HOW IT WORKS
Take control of your finances.
Save, invest, build financial independence. Fulfill your dreams.
MoMoney is an app for actively managing your finances.
Manage your finances all in one place, including income, expenses, savings, and investments.
- MoMoney is a product for everyone, regardless of age or income,
- who want to achieve their goals and fulfill their passions and dreams through conscious financial management.
- MoMoney is a convenient and secure app for managing personal finances and maintaining a household budget.
- Unlike other tools, MoMoney provides a comprehensive solution in the form of education and expert support. Because even the best tool is meaningless without a solid foundation.
You will either learn to manage money, or the lack of it will manage you.
The envelope method of managing a household budget comes from "analog" times when cash was king. It involved keeping cash in an envelope, or rather several envelopes. All household income was divided into specific groups of expenses and goals. In every household, there are specific categories of expenses. Some of them are the same or at least similar, while others are very individualized, reflecting your current life stage, lifestyle, or individual goals and values.
With this method, every dollar of income has a designated job to do. One funds the housing bills, another the food expenses, and another goes straight into savings to achieve our future goals and dreams. Financing these groups of expenses simply involved taking money from a specific envelope. A very simple but highly effective method.
Personal finances are simple, but they are not trivial.
Groups that usually appear in every family include:
Groups that usually appear in every family include:
- Savings and goals
- Quality of life
- Gifts and charity
In MoMoney, we continue this practical method but transition it into "digital times" because we increasingly use digital money. However, the method is still very effective.
In the app, the role of the envelope is played by the category. Moreover, each such category can be divided into subcategories. Imagine that within each envelope, you can create additional compartments. This allows your budget to be more accurate, more transparent, and better aligned with your goals and values.
How detailed you want to manage your budget is up to you. Both categories and individual items (subcategories) in categories should be arranged according to priorities. Therefore, the most important ones should be at the top, and as you go down, the less important ones.
Don't worry. A zero-based budget doesn't mean that your bank account is empty. You've simply allocated some of the money for current expenses, consumer expenses, and the rest for savings or investments, which will fund your future consumption when you're ready to finance your goals.
The method boils down to a simple equation:
income - expenses = zero
Your monthly income, reduced by planned expenses, savings, and giving, always equals zero. That's right! You give every dollar a job to do BEFORE the month starts. It's that simple.
The mentioned "zero" refers to two different aspects:
- Firstly: every dollar that you earn and constitutes your income is allocated to a specific task. Some go to savings, and the rest is allocated for various spending categories, but also
- Secondly: each month you plan a new budget as an autonomous part, so it should be arranged as if it were being prepared for the first time.
Every dollar has its purpose and task to accomplish. Use them wisely, let them work for you — every dollar. In this way, you tailor your financial actions to your financial goals.
"Give every earned dollar a job"
Goals give meaning and help you stay persistent (especially when hard times and moments of doubt come). The process of creating a budget increases the likelihood of achieving your goals, motivation, and protects against self-deception.
Starting to work with a household budget in the first weeks (or even months) can be difficult. The categories you create may not reflect your actual expenses, or they may be too general or too specific. Your plans may not align with reality, etc.This is a normal learning process. Eventually, you will take control of your finances and budget.
Instead, start by setting your financial goals.
What is really important to you? Think about it and write down your goals. If you have a family, budgeting should be a team game. It is best to organize a meeting with your spouse (and even children) to determine common goals.
Common reasons for creating a budget include:
- Finding a way to save more money.
- Reducing excessive spending on unnecessary whims, vices, etc.
- Eliminating misunderstandings and ending money disputes in relationships.
- Making sure your spending aligns with your goals and values.
- Breaking the paycheck-to-paycheck cycle.
- Avoiding spending money you don't have.
- Getting out of debt.
- Pursuing long-term financial goals.
More tangible and specific goals include:
- A private high pension,
- Your children's future (education, etc.),
- A house with a garden,
- All-inclusive vacations,
- A new car,
- Building a financial safety cushion.
Set your goals in the MoMoney app. And see how budgeting makes sense.
Vacation in Patagonia75%
Down Payment for Buying a House with a Garden50%
Emily and Jack's Studies15%
The budget structure in MoMoney is prioritized, meaning that categories/subcategories are arranged according to importance/priority. At the top are the most important ones, and as you go down, they become less important.
A well-prepared structure of categories and subcategories should accurately reflect your values and goals. In a household budget, you will clearly see whether your plan—what you aim to achieve—and the implementation—what you are actually doing—are coherent.
Users can start working in MoMoney with a sample budget structure. But they can also completely customize it to fit their needs.
No Financial Bots
If you want to succeed and achieve your goals, you'll have to put in some effort. Nobody will do your homework for you. "Set it and forget it" solutions really don't help alleviate money-related stress because algorithms don't know what's best for you. (That's YOUR job.)
Budgeting should give you control over your money, not the other way around. That's why MoMoney is a practical budgeting app that allows you to make every decision based on hard financial data, as well as your own goals and priorities.
Rigid budgets break. Your budget in MoMoney is not rigid. Our lives change and can sometimes surprise us. Therefore, we are flexible, and your budget should be flexible too.
If you find yourself needing to exceed the budget in a certain category, simply transfer funds from another one. It's important that you do this consciously, before making the expenditure/transaction.
On the other hand, if you notice that a particular goal you've set is not attracting your money, maybe it's just not as important as you initially thought? Revisit your goals and check what really matters to you.
In both cases, your priorities have simply changed. And you know what? That's normal. Adjust your budget, you can change it and move on.
All About Personal Finance
We don't leave our users to fend for themselves. MoMoney is more than just an app. It's a comprehensive solution for your money.
method + app = MoMoney
Unlike other tools, MoMoney provides a comprehensive solution in the form of education and substantive support. Because even the best tool is meaningless without a solid foundation.
MoMoney vs. Spreadsheet
Spreadsheets like MS Excel or Google Spreadsheet are great tools! Really. We are fans ourselves, we even have an Excel wizard on board. Our app, however, is more than just a regular spreadsheet. It has gamification elements that will motivate you to continue caring for your finances when you lose your initial enthusiasm.
Budgeting with MoMoney is proactive. Simply listing expenditures is looking backward, recording what is already history. With MoMoney, it's different—you actively plan your budget, prioritize your spending, set financial goals, and thereby better manage your money and make better decisions.
Consciously Manage Your Finances
Take control of your finances. Save, invest, build financial independence. Fulfill your dreams. Remember, money is not an end in itself, it's a means to an end.
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