embrace:
- Residence loans
- Private loans
- Debt consolidation loans
- Automobile loans
- Bank cards
- Financial savings accounts
- Financial institution accounts
- Insurance coverage
- Electrical energy/Fuel
- Enterprise & Self Employed
- Investing & Crypto
For me, I can see this being tremendous helpful after I lastly grasp up my nomad‘s boots (once more!) and transfer into an residence later this 12 months, and inevitably have zero thought which corporations to go together with in the case of web, fuel, and electrical energy. I do know already that I’m going to go straight to the WeMoney app and apply for whichever choices are the most cost effective in my space. I hate paying further for one thing after I’m not getting any further worth out of it, and I like that WeMoney helps you keep away from overpaying by highlighting the most cost effective possibility.
In case you’ve been eager about making use of for a brand new mortgage or bank card, contemplating switching banks, or need to see if there are more cost effective choices out there for you, WeMoney makes it tremendous straightforward of their app.
Issues I Like About WeMoney
It feels protected and safe
In case you’re in any respect involved about sharing your monetary particulars on the web, good. Try to be!
And also you’ll be pleased to listen to that your cash issues are protected with WeMoney. In reality, I didn’t even have time to fret about it as a result of from the minute you open the app for the primary time, they maintain your hand via the method of establishing the app and linking your monetary accounts. The whole lot may be very clearly (and completely) defined, and so they ask in your consent earlier than doing something along with your financials. You’re even capable of decide out of any knowledge you don’t need to share.
Once I linked my Aussie checking account, I bought emails from each my financial institution and from WeMoney, the latter of which despatched a breakdown of precisely what knowledge I had consented to be shared, when, and for the way lengthy.
You know the way corporations make you learn and signal a long-winded doc of phrases and situations that nobody ever bothers to learn as a result of it’s written in corporate-speak? Effectively I’m fairly positive somebody at WeMoney has taken the time to interrupt down, simplify, and translate it into language that the typical individual can take up with ease. That makes me belief them much more.
Their money-saving presents
I already raved in regards to the presents earlier on this put up, but it surely’s price mentioning once more that WeMoney has finished all of the analysis for you in the case of evaluating completely different choices for insurance coverage, utilities, bank cards, financial institution accounts, and so on.
In case you’re trying to open a model new account, or if you wish to see if there’s another choice that can prevent cash, WeMoney’s bought you coated!
It tells you your credit score rating
I’m very accustomed to how credit score scores within the US work and I do know what mine are. However in Australia? Not a lot.
In reality, I used to be fairly positive I had a horrible (or nonexistent) Aussie credit score rating, resulting from all my accounts being within the US… so I kinda simply pretended prefer it didn’t exist.
However then WeMoney got here alongside and compelled me to face the cash music!
You may’t escape your credit score rating on the app – in reality, it has its personal devoted ‘Rating’ tab. So with squinted eyes, I took a peek at my credit score rating and was SHOCKED to see it was “wonderful”. What a reduction!
Additionally, I’m no professional, but it surely’s VERY clear that getting financing on an enormous buy and making all funds on-time is an excellent option to enhance your credit score rating. I can’t consider anything that will have helped me, since I do most of my transacting by way of my US accounts.
The app will even inform you what’s affecting your rating.
Issues I Don’t Like About WeMoney
Too many emails!
Inside 24 hours of downloading the app, I acquired 7 emails from WeMoney (most of which had been despatched inside the first few hours).
Inside one week, I had acquired 13 emails in complete.
I prefer to maintain my inbox lean, so even 2 emails in a day is an excessive amount of for me, however 7?! I’m fairly positive that’s an excessive amount of for anybody.
Unsure what occurred to electronic mail 2 of 5…
It solely pulls in Australian accounts
As I lamented earlier, you possibly can solely hyperlink to Australian accounts and seek for Australian presents.
That is completely honest, on condition that WeMoney is an app for Australians. However it does restrict the app’s performance and usefulness for me, somebody whose monetary accounts are principally within the US, which offers me with an incomplete image of my funds.
The debt tracker
One Australian account I DO have is a small financing account that I opened to pay for my new iPhone, principally as a result of I needed to begin constructing some credit score right here.
I’m capable of hyperlink to this financing account within the WeMoney app, but it surely solely pulls within the final 3 months of transactions although I’ve been making month-to-month funds for over a 12 months. So it doesn’t present the total image of the beginning quantity and the way a lot has already been paid off.
Moreover, it counts month-to-month funds as “earnings” and month-to-month account charges as “spending”, which is a little bit bizarre given that every one transactions are mainly bills (i.e. me paying). However I suppose they rely funds as earnings because it’s a constructive factor that counts towards paying down the debt?
At any price, it’s a little bit complicated and I’d like to see them make some tweaks to how the debt tracker acknowledges transactions!
Is The WeMoney App Value Utilizing?
In case you stay in Australia and your entire monetary accounts are Australian, WeMoney is certainly price utilizing. I feel it’s vastly priceless simply to have your entire financials in entrance of you in a single place, accessible with a couple of faucets of the finger – even for those who don’t use any of the app’s different options.
For me personally, its usefulness is restricted as a result of most of my accounts are American and might’t be pulled into the app. I’d like to see WeMoney develop internationally in some unspecified time in the future, however I’m positive that’s an enormous endeavor so I received’t maintain it towards them.
Though I can’t make the most of the cash monitoring on the app, I’ll undoubtedly be checking my credit score rating and making the most of their presents sooner or later.