__The Puritan poet Anne Bradstreet once wrote, “Wisdom without an inheritance is better than an inheritance without wisdom.”__

As Baby Boomers age, it’s estimated they’ll leave a tidal wave of wealth to their heirs, perhaps as much as [$68 trillion](https://www.newsweek.com/boomers-millennials-transfer-wealth-future-1795099) by 2030. But is the next generation ready for that wealth? 

It’s evident that Anne Bradstreet read her Bible back in the 17th century. She was no doubt inspired by Ecclesiastes 7:11-12. It reads, *"Wisdom is good with an inheritance, an advantage to those who see the sun. For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it."*

While Boomers are on the verge of making the greatest wealth transfer in history, research shows they’re not preparing the next generation to manage that inheritance.

The investment giant Edward Jones recently published a [study](https://www.edwardjones.com/us-en/why-edward-jones/news-media/press-releases/great-wealth-transfer-research) on the issue. It found that half of all Americans, or 48%, plan to leave an inheritance. Half will leave money and property to their children only, and 36% will leave assets to their children and grandchildren.

That much is good, but the next set of numbers is troubling. The study also found that only 27% of Americans have talked about wealth transfer with their heirs-to-be, and another 35% actually said they don’t plan to.

That will leave millions of millennials and gen-Z-ers in the dark about the assets they’ll inherit and many without the wisdom required to manage them. Experts say it’s more important than ever for families to discuss wealth transfer and to seek professional guidance when necessary.

__Other factors come into play as well. While generational wealth transfer as a whole will be the highest ever, some future heirs may not receive as much as they expect.__

That’s mainly because people are living longer. Boomers may consume more of the assets they’ve saved up than previous generations. That’s due in large part to the ever-increasing cost of health care.

This is likely to affect how assets are passed along, and in fact, that same study found four different ways this may happen.

The first is ”traditional giving.” That’s when parents simply pass along their assets to children, including cash, stocks, and real estate. Children need to ensure that their parents are utilizing a sufficient amount of their assets to maintain a healthy lifestyle. In contrast, parents must start talking to their adult kids about transferring those assets.

__Another approach the study uncovered could be called “giving while living.” This is when the older generation helps the younger by paying for education, helping to purchase a home, and maybe even paying for vacations.__ The younger generation may wonder if there will be anything left to inherit and whether they’ll have to support their parents financially in retirement. Having an early conversation about assets can alleviate those concerns.

__Another form of wealth transfer may be the “generational skip.”__ Boomers may elect to give their assets directly to grandchildren to help with education, to start a business, or to set up investment accounts. Here at FaithFi, we get many calls from folks wanting advice on how to help their grandchildren get started in the world.

The Edward Jones study also found that one out of four respondents believes their grandchildren will be better stewards than their children. When that happens, it’s critical to have a money conversation with children who are skipped over to avoid damaged relationships.

Finally, some millennials and gen Z-ers may find that there’s nothing left to inherit. Longer living spans may force the older generation to use up their assets, leaving little or nothing for the next generation. It’s generally advised that retirees draw down only 4% a year from retirement assets to safeguard the principal of their investments, but for some retirees, that may not be possible.

__What’s the solution?__ Obviously, Boomers need to start talking to their adult children about wealth transfer. They must pass along the wisdom they’ve gained over the years that enabled them to acquire and keep wealth.

Family conferences are great for this. If you feel you need help with this, you can bring in a financial advisor to “emcee” the discussion. We recommend getting one with the [Certified Kingdom Advisor__®](https://www.faithfi.com/find)__ designation. One conference probably won’t be enough because things change over time.

__The goal is to prepare your kids to be faithful stewards of whatever is left to them. They need to understand that God owns everything, and they’re expected to manage an inheritance wisely. They’re expected to provide for their families and cheerfully give back to God. Teaching them how is the greatest inheritance you can leave them.__

You can also __[listen](https://www.faithfi.com/search?q=Talking%20Inheritance&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)__ the related podcast on this topic.

FaithFi

Articles

Boomers are on the verge of making the greatest wealth transfer in history, but is the next generation being prepared?

Talking Inheritance

Learn how to manage your money from a biblical perspective.

Christian Stewardship Network's 2022 Forum

We teach church leaders the biblical perspective on finances.

Christian Stewardship Network

<p>The Puritan poet Anne Bradstreet once wrote, <i>“Wisdom without an inheritance is better than an inheritance without wisdom.”</i></p><p>As Baby Boomers age, it’s estimated they’ll leave a tidal wave of wealth to their heirs, perhaps as much as <a href="https://www.newsweek.com/boomers-millennials-transfer-wealth-future-1795099">$68 trillion by 2030</a>. But is the next generation ready for that wealth?</p><h3>The Biblical Perspective on Inheritance </h3><p>Anne Bradstreet’s wisdom likely stemmed from Ecclesiastes 7:11-12, highlighting wisdom's value alongside an inheritance. This biblical perspective underscores the importance of preparing heirs with wealth and the wisdom to manage it.</p><h3>Current State of Wealth Transfer Preparedness</h3><p>Research indicates that while Boomers are poised to make the greatest wealth transfer in history, they may need to prepare their heirs adequately. A <a href="https://www.edwardjones.com/us-en/why-edward-jones/news-media/press-releases/great-wealth-transfer-research">study by Edward Jones </a>revealed that while 48% of Americans plan to leave an inheritance, only 27% have discussed wealth transfer with their heirs, leaving many millennials and Gen Zers unprepared.</p><h3>The Impact of Longer Lifespans on Inheritance </h3><p>Longer lifespans mean Boomers might consume more of their assets due to rising healthcare costs, potentially reducing what’s available for inheritance. This reality necessitates early and ongoing conversations about wealth transfer to set realistic expectations.</p><h3>Four Approaches to Wealth Transfer </h3><p>The <a href="https://www.edwardjones.com/us-en/why-edward-jones/news-media/press-releases/great-wealth-transfer-research">Edward Jones study</a> identified four ways Boomers might transfer wealth:</p><ol><li><strong>Traditional Giving</strong>—Assets like cash, stocks, and real estate are passed directly to children. Parents must discuss these plans with their children to ensure mutual understanding and preparation.</li><li><strong>Giving While Living</strong>—Boomers may help the younger generation by funding education, purchasing homes, or even paying for vacations. Early conversations about these financial supports can help manage expectations and alleviate concerns about future inheritance.</li><li><strong>Generational Skip</strong>—Some Boomers might transfer wealth directly to grandchildren, aiding in education or business ventures. Clear communication is vital to avoid resentment from the skipped generation and ensure a smooth wealth transfer.</li><li><strong>No Inheritance</strong>—Due to longer lifespans and increased expenses, some may find little or nothing left to inherit. Retirees are generally advised to draw down no more than 4% annually from retirement assets to preserve principal, but this might not always be feasible.</li></ol><h3>The Solution: Communication and Wisdom Transfer </h3><p>Boomers must start discussing their plans with their adult children to ensure a smooth wealth transfer. Passing on financial wisdom is crucial, preparing heirs to be faithful stewards. Family conferences, possibly facilitated by a <a href="https://www.faithfi.com/find">Certified Kingdom Advisor®</a>, can be an effective way to start these conversations and ensure ongoing communication as circumstances change.</p><p>Preparing the next generation to manage inherited wealth involves more than just transferring assets; it requires imparting the wisdom to steward those resources responsibly. By fostering open communication and providing financial education, Boomers can help their heirs honor God and manage their inheritance wisely. Teaching them that everything belongs to God and instilling values of stewardship, provision, and generosity is the greatest inheritance they can leave.</p><h3>On Today’s Program, Rob Answers Listener Questions:</h3><ul><li>I have a question about setting up a will since I have never made one. What do I need to do to set it up?</li><li>I recently became widowed and retired, with a total net worth of around $500,000, including the value of my home that I plan to sell. With an annual income of $31,000 from Social Security, I wanted advice on how much of my $500,000 I should reasonably invest in a new home, considering I also want to become a foster parent and live in the house myself.</li><li>I am asking about applying for Social Security benefits since I was informed that my job was being phased out at age 64. However, I had already earned more than the allowed amount for the year. I wanted to know if I started receiving Social Security later in the year, after August, if I would still get a check or if there is some sort of "clawback" since I exceeded the earnings limit earlier in the year.</li><li>I have a question about updating my will, which I created 20 years ago in North Carolina. Is it still valid, or do I need to change it since I now live in Florida?</li></ul><h3>Resources Mentioned:</h3><ul><li><a href="https://www.edwardjones.com/us-en/why-edward-jones/news-media/press-releases/great-wealth-transfer-research">The Great Wealth Transfer Starts with the Great Wealth Talk (Edward Jones Research Study)</a></li><li><a href="https://www.faithfi.com/rtg">Rich Toward God: A Study on the Parable of the Rich Fool</a></li><li><a href="https://www.faithfi.com/find">Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)</a></li><li><a href="https://www.faithfi.com/manage">FaithFi App</a></li></ul>
<p><p>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith &amp; Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network </a>and <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com </a>where you can join the FaithFi Community <a href="https://www.faithfi.com/give">and give </a>as we expand our outreach.</p></p>

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

The Puritan poet Anne Bradstreet once wrote, “Wisdom without an inheritance is better than an inheritance without wisdom.”

