Creating a budget and getting a hold of your daily expenditure is not easy to do. As a matter of fact, a lot of people are usually unaware of how much money that they can spend each day.
If you are looking to find out the answer to these questions, then the Level Money app is a great choice for you!
Level money app is an application that assists people in getting a hold of their simplistic finances. This allows the app to be able to figure out its monthly budget.
The application can determine the monthly budget by examining the factors such as income, bills, and the intended savings.
After the application is done doing the calculation, the level app will generate a number for the existing day, week, and month.
This will guide you through the right way of spending money.
Level money does a lot of work as it connects directly to financial accounts such as credit cards and checking accounts and generates a calculated amount that you can afford to spend daily.
The level app also includes a simplistic comparison chart that allows you to track your spending in specific categories.
This allows you to see how much money you spent in a specific category.
For instance, how much did you spend last month on Amazon.com, and will compare to the amount that you have spent this month?
This app is available on the store’s google play store and iOS.
Level Money is one of the most useful applications for you if your finances are rather simplistic.
Meanwhile, it sets a daily budget for you, there is no possibility of tracking and managing your personal financial goal.
If you want an app that can help you in controlling your extravaganza expenditures, then the Level money app is a good way to go.
However, if you have complicated finances, you will be better off with Mint.com.
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Security Features:
The security features of the Level app resemble the typical financial apps that connect directly to the bank and have credit card accounts.
However, the Level Money app only has read-only access to your financial accounts. Level money app allows the users to be able to see their transactions, their account balances.
Since this app has read-only access to your financial accounts, you cannot use this app to transfer money from one account to another account.
For added security, the level app cannot see your credit card number or the related information that is necessary to make a purchase.
This makes The level app one of the safest applications and it ties with the security of the apps like Mint, LearnVest, and other financial apps that offer the same functionality.
Regardless of how good the level app in protecting your credentials and financial information is, it is highly recommended that you use a PIN to protect the app.
This would save your credentials and every other sensitive information on your phone if someone was to grab a hole in your phone and you had the app installed.
Financial status is something that should always remain private, and which is why we suggest you use PINs to protect your phone and the app.
These PINs are a great option as you only know the combination and this means that no one else can take a peek at your financials.
How Level Money Works?
Setting up the level money app is very simple and straightforward. First of all, you have to download the app of the level money.
Once the app is downloaded, you start the process to sign up. When you are setting up an account with Level money, you have to provide the level money app permission to access your bank accounts and credit cards.
Providing reading permission to your financial accounts is very important as this app is not going to work if you do not provide read access to the app.
Once you are done giving access to the application, the application will identify the incoming money and will ask the user to confirm whether or not these transactions are to be considered a part of your regular income or not.
If the user does not identify these transactions as incomes, the level money app will treat those transactions as anomalies.
The whole process is rather simplistic and clear.
Once the Level money app knows your monthly earnings, it will ask you to input the information of the bills that you pay.
Bills can be added manually as well as can be chosen from the recent transactions.
Level money app comes with some additional tools that allow you to tell the app whether you pay a specific kind of bill or whether you receive a specified income every month, or after the interval of three months, a year, and the list goes on.
As for the next step, you will have to figure out and set how much money you like to spend every single month.
Level money app provides its users with a slider.
This slider tool shows the users how their planned savings will impact their daily expenditure.
Operating this tool is rather simplistic and basic but the functionality that it has to offer feels rather effective.
When the users connect the level money app to the financial accounts, the application will list interest from interest-bearing accounts as a part of their income.
However, the users have the option to exclude their incomes or bills on an as-needed basis.
Once the users are done personalizing their incomes, bills, and savings, the level money app will provide the users with a diagram that will show you the three input categories.
This diagram is of a pie chart and all the three pieces will compare to each other.
However, as far as the functionality of the level money app goes, it offers nothing more than this feature.
If you are in credit card debt and you are looking for some guidance on how to get rid of it, we are sorry to inform you that the level of money will bear no fruit for you in this regard.
Level money hasn’t a lot of things to offer and cannot advise you either on how to consolidate your pending loans.
Just like being useless in consolidating loans and credit card debts, Level money is not going to show you ways to invest your money in better places either.
Unlike the other apps, level money won’t either tell you that there is a way to obtain a better rate on your mortgage.
These devices are seen by the competition of the level app which was also mentioned previously and goes by the name of Mint.com.
This is why we consider mint.com to be a better option than the level money app.
Sure, the level money app offers a lot of functionality and works rather effectively, but what good is it if it’s not going to help you in the places where you need it the most.
A person could sit down and calculate their expenses and figure their daily budget out by themselves.
