By J. T.
Do you worry about money? If you are like a lot of people these days, the chances are that you do. The fact is that we all worry about money in some way, shape, or form. The truth is that even rich guys like Donald Trump and Warren Buffett likely worry about money in some way. Now, I’ll bet that the way that they worry about it is on a different level than you or me, but they still likely have their own worries about it. Like they say: more money, more problems.
Well, I think I have an app for them…..and you.
It’s called MoneyWYN.
Concept and Functionality
MoneyWYN stands for Money Within Your Needs. It is an iPhone app available in the iTunes App Store that helps you analyze your spending and determine whether you’re living beyond not only your means, but also your needs. Using the app, you can find out where you stand financially and start to take the appropriate actions to provide financial security for you and your family.
MoneyWYN helps to stop the worries
This app is largely based on the book The Ultimate Lifetime Money Plan: The Balanced Money Formula by former Harvard professor, Elizabeth Warren, and her daughter Amelia Warren-Tyagi. The book provides a simple formula called the Balanced Money Formula (also referred to as the 50-20-30 rule) for helping to keep your financial life in “balance”. It does this by providing a guideline specifying that you keep all of the spending on what are considered your “needs” to less than 50% of after-tax earnings. The Balanced Money Formula also specifies limiting your “wants” in life to 30% and saving at least 20% of earnings.
Features and Benefits
And this is where MoneyWYN comes in. It contains the guidelines of the Balanced Money Formula that you can utilize to analyze your spending.
So what specifically does MoneyWYN help you do?
Here are 5 ways you can use MoneyWYN to help you save money:
Get control of your money
MoneyWYN will help you get control of your money by understanding where you stand right now. Do you have money left over at the end of the average month? Or are you looking to your bank’s overdraft protection for a bailout?
The Monthly Summary screen on the app tells you in a nutshell whether you have a surplus or a deficit on an average month.
When you enter your data, MoneyWYN calculates what you earn and spend and tells you how that compares to the Balanced Money Formula. Are you in balance? This app will tell you.
As they say, knowing is half the battle. Knowing gives you more control in determining what steps you need to take to get into balance.
Know how much to save for emergencies
All of us who try to manage our money go through it. How much should we save for an emergency? The financial experts tell us to save 3 – 6 months for emergencies. Or is it 8 months? No, no, it’s 12 months.
Well, whatever expert’s advice you subscribe to, using MoneyWYN, you’ll know how much you should be saving. After entering your spending data, the app will tell you how much you spend on your “needs” and “wants”. All you have to do then is multiple your “needs” amount by the numbers of months you want for emergencies.
Why is that? Because the “needs” are the expenses you cannot easily stop spending on in case of an emergency. A real emergency, like losing your job. Your “wants”, however, are the ones that you can more easily stop if you absolutely needed to.
So with MoneyWYN, you find out how much to save for those emergencies.
Do some what-if scenario planning
With MoneyWYN, not only will you see where you are now, you can see where you’ll be later.
Many of us live lives that are constantly changing. We get married. We have kids. We buy new living places. We move. The list goes on.
All of this can have a large financial impact on our lives.
MoneyWYN helps to quickly see how this affects your ability to keep saving for your goals. All you do is look at how your spending compares to the Balanced Money Formula today.
When you add or remove the spending that will change in your life, the MoneyWYN reports will update. If the Balanced Money Formula percentages are still within the guidelines, you quickly find out whether this life change is likely to impact your ability to continue to reach your savings goals.
Where you are spending most
With the Balanced Money Formula, you get a simple budget formula that helps you easily identify which category of spending your money is going to. Using the Spending vs Target report, you’ll see whether you are inline with these guidelines. If not, you know exactly which category to start with.
For example, if you’re out of balance with your needs, you can take a look at the Spending on Needs report to see which spending source or expense is taking up the majority of your needs. Now you know which ones to focus on and try to cut.
Stay in sync with your spouse
Are you and your spouse in sync on your finances? Do you manage the money, but your spouse wishes they could have some involvement, even when you’re not around?
With the paid version of MoneyWYN, purchased via in-app purchase for $0.99, you can have the ability to sync your data with your spouse’s data and vice versa.
The ability to be in sync with your spouse can be priceless. He or she would be able to take advantage of the same benefits above and then sync with you later.
So MoneyWYN can be used to help get you and your spouse on the path to saving more of your money.