Computerized Investing > August 16, 2014
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by Jaclyn N. McClellan


An iPhone and Android app for determining how much money you can spend today, this week and this month.

There are piles of cash flow tracking applications out there, each with their own benefits and drawbacks. We recently came across a personal finance app that allows individuals to track their spending and income habits without having to change the names of transactions or view intensive reports about where they spend their money. It is a straightforward tool to show you exactly what money you can spend and what money you can’t.

When starting Level Money, you will be prompted to input your email address and create a password. Next, the application will ask you to link the debit or credit card accounts that you use for everyday spending. Once you have linked all of your accounts, it will analyze your accounts to determine what your income level is.

For those who don’t have a steady weekly or biweekly paycheck, Level Money has an option where you can choose to input your income level manually. Next, the app will analyze your accounts to determine what your monthly bills are. If there are any non-recurring bills that the application identifies as monthly, you can easily uncheck them. You can scroll through recent transactions to find recurring bills or add bills by manually inputting them.

Next, you can set a savings goal. This is optional. Level Money provides you with different percentage levels of your total income to allocate toward savings. If you do not wish to save any of your total income, set the savings level to 0%. The application does not actually transfer your money to a savings account; it simply shows less disposable income available on the screen. That way you won’t spend money that you intend to save.

When you first open the application, you can view a few different pages. By clicking the menu icon in the top left-hand corner, you will be presented with three different options: balance and activity, spendable and monthly plan.

The balance and activity view is a summary of all your income and expenses from the accounts that you have linked to Level Money. You can click on any individual transaction to make it a recurring one, or choose to not count it in your spendable funds. The option from the dropdown menu is called “spendable.” Here you will see three different circles showing your monthly remaining spendable amount, this week’s remaining spendable amount and today’s remaining spendable amount. Click on one of the circles to view the details. The last menu item is called “monthly plan.” The screen displays a pie chart of your income and shows bills, savings and spendable amounts as a percentage of your income. Click on any category to update it. For example, if you have a bill that is not be included, click on “bills.” From this screen you can easily add another bill manually or choose one from your recent transactions.

Level states that it is committed to maintaining the confidentiality, integrity and security of any personal information about users. It uses the same 128-bit encryption as banks and other financial institutions.

Overall, Level Money is an easy-to-understand application that helps you map out your spending habits. It will let you know what is safely spendable for a given day, week and month. The spendable amount is generated based on the amount of income you input and the recurring expenses that you have. If you set a savings amount, Level Money will add that into the “non-spendable” section so that you look at it as money that you can’t spend. If you spend over your daily limit, your spending limit the next day drops accordingly. Level also has a website where you can access its blog, which is full of tips and ideas for saving money and managing your funds.

Level Money for Android and iOS



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