Wallet in MoneyLover is where you track your available funds beyond physical cash. This could include money in bank accounts, cash on hand, savings, or credit card balances.
1. Basic wallet
Allows manual recording of income and expenses. You can create multiple basic wallets, each representing a funding source: cash on hand, bank accounts, or combined income and expenses. MoneyLover recommends separating sources for easier management and clarity on available funds.
2. Goal wallet
Enables manual tracking of savings, setting savings goals, and recording deposits. This feature facilitates easy monitoring of savings progress over time. Multiple savings wallets can be created based on personal goals.
Note: MoneyLover does not currently support interest calculations as you would find in bank savings accounts. We will improve and update this feature in the future.
3. Linked wallet
This feature allows users to automatically synchronize transaction histories from their bank accounts to MoneyLover. You no longer need to manually record transactions; instead, MoneyLover updates your transactions and balances within 6-8 hours per update.
If you have concerns about the security of this service, all connections to your bank accounts operate in Read-only Mode. The application does not have permission to use your money or modify your account information. Data in MoneyLover is encrypted using the highest security standard RSA-2048 bit encryption and stored on Google and Amazon servers, trusted by many large companies worldwide.
This service is provided on a monthly subscription basis by an independent entity and is not related to Premium accounts. Even if your account is not Premium, you can still use the bank linking service by subscribing through the in-app store.
4. Credit wallet
It's a place where you can manually record credit card transactions. You can add details like credit limits and current balances, and manage expenditures and debt repayments. If you have multiple credit cards, create separate credit wallets in MoneyLover to comprehensively manage all of them.
a. The meanings of the terms in a credit wallet
The concept of credit card balance refers to the amount that the user owes on the card, excluding interest and penalties. The balance of a credit wallet is typically negative because it represents the amount borrowed by the customer that has not been repaid to the bank.
Get more information about the meanings of the terms in credit wallet through section 2 (step 3c) of Report: definition and usage
b. Specific calculation method:
Available Credit = Credit Limit + Inflow - Outflow
Balance = Inflow of all periods - Outflow of all periods
5. Total wallet
When you navigate to the transaction list tab, you will see a "Total Wallet" button below the balance display section. This concept refers to a group of wallets that are marked to "include from total" together. You can refer to how to add a wallet to the Total Wallet: How to create, edit and delete a wallet
MoneyLover's advice is to include any wallet that serves as a source of spending funds into the "Total Wallet". For instance, if your Goal wallet is one of your current funds sources, it should be included in the "Total Wallet". However, if you consider it a separate savings accumulation that you do not intend to spend, it should not be added to the "Total Wallet". If you want to view your overall asset total, including savings, then add it to the "Total Wallet" to consolidate it with your other wallets.
The balance of the "Total Wallet" equals the sum of the balances of all wallets included in it. Specifically, for credit cards, if you are spending within your credit limit, MoneyLover will display the balance of the credit card as negative. This means the balance of the "Total Wallet" is calculated as the total amount of money you have minus the amount you owe on your credit card(s). This approach ensures that you always consider your credit card debt when assessing your financial situation, helping you avoid forgetting to repay credit card debts, which typically accrue high interest rates.