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Updated on Wednesday, March 18, 2020
Wallit is designed to help families manage money and track spending. The app has features focused on budgeting, saving, spending and sending money, and lets you add multiple family members as users so everyone’s on the same page. The Wallit app lets you set allowances and assign tasks to family members, as well as monitor spending and track purchases. All-in-all, it’s a pretty well-rounded family budgeting app.
How does Wallit work?
The Wallit app is a free download available in the Apple App Store and Google Play (note that Wallit was rebranded from the name Ourly in 2019). Before downloading, start by signing up for a Wallit account, which you can do online. You will need to provide a username, password, email address, phone number and birthdate. Download and install the app, then sign into your account.
Once you’re logged in, you must connect at least one bank account to the Wallit app, to enable the app to track your spending and to use its other features. Wallit integrates with 90% of all banks and credit unions in the U.S. During this linking process, you will be able to see whether your institution supports Wallit.
You can add accounts for your children, and you can add a “co-parent” to your account. This is another adult in your family who also manages family finances. Within Wallit, co-parents can approve and edit allowances paid from your Wallit balance, but cannot transfer or receive money.
Your Wallit account is the core of the Wallit experience. You transfer money into your Wallit account from your linked external bank account, and then distribute the money to your family members, like paying your child’s allowances, and buying gift cards. Wallit holds your money in accounts with its partner bank, Radius Bank, which provides Federal Deposit Insurance Corp. (FDIC) insurance coverage for your money.
Once you have your account set up and your family has been added, you can get started managing you and your family’s finances, whether you need to budget, save, spend or send money — or all of the above.
Monitor family finances
Linking your and your family’s bank accounts allows you to manage your Wallit balances and move money around with ease within the app. Transfers from your bank account to your Wallit will take about three to five business days to be completed.
Once your bank accounts are linked to Wallit, you can see your account balances and history in one place. If your child has a linked checking account, you can see the purchases they’re making from that account. That way you can keep a closer eye on your child’s spending habits. You can still use Wallit even if your child doesn’t yet have their own checking or savings account.
Wallit allows you to set and track the allowance you pay your child. You can set up a weekly allowance in an amount of your choice. If you have multiple children on your plan, you can set different amounts for each child. Then each Saturday, Wallit will have you approve the allowance(s) for the upcoming week.
Wallit also allows you to set savings goals, like saving for a new computer, for example. You do this in the app through the “Goals” tab. Once you create a goal, you can share it with your family on your Wallit plan.
Every time you log into Wallit, you can see your progress towards that goal on your dashboard. You can visit the “Goals” tab again if you ever need to make edits to a goal.
Assign and approve tasks
Not only can you set allowances for your kids, but you can set them chores and keep track of them in Wallit, too. As the parent, you can assign your children tasks directly through the app. You personalize which child it’s assigned to, the task schedule, instructions and any other information about that chore.
Once your child finishes a task, they can submit it for approval in the Wallit app. This even involves taking a picture of the completed task, too. As the parent, you can then review and approve this task on your own app interface. Wallit helps you more seamlessly pay your child’s allowances for chores.
Once your child has been paid their allowance or for completing a task, they can easily use Wallit to buy digital gift cards from partnering retailers and brands. Kids on Wallit can only use the money that’s in their Wallit balance for this spending. That way, they’re preventing from overspending, overdrafting or taking on debt.
Wallit’s fees and fine print
Wallit is completely free to use. The app does not allow overdrafting or overspending from your Wallit account. There’s also no borrowing involved so you don’t have to worry about debt or interest.
When you add family members onto your Wallit plan, you will need to add their personal information as well, including your children’s. Wallit ensures that it does not intentionally collect personal information from minors without prior parental consent.
Advantages of the Wallit app
- Monitor your family’s finances in one place
- Set and track allowances and chores
- Teach your kids about saving up with Wallit’s goals
As a parent, you can easily and quickly sign up for your Wallit account, and once you’re in, just as seamlessly add your kids or co-parent. As the administrator, you can see your whole family’s financial picture in one app.
Wallit also makes it easy to track the allowances you pay to your children. Plus, if you pay them an allowance for completing chores, Wallit’s tasks feature can help you monitor and track their progress on chores, too.
Wallit’s goals system can help you teach your children about saving by setting their money aside for a future purchase, rather than spending any extra cash right away. The goals interface illustrates the final goal amount and how far you’ve come to reaching that goal, making it easier for your kids to understand.
Downsides of the Wallit app
- Doesn’t connect with all U.S. banks and credit unions
- Doesn’t earn any interest
- Drawn out transfers take three to five business days
Wallit works with 90% of banks and credit unions in the U.S. That’s an expansive network, but if you’re a customer of that other 10%, you cannot benefit from the Wallit app at this time.
While Wallit can help teach your children about saving, it can’t build your savings for you. The Wallit account doesn’t earn interest, making it an impractical place to actually stash your savings. That job is much more suited for a high-yield savings account, which will keep your money safe and typically growing at a competitive rate at the same time.
Wallit is also not the most dynamic money management app out there. It doesn’t have the capability to split your spending into categories as many budgeting apps do, or alert you of potential overspending. It also doesn’t help you track other finances, like loans or credit cards.
Transfers from your bank account to your Wallit balance take about three to five business days. While this is relatively standard, this means you have to wait three to five days to pay your child’s allowances or pay them for completing tasks. This certainly stretches out the process more than just paying your child in cash, for example. Constantly keeping enough money in your Wallit balance would be a solution, but that detracts from the savings that money could be earning you in a different account.
Wallit vs. other money management apps
Wallit vs. Honeyfi
If it’s family budgeting you’re after, consider Honeyfi, a budgeting app for couples. Like Wallit, you and your partner will need to link your personal bank accounts to the app to use its features properly. However, Honeyfi also allows you to sync your credit cards, loans and investments as well, offering a more holistic financial picture than Wallit.
Honeyfi allows you to create custom budget categories, split transactions and connect to Venmo and save towards specific goals together. Honeyfi isn’t free, however, charging a $59.99 annual fee or a $9.99 monthly fee (the subscription covers one couple).
Wallit vs. Wally
Wally is an option for those who want to budget and track their expenses without linking their bank account. Understandably, there are folks who are uncomfortable with connecting a third-party budgeting app to their bank accounts. As an alternative, Wally has you manually enter your income and expenses, which are organized under various categories. Wally also enables receipt scanning. With the information you enter, Wally provides a basic analysis — via pie charts — of your spending by category for each week, month and year.
Wallit vs. Simple
Finally, for a more comprehensive savings and budgeting package, consider Simple, a neobank dedicated to making banking easier and more accessible for consumers. Simple offers a cash management account, involving both a checking and savings component to its experience.
Simple’s checking account features includes a “Safe-to-Spend” balance, which is what Simple flags as spendable after accounting for bills. The savings feature, known as your Protected Goals account, earns 0.80% APY, while the checking side earns 0.01% APY. You can also divvy up your Protected Goals into separate savings goals with personalized labels. Simple is free of charge.
Is Wallit right for you?
Wallit is the best family budgeting app for you if you constantly find yourself overwhelmed by managing your family’s internal finances. It helps you organize yourself when it comes to paying the kids’ allowances, saving towards various goals and even assigning chores to your kids. It’s not the most intensively analytical app, but it can be just the tool to organize your family’s money and teach your kids about saving in one simple app.
Fees mentioned in this article are accurate as of the date of publishing.