Wismo stands for “what I spend money on” and utilizes a personal spending index (PSI) to quickly gauge your cash flow. Additionally, it gets a social component to compare your spending habits with others as well.
Read below for more information on this low-cost, non-budgeting app here.
Wismo Features
Wismo is a social cash flow tracking app that helps you spend less than what you’re earning. Plus, there aren’t any spreadsheets, charts, or graphs like most other budgeting apps will have. So this will definitely catch the attention of people who are too busy to do down-to-the-dollar budgeting. Some of their features are:
Personal Spending Index (PSI)
Your Personal Spending Index (PSI) is a numeration of your cash flow and is based off of your self-reported or verified income and expenses.
PSI = (Spend / Income) x 100
If you have a PSI of 100, this means you’re spending just as much as you’re earning. A PSI under 100 shows that you spend less than what you earn. Meanwhile, a PSI over 100 shows that you have a negative cash flow. Typically, having a PSI under 100 is more ideal.
When you use PSI, it’s a fast and simple way for you to see how much you’re spending in general. This way, you can adjust your spending habits and save money.
Reports
As mentioned above, Wismo doesn’t like using charts or graphs for their calculations. This app will provide easy visualizations such as:
- Total expenses for a month
- Daily spending for the month
- Recurring expense for a month
- Your PSI for the month
Public Feed
You’ll see usernames, stats, and their spending activities in almost real-time on your social feed. Just visit the “Friends” tab to see the people you’re following and click “Everyone” tab to see all non-private users spending. Additionally, you’re able to filter your feed to see people that are similar to you, with regards to income and spending. When you compare and contrast your habits with other people, you might get some motivation to better your spending habits.
Furthermore, if you’re using Wismo’s free version, your spending will be visible to other peoples feeds, anonymously. If you want to turn this feature off, you must upgrade to Premium to do so (more on that later).
Premium Features
Upgrade to Wismo Premium to benefit from some enhanced perks such as:
- Link financial accounts so you don’t have to put in non-cash transactions manually.
- Set account to privacy mode. This will bypass the social feed feature so other people can’t see your anonymous financial information.
- Add up to 4 family members. You can track and share expenses together.
- Experience zero ads for a clutter-free interface.
How Wismo Works
To start, just put in your: name, email address, and phone number. Then, make a username that doesn’t have identifiable information. Keep in mind, your username and financial information will be shown in the public social feed in the free version.
After, answer some basic questions about your finances like: monthly income, housing costs, transportation expenses, etc. Once you’re done, you can go to your dashboard, which shows your PSI, recurring spending, daily budget, and daily spend.
Furthermore, you can add your income and expenses to track your spending. You can take a picture of the transaction receipt, put in the amount and spending category, add the payee’s name, and notes about the transaction. Additionally, you’ll be able to submit recurring expenses like: housing and transportation, utilities, insurance, subscriptions, loans, and savings goals.
To look for friends and peers, use the “Friends” tab and filter by: age, annual income, sex, and occupation. After you’ve found some users to follow, you can compare and contrast your spending habits with theirs.
Wismo Pricing
The free version of Wismo allows you to track your spending, see your PSI, and interact with the social space in the platform. But, it will come with ads every now and then as well.
However, if you want an ad-free experience, the ability to link your accounts, and family share, upgrade to the Premium Plan. This plan will cost $2.99 a month or $29.99 annually.
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Conclusion
Wismo is designed for people that don’t really care for traditional budgets, spreadsheets, and graphs. This low-cost app will enable you to compare and contrast your spending habits with peers on the app as well.
Some different alternatives to Wismo are: Personal Capital, Mint, and Wallit.