As Baby Boomers age, it’s estimated they’ll leave a tidal wave of wealth to their heirs, perhaps as much as $68 trillion by 2030. But is the next generation ready for that wealth?

The FaithFi Team is thrilled to announce the release of FaithFi 4.0! This updated version of the FaithFi app delivers a familiar yet fresh experience. We've enhanced various areas of the app for better performance and usability and have incorporated several new features, which are detailed below. If you encounter any issues or have any questions, please contact us at [support@faithfi.com](mailto:support@faithfi.com).
## Themes
You now have the option to choose between light mode, dark mode, or device-dependent mode. This new feature enhances the visibility of your data in different lighting conditions.

![](https://moneywise-app.s3.us-west-2.amazonaws.com/public/content/4.0-app/ff4-theme.png)

## 
## Income Plan Allocation
We are excited to introduce a feature that has been in high demand among our Envelope System users: the Income Plan Allocation feature. This innovative tool gives you the ability to seamlessly create all your expense envelope plans connected to a specific source of income.

In the past, users had to match the dates of their income and expense envelopes, which was a manual and time-consuming process. Now, with the new Income Plan Allocation feature, you can create all your plans in one centralized location. This streamlines the process and ensures you do not over-allocate money to your expense envelopes.

To learn more about the Income Plan Allocation feature, check out the help document [here](https://support.faithfi.com/hc/en-us/articles/23456001322135-Income-Plan-Allocation).

![](https://moneywise-app.s3.us-west-2.amazonaws.com/public/content/4.0-app/ff4-plan.png)

## 
## New Reports
Many of our users have been asking for expanded reporting capabilities, and we’re pleased to announce the addition of two new reports and some enhancements to existing reports. Reporting is an area we will continue to improve upon, but we hope you find the latest reports to be helpful.

![](https://moneywise-app.s3.us-west-2.amazonaws.com/public/content/4.0-app/ff4-reports.png)

Plan Report
The new plan report provides an analysis of your plan both in aggregate and on a monthly basis, while also comparing it to your actual spending. This report is useful for determining potential adjustments to your plan, or for comparing your spending habits with your long-term planning.
Envelope Balance Report
The Envelope Balance Report allows you to see the balance of your envelopes at any point in time. This report makes it easy to analyze your envelope balances and make decisions on how you’re allocating funds and spending throughout the month.
## 
## New Account Reconciliation
We are so excited to announce the new account reconciliation feature! This feature makes it easy to ensure your data in FaithFi is aligned with your bank records so you can be confident with the decisions you need to make.

You may be asking, “what is a reconciliation?” It’s a common term used in finance to perform a comparison of data between systems that helps ensure the data is in alignment. For instance, if FaithFi shows a balance of $1,000 but your bank has a balance of $950, reconciling (aka comparing) these accounts will show a variance of $50 that needs to be addressed. Maybe a transaction is missing, or you accidentally deleted a transaction? The reconciliation feature will help you identify and fix any data inconsistencies between FaithFi and your bank accounts.

To learn more about the Account Reconciliation feature, check out the help document [here](https://support.faithfi.com/hc/en-us/articles/13814312796311-Reconciling-Accounts).

![](https://moneywise-app.s3.us-west-2.amazonaws.com/public/content/4.0-app/ff4-reconciliation.png)

## 
## Manual Account Color
Historically, all manual account cards were a dark green color. Now, you have the ability to change the color of your manual accounts to anything you’d like!

![](https://moneywise-app.s3.us-west-2.amazonaws.com/public/content/4.0-app/ff4-colors.png)

## 
## Updated Forms
The all-new forms in the app and the side panel forms in the web app make for a more enjoyable experience to view and update your transactions and other information. The buttons of the forms have moved from the top of the form to the bottom of the form for easier click-ability on mobile devices.
## 
## Transaction Filters
New filters have been added to the Transaction tab to make it easier to find the transactions you are looking for.

## More to Come!
The FaithFi team is continuing to work on new features to help you better steward the resources God has entrusted to you. If you have ideas or suggestions, we'd love to hear from you. Simply email us at [support@faithfi.com](mailto:support@faithfi.com).

FatihFi App

Learn about the latest features, tips and tricks for using the MoneyWise app!

Blog

Learn about the new features available in FaithFi 4.0.

FaithFi 4.0 Available Now!

MoneyWise Pro offers a feature that allows you to restore recently deleted transactions that you would like to have back in the system. Please note that this feature is only available for connected account transactions. Manual account transactions that are deleted cannot be restored, but they can be added again manually if they are deleted accidentally.

This feature is available on both the web and the mobile MoneyWise apps. If you recently deleted transactions that you would like to restore to the system, follow these steps:

1. Go to the Transactions tab, and click "Preferences."

2. Click the arrow at the top beside "Recently Deleted Transactions."

3. Click on the transaction(s) you want to restore, and at the bottom of the form click "Restore."

The deleted transactions should be returned to your Transactions list.

If you have any questions about this feature or if you need assistance with the MoneyWise app, please feel free to contact us at [support@moneywise.org](mailto:support@moneywise.org).

Transactions

Restoring Deleted Transactions

### The MoneyWise app has three system-type options for managing your finances.
This article will help you decide which option is best for your situation.
1. Track Only—simply track your income and expenses into specific categories (food, automobile, housing, and so on), run reports, and analyze income and spending throughout the course of a month.
2. Monthly Spending Plan—set up a spending plan for a specific month and track against it.
3. Envelope—resembles the cash envelope system and is the MoneyWise-recommended solution to managing money.
We provide you with three unique system types because we recognize that everyone’s money management needs are unique. We want to meet you where you are on your financial journey. One great thing about these system types is that you can move between any of these systems at any time. Regardless of which system you decide to work with initially, if you decide at any time that you want to try a different type, we make it very simple for you to do that. You aren’t locked into any system type.

Let’s discuss the three system types.

__Track-Only__
This is an easy way to organize your income and expenses into categories. This method allows you to have all of your accounts connected (if you’re a MoneyWise Pro user) or create as many manual accounts as you would like, to track across your entire finances. You can have all of your accounts in one place and organize them into specific categories.

📷

The Track-Only option is best if:

4. You are just getting started managing money. Maybe you haven’t yet learned how to put together a budget or track your expenses. This option is a great place to start.
5. You have struggled to use a budgeting app or money management system in the past. If you’ve tried other apps, Excel spreadsheets, a paper and pencil budget, a cash envelope system, or any other system and you’ve struggled to stick with it, the Track-Only system is a great way to get re-introduced to budgeting and to establish really good habits and behaviors that are essential to being a good steward.
6. You need a really simple system to stay on top of your finances. If you aren’t looking for a sophisticated budget or advanced features and functionalities but you need a simple tracking application where all of your accounts can be seen in one place and your spending and income are consolidated into a single report, the Track-Only solution is for you.

The Track-Only system is the most simplistic, the easiest to set up, and the easiest to maintain.

__Monthly Spending Plan__

This extends the Track-Only functionalities because you’re still tracking your income and expenses, but we’ve added an additional layer. With this option, you’re able to create a monthly spending plan and track against it. The spending plan is for a specific calendar month. If you’re in the month of March, your spending plan represents the entire calendar month of March.

📷

Your plan will automatically carry forward to future months, so when April arrives, it will use your March spending plan as a baseline to create your April spending plan. You can modify your April spending plan as you see fit, but it will use the previous month’s spending plan to move forward into the next month, giving you a great baseline from which to work.

When you move from one month to the next, the tracking will reset. For example, if you allocate $400 per month for groceries and you end the month of March with $50 left in groceries, the full amount will reset and you will have the entire $400 available to you for groceries in April.

The Monthly Spending Plan option is great if:

7. You are familiar with Mint or Everydollar systems, and you want to use something similar. These systems are focused on a calendar month, and they reset the tracking each month. You can go back and look at your history through reports, but the spending plan is aligned with a specific calendar month and balances in your categories do not carry over from month to month.
8. You’ve been using a monthly budget to track against, either in Excel or on paper. Typically with a spreadsheet, you have a plan and you’re tracking how much you’re spending in that calendar month. More than likely, you’re starting that over with each new month.
9. You want more guidance and structure around how you’re using your resources, compared to Track Only.

__Envelope System__

This is our recommended system because it is inspired by the traditional cash envelope system of budgeting. In that system, you basically have a pile of cash that you use to fund physical envelopes, on which you write “groceries,” or “restaurants,” or “entertainment” or “fuel.” You would then put actual paper money into each of those envelopes until you have distributed the cash that is available.

