What is WeMoney?
WeMoney is an app that is designed to help you manage your money by connecting all of your financial accounts and storing them in one place, WeMoney.
You can sync almost any type of financial account to WeMoney, this includes transactions account, savings accounts, credit cards, mortgages, share accounts and superannuation accounts.
In this day and age it is common to have multiple financial accounts, and can become tricky to keep track of all of your money. By having all of your accounts in one location you can get a true idea of where you are at.
WeMoney can give you some extremely useful insights such as your net worth, spending habits and credit score.
Aside from being a hub for all of your financial accounts, WeMoney has a ton of other incredible features. Here is a list of what else WeMoney has to offer.
- Create Financial Goals
- Create Budgets
- Receive Credit Score Updates
- Join a Like Minded Community
- Receive Personalised Financial Product Offers
Of course some of you may be a little worried about security! WeMoney use bank grade security and end-to-end encryption meaning that your login details and personal information is in safe hands.
One of the best things abut WeMoney is that the whole platform is completely free and will take you only minutes to sign up. Better yet, if you sign up here and use the code BNTT7050 WeMoney will give you $5 once you create an account and connect your first account.
1. Net Worth Tracker | In WeMoneys own words, your net worth is the difference between what you own and owe. It is your assets minus your liabilities. Once your accounts are synced to WeMoney, it will show you your net worth as well as a chart showing your previous net worths so you can track its changes.
2. Financial Product Offers | You will receive information on ways to save money in the form of personalised offer on financial products. These include things such as personalised loans, home loans, car loans and electricity.
3. Spending Tracker | As all of your financial account are connected to WeMoney, they are able to track your spending for you. Each transaction will be placed into a category such as food and drinks, fuel, personal, groceries and business just to name a few. Being able to visualise where your money is going can be the wake up call that you need to reduce your expenses in certain areas.
4. Monthly Budget | You can easily create a monthly budget by setting a monthly spending limit. Your spending will then be shown in conjunction to your monthly budget to give you an idea of how much you have kept to spend in order to stay within your budget.
5. Paydays | If you are paid a regular sum of money the same time each week or fortnight, WeMoney will take note and refer to it as a payday. It will then tell you on your dashboard how many days there are until you are going to get paid next.
6. Financial Goals | You can create your own short and long-term financial goals inside the app. WeMoney can help you do this by showing you popular goals set by other people such as buying a property, open an investment account, or save for a vacation.
7. Credit Score | WeMoney will show you your credit score for both Equifax and Experian. It will also show some useful information such as credit enquiries and negative events that may have impacted your credit score. This is an extremely useful feature as your credit score determines your ability to qualify for loans and credit cards.
8. Community | WeMoney has a community feature where you can connect with other like-minded individuals. You will find finfluencers as well as regular people who share their tips on a whole range of personal finance topics. It can be a really useful way to learn a new thing or two on some niche personal finance topics. I personally discovered ShopBack from reading a blog post in the community section of WeMoney. You should read my post about ShopBack and how it can help you save thousands!
How can WeMoney Help You?
Let’s face it, in this day and age everything happens very quickly. Before you know it you have two credit cards, three savings accounts, a share trading account (check out our review of the Pearler investment platform), a super account, a mortgage and a HECs debt… As well as a very busy life.
It can become very difficult to manage, let alone stay on top of all of your different accounts. You probably have 10 different logins and passwords!
Creating a WeMoney account allows you to see all of this information in the one place. But why is this even useful to you?
Things like your account balances, net worth and spending habits can give you really good insights into your personal finance situation. Maybe you will notice that your net worth has stagnated, or that you are regularly spending too much money on food, or that your employer has forgotten to make a contribution to your super fund (it happens).
Whatever it is, having this information in one place can give you important insights and assist you with your own financial decision making.
In addition to this, WeMoney is one of the only ‘all-in-one’ personal finance resources. The ability to visualise all account balances at once, track your net worth, view your credit score, receive personalised financial product offers and be apart of a community who thrives on sharing personal finance tips and tricks is not one that should not be missed.
How do you sign up for WeMoney | Creating an account could not be simpler. Head to the app or website, fill in a few details about yourself, verify your identity, and you are off to the races! Signing up for WeMoney is completely free and can be done here – if you use the code BNTT7050 you will receive $5 as soon as you sign up and link an account.
What sort of information can you find from the WeMoney blog | The WeMoney blog is an incredible personal finance resource. You will find valuable information on topics such as budgeting, saving, spending, side hustles (if this interests you, you should check out our guide on our favourite side hustle, matched betting) and more.
What is WeMoney’s main goal | WeMoney aims to give you a 360 degree snapshot of your personal finances in a way never done before. They want to be an all-in-one personal finance resource where you can view, manage and optimise your finances.
So what are the pros and cons of WeMoney? We have compiled a list for you here!
- 360 degree view of your finances
- Access to some incredibly powerful features
- Completely free to sign up
- iOS and Android compatible
- Bank level security
- Access to WeMoney blog containing an amazing amount of financial resources
- Can’t log in on a computer
- Interface may be slightly overwhelming to new users