Budgeting Financial Planning Financial Software A Review of MoneyWiz By Miriam Caldwell Miriam Caldwell Miriam Caldwell has been writing about budgeting and personal finance basics since 2005. She teaches writing as an online instructor with Brigham Young University-Idaho, and is also a teacher for public school students in Cary, North Carolina. learn about our editorial policies Updated on March 4, 2021 Reviewed by Thomas J. Catalano Reviewed by Thomas J. Catalano Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas' experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning. learn about our financial review board In This Article View All In This Article Pros of MoneyWiz Cons of MoneyWiz Using MoneyWiz Finding Technical Help Photo: PhotoAlto / Gabriel Sanchez / PhotoAlto Agency RF Collections / Getty Images There's no shortage of online personal finance tools on the market today. Yet MoneyWiz by SilverWiz has emerged as a top contender. Originally designed specifically for Mac users, the cloud-syncing app is now also available for both Windows and Android users. This financial tool syncs easily between all your devices and accounts to generate detailed reports that are customizable to help you reach your personal financial goals. Below, we outline the pros and cons of MoneyWiz. Pros of MoneyWiz MoneyWiz provides the user with the ability to sync accounts automatically, and the user experience is relatively intuitive—especially if you are an avid Mac user. The design is also clean and easy to use. No more manually importing your data. MoneyWiz syncs it all for you. One of the best features of this program is the live syncing feature. This live sync is great if you are married and working on a budget together. It's also helpful if you want to access your finances on different devices. You can view real-time, fully synced info on your iPhone, iPad, Mac, and even your Apple Watch. The tool allows you to manage all your accounts in one place. It offers a native experience on each device, and is extremely customizable, as there are 400 different features you can use, depending on your financial needs and goals. You can generate a number of reports to give you a snapshot of a specific area of your finances. Cons of MoneyWiz The sheer number of features and options can be overwhelming for some users. This problem comes when finance beginners set up and first begin using the tool. Also, Moneywiz doesn't support 401(k)s, which may be an issue for you, depending on your financial goals. Note MoneyWiz doesn't support 401(k)s, which may be a problem for some users. Using MoneyWiz MoneyWiz is a pretty basic financial software program, made even simpler by the automatic syncing feature. Begin by setting up your budgeting categories in the preferences menu. MoneyWiz then takes you through how to add accounts and recurring expenses. This program allows you to customize the categories based on your budgeting needs. It's also very appealing to design-oriented Mac users, as the user experience and interface are very clean. And don't forget about the syncing option. During the setup process, select the "Sync Everywhere" option, which will allow you to access the iPhone, iPad, and Mac versions of the app. You can manually enter transactions, or you can import data using accepted formats, which will simplify the setup process even further. The reconciliation of the accounts is another important feature since it helps you monitor your accounts in real-time. You can also download transactions from your bank to save time when it comes to reconciliation. The budgeting aspect is easy to access, and you can visually check to see how you are doing in each category by scrolling through the budget section of the program. On the desktop version, it is on the left-hand side of the screen. Another great feature is the reports section that allows you to create graphs and charts of your entire budget or specific categories to track your spending habits or narrow in on specific problem areas for your spending. It's nice to have a visual representation and be able to break the reports out by category. Finding Technical Help The website has a great help section that is easy to access, and it is well organized. It's also organized by device, so you can find the specific help you need more efficiently. However, some users of MoneyWiz have complained of recurring bugs. MoneyWiz costs $19.99 per year for a standard subscription or $49.99 per year or $4.99 per month for a premium subscription, which does make it a somewhat pricier personal finance app. Note While MoneyWiz boasts features such as an easy-to-use interface, detailed reports, and a customizable experience, it is pricier than many other personal finance apps. If MoneyWiz is not for you, there are several other similar programs available. These include SavvyMoney, Mint, and You Need A Budget. Each will vary slightly in their features and functions, but all should help you stay on your spending and budgeting path. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. MoneyWiz. "MoneyWiz 2021 - Personal Finance." MoneyWiz Pricing. "MoneyWiz 2021 - Personal Finance."