📷

In the MoneyWise app, the idea of taking a lump sum of money and assigning it into envelopes has been translated into a digital format. In this system, you use the money that is available in your bank balance to distribute the funds into your envelopes. The amount in your envelopes is always reconciled back to your bank balances, so it’s great for managing cash flow (the money that is coming in and going out of your possession).

Another great feature of the digital Envelope System is that it allows you to accumulate balances in your envelopes over time. For example, if you have $50 left in groceries at the end of a month, that money stays in your envelope, in addition to the new month’s allocation. This is helpful if you are trying to accumulate funds in certain envelopes.

An example of when this feature might be helpful is if you are accumulating funds for a semi-annual or annual expense, like an insurance payment or an HOA bill or a vacation. If you’re looking to accumulate money in a category until you’re ready to use it, the Envelope System will be the best for you.

The Envelope System is great if:

10. You want to use a system similar to YNAB, Mvelopes, Money Matters, or any other envelope software. MoneyWise is a little bit different from these others, but once you understand it, we believe you will be pleased with how it functions and how easy it is to use.
11. You have been using or you are familiar with the cash envelope system of funding envelopes, waiting to spend until you have more money in an envelope, or transferring money between envelopes.
12. You want to accumulate balances in your envelopes over time (set funds aside month after month to save for certain expenses).

__Setting Up Your System in the App:__

When you go into the app, you will be shown the three options described above: Envelope System, Monthly Budget, and Track Only.

📷

If you choose one option and later decide to change it, click the three dots in the upper right hand corner of the page, then click “System Type,” and change it to your desired system. Different features and functionalities will be available on your screen, depending on which system you choose.

If you have questions about which system would work best for your situation, feel free to email us at [support@moneywise.org](mailto:support@moneywise.org), and we will be happy to assist you.

Getting Started

Selecting a System Type

![](https://d3tx9c47jiilf8.cloudfront.net/public/content/moneywise-appgoals-appblog.png)


Many of you have asked about creating goals in the MoneyWise app and now you can!

With goals you can better monitor the progress you are making, whether that be for a specific envelope or account. This new feature also includes critical goal setting capabilities such as a purpose statement for the goal as well as the ability to set milestones. Let's dive into what these goal features include!

__1. Envelope Goals:__ Set up goals for specific envelopes. Whether you are looking to accumulate a certain amount of funds in an envelope or monitor your envelope spending over time, setting up envelope goals will allow you to clearly see if you are making progress in a specific category.

__2. Account Goals:__ Create goals for specific accounts and easily track your progress. Whether you are looking to increase a savings account balance, pay off a credit card or other debts, or monitor your investment account goals. Account goals are a great way to see if you making progress within your specific accounts.

__3. Goal Purpose Statements:__ Define a purpose statement for each goal. It's critically important to know why you have a goal. For instance, if your goal is to pay off a credit card, ask yourself why you want to pay it off and write it on the goal. Your "why" helps provide clarity and purpose. You don't just want to "pay off your credit card", you want to pay it off so that you can... "__have more money to give", "relieve some financial stress and pressure",__ "__have more margin and build savings"__...

__4. Milestones:__ Easily break your goal down into milestones by defining the amount you want to have reached by a specific date. Milestones will help you see if you're on track or if changes are necessary to reach the end goal. Use milestones to help celebrate the progress you are making towards your goal!

Want to get started setting financial goals? [Sign up](https://app.moneywise.org/signup/) or [log in](https://app.moneywise.org/login/) to your MoneyWise account today and upgrade to MoneyWise Pro to get started!

We hope you enjoy the all new goals feature and that it's a useful tool to help you better steward the resources God has entrusted to you. If you have questions or run into problems contact us at [support@moneywise.org](mailto:support@moneywise.org) and we'd be delighted to help. Happy goal setting!

Check out the all new goals feature in the MoneyWise App!

New Goals Feature!

Chad Clark

The MoneyWise App is a great way to plan and track your Christmas spending this year! We’ve outlined how you can use the MoneyWise App to help you avoid overspending and help you overcome the financial stress and anxiety associated with this season.
## __Create your Christmas Envelopes__
If you aren’t already a MoneyWise Pro user you’ll first want to start your 14-day free trial of MoneyWise Pro. MoneyWise Pro allows you to create unlimited custom envelope groups and envelopes and it also allows you to connect to your bank accounts for automatic imports of your transactions.

Next, you’ll want to create up your envelope groups and envelopes:
1. Create a new envelope group titled “Christmas”
2. Create envelopes for each Christmas category. Some category ideas include gifts, decorations, events, charity, travel, and/or meals. And no, we won’t judge you if you have a category dedicated to eggnog (ok, maybe a little).

*__Tip:__ If you’re detail oriented you may want to create a gift envelope for each person you are purchasing gifts for. If you tend to be more directional (aka less detailed) a single envelope labeled “Gifts” or “Christmas Gifts” will do.*
## __Set Up Your Christmas Spending Plan__
Once you have your Christmas envelopes created the next step is to determine how much to allocate to each envelope by creating a spending plan for each envelope (aka budget). If you are using the track only system of the MoneyWise app you can skip to “Track your Christmas Spending” section below.

To create a plan for each envelope:
3. Go to the Plan tab
4. Click on an envelope you want to create a Plan for
5. Click the + Plan button
6. Enter in the amount, date, and frequency
7. If you are using the Envelope System you can toggle on “Auto Fund” to automatically add those funds to your envelopes based on the date and frequency you select.

Ideally you will cover all your Christmas spending with money you will earn in December plus any money in your checking or savings accounts that won’t be used for regular monthly spending (rent/mortgage, utilities, groceries, …). In fact, we highly encourage you to only spend money you actually have.

However, we recognize you may need to use a credit card to cover some expenses that you’ll need to pay for later. The key is to ensure you have a plan in place to pay off any credit card balances as quickly as possible. If you need help with this we have MoneyWise Coaches that would be happy to assist!
## __Track Your Christmas Spending__
The MoneyWise app is a great way to organize and track your Christmas spending.

Here’s how to track your spending and keep your transactions organized this Christmas season:

8. When transactions import into your MoneyWise app (or if you enter them in manually)  you will want to assign them to the appropriate envelopes.
9. Add a memo to the transaction if you want to remember what the transaction was for, because let’s be honest you likely won’t remember what you bought for $22.54 at Target on December 2nd.
10. If a transaction is made up of multiple items that belong to multiple envelopes, simply split it by clicking the split icon next to the envelope drop down.
11. Keep tabs on how much you are spending in each of your envelopes and adjust your spending accordingly.

*__Warning__: Don’t be surprised how quickly Christmas expenses add up.*

If you have any questions or need help, reach out to us at [support@moneywise.org](mailto:support@moneywise.org)or join one of our upcoming webinars.

Learn how to use the MoneyWise app to plan and track your Christmas spending.

How To Create a Christmas Spending Plan

# New Design
The all new MoneyWise brand is on full display in this newest update. The cleaner design with a primarily green color palette creates a great  experience throughout the app.


![](https://moneywise-cms.s3.us-west-2.amazonaws.com/mw_3_devices.png)

# Three System Options
The biggest new feature in this release is the ability to choose how you want to manage money in the MoneyWise app. It now offers three money management systems - Envelope System, Monthly Spending Plan, and Track Only. Regardless of how you want to manage money, one of these three systems will be the right fit for you. The best part is you can seamlessly switch between system types until you find the one you like best. To do this, simply click on the Options button from the Plan tab, then select "System Type".

![](https://moneywise-cms.s3.us-west-2.amazonaws.com/3systems.png)

1. Envelope System - This tried and true system uses your actual bank balances to allocate funds to different digital envelopes. With the ability to accumulate funds month after month in an envelope, this system is the recommended solution by MoneyWise, but it does require the most time to manage and maintain.
2. Monthly Spending Plan - The ability to create a monthly budget and track against it is a great way to steward your finances. Your budget resets each month, similar to other apps like Mint or EveryDollar. 
3. Track Only- The simplest of the three options, track only allows you to categorize your income and expenses so you can better understand how you are using your money. This system is a great option if you are just wanting to stay organized and become more aware of your financial decisions.

# New Reports 🎉
The addition of a Cash Flow Report and an Income Report as well as enhancements to the Expense Report help you clearly understand your transaction history. You can now customize the date range of the reports and you can export your transaction details to a CSV for further analysis from the web app ([https://app.moneywise.org](https://app.moneywise.org)).
# Connected Account Placeholders
Placeholders are specicially designed to keep your connected accounts up to date in the event of delayed imports and can be added to any connected account. These transactions are labled as "Placeholders" so you can clearly differentiate them from transactions that are imported from your bank accounts.  

