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iPhone App Review: iWallet

iPhone App Review: iWallet

March 17th, 2011 by

Keeping track of finances and expenses is practically a job unto itself for the seasoned veteran business traveler and the average Joe alike. Spending can quickly get out of control if you don’t have a good way to keep track of your money in real-time. Having an all-in-one communication device with you at all times has helped alleviate this problem, giving you access to your bank account anywhere you need it. Now developer Apt Infoway has given us iWallet, an app to keep track of daily, weekly, or monthly spending in different categories, with different vendors, and across different budgets.

How It Works

The app at its most basic is simple to use: you press the “+” sign on the bottom row to add an expense item, then enter the amount, date, category, mode of spending (cash, credit, etc.), the vendor, and any notes you have on the transaction. In this way you can quickly enter expenses without spending much time fiddling with needless settings.

You can customize the app to suit your spending patterns however. Under “Settings” you can create new expense categories, payment modes,  and vendors. You can also create multiple budgets with different cycles (daily, monthly, etc.) and with different start dates (and of course with different names and spending limits for each).

There is also an “Analysis” section, where you can view your spending in one of several different ways. View by date, category, vendor, payment mode, and others. You can also search a range of dates and the app will show you all of the transactions that occurred in that period.

Pros And Cons

While the app isn’t the most attractive or visually polished app, it is easy to use and gets the job done simply and quickly. I’m a bit confused by the budget function: you have the option of setting one budget as a default budget, yet all spending gets applied to all budgets anyway. This is a good system if you want to keep track of general spending on a daily, weekly, and monthly basis at the same time. You can also set a budget to not repeat, which means you can set up a spending budget for one specific business trip or vacation, for instance, which is also useful.

I would also like to see in a future update the ability to email your reports out of the app in some form. The analysis options are fairly robust, but it’s a shame that there’s no way to get the info out of the app.

The backup and restore functionality also takes some patience: after firing up WiFi on the device I stared at the screen for what seemed like minutes waiting for the URL to pop up from which I could backup or restore my data. Once that’s up and running though you’re given the option to download your database in a SQL file.


Other than a rather long wait for the backup/restore URL, and the lack of ability to email reports from the app itself for use elsewhere, I found iWallet to be a promising expense and spending tracking app. It makes keeping track of your expenses as simple or as detailed as you choose to make it, and gives you powerful options for analyzing that spending any way you’d like.

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