Manage money using the mind of the millionare: iMoney Jars [iphone app review]

Are you a T.Harv Eker fan? Or wish to have a similar Millionare Story? Or you’ve simply wanted to implement a Money Management System to see if it works for the good? Chances are you could only get richer. The widely talked about money management system, The Jars System, is what this app iMoneyJars by Giovanni Accetta is all about.

Aren’t aware of what the Jars system preaches? Well then before I speak on the actual app here’s a diagram of  how the system asks you to allocate your money. Once you get into the habit of this, many swear by it’s great results.

I found Steve Martile’s article very helpful in understanding the system. If the arrows in my diagram have annoyed you out of understanding it you can read Steve’s article on   How to Use The Money Jars System.

If that interested you enough, you could get this app to help you out. Among the many Money Managing Apps, I found this one interestingly made as it implements a whole new system to follow. The app has a page on understanding  how the system works.

If you’re someone who only wants to keep account of your inflows and outflows , this app is not for you. It has a mind of it’s own you know! It totally revolves around the Jars concept.  Here’s how the app works:

So basically you will be managing your accounts in the following way. You will be either:

  • Making an entry that you can choose to affect all six accounts (Income and Outflow being divided among all accounts in the prescribed percentages)
  • Making an entry only to alter a single account (Say you wish to withdraw money from the “Fun” account only)

The app runs smoothly throughout (except that it shuts the app after you delete all the info which is not a big problem). There was one minor display error where it shows the jar name selected only after you enter an amount, again not a real issue. (going to mail this to their open suggestion box as they will be updating soon).

It is a simple and straight forward app and I’ll say for it’s price of $1.99 it’s a good deal.

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