When you add a placeholder to a connected account *with the exact date and amount of the transaction on your bank statement*, the app will automatically match the placeholder to the incoming transaction ensuring it gets assigned to the appropriate envelope. 
# More Control Over Accounts 💳
4. The ability to rename connected accounts allows you to better differentiate your accounts and add your own personal touch.
5. Connected accounts now provide additional information on the account such as the current balance, available balance, balance limit, and credit utilization percentage for credit cards.
6. Alerts on Home Screen notifying you when a connected account needs to be reconnected or requires your attention.
# Envelope Transfer Improvements 🔁
Improvements to transfers between envelopes allow you to  easily edit the transfer and also provides clarity around which envelope(s) were invovled in the transfer.
# Rebalance Envelopes ⚖️
The ability to rebalance envelopes is a helpful feature for the envelope system, allowing you to set all your envelope balances to zero. This feature automatically moves funds between envelopes without impacting the envelope's history - it simply adds a new funding item in each envelope to adjust the balance to zero. Once the envelopes are rebalanced, your available for funding will match your bank accounts so you can begin to redistribute those funds to your envelopes.
# New Support Features
When you reach out to MoneyWise support you can now keep track of and respond to your support requests directly through the app and web app by clicking on "Support". You can respond to your support requests directly through the app/web app or by replying to the email you will receive from support.

Additionally, Pro users can now schedule a 30 minute one-on-one appointment with a MoneyWise Coach who is trained to help answer your questions about the MoneyWise app or any other financial questions you may have.
# And More
7. Compatible with iOS 15. 
8. Improved navigation and fuctionality throughout the web app.
9. Search capability added to Learn tab to help you easily find resources.
10. Bug fixes and several improvements under the hood.

MoneyWise 3.0 brings an all new design, multiple management options, and so much more!

MoneyWise 3.0 Available Now!

### 

# Article Sections:

How Credit Cards Work in the MoneyWise App __(Pro)__

I Have Two Credit Card Payment Transactions; What Should I Do?

Why Does My Credit Card Envelope Show a Negative Balance?

What if I Make a Big Purchase on My Credit Card That I Plan to Pay Off Over Time?

How do I Track Credit Card Transactions Manually?


## 
# How Credit Cards Work in the MoneyWise App

From a financial perspective, credit cards are a liability (debt) account. This means when you make a purchase on your credit card you technically won’t pay for it until you pay your credit card bill. This requires some special accounting treatment to make sure things are reconciled correctly in the MoneyWise app.

Additionally, we recommend using credit cards only if you are able to pay them off in full every month. If you are trying to pay off your credit cards, we still encourage you to connect them to the MoneyWise app, but we suggest that you not use them to make any new purchases until they are fully paid off.

## Here’s how it works:

When you connect a credit card to the MoneyWise app, an envelope for that credit card will automatically be created for you. For instance, if you connect your Wells Fargo credit card you will see a "Wells Fargo Credit Card’’ envelope appear under the Debt envelope group on your Envelopes & Plan screens.

When you make a purchase on your Wells Fargo credit card, the transaction will affect two envelopes in the MoneyWise app--the envelope you categorize the transaction into and the Wells Fargo Credit Card envelope.

__Here is an example:__ You spend $100 at the grocery store on your Wells Fargo credit card. When you see the transaction in the app, you assign it to your "Groceries" envelope. When you do this, the app will automatically increase the Wells Fargo credit card’s envelope by $100.

So now your “Groceries” envelope has $100 less, but your credit card envelope has $100 more.

Essentially, the app transferred the $100 from your “Groceries” envelope to the credit card envelope to ensure you have the money set aside when it comes time to pay your credit card bill.

The key point in this example is that the app does most of the work for you, so try not to overthink it. To put it simply, there is only one step you need to take when you see a credit card transaction: Categorize the transaction into the envelope that corresponds to the purchase and the app will take care of the rest.
## 
# I Have Two Credit Card Payment Transactions; What Should I Do?

If you pay the bill of a connected credit card with a checking account that’s also connected to the MoneyWise app, you will see two credit card payment transactions in the app.

One transaction will be in your checking account (a negative transaction) and the other will be in your credit card account (a positive transaction). These two transactions should be for the same amount with opposite signs, which means they offset one another.

Simply assign both payment transactions to the appropriate credit card's envelope and you are good to go!

By assigning your payments to the credit card envelope, you are indicating that the payment has been made. Your credit card transactions should have already been allocated to the appropriate envelopes (i.e., Groceries, Restaurants, and so on) throughout the month. Recording the payment(s) in the appropriate credit card's envelope allows the system to properly "balance" out.

# Why Does My Credit Card Envelope Show a Negative Balance?

Your credit card envelope may show a negative balance when you make a payment toward the credit card that was greater than the amount of funding you had in that envelope. This situation is most common when you first set up your credit card in the app and make a payment toward the credit card.

To balance it out, create a "One Time" fund in the credit card’s envelope equal to the credit card’s negative balance.

__For example:__ If your "Wells Fargo Credit Card" has a negative balance of $580, fund that envelope with $580 to balance it to $0.

__Please note:__ You may have to do this more than once, until the MoneyWise app includes all the transactions on your monthly credit card billing.

# What if I Make a Big Purchase on My Credit Card That I Plan to Pay Off Over Time?

If you aren’t able to pay off the purchase with the money you have available, we strongly encourage you to consider postponing the purchase until you do have enough money to pay for it in full. However, we completely understand that sometimes that is not possible (especially if it is an emergency).

If you are considering making a big purchase you don’t have the cash for, please consider posting a question in the Community. Other members can help think through possible solutions to avoid adding credit card debt.

If you make a purchase on your credit card and plan to pay it off over time, treat it like any other credit card transaction and assign it to the appropriate envelope. The difference is that it will make the envelope’s balance negative. The balance will remain in the negative until you are able to add enough funds over time to get it back to positive.

__Here’s an example:__ You put a $1,000 medical bill on your credit card. You assign the $1,000 transaction to your "Medical" envelope, which has only $500 available in it. $500 - $1,000 means your "Medical" envelope now has a -$500 balance. Moving forward, you will need to allocate funds to your "Medical" envelope until you are able to get the envelope back to at least $0.

# How do I Track Credit Card Transactions Manually?

In order to track your card manually you must first create a credit card account:

1. Go to the Accounts tab.
2. Click "+Manual Account" (web app) or "Manual" (mobile app) to create a manual account.
3. Add the credit card name, current balance, and select "Credit Card" as the account type.

Once you create the credit card account, an envelope tied to that account will automatically be created for you under the "Debt" grouping on your Envelopes and Plan tabs. When you make purchases with the credit card, simply create transactions and assign them to the appropriate envelopes (i.e., Groceries, Restaurants, and so on). Then the app will move funds from the assigned envelope into your credit card envelope, indicating the purchase was made but you have not yet "paid" for the transaction (which happens when you pay the credit card bill). Go back to the "How Credit Cards Work in the MoneyWise App" section of this guide to learn more.

When you pay your credit card, it will result in two transactions. One transaction will be a withdrawal from your checking account. The other will be a deposit transaction to your credit card envelope. These two offsetting transactions will both need to be assigned to the credit card's envelope. To check if this is done correctly, your credit card envelope balance should match the credit card's account balance.

Accounts

How Credit Cards Work in the MoneyWise App

## What is the MoneyWise Pro Group Subscription?

It's the easiest way to pay for multiple licenses to MoneyWise Pro. This option is perfect for anyone looking to gift MoneyWise Pro to others in order to aid in their stewardship journey.

## How do I purchase a Group Subscription?

1. Login to your MoneyWise account here: [https://app.moneywise.org/login/](https://app.moneywise.org/login/) . If you don't have a MoneyWise account, you can create a free account [here](https://app.moneywise.org/signup/).
2. Once logged in click [here](https://app.moneywise.org/givepro/).
3. Select the maximum number of times you'd like your subscription code to be redeemed, enter your credit card details and click "Purchase." *
4. Once you have purchased the code, click the button that says EDIT, which will allow you to create a custom redemption code and edit your max limit. Click SAVE to save your changes.
5. Provide your custom redemption code to anyone you'd like to gift MoneyWise Pro to.

'*' __Note: Group subscriptions start at $30/month, which includes 5 subscriptions. Each redeemed subscription above 5 will be charged at a rate of $6/mo. For instance, if you have a max limit of 10 and 7 people have redeemed the code, you will be charged $42/mo, (7 subscriptions). Once the max limit has been reached the group subscription code will no longer be valid unless the max limit is increased.__
## 
## Is there a discount for purchasing a group subscription?

Yes! By purchasing a redemption code the cost per subscription is only $6/month. If more than 20 codes are redeemed all subscriptions will be billed at $5/month.

## Can I limit the number of times a code is redeemed?

Yes. You have to specify the maximum times the code can be redeemed. This helps ensure your code does not get used more times than intended. You will be billed a minimum of 5 subscriptions, regardless of how many are actually redeemed. After 5 subscriptions have been redeemed you will be billed only for active subscriptions up to your maximum limit.

For example, if you set your redemption limit to 10, but only 7 people have redeemed the code, you will only be billed for 7 users.

## Can I use the redemption code for my own subscription?

Absolutely! You can use your subscription code for your own MoneyWise Pro subscription by simply using the same redemption code. You are not automatically given MoneyWise Pro and will need to use your code to upgrade your account.

## Can the people on a gifted subscription see each others' information?

No. By gifting a subscription you will simply be billed for the number of active subscriptions tied to your redemption code each month. Nobody using that code can access or see any other user's information.

## When will I be billed?

You will be billed at the end of each billing cycle for the number of active redemption codes over the previous 30 days.

If you have any questions or problems, please contact us at [support@moneywise.org](mailto:support@moneywise.org).

FAQs

Give MoneyWise Pro

# Overview

There's a lot you can do with the MoneyWise app. Here are three simple steps to help you get started.

# Step 1: Create Accounts

There are two types of accounts in the MoneyWise app - manual and connected. Manual accounts require you to manually input the account balance and track your expenses. Connected accounts are securely connected to your actual bank account and automatically import your balances and transactions. Connected accounts are only available in MoneyWise Pro, which you can try free for 14 days.

## Manual Accounts

Manual accounts require you to manually input the account balance and track your expenses. If you decide to use the Basic version of MoneyWise, we recommend creating accounts that align with your actual bank accounts. This will help you quickly identify discrepancies between the MoneyWise app and your checking account. For instance, if the MoneyWise app shows your checking account balance as $1,000 but when you log into your banking account it is $800, you know there is a disconnect and you can begin to look for missing transactions or any other errors.

![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_a05e2da9c1.gif)
### How to set up Manual Accounts

1. From the Home screen slide the top menu to the left and select the Accounts tab.
2. Choose the option for “Manual.”
3. Give your account a name. For example, “Cash” or “Chase Checking.”
4. Add the current dollar amount of your account’s balance.
5. Choose the appropriate Account Type.
6. Select “Save.” Your account will be created.
#### 
## Connected Accounts

Connected accounts securely connect to your actual bank account(s), which automatically imports your balances and transactions. These types of accounts are only available in MoneyWise Pro, which you can try free for 14 days.

![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_dfd53b051c.gif)

### How to set up Connected Accounts (Pro Only)

7. From the Home screen slide the top menu to the left and select the Accounts tab.
8. Choose the option for “Connect.”
9. Select “Get Started” on the screen introducing Plaid.
10. Search for your financial institution and select it.
11. Login to your bank account and follow the prompts.
12. Select the account(s) you want to connect to MoneyWise.
13. If you are having problems connecting to your institution or if you cannot locate your institution please email us at [support@moneywise.org](mailto:support@moneywise.org).

__Note: Capital One does not currently support connections made via Plaid. Please contact Capital One to request this functionality be restored.__

# Step 2: Create & Fund Envelopes

Once you've created your accounts, either manually or by connecting them to your bank, it's now time to start allocating money from your accounts into your envelopes.

## Creating Envelopes

From the Home screen, navigate to the Envelopes tab at the top of the screen. You'll see we have given you some commonly used envelopes to get started, but you can easily add or delete envelopes to make the app fit your needs.

### How to create new envelopes and envelope groups

To add new envelopes simply click on the "+ Envelope" button on the bottom left corner of each envelope group. To add new envelope groups, scroll to the bottom of the Envelopes or Plan screen and click "+ New Envelope Group"

![](https://moneywise-cms.s3.us-west-2.amazonaws.com/Create_Envelopes_d6152afc41.png)
## 
## Funding Envelopes

Your envelopes are essentially "sub accounts" that allow you to split a larger sum of money into smaller pieces. You won't be moving actual money from your accounts into the envelopes; it's simply an accounting exercise to show you how you would like to use the money in your "Available for Funding" to fund your envelopes.

### How to fund envelopes

There are two ways to fund your envelopes. On the main Envelopes screen, simply swipe the envelope you want to fund to the right and click the Fund button. The other option is to click on the envelope and you will see a grey button that says Fund in the middle left side of the screen.

__Quick Fund:__ To quickly fund your envelopes simply click and drag the envelope to the left.


![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_5c97d038c4.gif)

__Fund Your Envelopes:__ To fund your envelopes, click on the Envelope name, then click "Fund" and complete the form with the funding amount, the date you would like it to fund, and the frequency. If you are a Pro user you can actually schedule the this envelope to fund automatically so you never have to worry about funding your envelopes again!


![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_e175330332.gif)

### What if I don't have enough money in "available for funding" to fund all my envelopes?

It’s okay if you can’t fund all of your envelopes right away. Be sure to fund the most important envelopes with the money you do have and as soon as you get more money in your accounts you’ll be able to fund more envelopes.__*It may take some time to get all your envelopes funded, so be patient and stick with it!*__

### How to adjust an envelope's funding

As you start to use your envelopes you will realize you either have too much or too little money in an envelope. If you run across this scenario you can either:

14. Transfer money between envelopes by taking some of the money in one envelope and transferring it to another envelope.
15. Fund the envelope with money in "Available for Funding."
16. Edit a previously created funding item by adjusting the amount either up or down.
# 
# Step 3: Categorize Transactions

### How to Assign Imported Transactions

If you are a MoneyWise Pro user, you can connect your bank accounts for automatic transaction imports. We'll even let you know when you have unassigned transactions and will remember where you assign them so they will be automatically categorized for you in the future! It's pretty awesome- and we even give you the flexibility to tell us which transactions you don't want us automatically assigning to envelopes.

__Quick Assign Transactions:__ Click and hold the transaction to enable a menu of envelopes, then click on the appropriate envelope to categorize the transaction.


![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_adb0c9939a.gif)

__Assign Transactions:__ Click on the transaction, then select the appropriate envelope to categorize the transaction. You can also modify the date and description. You __can't__ delete transactions or modify the amounts of transactions imported from your connected accounts. Doing so would cause major problems with the accuracy of the accounting.


![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_62f671b689.gif)


If you are a MoneyWise Basic user, you will need to manually track your transactions (see below). We figure this is a good time to let you know you can try __MoneyWise Pro for 14 days free__ and see how much easier things are when the app does the work for you 😁

### How to Manually Track Transactions

Tracking transactions manually is an option for Basic or Pro app users. To add a transaction manually, follow these steps:

#### Create Manual Transactions from an Envelope


![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_8c5c9148f5.gif)


17. Go to the envelope that you want to use to organize the transaction.
18. Select the "+" option in the "Activity" section.
19. Give the transaction a name, enter the dollar amount, select if it's an income or expense and the appropriate account.
20. Save the transaction.
#### 
#### Create Manual Transactions from an Account


![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_30e28aa457.gif)

21. Select the account the transaction was made with (ie., checking, cash, etc.).
22. Select the "+" to the right of the title "Transactions."
23. Give the transaction a name, enter the dollar amount, select if it's an income or expense and the appropriate envelope.
24. Save the transaction.
# 
# What's Next?

Congratulations on making it this far! Once you've mastered the three steps above, it's time to get to work on your Plan, which helps you plan out how you want to fund your envelopes throughout the month. Creating your Plan is a big deal and deserves its own guide, which you can find here: [Create & Use Plans](https://app.moneywise.org/guide/creating-using-plans-2800).

Quick Start Guide

## What is the "Envelope System" of Money Management?

The MoneyWise app uses an envelope style of money management.

A traditional envelope system works by withdrawing cash from your bank and "funding," or physically putting dollar bills into labeled envelopes (i.e., Groceries, Rent, Movies, etc.). When you need to buy something, you take cash out of the appropriate envelope to make the purchase.

When you run out of cash in an envelope, you have to wait to make a purchase in that category until it has money available. You can replenish your envelopes either by withdrawing more cash from your checking account or by transferring funds from one envelope to another.

This method is very successful in helping you become more aware of your spending habits and ensures that you never spend more money than you actually have on hand.

## How Do Envelopes Work in the MoneyWise App?

The "envelope system" of money management works in the MoneyWise app by totalling the money in your account(s) and allowing you to allocate it into digital envelopes of your choosing.

We gave you some commonly used envelopes to get started, but you can easily add or delete envelopes to fit your needs.

__Basic Users:__ You can add additional envelopes or envelope groups from the list of provided options. Select "+ Envelope" or "+Envelope Group" to do so.

__Pro Users:__ You can create new custom envelopes by selecting "+ Envelope" below each envelope category. Then you can name the envelope anything you’d like. You can also create custom envelope categories. To do this in the mobile app, scroll to the bottom of your Envelopes screen and select "+ New Envelope Group." If you're using the web app, click "+Envelope Group" at the top right of the Envelopes page.

## Editing the Envelope Name

In order to change an envelope name:

1. Click on the envelope you would like to rename.
2. Click the menu (three dots) in the upper right corner of the Screen.
3. Select Edit.
4. Change the Envelope Name or Envelope Group and click Save.


## Funding Your Envelopes

You need to have at least one account created in order for this system to work. Once you have an account, you will see an "available for funding" amount. This amount will adjust as you fund your envelopes.

For instance, if you have $500 in your checking account and you only fund your grocery envelope with $100, you will have $400 available for funding other envelopes ($500-$100=$400).

If you have questions about how the math works, click the "i" next to "available for funding" on the Envelope Balances screen to see exactly how it's calculated.

