Budgeting and asset tracking

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FinWise is a financial management platform that helps you create a budget, track your expenses, assets and more.

If it doesn't sound familiar, it's because FinWise hasn't been on the market that long and is launching in 2023.

Although FinWise is competitively priced, including a limited free plan, you may be wondering how it compares to more established budgeting apps YNAB And co-pilot. We explore what FinWise has to offer to help you figure out if it's right for you.

• FinWise is a financial management platform launched in 2023.
• Track your expenses, monitor your net worth and visualize your financial future.
• FinWise offers both free and paid options for $6.99 per month or $69.99 per year.

What is FinWise?

FinWise was founded in 2023 after the founders struggled to find a platform that could seamlessly handle all of their financial tracking preferences. Company founders Jason Russel and Nicol Vojacek have extensive technical experience and a passion for personal finance.

What does it offer?

FinWise uses AI to track and analyze all your accounts, budgets and transactions in a single app. Here's a closer look at the key features.

budgeting

FinWise offers a straightforward way to monitor your spending and progress toward your money goals. When you create a budget, you can set spending limits for each category you want to track. Throughout your budgeting period, you can use FinWise to see how much you've spent so far in each category.

The good news is that you don't have to add your data manually. You can sync your accounts through Plaid. If you prefer, you can also add your transactions manually to avoid bank sync. Notably, syncing is available in the US, Canada and South Africa.

Although the feature isn't available yet, FinWise plans to work with a partner to make it possible to track your spending in the near future. Another upcoming feature is a way to track your financial goals. For example, with FinWise you can set a goal to reduce your take-home expenses by a certain percentage, or set a more traditional savings goal, such as saving $10,000 into an emergency fund.

Wealth tracker

FinWise makes it easy to track your net worth. You can link your accounts or enter your assets and liabilities manually. Either way, FinWise will crunch the numbers to see where you stand.

Visualize your financial future

FinWise Insights allows you to visualize your future finances. The tool allows you to change various incomes and parameters to see how they affect your plans. It's a great way to see how small changes can make big differences in your financial future.

For example, you may find that you want to save $100 a month on expenses or increase your income by $1,000 a month within a year. You can observe how each change affects your finances, positively or negatively.

Currently, you can add your income, possible changes to your income, assets, expenses and debts, but FinWise says more customizable insights will be available soon.

Multiple currencies are supported

FinWise allows you to view your entire portfolio in the currency of your choice.

As of this writing, supported currencies include USD, Canadian Dollars, South African Rands, Euros, British Pounds, Swiss Francs, Australian Dollars and New Zealand Dollars.

AI assistant

If you have questions about your finances, you can contact FinWise's AI financial assistant, which can give you personalized recommendations based on your individual financial situation.

Are there any fees?

FinWise offers both free and paid versions of its software. The main difference is that the paid version allows automatic synchronization of your banking details. With the free version you have to import your data manually.

The paid plan (FInWise Pro) costs $6.99 per month or $69.99 if paid annually. There is a 30-day free trial so you can try it risk-free.

How does FinWise compare?

FinWise is not the only financial management platform on the market. Here's how it stacks up:

If you need help getting your spending under control, YNABor You Need A Budget is a proven choice. It follows a zero-based budgeting strategy where every dollar is assigned a job. At $14.99 per month or $99 per year, it's a bit more expensive than FinWise, but the wealth of budgeting features might make it worth it. Budgeters who don't need to overlook assets and are fans of zero budgeting will appreciate what YNAB has to offer.

co-pilot is a comprehensive app to help you keep track of your budget. Review your investmentsAnd Build your credit score. If you like visualizations, Copilot offers valuable tools to help you see where your funds are going and how this could affect your financial future. In terms of price, it is comparable to YNAB at $95 per year.

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	Free plan (limited) FinWise Pro: $6.99/month or $69.99/year
		iOS, Android, Web, Alexa and more
			60 days with promo code TCI2024
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How do I open an account?

If you would like to work with FinWise, visit the FinWise website and select “Start for Free.”

From there, you'll need to provide your name and email address and create a password. FinWise will ask you to rate your personal finance experience from beginning to advanced. You also share why you are interested in the platform and your currency.

Once the account is created, you will have the opportunity to link your bank accounts and set up your budget. Creating an account took less than five minutes.

Is it safe and secure?

FinWise works with Plaid and Yodlee to connect with the various financial institutions you work with. Both set high security standards to protect your data. With strong encryption, multi-factor authentication and regular audits, FinWise makes every effort to ensure the security of your data.

How do I contact FinWise?

If you would like to contact FinWise, you can send an email to hello@finwiseapp.io. When I signed up, I actually received an email from one of the founders giving me the opportunity to join a video call and ask any questions about the platform.

Since the platform is still so new, there isn't a lot of customer feedback online. But the features certainly seem like a promising opportunity.

Is it worth it?

FinWise offers a useful way to keep track of your expenses and monitor your net worth. I particularly like the opportunity to imagine how changes you make today can impact your financial future. But there are some problems.

Perhaps most noticeably, there is no mobile app, so you can't manage your finances on the go. This impacted our overall rating. According to FinWise, there will be an app-based platform in 2024, but until then that's a big disadvantage. Less important, but worth mentioning, is the fact that you can't manage your finances with a partner yet.

The good news is that FinWise's pricing is very competitive and the platform is still in its early stages. If it continues to add useful features, it could become a top option. However, if you don't think FinWise is the right solution right now, consider our favorite budgeting apps.

Check out FinWise here >>

FinWise features

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