However, the only difference between doing it manually is that it would require a lot of work and the level money will be able to do it more quickly, as a matter of fact, the level money can analyze and generate the numbers for you within a matter of seconds!
Using Level Money:
Now that we are through and have developed an understanding of how the level money works, let us move on and explain to you how you can use the level money app for your benefit.
When you open the app, the interface you are going to see will be rather simplistic.
There are going to be three bubbles on the main screen of the app.
These bubbles are added to inform the users of how many spendable dollars that they have left for the day, for the week, and the month.
Individually, each bubble will represent the leftover dollars with a fill line.
This filling line will drop as soon as the money is withdrawn or spent on something.
However, if you see the bubble to be filled fully, then it would mean that you have not spent any money in that time up till that time.
There is also a menu placed on the left side of this application.
When you click this menu on the left side, you will be able to explore the other areas present in the level money account.
A transaction tab is provided in the app. This tab is responsible for showing a list of all the transactions that have been made from all of your accounts.
The application allows you to view all the items.
The developer has added this feature so you can ensure that the level money app is labeling everything correctly and allows you to exclude any infrequent activity.
To explain what we meant by an infrequent activity, let us present an example. Let’s say, for instance, if you had to charge a huge hotel expense.
Your employer has ensured you that this money is going to be reimbursed sometime later, so you will want to exclude this expense and also the reimbursement that will be made at a later that.
You have to make sure to do this so that the level money app can calculate your daily spending allowance accurately.
In an app, when the users exclude something, a dotted line circle appears next to that specific entry. The level money also gives its users other kinds of indicators.
One of such indicators is responsible for showing a connection between the money leaving the checking account of the users and the same money going to the credit card account.
This happens in the case that the users pay their bill.
The income that is recurred gets a plus sign which is covered by two arrows. As for the entries such as recurring bills, they get a minus sign indicator which is further encircled with two arrows.
One of the most liked things about this app is one of its features called “Insights”. This feature of the level money app allows the users to be able to track a particular type of expenditure.
If a user sets up their account to track their travel expenses, this feature comes in handy.
As the users might know, the change in travel expenses is all too often and it also allows the users to be able to take notice of their other expenditures, such as the money that they spent in the restaurants for a month and also allows the users to track how much money they spent while shopping online.
On the insights page, scroll down and you will get charts.
These charts have been added to familiarize the users with their spending habits and the total money that they have leftover in their bank accounts.
Surely, it feels good to see your money increases over time, right?
A lot of level money app reviews also accredit it for the awesome alert capabilities that it shows.
These alert capabilities are one of the best things about the level money app and add more to the functionality that this app has to offer.
The users have the ability to set this app to notify them.
For instance, when only 25% of the spendable money is left, the app will send you an alert, provided that you have opted to receive the alerts.
Other than that, the level money app will also give you a notification for low account balances, bank fees, purchases that cost more than 250 dollars, and likewise situations.
But, here’s the thing: The level money app doesn’t only give you reviews about the negatives. It also sends you positive notifications as well!
For instance, the daily Rollover option is responsible for notifying you in the scenarios where you spend less than your budget allows for the day or the month.
This saved extra money gets added to the next period.
This allows the users to see the extra money that they have saved and they can also see that they have the choice to either save or spend that money.
However, it would have been a great option if the level money app was able to add the remnant money to a savings account.
But then, the level money app has read permissions only. If you are fine with applications to transfer your money, you could go for an app called Capital.
This platform offers great functionality and automatically opens savings accounts for you and then shows you ways in which you could save the small amounts of money a lot and they can add up to become a bigger figure.
Qapital app also allows you to round up your expenses and add the rounded-up amount to your savings account.
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Conclusion!
The level money app is a great choice if you are looking to develop a general idea of how to control your expenses for the day, the week, or for a month.
However, another financial Service, PocketGuard takes things a little further and comes with a feature that is called “Can I afford it?”.
This tool basically is a calculator. The users can input the item that they desire to buy and the price that they will need to pay to be able to purchase that specified product.
PocketGuard does the maths and tells you whether your budget permits you to be able to purchase this object or not.
To us, however, there is not much to like about this feature. We don’t like this feature because it is going to oversimplify your expenditures.
One of the best things about the level money app that it never suggests what your budget allows you to afford and what falls out of your budget.
It’s all up to the user to decide. The level money app will only give you guidelines at very certain times.
What the level app is trying to do is really amazing but some things do not make the level money app a good fit for everyone.
The level money app has a lot of lackings and we can only hope that with time, these shortcomings are overcome.
However, there are specific areas in which the Level money app comes out on top, and in those scenarios, it would only make sense to use the level money app.
If you want to see how much you can afford to spend daily, the level money app is a great choice in those conditions only.
Otherwise, We would suggest you consider platforms such as mint.com.
