Back to basics for expense tracking

This article first appeared in Personal Wealth, The Edge Malaysia Weekly, on October 15, 2018 - October 21, 2018.
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Many personal finance applications monitor your expenses, savings and more by syncing with your financial accounts. This often makes the setup process complicated and cumbersome for security and compliance reasons.

Monefy is a no-frills expense-tracking app that lets users know how much money they have available to spend, without having to give the app access to their bank accounts. The app sets itself apart from its competitors by making the process of adding new spending records a quick and easy task.

By simply pressing the “–” or “+” button at the bottom of the screen, users can easily enter an amount and tap on the category icon. Or, they can tap on any category icon around the chart, enter the amount and hit the add button.

Upon opening the app, users can see the breakdown of their current spending, see their remaining budget and edit

previous transactions. If users need to include more details of certain transactions, they can do so by adding notes within the transaction.

The basic features mean that the app, which is available for free on both iOS and Android platforms, is perfect for those who just want to keep track of their income and spending or those who are taking baby steps towards becoming more disciplined in managing their finances. If users need more customisation, they may change the default categories and change the currency.

An upgraded option is available at RM12.90 for iOS and RM10 on Android. Buying the pro version unlocks various additional features and does away with ads.

Using Dropbox cloud storage, the upgrade allows users to use the app on multiple devices, making it possible to share finance tracking with other parties, for example, significant others. It also enables users to have several accounts in different currencies and set up a passcode protection by using either a four-digit code or face or fingerprint identification.