Monefy: Expense Tracking Made Easy

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Many of us have this problem at the end of the month which sounds something like “What in the world did I spend my money on?” Even if we’re working and getting a decent salary or have some sort of stable income, we all seem to have this problem. Even if we try to write them down on a book or a sheet of paper, it leaves us in confusion or we forget to actually write them down, especially after a long day. The other problem is when we write it down we seem to write inaccurate amounts simply because we cannot remember exactly how much we spent. All these problems at the end of the month get accumulated into one big giant cobweb of problems and it gets worse over time.

But what if there’s a way for you to record the amount you spent on a Kottu Rotti, or when you buy a little something for your girlfriend or simply to record how much you’ve spent for that bus? There is a way for that and thankfully it doesn’t involve any pens and papers. You can do it all from the comfort of your own smartphone.

This is where Monefy comes in, the best expense tracker we’ve seen on Android. Finally, you can know how much you spent and how much you earn. If you don’t carry around or use cash often but use your credit or debit card then you separately record any expenses on them as well. You don’t have to ask yourself what you spent on during a particular month, week or even a day. It’s all there right in front of you.

You can easily view all your expenses and incomes in a nicely color coded pie graph. This is arguably the best thing about Monefy because now it’s easy for us to know where our money is going and which expenses we need to cut. All this is made easy thanks to Monefy so the next time you don’t have to think and ask yourself what you spent on actually.ReadMe Images

It’s pretty simple to record an expense or an income. Simply hit the big red “-” button to record an expense and hit the big green “+” button to record an income. It’s that simple. Once you’ve entered an amount, you can choose from many available categories and expenses and manage your categories from the settings section. But adding new categories does not come with the free version.

What differentiates Monefy when compared to other expense tracking apps is that they do not have proper representation.  This makes it significantly harder to identify which expenses are making the biggest dent to your wallet.The other major concern is that for us Sri Lankans, we do not have the LKR currency selection as an option. Most apps would only have the information plotted on a simple table or simply display the data in one whole bunch.

Some examples of such app are AndroMoney, Money Tracker, and Expense Tracker all of which have basic graphical representation and limited functions when compared to the carefully planned out Monefy. The biggest advantage of Monefy though is how easy it is to navigate across the app compared to other expense trackers.

They could use advanced payment methods such as android pay so that next time I make a purchase via android pay, it gets added to the list of expenses automatically. Just a suggestion to the developers. Another problem is if I get recurring expenses or income then there should be an easy method for me to schedule those as recurring transactions.

As great as Monefy is, it’s not perfect. The one big flaw we found in Monefy was that all your expenses and income had to be entered manually. Certain recurring expenses could be scheduled and the app could use Android Pay integration to automatically add certain expenses on our credit/debit cards.

So in short Monefy is a great and effective expense tracking app available to you for the price of Vesak time ‘dansal’ rice, which is free. They have other useful features which can be unlocked if you’re willing to tolerate a few ads. The user interface and graphical representation make it easy to navigate and clearly know where your money is going.

Out of the free expense trackers we’ve tried, this was the only one which we found out to be effective to track all our expenses and to easily identify unnecessarily high expenses. So the next time you go on a shopping frenzy this Christmas after getting your salary make sure you download Monefy and track it so you know what you spent on and what to avoid buying next time.

You can download the free version of Monefy here and the paid pro version of Monefy here

4 COMMENTS

  1. Hello

    I have a question about using dropbox with Monefy or exporting to a spreadsheet. When I do either of these, the information comes out in a difficult to read format. Does anyone know how to get an easy to read report of my daily expenses and income and totals? Thank you. Caroline

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