MoneyWiz is here to help with finances affected by the COVID-19 outbreak
The ongoing COVID-19 pandemic made us realize — more than ever — how interconnected the world is. We saw how global transportation made the virus spread globally in just few weeks. We see how nations around the world struggle with the same problems and how scientists from all regions unite to find a vaccine. Finally we get to see how global economic markets react to the pandemic as national markets balance on the verge of collapsing. And those national markets are composed of none other than you, dear reader.
We, as individuals, through our often seemingly unrelated and independent jobs make the global economy work by making the national markets work. This often overlooked fact becomes painfully clear today, as millions of people worldwide stay at home or end up in hospitals, rendering them unable to work. Some of those people have the luxury of working from home but the overwhelming majority don’t. They face very difficult decision each day:
|STAY HOME||GO TO WORK|
|remain safe||risk infection|
|use unpaid leave||get paid|
What’s worse, some people don’t even have that luxury as the decision is made for them when the employer is forced to terminate part of his workforce or the government enforces temporary shutdown of various business types. This means that people employed in travel, tourism, entertainment, restaurants, personal care or private tutoring have already lost their main source of income. People employed in other areas might be in better shape right now but make no mistake: this crisis will trickle down to everyone eventually (and sooner than we think). The Wall Street Journal predicts that
the fallout from the coronavirus outbreak is expected to have a significant negative impact on U.S. economic prospects, with predictions emerging for losses of up to five million jobs this year and a drop in economic output of as much as $1.5 trillion.
In the United Kingdom, BBC has prepared an article outlining the major economic effects of the pandemic. FTSE 100, index of the 100 companies with highest market capitalization (and therefore an useful indicator of the national economy) has seen a 34,1% decline since the start of the outbreak. The British pound has also seen its lowest levels in over 30 years. Some people expect big changes in terms of China being the source market for many manufactured goods:
“Using China as a hub… that model died this week, I think,” says Vladimir Signorelli, head of Bretton Woods Research, a macro investment research firm.
What we are seeing today will be put in the history and economic books of tomorrow.
Reaching into the piggy-bank
Those that made emergency funds can relax — but for how long? While Wuhan is celebrating days without new infections, the recession will not end soon. If anything, it’s only just starting now. This means that people will need to reach deep into their pockets and savings in order to survive. The problem is that we also need to adjust to a new reality: the things we used to gladly spend money on are being cancelled (visiting local pub with friends, going to a concert, flying somewhere on a holiday), while the prices of items we always put into our carts without any reflection are skyrocketing (groceries, hygiene products).
What’s more, people that only went to a doctor if they felt very ill are now scheduling more appointments than ever, while also swarming pharmacies buying immune-system boosting products they never thought they’d be actively looking for. Parents need to provide online education and some form of entertainment for their children, who are stuck at home. The comfort zone we all snugly fit into for many years is no more — we are facing brand new world and it’s extremely easy to burn through individual savings if we just continue to purchase items without any form of long-term planning. Again — the recession is here to stay for the foreseeable future so we should plan our personal finances not only for the next week but for the coming months. People that haven’t yet felt the need to create a household budget should look into that now, while people who used to do it in the past should dust off that old ledger. Fortunately the digital advancement in the last decade made creating and sticking to a budget much easier than before.
MoneyWiz can help
“Those who cannot remember the past are condemned to repeat it.”George Santayana, Spanish philosopher, poet and novelist.
When people make the decision to start using a budgeting application, they feel the same thing that a writer feels when faced with a blank page. The program of their choice might have beautiful interface and glowing reviews but it still shows that dreadful, empty transaction register. It becomes obvious the benefits of using that application will only become apparent in few months while we need those effects now! We cannot plan for the upcoming month if we have no idea what was our spending in the past month. We cannot protect ourselves from our harmful spending habits if we don’t know what they are!
Fortunately MoneyWiz offers Online Banking feature (utilizing brand new Open Banking and PSD2 protocols) that allows customers to not only download recent transactions as they happen (no more entering transactions manually!) but also automatically populate up to 1 year of transaction history. Combined with great reporting facilities, the task of reviewing past spending habits and identifying possible improvements becomes a breeze.
That’s amazingly secure as well. MoneyWiz never stores your Online Banking credentials. The way PSD2 and Open Banking protocols work is that banks are required to implement some form of API that third-party providers can plug into to securely download transactions. Thanks to this, all data exchange is closely monitored by your bank, properly secured and encrypted. Open Banking and PSD2 rollout took place in September 2019, which means that majority of banks have adopted to the new rules now.
Even with all the help that MoneyWiz offers in form of Open Banking/PSD2 sync, reporting and more, you might feel that you still need assistance in creating the budget from your spouse or partner. After all, the budget will only work if all autonomous spenders in the household commit to it. The decisions you will make while creating the budget might also have potentially far-reaching effects so you probably will want to discuss them with your family or perhaps even your accountant. MoneyWiz offers great SYNCbits cloud service that allows multiple devices synced to the same database, enabling everyone interested (and authorized) to see everything you’ve entered so far and allowing them to make changes. This way SYNCbits allows families to work together on their budgets.
What we believe is important is that we are not a brand new application that was created recently in order to cater for the collapsing household budgets. While we expect that some similar applications will be created in the foreseeable future, they will likely be someone’s part-time project and more of an experiment and attempt to earn some money on the side, rather than a serious commitment to making a difference in someone’s financial life. MoneyWiz was first released in 2011, went from skeuomorphic design to modern, light and simple user interface popular today. We have been around and helping our customers through the European debt crisis, related Greek government-debt crisis, Portuguese financial downturn and similar economic slowdowns in around the world. We have a stable business model (not relying on selling your personal data!) and so we’re not going to abandon you or the work you’ve put into transferring your financial data to MoneyWiz. Our support team can offer real day to day financial advice (and not credit card offers, loan consolidation or other deals that only do good to the person receiving commission for offering them to you).
We pride ourselves in offering universal design across all platforms that we offer MoneyWiz on (iPhone, iPad, iPod, Mac, Windows and Android devices), cross-platform SYNCbits-powered synchronization and Open Banking/PSD2 automated sync. Once you learn MoneyWiz user interface on one device, you will feel right at home after launching it on a different platform. MoneyWiz has been translated into 23 languages and has been recognized by Forbes, CNN, The Telegraph The Independent and more.
Helping you reach financial stability and independence has been our main goal since 2011. We invite you to try all MoneyWiz features for free today and see for yourself why thousands of customers stopped their search for the perfect budgeting app once they found MoneyWiz.