Moneybag: Simplistic Finance Management for Mac

Financially uncertain times require that we become better stewards of the money and resources that we have. Many who feel this way are looking toward technology to help them fill the gap. Financial software for the Mac is nothing new and there are many good options available like Chronicle and iBank. Moneybag is on version 1.0.1 and is hoping to take its competition head on.

Moneybag is a new personal finance app for OS X that allows you to monitor your spending, budget, and set goals. The app sells for $59.99 and is on version 1.0.1. The developer bills Moneybag as “the world’s simplest and best financial software.” To put that claim to the test, we will also compare Moneybag to iBank 4 in our review. Is Moneybag the best? Read on and lets find out!

Setting Up Your Moneybags

What is a moneybag? You can think of a moneybag as a big plastic container that you use to store different receipts for different items. The moneybags are categories that allow you to set budgets for them and also add transactions to them.

Moneybags

Moneybags

Setting up a moneybag is simple when using the moneybag creation wizard. The wizard allows you to create a name, icon, type, and savings goal. Once you have set up your moneybags, you can click on them and enter transactions.

Moneybag Creation Wizard

Moneybag Creation Wizard

Cool Features

Moneybag does not allow you to scan receipts or email receipts into the service, like Lemon.com, but it does have some cool features to allow you to store more information about your transactions.

The notes feature allows you to type anything you would like to, so that you can easily see what the transaction was about. You can also add tags, location, and date to further document your transaction. Unfortunately while Moneybag does offer the option to attach an image from either the camera or photo album, it does no OCR or recognition of the receipts and all transactions must be entered manually. This is a lost opportunity.

Extra Information

Extra Information

Moneybag also utilizes cloud sync to keep all of your satellite apps on iOS and Android in perfect harmony.

Cloud sync

Cloud sync

Moneybag includes useful budgeting tools under the Analysis tab to help you visualize where your money is going. The expense tab shows you a pie chart of how your expenses are allocated. The savings and monthly tabs show bar graphs that indicate income, expenses, and savings.

Analysis

Analysis

Design

Moneybag centers its design on the concept of simplicity and ease of use. The designers implement smooth gradients with bright accent colors for buttons that oozes refinement. The use of icons that represent each category allows the user to quickly identify categories and add the appropriate transactions.

Interface

Interface

At the top of the interface, you have a sliding graph similar to the one in iTunes that represents all of your account activities. This visual aid gives you a scope of what you need to change in your finances at a glimpse.

Activity Graph

Activity Graph

In several places in Moneybag, the designers use slider pill-shaped buttons to change settings. These buttons give the settings panel a control center feel.

Settings Panel

Settings Panel

As a small distraction and one that is interestingly missing is the currency sign. There are no dollar signs to be found. There are also no commas separating digits in numbers in the moneybags. Although it may seem nit picky, it is quite the distraction and possibly an easy fix. Overall, the app is nicely designed if you like the current app aesthetic trend from Apple, but if you like minimal interfaces, you’ll find it frustrating.

Moneybag vs. iBank 4

The $60 price of Moneybag opens itself up to some pretty heavy competitors. The personal finance app iBank was reviewed on MAS by Ian and also was pitted against two other personal finance apps as well by James. It garnered a positive review and an 8 out of 10 score. The developers of Moneybag could stand to look at iBank and at the very least, copy its features to complete their app. The ability to add credit cards, loans, and bank accounts is already built into iBank 4. IBank also allows the user to import files from other popular personal finance applications as well. While Moneybag uses a sleeker design, iBank fits in with the usual OS X design. Being that iBank and Moneybag are the same price, the obvious choice between them would be iBank 4.

iBank 4

iBank 4

Drawbacks

For all that Moneybag does to be simple and easy to use, it gives away good possible features in exchange. Moneybag needs to have the capability to capture and import information from receipts or digital receipts. This is a huge missing opportunity that needs to be reevaluated on the part of the developers. Another missing opportunity is the integration with banks and other financial institutions. This integration would allow for credit and debit card transaction to be automatically imported into Moneybag. Moneybag could also benefit from more detailed reports and analysis. The vague reports that the app generates really lack the information needed to make decisions.

The Bottom Line

Moneybag is a well-designed app that does not quite live up to the adage that it is the “world’s simplest and best financial software”, I just don’t see it. Moneybag needs to acquire a handful of vital features to even begin to compete with the other apps in its price range. The app does nail the design and has good basic features for tracking transactions. While Moneybag functions well with the exception of a few quirks, perhaps the pricing is a bit high.

Moneybag is in version 1.0.1 and rings in with a price of $59.99. Being that Moneybag in itself is functional, it gets a 7 out of 10. The developers need to use later version updates to include critical features in order for Moneybag to really be worthwhile.


Summary

MoneyBag is the easiest way to manage your day to day finances. MoneyBag equips you to budget, track, review, analyze, set goals, save for emergencies, get out of debt, save and do a lot more.

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  • Ryan

    It looks awesome, but it’s way too expensive. I feel like it should be around $20-$40.

    • http://www.thepapermail.com Jacob Penderworth

      I completely agree. Too many of the alternatives offered are much cheaper, like MoneyWiz, Mint.com, and iBear’s Money.

  • rtfy

    Josiah,

    You are sending an apparently unintended negative message in calling a program “simplisitic.” This adjective means “treating complex issues and problems as if they were much simpler than they really are.” Since you give Moneybags a generally positive review, it’s clear after a quick glance at your review that you mean “simple”, “user friendly,” or “accessible.”

    Raphael

  • Richard Testani

    As nice as Money Bags is, it doesn’t work. Using the app is very frustrating, it doesn’t support cents (yes, cents!) and the UI makes you click way too much with very little feedback on if you can click or should click.

    I want to like this one, but not until its finished up a bit more.

    • http://moneybagapp.com George and Suresh

      Dear Josiah Oakley ( Mac App Strom Team),

      Thanks so much for the wonderful review, we will continue to add features and requests from our customers and will take forward the critics to improve the software. With the support from our wonderful customers we will continue to channelize our efforts in making this app the best in money management.

      With lots of love and Regards
      George and Suresh
      Creators of MoneyBag

    • http://moneybagapp.com George and Suresh

      Dear Richard,

      We are happy to hear from customers, we have added the decimals ( you can add cents) in the current version 1.0.2 Please feel free to write to us regarding the issues, feature requests we are happy to hear and work on.
      Our vision is to make people lives easier,simpler and happier with our app experience we will strive to do our best. Our company is customer centric so please feel free to share your feedback.

      Our Support Page : http://moneybagapp.com/support
      Our Roadmap : http://moneybagapp.com/roadmap

      Thanks for taking your time to write about the app.

      With lots of love and regards
      George and Suresh
      Creators of Moneybag

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