Users can include their mobile financial service (MFS) accounts such as Nagad, bKash and Rocket to keep track of their usage, be it an expenditure or income
Remember the large log books that were a staple in every household back in the day? Like most things in the 21st century, these things now come in the shape of apps in the palm of your hands.
Keeping track of your expenses allows you to understand where you spent your money and pinpoints the exact reasons behind you being broke before the month finishes. It ends up you reducing the expenses and starting focusing on saving some money instead.
In a sea of similar apps available on Google’s Play Store and Apple’s App Store, Wallet stands out as it offers way more insights and other features. It all comes down to the number of features it offers and supports on multiple platforms.
This app is developed by BudgetBakers and is a simple personal finance, budget and expense tracker app.
Users can include their mobile financial service (MFS) accounts such as Nagad, bKash and Rocket to keep track of their usage, be it an expenditure or income.
The data you put on the Wallet app stays in the server of Budgerbakers, which eventually gets synchronised with any device you may use.
You can also use the web version by visiting web.budgetbakers.com and log in using your ID and password.
Starting the app, you will be presented with some simple steps to add all of your accounts with the existing balance on each of them.
After adding all your accounts, it will just be a matter of adding your expenses whenever you spend some money.
While adding the expenses, the app will ask you for the category and the account you spent the money from.
The app will also allow you to choose the time of the expense manually, so it’s not necessary to give input whenever you are spending a few bucks.
If opening the app and giving input seems like too much work, the app offers handy widgets that can be placed on your phone’s home screen.
Tapping on them will directly take you to the page where you input your expense.
In some countries, the app supports direct linkage with bank accounts and automatically makes input whenever transactions are made.
Keeping a copy of the invoice for warranties can be troublesome, and trust me when I say that they tend to be lost more often than any other regular paper. Fear not! The Wallet app will also give you an option to capture your invoice in case you need it in the future when you input your expense.
And just like all your expenses, the image of your invoices will also be safeguarded on its server. There’s a separate tab on the app that shows all the warranties with how much duration is left for each.
The app also has a section named Debts, where you will be able to put records of all the money you either borrowed from or lent to others. Depending on your debt, the app will also show you your Debt to Income Ratio and your Recurring Debt.
There are multiple tabs under the Statistics column on the app named Balance, Outlook, Cash-Flow, Spending, Credit and Reports.
The Balance tab will show your overall balance and balance by accounts and currencies. The Outlook tab will take your spending habits into consideration and compare it with your income, which will eventually show you how much balance will you have after 30 days or a year.
The Cash-Flow tab will show your income and expenses for a certain period of time and whether they are more or less compared to the previous period.
The spending tab will show all your expenses in a doughnut chart, with each category having different colours. It will also show you your top five expenses.
Under this tab, the app gives you options to categorise your spendings as Must, Need and Want. If you mark a certain amount of inputs, it will show you how much you spent on absolute necessary items and how much did you spend on things you did not need but want.
The credit tab will show your debts, as discussed earlier, and the credit limit if you set up any daily expense limit.
The Reports tab, at last, will show you a Cash Flow Table and Income and Expense Book in multiple currencies. The Cash Flow Table will show your average income a day and average expense a day for the period you select, ranging from 7 days to a year.
The app automatically supports currency conversion with the help of currencylayer.com, so it doesn’t necessarily mean that you will have to stick to one currency. If you visit abroad or have a card that has a different currency in it, you will be able to add it to the app as well.
You will also be able to share your finances with your spouse or other family members if necessary using the app.
Wallet also provides you with an option named Planned Payment. This is mostly used for recurring monthly payments like house rent, internet bills and other utilities. The app will notify you whenever the due date comes closer.
Moreover, the most interesting option the app provides is Budgets. You will be able to specify a certain amount of money against expense categories like Rent, Transportation, Beverages, Medicine, Grocery or Eating Out.
The app will not only let you know if you exceed your budget, but it will also notify you if your expense behaviours look like they will exceed your budget at the end of the month.
The app will point out the exact date when you will exceed your budget if you keep spending as you do.
Finally, it all comes to security as nobody would want their expenses to fall in the wrong hands.
To prevent this, the app provides PIN security and biometric security like Fingerprint. Every time you try to open the app, it will ask for your fingerprint.
In Android phones with a default security app that protects banking apps, Wallet will also be considered as one and all your data will be encrypted and kept safe in BudgetBakers’ server.
That being said, it’s quite unwise to think that an app with this many features will come completely free.
The free version of the app will allow you to add up to three accounts, while a paid version will allow you to add as many accounts as you need.
The monthly plan of the app will cost $3.49 per month, or you can go for a lifetime plan by spending $20.99 at once.
The app supports payment from Visa, MasterCard, Discover, Maestro or PayPal.