If you don’t know the exact amount you should fund into each envelope, make an estimate based on what you think you will need to spend. You’ll likely end up adjusting your envelope’s funding as time goes on, so don’t get hung up trying to get it “perfect” as you get started.

### What if I Can’t Fund all of the Envelopes with my Available Money?

It’s okay if you can’t fund all of your envelopes right away. Your “available for funding” shows you the cash you have in your accounts right now. You can fund envelopes only with the money you actually have.

As soon as you get more money in your accounts, you’ll be able to fund more envelopes. It may take some time to fund all your envelopes, so be patient and stick with it!

### The Envelopes Screen

The Envelopes screen simply shows you what you have left to spend in each envelope. It takes the amount you have funded into the envelope and subtracts any transaction amounts from it. This happens when you make a purchase and assign the transaction to the appropriate envelope. The envelope's balance will change accordingly.

## Tips for Managing Your Envelopes

- Tap the $0.00 to add funds quickly to your envelope.
- “Long press,” or tap and hold, the envelope to quickly access a menu of options.
- Click the name of an envelope to view the activity (funding and transactions) in that specific envelope.
- Transfer funds from one envelope to another using the "Transfer" option.
- Archive or Delete envelopes in the mobile app by swiping the envelope to the left. In the web app, you can archive or delete an envelope by clicking on the envelope then clicking the three dots in the upper right corner. Envelopes must have a balance of $0 in order to be archived or deleted, so you will need to transfer any funds in those envelopes to other envelopes before you archive or delete them. Archived categories will retain the funding and transaction history of that envelope, which you can view or add back to your envelope list at any time.
- Access your archived envelopes by clicking the three dots in the top-right corner of the Envelopes tab.

If you have questions about creating or managing your envelopes, please contact us at [support@moneywise.org](mailto:support@moneywise.org) and we will be happy to help you.

Envelopes

Creating & Managing Your Envelopes

## How to Track Transactions Manually in the MoneyWise App

Tracking transactions manually is an option for Basic or Pro app users. To add a transaction manually, follow these steps:

1. Go to the envelope that you want to use to organize the transaction.
2. If you're using the web app, select the "+ Transaction" option from the row of buttons at the top. In the mobile app, click "Activity +" above the list of transactions. This will bring up a screen to allow you to enter a new transaction.
3. Give the transaction a name, enter the dollar amount, select if it's a deposit or a withdrawal and choose the account to which the transaction should be allocated.
4. Save the transaction. This will add the transaction to the envelope.

You can also add transactions from the Accounts screen. You will follow the same steps with the addition of selecting an envelope to categorize the transaction.

## What Transactions Will I See in the MoneyWise App?

__Basic Users:__ You will see only the transactions that you track manually in the MoneyWise app.

__Pro Users:__ The MoneyWise App will process any transactions made from your active connected accounts. This includes transactions from checking accounts, savings accounts, and credit cards.

If you don't want to see transactions from a certain account or credit card, you can turn the account "inactive" from the bank's settings screen. You can access this by clicking on the Account, clicking the three dots in the top right corner, and moving the toggle beside "Active" to off.

## When Will Transactions Appear?

__Pro Users:__ As soon as you connect an account, you'll see a few of your recent transactions in the Transactions screen on the MoneyWise app. Any future transactions you make will also appear in the app within 24 hours of your bank registering the transaction.

The MoneyWise app only pulls in the initial transactions from the day you connected your account and any new transaction moving forward. You can't pull in past transactions from before the account was connected.

## How Do I Manage Unassigned Transactions?

__Pro Users:__ When transactions come through, they'll initially be marked as "unassigned." You’ll need to assign these transactions to the appropriate envelope. You can easily do so by tapping, or long pressing, on the transaction and choosing the best envelope.

Once you assign a transaction to an envelope, you will be able to see it in that envelope's activity screen.

If you mis-categorize a transaction, you can tap or long press the transaction to recategorize it.

## What if I Need to Split a Transaction Into Multiple Envelopes?

__Pro Users:__ It's easy to split transactions into multiple envelopes in the MoneyWise app. To do so, simply follow these steps:

5. Tap on the transaction you would like to split, and select the "split" icon.
6. Choose two or more categories to split the transaction amount between. You can specify the exact amount of money you want to allocate into each envelope.
## 
## Can the MoneyWise App Auto-Categorize Transactions?

__Pro Users__: The MoneyWise app can automatically categorize your transactions if you wish. However, there are a couple of caveats. Some retailers use unique codes for each credit card transaction, rather than a standard transaction code for all purchases at that retailer.

When this happens, the app isn't able to distinguish that two transactions should be categorized in the same way. This is a retailer specific instance and not something we are able to change in the MoneyWise app. However, since many retailers don't use that logic, you can still auto-categorize the bulk of your transactions if you'd like.

You are able to set your preference for auto-categorization from the app's settings options.

7. Go to the "Transactions" tab.
8. Choose "Preferences."
9. If you want to stop all auto-categorization, you can toggle the "Automatically Categorize" option off at the top of the screen.
10. If you want to manually categorize certain transactions, search for the transaction description and choose which one you want to adjust. In the mobile app, swipe the description to the left and click "Manual." In the web app, right click on the transaction and choose "Manual" from the list.

In the Transactions section, you can also see all of the established rules for assigning your transactions and make changes to them if you wish. If you see a transaction description that you would like to assign to a different envelope, simply select the bolded envelope name and choose a different one from the list of options.

### Why Are Some of My Transactions Not Auto-Categorizing Correctly?

__Pro Users:__ At some point, you may realize that transactions you have assigned before are not auto-categorizing as you'd expect. There are two possible explanations:

11. If you assigned the transaction while it was "Pending," the transaction name may have changed once finalized.
12. The financial institution or retailer uses unique descriptions for each transaction, making it difficult for the app to determine to which envelope the transaction belongs.

In either instance, if we aren’t sure where to place a transaction we default to you to make the proper selection.

## How Are Pending Transactions Handled?

__Pro Users:__ Pending transactions are transactions that have been sent to your bank or credit card but still need to be verified and finalized. A transaction is pending if you see the word "Pending" beneath it on the Transactions screen.

Depending on your bank, the verification process for transactions typically takes two or more days to finalize. Pending transactions serve as a placeholder, and it's not uncommon for the transaction amount to change once finalized.

For example, if you go to a restaurant and leave a tip, your pending transaction amount typically doesn't reflect the tip until the transaction is finalized.

Another common example is a $1 pending transaction from a gas station's fuel pump. The amount you actually paid at the fuel pump typically won't be reflected until the transaction is finalized.

In the MoneyWise app, pending transactions are used as placeholders and should be assigned to the appropriate envelope--even though the amount may change.

This helps you immediately account for the transaction so that when you look to spend from that envelope again you don't neglect or forget about transactions that are still pending. Just remember that pending transactions are placeholders, so your envelope balance may change once the transaction finalizes.

Additionally, the name of the pending transaction may change once finalized. This means you may have to reassign it to the envelope again once the transaction is finalized.

If you have any questions about how to manage your transactions, please reach out to us at support@moneywise.org and we will be happy to help you.

Managing Transactions

# 
It is common to move money between accounts, such as transferring money from checking to savings or vice versa. Anytime a transfer takes place, there are two transactions that must occur: a withdrawal from one account and a deposit to the other. In this guide, we will explain some options that are available to help you handle account transfers.

__Key Takeaway: Always make sure the transfer transactions are of the same amount (but opposite signs) and categorize them both to the same envelope. This will keep your account balances correct without throwing off your envelope balances.__

# Option 1: Create a Transfer Envelope

When a transfer takes place, there are two transactions that must occur—a withdrawal from one account and a deposit to the other. These transactions offset one another and must be properly accounted for to avoid disrupting any of your other envelope balances.

The simplest solution is to create a single “Transfer” envelope, which will store all the transactions that are transfers between your accounts. This option allows you to see easily if your transfers are being handled properly because anything other than a $0 balance in this envelope would indicate that you are missing or have miscategorized a transfer transaction.

### Creating a Manual Account Transfer

When you have manual accounts, you may want to transfer money between them. For instance, if you have checking and savings manual accounts, you will need to record a transfer anytime you move money from checking to savings and vice versa. Here's how:
1. Create an envelope named “Transfer.”
2. Create a transaction in the account you are transferring money FROM as an “Expense” and select the “Transfer” envelope.
3. Create a transaction in the account you are transferring money TO as “Income” and select the “Transfer” envelope.

*__Please note the amounts of the FROM and TO transactions must be exactly the same.__*
### 
### Transfer Money from a Connected Account to a Manual Account (Pro Only)

There may be instances in which you withdraw cash from your checking or other account, or you may be tracking a specific account manually while other accounts are connected. In either instance, you need to be able to account for transfers that are taking place between your manual and connected accounts. This is what you can do:
1. Assign the connected account's transfer transaction to the “Transfer” envelope.
2. Create a manual transaction in the manual account assigned to the “Transfer” envelope for the same amount as the transaction in the connected account, but with the opposite sign (i.e., if it's a withdrawal from the connected account, then you will create an “Income” transaction in the manual account and vice versa).
# 
# Option 2: Create an Envelope for each Account

With MoneyWise Pro, a credit card envelope is automatically created for you when you connect a credit card. For other accounts such as savings or investments, you will need to create an envelope for each account you will be transferring money between.

