Editor’s Note: Overdraft Apps provides detailed product reviews and recommendations based upon extensive research and our own hands-on testing. We may earn a referral fee when you sign up for or purchase products mentioned in this article.
Do you find money management a bit of a minefield?
You’re not alone.
Juggling income, expenses, debt, and savings can be a tedious and somewhat bewildering task. Luckily, there are plenty of apps, such as Mint, that can help you simplify your finances. Wally is one of them. Check out our Wally app review below to learn how this app can help give you a clearer picture of your money.
Wally budget app
Wally is a personal finance app available for both iOS and Android users. Through your smartphone, you can keep track of what you’re spending and how your income compares to your expenses. The app allows you to set goals to put you firmly in control of your money.
Using Wally, you can log your daily spending and upload your receipts to the app, where it automatically adds the amount you’ve spent. You can assign expenses to different categories such as groceries, beauty, home, financial, entertainment, medical and learning and set up tags for different cost breakdowns. The app uses your location to bring up a list of nearby places where you might have spent money. For example, a restaurant or coffee shop – a nice time-saving feature!
You can add recurring transactions such as your income, rent or other bills so that you don’t have to keep on manually adding them. It’s also possible to add a note to each item, in case you think you’ll forget why you made a particular purchase.
Insights are available to help you see where your money is going – you can track your expenses by category, place, tag or account. You can add the balances of your checking and savings account for example, and list your debts too. You can even log money that you’re holding in foreign currencies.
There’s a “Group” option within the Wally app, where you can manage and share financial accounts, and IOUs with other people. Another notable tool is the “Library” where you can include reminders for upcoming payments, birthdays or other special occasions, plus to-do lists and attachments, e.g., your receipts.
Wally app fees
The basic version of Wally is free, and there are no ads. There are in-app purchases for some features, such as foreign accounts, advanced categories, currency converter, and advanced budgeting. The prices for add-ons vary. But to give you an idea of what you might pay, Wally’s “Essentials” add-on is $1.99 in the App Store.
Looking for a side of sass with your budget? >>> Check out our Cleo app review
Our Wally Next review
We’ve checked out the app stores to see what existing users think of Wally Next.
Generally, many users like Wally Next and think that it’s handy for keeping a close eye on their budget. According to one reviewer, the app has everything you need for budgeting, plus a little bit more.
With that said, many reviews mention that Wally Next isn’t the most straightforward app to use, with the user interface being cluttered and hard to navigate. One reviewer said that the app has some great features, but it’s not clear where to find them. Another said that a tutorial on how to use the app would be useful. Several users claim that the app needs quite a bit of work to get it up to speed.
Overall, Wally Next scores 4.1 / 5 in the App Store and 2 / 5 on Google Play.
Comparison: Wally Next vs Wally
In Wally’s early days, the app was called Wally Lite and it was only available for iOS users. Another version was introduced for Android, called Wally+. It seems that Wally Next has now replaced Wally+ on Google Play. You can still access Wally Lite, by napkin SAL (rated 4 / 5) in the App Store for iOS devices.
From the reviews we’ve seen, Wally Lite has a better user interface than Wally Next. It also looks like Wally Lite is completely free. However, users of the old app are being encouraged to upgrade to Wally Next through notifications, so we’re not sure how long Wally Lite will be around.
Final thoughts and what to do next…
As a budgeting app, Wally has some useful features, as long as you’re happy to pay for add-ons. Where Wally differentiates itself from other budgeting apps is its ability to add balances in foreign currencies for checking, savings, credit card, and online accounts, for example.
However, bear in mind that the app’s functionality may be tricky to get to grips with. To see if you like the app, you can download it and log in as a guest to test it out before you part with any cash.
Looking for a few more options to help you manage your finances?
Check out the 8 best money borrowing apps of 2022 (our first-hand reviews of the apps everyone is talking about).
Watch: Wally App Review
WAIT! High overdraft fees aren’t the only way your bank is costing you money.
With inflation overheating, you’ve probably heard that interest rates are climbing sharply. That means that for the first time in years, it’s a great time to shop around for a high interest savings account.
The national average interest rate for savings accounts is currently 0.23% APY – that means that if you have $2,500 in a savings account, you’d earn just $5.76 after one year! Move those hard-earned savings to an FDIC-insured bank paying 3.50% APY and you’d earn $81.73 more!
Don’t let your hard-earned savings sit there doing nothing. Check out the rates that you can earn at other banks: