Late last month, I reviewed CoinKeeper, a budgeting and finance app that I thought was particularly good (it received a 148Apps Editor's Choice award). When I first looked at CoinKeeper, I made the assumption that in simplifying the interface of finance apps in such a creative way the developers wouldn't build in the powerful budgeting features found in other apps. I've since spent over two weeks with the app. In that time, I've discovered some of those powerful features I didn't notice before, ignored some features I previously thought may have been useful, and have tips for new CoinKeeper users.
Reviewing The Review
A feature I must have missed is subcategories. As the name suggests, subcategories are categories within the categories users have already added. New subcategories are added by tapping on an existing category, then a transaction within that category. As an added bonus, within the statistics screen showing a piechart of expenses, piecharts for subcategories are also available.
I had mentioned syncing in my review, but I have to reiterate the fact that this is the strongest feature of CoinKeeper. The syncing is quick and up-to-date, making the previously annoying task of keeping track of both mine and my fiancee's finances an easy and daily occurrence.
Also, the daily reports feature was much more useful than I had previously considered (I briefly mentioned it in the review). The feature gives users receipt like notes for each day highlighting the money spent on each budget (and received from income). It was a great way to flip through and figure out what money is being spent on daily.
The game feature that included earning stars and points in attributes, wasn't motivational or fun. In all honesty, I've completely ignored the feature ever since I started using the app on a daily basis. Looking at it now, I'm apparently level 2 in Thrifty and Hoarding, level 3 in Consistent, and level 1 with 0 points in Prosperous (how stereotypical for a writer).
Tips for New Users
- Make a miscellaneous income account. In the review, I had suggested that all users make a miscellaneous expense category because the app doesn't allow users to make transactions that don't go into a category. Miscellaneous income also happens and is useful. I used it for birthday money, gambling (poker night with friends), and selling things (sold my first iPad).
- This is just a general budgeting tip that helped me feel better about using the app: underestimate income and overestimate expenses. Over-budget coins are bright red and completely full (instead of a percentage full and green or yellow). It's not a nice feeling to stare at multiple bright red coins, especially before the month is over.
The Last Word
I can't do much more to suggest CoinKeeper as a must-have finance app, especially for couples or groups sharing a money pool. We've already rated it 4.5/5 stars, given it a 148Apps Editor's Choice award, and now, published an in-depth follow up of the app. Now it's up to you to buy CoinKeeper.