### Accounting for Transfer transactions

1. Create an envelope for each account you wish to transfer money to and from, if they have not been created for you automatically.
2. Create or assign the deposit transaction and the withdrawal transaction to the same account's envelope. For instance, if you have a transfer with -$100 checking transaction and +$100 savings transaction, you will categorize both transactions to the “My Savings” envelope.

If you have questions about transfers or any other features of the MoneyWise app, feel free to contact us at support@moneywise.org.

Transferring Money Between Accounts

## What Does Resetting the MoneyWise App Do?

Resetting your MoneyWise app removes completely all of the data you have stored in the app. Essentially, it resets the app to the way it was when you first downloaded it. This includes removing the data associated with the following functionalities:

- Connected and Manual Accounts
- Transaction History
- Custom Envelopes
- Funding
- Plans

__When you reset the app, the data that is removed is permanently deleted from our systems and is not recoverable.__

## Why Would I Want to Reset the App?

At some point, you might decide you want to reset your MoneyWise app so that you can have a fresh start in how you manage your money. For example, resetting your app might make sense for you if you’ve let a lot of time go by without managing your transactions or if you decide that a different envelope structure would make more sense for your purposes.

Sometimes, it’s just easier to start over rather than reorganizing everything in the app.

## How to Reset the MoneyWise App

To reset your MoneyWise app, follow these steps:

1. In the web app, click "Settings" from the bottom of the navigation bar on the left side of the screen. If you're using the mobile app, you can access Settings by clicking the three horizontal bars at the top right of your home screen.
2. Choose the “Start Fresh” option from the menu.
3. A dialog box will open, asking you to confirm the Reset option. If you select "Full Reset," your app will reset immediately.

Remember that if you choose to reset your app, you will lose all of your customized data and this operation cannot be undone. Please make sure that this is the best option for your account. If you have questions about this or any other features of the MoneyWise app, feel free to contact us at [support@moneywise.org](mailto:support@moneywise.org).

How to Reset Your MoneyWise App

## 
## What Are Accounts?
Your accounts show you how much money you have and track the transactions coming in and going out from that account.

The MoneyWise app uses your account balances to determine how much money you have available to fund your envelopes. You can create manual accounts or connect to your bank accounts with MoneyWise Pro.

## Creating a Manual Account

Manual accounts are accounts that you update to record all transactions and account balances. The management of manual accounts is hands on, so it requires more discipline than using connected accounts. However, it’s a great way to help you take control of your money!

You can create as many manual accounts as you’d like.

__Basic Users:__ We recommend creating accounts to align with your actual bank accounts as well as a cash account.

__Pro Users:__ You can use a manual account to track your cash spending and for any other bank accounts you don’t connect to the MoneyWise app.

To create a new manual account, follow these steps:

1. From the Accounts screen, select the bank icon in the upper right corner of the screen.
2. Choose the option for “Manual Account.”
3. Give your account a name. For example, “Cash” or “Chase Checking.”
4. Add the current dollar amount of your account’s balance.
5. Choose the appropriate Account Type.
6. Select “Save.” Your account will be created.

For help managing transactions in a manual account, please reference [this article](https://app.moneywise.org/guide/managing-transactions-2801).

## Adding a Connected Account

__Pro Users:__ You can connect unlimited bank accounts to your MoneyWise account. This allows for automatic transactions to be imported into the app and automatic account balance updates. It’s a huge time saver!

Connected account credentials are never stored in our servers and your data is encrypted end-to-end. Your data security is a top priority.

You can connect all of your accounts including: checking, savings, loans, and investment accounts. This helps you see your full financial picture right in the MoneyWise app!

To add a new connected account, follow these steps:

7. From the Accounts screen, select the bank icon in the upper right corner of the screen.
8. Choose the option for “Connected Account.”
9. Select “Get Started” on the screen introducing Plaid.
10. Search for the account’s bank institution and select it.
11. Login to your bank account.
12. Select the account(s) you want to connect to MoneyWise.

For help managing transactions in a connected account, please reference [this article](https://app.moneywise.org/guide/managing-transactions-2801).

## Managing Your Accounts

You can manage your accounts by going to the Accounts screen and either selecting one of the account cards, or selecting the bank icon in the upper right hand corner of the screen.

If you select an account card, you will see all of the transactions associated with that account. To manage that account’s settings, select the “i” in the upper right hand corner of the screen. (You will access this screen directly if you select the bank icon from the Accounts screen.)

This allows you to determine which accounts from that institution you want to be active, and which you want to use to fund your envelopes.

__Active:__ If an account is set to “Active,” the account’s transactions and balance will be updated regularly.

__Envelopes:__ If an account is set to “Envelopes,” that means the money in that account will be made available for funding your envelopes.

![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_66c74a8c1f.gif)
## Deleting An Account

When you delete an account, all transactions tied to that account will be deleted. This action cannot be reversed, so be sure you perform this action with care.

To delete your financial institution, from the Accounts screen click the card you want to delete. Then click the i in the upper right hand corner. When the Account Settings screen appears, click Delete and follow the prompts.

![](https://moneywise-cms.s3.us-west-2.amazonaws.com/giphy_66c74a8c1f.gif)

A Guide to Managing Accounts in the MoneyWise App

Creating & Managing Accounts

## What Does Deleting Your MoneyWise Account Do?

Deleting your MoneyWise app completely removes all of the data you have stored in the app, along with deleting any record of your account. This includes removing all of your personal information,  such as your name, email address, connections to your financial accounts, and transaction data.

It will be as if you never created a MoneyWise account in the first place.

When you delete your account, all data associated with your account is permanently deleted from our systems and is not recoverable.

After deleting your account, you would be able to create a new MoneyWise account with your same email address, if desired.

## Why You Might Want to Delete Your Account

If you decide that you no longer want to use the MoneyWise app to manage your money, it might make sense to delete your account.

However, if you’re simply looking to reset your account for a fresh start, you can read how to do that in [this article](https://app.moneywise.org/guide/how-to-reset-your-moneywise-app-2797).

## How to Delete Your MoneyWise Account

To delete your MoneyWise account, follow these steps:

1. Click “Settings” from the bottom-left navigation menu on the web app. If you’re using the mobile app, click the three horizontal bars in the upper right corner and then click “Settings.”
2. Select the “Delete” option from the menu.
3. This will open a dialog box asking you to confirm the delete option.
4. If you select “Yes,” you will be given one final warning. Confirming you want to delete your account will permanently delete your MoneyWise account and all associated data.

If you have questions about deleting your account or about anything else associated with the MoneyWise app, please contact us at [support@moneywise.org](mailto:support@moneywise.org) and we will be happy to help you.

How to Delete Your MoneyWise Account

## What is FaithFi Pro?

FaithFi Pro is an upgraded account that unlocks several features and tools in the FaithFi app. It gives you full access to everything in the app including connecting directly to your bank accounts, automated functionalities and customized reports.

Because of these features, FaithFi Pro is the easiest way to track your finances and stay on top of your financial goals.

You can start a free 14-day trial of FaithFi Pro to experience the magic of Pro for yourself! Instructions for how to start your free trial can be found in the FAQs section of this article.

## Features Included With FaithFi Pro

### Unlimited Connected Accounts

Unlimited connected accounts means that you can securely connect your checking, savings, loans and investment accounts directly to the FaithFi app! This makes it easy for you to stay on top of your account balances and to see your whole financial picture right from the app.

### Automatic Transaction Imports

Automatic transaction imports ensure that you’re always up-to-date on your spending and income tracking. Your connected account’s transactions will automatically pull through once they’ve hit your bank.

This feature not only saves you an incredible amount of time compared to manual tracking, it also is bound to be more accurate over time since no transactions can be forgotten.

### Ability to Auto-Categorize Transactions

This is another major time-saving feature! You are able to set auto-categorizing preferences in FaithFi Pro. That means that when a transaction pulls through, the app can automatically place it in the appropriate envelope based on your past actions and settings.

FaithFi Pro gives you access to this feature, but we don’t force you to use it. If you prefer to manually categorize all of your transactions you are still able to do so by setting your preferences.

### Automatic Envelope Funding

If you are using the Envelope System, automatic envelope funding takes the Plan you create and puts it into action. You will no longer need to remember which dates to fund your envelopes for recurring costs like your mortgage or car payment.

With FaithFi Pro, once you set up your Plan and schedule your funding the app takes care of the rest for you!

### Custom Envelopes

Everyone has their unique situation and circumstances to budget for. That’s why FaithFi Pro gives you extra flexibility to track your finances with custom envelopes. Whether you want a special fund for date nights or for adding to your prized stamp collection, you can create an envelope for it with FaithFi Pro.

