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Budgeting 101: How to Spend Mindfully

Mindful spending is a distinctive skill set which differentiates the rich from the poor. Small financial decisions every month accumulate larger savings compounded for the whole year. Proper financial planning each month could mean the difference between saving $200 instead of $100 every month. If that seems like a small difference to you, think about it this way: you can literally save twice the amount if you spend mindfully.

One of the best ways to spend mindfully is to keep an eye on the overview of your expenses every month. Wismo is designed to do just that for you.

Wismo is short for ‘What I Spend my Money On’.

It is an app designed to assist you to organize and monitor your spending habits so that you can be mindful of where your money is going.

In this article, we will explore:

  1. What is Wismo?
  2. How Does Wismo work?
  3. Is Wismo Free or Paid?
  4. Is the Wismo App Secure?

What is Wismo?

Wismo is a personal expense monitoring and tracking mobile app. It makes money management easier by removing the hassle of handling a barrage of physical receipts and gathering information on your expenses in one place. In doing so, it offers insights into your spending personality (which can feel unrecognizable sometimes), promotes healthy spending habits and improves the fundamentals of your money management.

How Does Wismo Work?

Wismo is truly an app stripped down to a bare minimum. Wismo offers simple yet powerful features combined with an intuitive UI which makes it a breeze to use.

Below is a list of features offered by Wismo explaining the :

1.    Expense Monitoring and Tracking

Snap a pic. Add an amount. Done.

Wismo eliminates the struggle of physical receipt management. It super simplifies the process of tracking your expenses by having you quickly upload an image along with its price to the app. As the feature promises all that needs to be done is snap a pic. Add an amount. Done.

2.    Report Generation

Wismo uses the data from your added expenses to generate overview reports in the form of charts and graphs. You can find statistical data on your expenses such as:

  1. Expenses by Category
  2. Total Monthly Spending

iii. Recurring Expenses

  1. Daily Expenses
3.    Personal Spending Index (PSI)

Wismo shows you one number that tells you how much you’re saving every day and month.  This score reveals the reality and efficiency of your spending.

PSI is calculated as [Spend/Income] x 100. Staying under 100 means you’re spending less than you make. For example, let’s assume you spend $3,000 in a month while earning $3,100. Calculated PSI: 3000/3,100 x 100 = 95.

This means you spent 95% of your income. The remaining 5% can be saved.

4.    Wismo Social

Wismo social is a distinctive feature which allows you to check out other user profiles. You can find people in your income bracket and see how your living expenses compare. Who’s saving more money comparatively? You can find various information about another user like:

  1. Age
  2. Income
  3. Occupation
  4. Monthly Expenses
  5. What they spend every day

This is meant to motivate a healthy comparison and encourage adopting better habits from people in similar financial situations.

5.    Family/Friends Finance Tracker

Wismo Family Tracker makes it easy to track collective financial information. You can invite up to 4 friends or family members. These plans are aimed to manage household spending or keep everyone accountable for their mindful spending commitments.

Note: You will still have access to your account along with seeing collective information under the Family tab.

6.    Account Linking

Account linking is not mandatory in Wismo. Linking accounts will enable Wismo to gain access to your transaction history and integrate that data into its calculations for reports and PSI generation.

Is Wismo Free or Paid?

Wismo offers all above-listed features for free. There is another premium version of the app. This premium version offers two additional features and comes with the subscription fee of $2.99/month. You can opt for the annual subscription of $29.99 and save more.

Payments are charged to your Play Store or Apple Store account and your account will be automatically charged for renewal within 24 hours before the end of the current period. Auto-renewal may be turned off at any time by going to your settings in the Store after purchase. Subscriptions cannot be cancelled for the current active period.

★ Wismo Premium Features

  1. Ad-Free: All ad showcasing areas from your app is disabled
  2. Private Mode: The social aspect of the app can be disabled by making your account invisible or non-accessible to everyone else

Is the Wismo App Secure?

Wismo, unlike other budgeting apps, doesn’t require any personal information or linking to bank and credit card accounts as a mandatory step for using the app. Linking is optional.

If you do decide to link, Wismo uses bank-level security and 256-bit encryption. Also, it doesn't sell your information to anyone and doesn't even share it with Facebook.

Wrap Up

Wismo is an honest attempt at simplifying expense management. The PSI score combined with reports makes sure that you have the tools at your disposal to execute on your commitments of mindful spending and build the savings for a secure future.

Also, Wismo reels in a social aspect to the app for encouraging healthy financial habits by the way of relatable examples of other people. So, what are you waiting for? Get Wismo now!