App name: Money Monitor
Publisher: Maxwell Software
Available on: iPhone, iPad and iPod touch
What’s it supposed to do? Money Monitor is a money-tracking app that keeps tabs on your accounts as well as your budgets. It doesn’t require you to sync any accounts to the app, so that means you have to manually input any income and expenses to get an accurate financial picture. The app is fairly intuitive and efficiently organizes your expenses into separate categories, making it easy to see where your money is going.
Ease of use (3/5): When getting started, you have to go through the tedious process of entering all your account balances and budgets you want to track. The app doesn’t sync to any of your actual accounts, which is a bonus for people with privacy concerns. But entering every expense does get tiresome after a while.
Overall, the app is easy to navigate. It’s not the slickest interface out there, but it runs smoothly and doesn’t freeze. You can easily jump from accounts to budgets to charts.
Features (5/5): Money Monitor is packed full of features. The app allows you to add a category and subcategory to an expense, helping you see what you spend your money on. It also features eight default types of accounts and allows you to track transactions from each account.
You can give each budget a different name and set the amount, type, category and date range. If you have unused funds from one budget, you can roll over the money to the next cycle’s budget. The app also lets you track transactions in each budget.
Additionally, the app takes the information from your income and expenses and creates charts to give you a snapshot of your finances.
Effectiveness (3/5): If you’re consistent and disciplined with inputting all your information into the app, Money Monitor could help you reach your savings goals and stay on track with your budget. However, it requires so much manual input that it might be hard to keep it up over the long term.
Value (4/5): There are paid versions of Money Monitor available, but there are so many features on the free version that it would seem silly to upgrade. It’s tough to beat a free app that helps keep money in your pockets.
Verdict (15/20) Solid choice: If you want a money-tracking app packed with features, Money Monitor is a great option — especially if you don’t mind inputting all the information. This app can help you stick to your budget and reach your savings goals.