### Custom Envelope Groups

Similar to custom envelopes, MoneyWise Pro lets you create custom envelope groups. This can come in handy when you want more control over how you organize your envelopes. Your options are limitless when you have custom envelopes and groups!

### Ability to Split Transactions

Whether it’s a trip to Target or Costco, it’s likely that sometimes you make purchases of items that should technically be categorized in separate envelopes. For example, let’s say in a single Target transaction you purchase clothing and toiletries. The split transactions feature gives you the ability to separate the amount spent on clothing into your “Clothes” envelope from the amount spent on toiletries that you could allocate to your “Hair and Beauty” envelope.

FaithFi Pro unlocks this feature for you so that you can keep the most accurate accounting of your spending.

### Access to Reports

Beyond helping you track your money, FaithFi Pro gives you access to custom insights and reports on spending trends! This is just another way the MoneyWise app can help you steward your money even better.

## FaithFi Pro FAQs

### How Do I Start My Free 14-Day Trial of FaithFi Pro?

To start your free 14-day trial of FaithFi Pro, simply click the button that says “Start 14 Day Free Pro Trial” anywhere you see it in the app. You can easily find this button from your Settings.

Once you start your 14-day free trial, your subscription will renew automatically based on the subscription you selected (monthly or annually). If you would like to cancel your subscription, you must do so within 24 hours of the renewal period. If you have any questions email support@faithfi.com.
### What Happens to My Connected Accounts When My Trial Expires or I Decide to Cancel My Subscription?

When you are no longer a Pro user you will lose access to your current bank connections. This means your account balances and transactions will no longer come through automatically from your bank.

The accounts and transactions that had already been imported to your app will not be deleted. However, moving forward you will need to track your transactions manually to keep the account(s) up to date.

### How Do I Purchase an Annual Subscription to FaithFi Pro at the Discounted Rate?

You can easily purchase a year-long subscription to MoneyWise Pro by visiting [https://app.faithfi.com/subscription/](https://app.moneywise.org/subscription/). The annual subscription gives you access to a discounted rate that equals out to just $8.99/month or $74.99/year.

A Brief Overview of the Features of MoneyWise Pro

FaithFi Pro: Everything You Need to Know

## What is a Plan?

Your plan is exactly what it sounds like—a plan! It’s a tool you can use to plan out your monthly income and expenses ahead of time, before those transactions actually happen.

Think of your plan as a reference for how you want to fund your envelopes throughout the month based on your estimated monthly income.

You can find and manage your plan from the “Plan” screen, which you can access from the top of the “Home” tab.

## How Creating a Plan Can Help You Manage Your Money

Your plan helps you to see the big picture of your monthly income and expenses. You can create a plan for the month using estimates of how much you expect to earn in income, and how much your bills and other spending will likely cost.

This helps you to be prepared to set aside the funds for your envelopes and feel more confident about your financial status. Your actual envelope funding may be slightly different than your plan due to unexpected things that come up throughout the month. That’s okay!

It’s important to come back to your plan regularly to see how closely you are sticking to it.

## How to Create a Plan

When you open the “Plan” screen, you will see the current month’s plan. You can start editing this right away.

### Planning Your Income

First, you’ll want to plan your income. Use your monthly take home (net) pay as your income amount. You can add additional envelopes in order to plan for multiple sources of income.

This sum of the incomes you plan will display above “Plan Income” at the top of the plan screen. This is the amount of money you will have available to fund your plan expenses with.

As you get paid and categorize those transactions as income, you will see that money display in the “Earned” column. This helps you ensure that your earnings are on track with what you planned.

If you earn a little more or a little less than you had planned, simply make an adjustment to your planned income amount. Doing so helps you proactively adjust how much money you actually have to fund your envelopes with.

To plan your income, follow these steps:

1. Select the number under the “Plan” column and enter the dollar amount you plan to earn.
2. Choose the date you plan to earn the income.
3. Select the recurrence period of how frequently you plan to earn that amount of income.
### 
### Planning Your Expenses

Once you have estimated your monthly income, you can begin to plan how you will fund your expense envelopes.

Your plan is simply giving you guidance on how you “want” to fund each envelope throughout the month. It does not automatically fund your envelopes unless you have MoneyWise Pro and you use the auto-fund option. (See next section.)

To plan your expense funds, follow these steps:

4. Select the number under the “Plan” column and enter the dollar amount you plan to spend.
5. Choose the date you plan to fund the envelope.
6. Select the recurrence period of how frequently you plan to fund that amount of money into the envelope.
## 
## How to Auto-Fund Your Envelopes From Your Plan

__Pro Users:__ You can save time and ensure you never forget to fund your envelopes with the auto-fund feature!

When you use auto-fund, the money from your plan will automatically be transferred to the appropriate envelopes based on the day and recurrence you set. It’s as easy as that.

When using auto-fund, we recommend scheduling your funding dates to align with your paydays. That way you will have money available for funding when the automation takes place.

## If I Change My Plan Does it Impact the Funding of the Envelope?

Historical funding that has already taken place is not impacted by changes made to your plan.

The only time changing your plan will impact your funding is if it is scheduled and set to auto-fund in the future.

## Viewing Your Plan’s Schedule

Selecting “Schedule” from the plan toolbar allows you to see a calendar view of your planned funding.

You can select any of the plan items on the calendar to view more details or make changes to them.

## Viewing Your Plan’s History

Selecting “History” from the plan toolbar will show you a list of all the previous plans you have created in the MoneyWise app.

You can open any historical plan to use as a reference for your current plan.

Plan

Creating & Using Plans

Regardless of whether you are connecting or manually tracking your bank accounts in the MoneyWise app, reconciling them to your actual bank account helps ensure the accuracy of your MoneyWise app.
## __Step 1: Calculate Balance Variance__
Determine the difference between the account balance in the MoneyWise app relative to the actual account balance by subtracting the bank's account balance from your MoneyWise app's account balance.

*Example:*
Checking (app): $1,305 - Checking (bank): $1,405 = -$100

In this example, the MoneyWise app is missing $100 worth of transactions. The next step is to determine which transactions are missing from the MoneyWise app.
### 
## __Step 2: Verify Transactions__
To verify transactions, open the account you are reconciling in the MoneyWise app as well as the online bank account you are reconciling.

Start with the newest transactions on your bank’s online portal (or bank statement) and look for the matching transactions in the MoneyWise app.

If the transaction exists in the MoneyWise app, ensure that it matches the same amount as shown in your bank and is assigned to the correct envelope. Then, verify the transaction by right clicking on the transaction in the web app, or sliding the transaction to the left in the mobile app and clicking “Verified.” If the transaction is missing or is incorrect, see Step 3.

Once verified, you will see a green checkmark displayed under the transaction’s description. This helps you see quickly which transactions have been verified vs. those that still need to be reconciled.

## __Step 3: Adjust for Missing or Incorrect Transactions__
As you compare transactions in your bank account to those in the MoneyWise app, you may encounter discrepancies that need to be addressed.

__Manual Accounts__
1. If you are missing transactions in the MoneyWise app, add the missing transactions to the correct account(s) in the app.
2. If the transaction’s amount is incorrect in the MoneyWise app, edit the transaction amount to align with your bank.
3. Once the amount is added or corrected, verify it by right clicking it in the web app or sliding to the left in the mobile app and clicking "Verify."

__Connected Accounts__

4. If you are missing recent or pending transactions in the MoneyWise app, it is likely due to a timing discrepancy. To verify it is a timing discrepancy, look to see the last time the account updated in the MoneyWise app by clicking on the three dots in the right corner of the account screen. This will show you the date that transactions were last imported from that account into the app.
5. If you are missing transactions due to a timing discrepancy, you can add “placeholder” transactions to align the account with the bank. If you enter the transaction with the exact date and amount as shown on our bank records, the MoneyWise app will automatically match the incoming transaction with the placeholder.
6. If you are missing historical transactions in the MoneyWise app and it is not due to a timing discrepancy, please report the problem to us so that we can fix it. Report the missing transactions by clicking the three dots in the right corner of the account screen then clicking “Report.” In the message body include the date, description, and amount of the transactions exactly as they appear on your bank account.
7. If an imported transaction is incorrect in the MoneyWise app, please report the transaction by clicking on the transaction, then clicking “Report.” In the message body include details about the transaction error.

If you have questions about reconciling your accounts or about any other aspects of the MoneyWise app, please reach out to us at [support@moneywise.org](mailto:support@moneywise.org) and we will be happy to help you.

How to reconcile your connected accounts in the MoneyWise App

Talking Inheritance

Jul 18, 2024

Boomers are on the verge of making the greatest wealth transfer in history, but is the next generation being prepared?

Jim Henry

Talking Inheritance

Jul 18, 2024

The Puritan poet Anne Bradstreet once wrote, “Wisdom without an inheritance is better than an inheritance without wisdom...

FaithFi: Faith & Finance