Wismo Review: Get Control Over Your Spending

(Editor Rating)



Are you motivated by an app that compares your spending to your peers? What about one that forces you to look at each expense? If so, then Wismo might be right for you.

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  • Built for socially driven spenders
  • Forces you to track your daily spending
  • No fee app

Editor's note - You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser.

It seems like there are a ton of money tracking apps out there. So, what makes one app different from all the others? Wismo is an app that truly encourages you to focus on your daily spending to help you become more conscious of your finances. On top of that, Wismo offers to help you score your habits and includes a social component.

If you’re interested in better understanding your daily spending habits–and how they’re impacting you–Wismo might be the right tracking app for you. Here’s what you need to know.

What is Wismo?

Short for what I spent money on, Wismo is a mobile app designed to make you pay attention to your daily spending. It helps you get up close and personal with your money by encouraging you to take a picture each time you spend, as well as entering the amount you spent.

On top of being an easy way to track your daily spending and analyze where your money goes, Wismo also has a social component that allows you to compare your habits to others. You’ll receive a personal spending index (PSI) score that helps you quickly see how much money you’re spending each month.

Wismo Features

There are two main features that set Wismo apart from other money tracking apps: the social comparison and personal spending index (more on both below). On top of that, there are other features that you can use–that are fairly common with some other apps–like family sharing and linking to your accounts.

One thing that is notably missing from Wismo is the ability to make a budget. You won’t be able to project ahead and create a budget based on your goals.

Social Comparison

One of the features of Wismo is its social feed. You can see usernames, as well as some stats, such as age, gender, annual salary and occupation. It’s possible to filter your feed so you can see people who have similar characteristics to you and compare your income and spending. You can even see what others are spending their money on.

Wismo social feed

It’s also possible to connect with your friends and family by username and see their habits. It can be an interesting way to compare yourself to others and find some motivation for changing your habits.

Personal Spending Index (PSI)

Wismo uses your information to create what it calls a Personal Spending Index (PSI). This score is a way for you to see how efficient you are at spending and whether you’re spending less than you earn each month. It’s a quick number based on a 100-point scale. So, if you spend 100% of your income each month, your number will be 100.

 wismo personal Spending

Let’s say you have $5,000 in income each month.

  • Rent: $900
  • Recurring bills: $2,000
  • Daily spend: $1,500

Your total is $4,400. Divide that by $5,000 and you get 0.88. Multiply by 100 to get your PSI of 88, indicating that you spend 88% of your money each month.

Using the PSI can be a quick and easy way to get a feel for how much you’re spending, and help you make better choices with your money.

Family Sharing

You can also add up to four family members when you upgrade to the premium plan. This allows you to share information with your other family members and track together. It can be a great help in goal setting.


Wismo provides reports that allow you to see an overview of how you’re doing daily and monthly. Using information about your recurring spending and your daily spending, you can keep track of how much you have to spend on a given day. Wismo divides it out so you can see what’s available, and you look at reports from the day and the month to quickly see how your spending breaks down between different categories.

 wismo reports

Wismo Pricing

The free version of Wismo allows you to track your spending and see your PSI and interact in the social environment. However, the free version comes with ads.

If you want more features, like linking your accounts and family sharing, you need the Premium Plan. Wismo’s Premium Plan costs $2.99 per month. If you pay annually, it’s $29.88, working out to $2.49 per month.

Signing Up for Wismo

Getting an account is fairly straightforward. It’s a mobile-only app, so you need to download it on your smartphone. When you sign up, you create a username and password. Then you answer basic questions about your age, gender and occupation. You also provide your income and some of your recurring expenses.

This information is used to compare you to others with similar traits. The username you choose can help you remain anonymous.

Wismo Security

Unlike many other money-related apps, Wismo doesn’t ask for any truly identifying information. You don’t even have to provide an email address. And, because you don’t have to link your accounts, you only share what you want to with Wismo.

Beyond that, Wismo does use bank-level encryption to protect the data you do provide.

Wismo Customer Service

There isn’t a robust customer service option. There’s an email you can use to contact the makers of the app (Nearby, Inc.). However, you won’t find a phone number or live chat to assist you. The app is so straightforward and simple, though, that there aren’t likely to be a lot of issues associated with using it.


  • Free — Using Wismo is free for the basic plan, and low-cost if you want the Premium Plan.
  • Track your spending daily — See what you’re spending each day. The app forces you to be conscious of your spending with pictures and reports.
  • Social — It’s possible to see what others are doing and gain inspiration from their financial choices.
  • Privacy — Only share what you want to with Wismo. You don’t have to link accounts or even share an email address.
  • Reports — See daily and monthly reports about your spending, including how much you have left available to spend.


  • No budgeting function — While you can track your spending, there’s no budgeting feature designed to help you plan ahead.
  • Ads on the free version — Ads appear in the social feed and other places in the free version. If you don’t want ads, you need to pay $2.99 per month (or $29.99 if you pay annually).
  • Pay to link your accounts — If you decide you want to link your accounts, you need to pay for an upgraded version of Wismo.

Alternatives to Wismo

Common alternatives to Wismo are other money-tracking apps like Personal CapitalTwine, Mint and Empower. Apps like Personal Capital can provide you with in-depth information and reports. Plus, you can link your accounts for free with Personal Capital and use it to create a budget.

For couples, Twine can provide a way for you to save for shared goals in a way that Wismo doesn’t. While Wismo offers family sharing in its Premium Plan, it doesn’t help you manage goals and planning the same way.

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Who Is It For?

Wismo is ideal for someone who wants to get a handle on their spending and see where their money goes each month. It’s a great tool for those who want to be more conscious of their spending. Wismo can force you to see where the money is going since you take a picture and manually enter your spending. It’s a solid way to become a conscious spender.

The PSI and social environment also make it easy to compare your habits to what others are doing and see where you stand.

Bottom Line

If comparing your finances to others and tracking each expense can help you get your finances in line, and you are looking for a free or low-cost app, then Wismo might be a good fit.

Author Bio

Total Articles: 66
Miranda Marquit is a nationally-recognized financial writer and money expert. She has contributed to NPR, Marketwatch, Yahoo! Finance, U.S. News & World Report, FOX Business, The Hill and numerous other publications. Miranda is an avid podcaster and writes about money and freelancing at her website, MirandaMarquit.com. She lives in Idaho and loves reading, board games, travel, the outdoors and spending time with her son.
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