Is WeMoney Legit? Plus Tips for Using WeMoney

I’ve been getting a few enquiries about various money management or money wellness apps, one of them being WeMoney.

Everything I recommend or write about on The Thrifty Issue is used by me.

I first came across WeMoney a couple of years ago and did a podcast interview with them on how I went from homeless single mother to multiple international award-winning CEO and tips to survive on Centrelink.

They were great to work with then, the app was interesting and customer service has been great ever since.

When dealing with anything money related you want to know it is secure, reliable and that customer service will be responsive and efficient.

Disclosure: This is a sponsored post, however, it is my experience and view on WeMoney. The same as other review posts I have done.

What is WeMoney?

WeMoney is a secure financial wellness app aka a money management app.

Along with being able to track your finances, you can also get quotes for better deals on credit cards, personal loans etc.

Whatever your financial goals are, WeMoney has features to help including Spending Trackers, Savings Goals, Debt Paydown Calculators and more.

There is also the capacity to check your credit score and keep on top of those things which will make getting a mortgage easier.

It’s easy to use and has a great online community of people interested in finances including quite a few you probably follow elsewhere already.

With all these features, it is a simple to use and effective financial wellness app designed to help you.

Is WeMoney Secure?

The number one question with anything, especially anything connected to money… Is it secure?

WeMoney is secure and uses the same security practices as the major banks and end-to-end encryption.

While you do log into your bank when signing up and share your licence or passport details, they do not store your details on their servers.

Once you sign up for the app, you’ll need to connect your bank accounts to see a complete picture of your finances and be able to make informed decisions.

You choose which financial services you connect and which accounts though so you are always in control.

You can’t move money or make payments in WeMoney as it is a ‘read only’ platform.

If you have any questions about their security, they are extremely transparent on the site and easy to contact.

Why Use WeMoney?

It’s no secret many Aussies are struggling financially.

Debt is overwhelming as interest rates rise and we hear daily about various expenses going up.

One way to combat this is to learn about your finances.

Track your spending, have goals, see what you are really doing with your money instead of what you think you are doing.

Too many people create a budget on a piece of paper, go over their expenses and have unrealistic expectations.

When they go over their bank statement they are usually shocked to see how much money they are wasting and how they are not sticking to their budget at all.

WeMoney is a way to see all of that in an easy-to-use and highly visual way.

With graphs showing your spending, easy ways to group expenses together and motivation to clear debt, WeMoney could be the financial wellness app you’ve been looking for.

Track Spending

How can you get control of your finances if you don’t know where it’s all going? WeMoney makes it easy.

In the track section you can select to view graphs in weekly, fortnightly, monthly, quarterly or tax year segments.

Your spending can be shown in either categories or merchants, enabling you to easily see where you spend the most.

And perhaps reveal some things you were unaware of.

Spending, Income and Transfers are all available in this section and tracked over time to give you an excellent overview of your spending habits.

What can WeMoney Track?

It is completely up to you what is tracked. You can add any bank and any account you have but you also have the option of selecting exactly which accounts are included and opt to have some excluded if you want.

WeMoney can connect to the usual things such as transaction accounts, credit cards, personal loans, mortgages.

But it also connects with Buy Now Pay Later options (AfterPay/ZipMoney etc) as well as your share accounts and superannuation if you want.

You remain in control at all times though.

The process to add or remove accounts is easy and if you do delete anything, it is gone from their platform forever.

Set Goals

The aim of WeMoney is to improve financial wellness and help you achieve your money goals. It’s easy to set and track your goals within the app.

Whether you are saving for something, trying to clear debt or want to track your net worth, WeMoney has it all there.

For me, my two main goals have been to track and increase my net worth as well as my credit score.

Both of these are visible from the home screen and when you combine the other features, I have easily been able to change my spending habits to achieve these goals.

We have also set a goal as a family to travel more so I set a goal to save $30,000 for that

Pay Down Debt Faster

Aussies are drowning in debt, even more now with the massive interest rate rises.

With WeMoney, you can easily scan for a better deal without it impacting your credit score.

Numerous members have secured lower interest rates through WeMoney, enabling them to pay down debt faster.

If you added up all your debts and how much they take from the family budget every year, you would likely be able to afford a holiday or car or save for a house deposit if they were gone.

Lower debt also means higher borrowing capacity if you are looking to get a mortgage soon.

Use the spending tracker to track your money and utilise the features of WeMoney to pay down your debt faster.

Get $5 Bonus

WeMoney has a refer a friend bonus where you can both get $5. Share the love and get $5 each as a little boost to get started on your financial wellness journey. Who doesn’t love free money?

Use the code GHPT8091 to get your $5 when you sign up to WeMoney. It is free to join although there is a paid version with more features than what I have listed here.

Overall Thoughts

Anything that helps Aussies with their finances is a win in my view. The app is one of the easiest I have used when it comes to money apps.

I, like many people, am quite a visual person so having it all tracked there in one place makes my finances so much easier.

WeMoney is updated regularly too so you know it always has the latest security features and they are constantly looking for ways to improve to help you with your money.

Anyone who is either struggling with finances or has clear financial goals and wants an easy way to track them would benefit from WeMoney.