Everyone is tracking their spending habits in one way or the other. Some still prefer pen and paper, while some opt for writing everything down in a note-taking app, which is insecure, unreliable and doesn’t offer much compared to today’s standards.
Here is where the Finance apps chime in. You can simply add the relevant details such as spending amount, date, and choose a relevant category and have the software do the heavy lifting for you.
Both the App Store and Google Play Store are filled with the greatest finance apps. In this post, I’m going to talk about two of my personal favorite applications which are: Wallet and Spendee. We are going compare both based on various aspects and declare the overall winner in conclusion. Let’s jump on.
It is the most important parameter to consider when choosing a finance application. You would want to access the data on every possible screen and won’t desire to lose that data while changing the platform.
Both Spendee and Wallet are available on every platform out there in the smartphone. They have native apps for iOS and Android. One can also access all the functionalities from the Web app.
- Download Spendee for iOS
- Download Wallet for iOS
- Download Spendee for Android
- Download Wallet for Android
Both Spendee and Wallet follow the native design guidelines set by their respective platform but both of them uses a different approach for the result.
By default, Spendee takes you to the wallets page, which shows all the number of transaction and wallets created with the user’s current balance and a total amount balance at the top of the screen.
I like Spendee’s approach. It’s adopting a minimal UI and doesn’t throw every information right at the home page. But my only problem is reachability. The notifications and settings tab is accessible from the upper-right corner. So they are difficult to reach while using large display smartphones.
Wallet has its simplicity with five bottom tabs with the upper half showing the total balance with a nice pie chart and the recent transaction list right below it.
ADDING A TRANSACTION
Let’s start with Wallet first. Hit the + button and the app presents you with a unique take on adding a transaction.
You can choose from Wallets you can add various things such as adding a category, adding a label, payment type of wallet, date, attachment of a photo, adding location, and even the warranty of your recent purchase. Wallet has covered every little detail possible.
Spendee is offering only the most important little things such as category, amount, location, image attachment, and notes. The options are very low in Spendee compared to Wallet, but it gets the job done.
Manually adding new transaction is nice but it is 2019, one might ask where automation is? And here is where these applications differ from the rivals.
Both Wallet and Spendee offer Bank connection facility. With that, they can display all the banking transactions in the app without your input. So, how does it work? Is it secure?
First, you need to visit the Settings tab to check if a certain bank of your country is in the supported list. After that, you can sign-in with your Internet banking credentials, and the app will take a while to fetch the data on the first try.
The next screen will let you select the number of accounts to display in the app from the chosen bank. Now, all your data of chosen bank is connected to both Spendee and Wallet, and they will collect the future transactions too.
Wallet and Spendee have high-level privacy and security i.e. banking grade certificate, and you are only allowing them the ‘read-only access’ when adding the login info, meaning these applications won’t be able to change anything from their side. They are only reading various information such as the transaction amount, date, and details and displaying the data in the app.
You can password protect both the apps using the Face ID option from the Settings menu.
After adding the data for over a month, you would want to see the detailed analysis of your spending habits.
Spendee shows a considerate number of the chart with a detailed breakdown of diverse categories, average expense in a day, and the busiest day.
The Wallet has an allocated statistics tab at the bottom of the screen where you can see every detail of your spending presented in an excellent list of charts.
Wallet nails this one. They have bar charts, pie charts, breakdown by category, labels, and more.
BACKUP AND EXPORT
All the data is backed up on your account which you used to sign up. Both the applications also offer data export facility where you can export the backed up data of either the monthly or yearly data on pdf file format or word file format.
The basic functionalities remain the same on both software, but if you want the extras such as bank connection or Face ID protection, then you need to purchase the premium version which is the application subscription package and in both subscription package will costs around $30/year.
WHICH APP SHOULD YOU CHOOSE?
As you can see from our comparison above, both the applications are head to head on the basic functionalities and both offers a robust bank connection function. While Wallet has an upper hand in statistics, Spendee fights back with minimal yet consistent and effective user interface across all platforms.