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Posted by Rich DeBell on 09 4, 2009

moneyStrands

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moneyStrands is a great tool to manage your personal finances. The main engine behind the app is a web based service at https://money.strands.com/. Through this web portal a user can add in all of their bank, credit card and other financial system accounts to be able to view and manage from one central location. The aspect of the service that I find to be most innovative however is the on the fly reporting and analysis that can be run to display purchase habits, and history, breaking down purchases and expenses into easy to understand categories such as  shopping,  bills, restaurants, etc…. It automatically gathers data for financial accounts, including savings, checking, and credit cards, providing users with an up-to-date, accurate, unified view of their finances.

The moneyStrands iPhone app allows users to access their data via their iPhone or iPod Touch. Some cool features include:

  • An Analysis screen that presents you with a pie chart that breaks down your spending for the current month by category. The cool part begins when you tap any slice of the pie. This action displays the amount spent along with the category name. Upon release, the pie chart digs further into that particular category and shows you the sub-categories.
  • You can see the total balance of your accounts in addition to the individual account balances and if you click on the total balance you can display all your transactions arranged in reverse chronological order without having to navigate account by account. This tells you in a single view exactly what has been happening recently across all your accounts right in your palm.

Another feature I really like about this app is the ability to set budgets for categories and specific items. You can then track your budget to see you’re status and how each item falls into a overall budget. Combining this feature with viewing your income and expenses provides a person with a unique perspective on their entire financial story.  In times like we’re in now with economic pressures, job  losses, and increasing expenses, etc… a tool like this can be priceless if used to it’s full capabilities. Given it’s free to use too it’s  a no-brainer. This is a must download!

moneyStrands

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Posted by Rich DeBell
on 09 4, 2009
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One Response to “moneyStrands”

  1. Thanks for the review. One thing I would like to clarify is that you can edit/change your categories within the app. The ability to add, edit or remove an actual transaction is not available, yet.

    Thanks again,

    Lucia @ moneyStrands
    http://www.moneyStrands.com

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