Getting Started

Welcome to MoneyWell! An Envelope Budgeting app for Mac and iPhone.

We have a few articles that go into more depth on how to best budget with MoneyWell, but here is a brief summary to get you up and running!

But first..

Understanding MoneyWell

MoneyWell is a personal finance app that helps you budget your money using the envelope method. It's all about being proactive and not overspending. You allocate your cash into different "envelopes" (which we call Buckets) for specific expenses. You can't spend more than what's in each Bucket.

The goal is to reduce debt, save money, and have less stress. MoneyWell was designed with envelope budgeting in mind from the start, unlike other tools that just tack it on. So, stick to your budget and enjoy a stress-free financial life!

To find out more about how MoneyWell works, check out our article, Understanding MoneyWell

A New Budget

Here are the main steps to creating a new Budget:

1) Import Your Bank Accounts

MoneyWell offers a few ways of importing your financial data.

  • Via Direct Connect (if supported by your bank)

By far the most convenient way to add your accounts and import your transactions into MoneyWell. Find out more details here: Adding Accounts

  • Via downloaded files from your banks website (QFX, OFX, QIF, CSV)

An excellent alternative to Direct Connect. You can easily download your transactions from your bank, via their website, often in a variety of formats, and import them right into MoneyWell. Find out more details here: Importing Transactions

  • From another financial/budgeting app

If you're moving to MoneyWell from another app, you can import data just like a downloaded file from your bank. Find out more details here: Importing Transactions

2) Create Buckets and Assign Transactions

Buckets are the center of MoneyWell's budgeting. When you start using MoneyWell, it provides you with a default set of Buckets. However, as your budget changes over time, you will likely need to modify them to suit your needs.

After setting up your accounts, you can begin organising your transactions by assigning them to Buckets. It's helpful to review your past spending before creating your budget.

To save time, you can easily assign multiple transactions to a Bucket by selecting them and dragging them to the desired Bucket. You can find more information on Buckets here: Buckets

3) Time To Budget

MoneyWell uses Envelope Budgeting, which is a simple way to make sure that you only spend what you earn. You assign your earnings to an income Bucket and use it to fill up your expense Buckets.

When your expense Buckets are empty, you know it's time to stop spending. There's no ambiguity about the amount of money already used from your accounts.

Before you start allocating funds to your Buckets, you need to inform MoneyWell about your typical expenses. This is achieved by assigning events to your Buckets, which establishes a budget amount for each category.

Instead of pulling out a calculator to figure out how much you spend each month for a budget category, you can input numbers that you're already familiar with, and MoneyWell will automatically calculate your budget amounts. For instance, you might not know your exact monthly automobile expenses, but you likely know how much you spend on gas each time you fill up and how frequently you do so. MoneyWell utilizes this information to help you establish your budget.

You can find out more about setting up your budget and events based budgeting here: Setting Up Your Budget, Events Based Budgeting

Helpful Articles

For more in-depth and instructions on getting started with MoneyWell, please check out the following articles:

For more information on the underlying processes of MoneyWell, please check out the following articles:

For more information on some more advanced features within MoneyWell, please check out the following articles:

Other helpful articles:

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