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Not all savings apps are created equal. Some make money management into a no-fuss affair, empowering users to gain control of their bank accounts. Others are overly complicated or difficult to use. Level definitely falls into the former camp. It's incredibly simple and easy to use. While it doesn't offer an array of information or tools, it achieves its goal. In this piece, I'm going to offer you some details about the pros and cons of the Level savings app. It will help you decide if this app is the right one for you. What is Level Savings App? Level savings app is absolutely free, and it’s available for iOS as well as Android. This app was founded in 2013, and is now owned by Capital One Financial Corp. The idea behind Level is to fully automate your budgeting. Therefore, you don’t have to bother thinking about money every day. It’s simple in its approach, yet it’s very user-friendly and effective at what it does. Level works by gathering information from all of your bank accounts. It then determines how much income you receive each month and how many bills and other expenses you have. It does this automatically, but you can also do it manually for more fine-tuned data. Then, based on those numbers, the app tells you how much money you have left to spend each month. It provides this information in a clear visual. It lets you know when you’re near the bottom of your spending money. Also, it rolls over your unspent money to the next day or month when you’re under budget. You can see what your spendable money looks like for that day, as well as for the week or month. This app doesn’t address investing, debt, or assets. It does allow you to plan for a savings account, though it doesn’t allow you to work toward certain savings goals within the app. In short, it’s rather bare-bones in its focus. That means it’s most appropriate for those who need an app that they can glance at throughout the week. That is if you want to get a simple picture of where they money is going. Also, how much they have left to spend. If you’re prone to over-spending or dread looking at your bank account at the end of the week, Level could help you get a handle on things once and for all. We Liked Level Savings App Because… It’s available for free. The interface is simple and intuitive. It links all of your bank accounts, consolidating information. Therefore, you don’t have to add up those numbers yourself. It makes basic money management automated and stress-free. Just glance down at your phone and know where you stand financially. It works well for those with predictable income and uncomplicated finances. It doesn't matter if they get paid monthly or on an irregular basis. You can set income as recurring monthly, bi-weekly, weekly and so on. Setting up your account is easy and straightforward. Just link your bank accounts and answer some simple questions about your income and expenses. From there, Level is able to do basic automation. It gathers information from your past spending history. Therefore, you don’t have to manually input data if you don’t want to. It gives you a clear visual picture of where your money is going, based on certain categories. For example, if you spend hundreds of dollars on restaurants or cabs each month, you’ll clearly see that data in the Level savings app. You can set the “tracker” to gather data on your spending in specific categories that you want more information on. It can go right down to individual companies like Uber or Amazon. It focuses on letting you know how much money you should spend each day to have enough left for necessities. This is a narrow focus, but it’s absolutely crucial for gaining control over your finances. Many people find it difficult to make it over this hump. By removing all of the math, Level makes it easy to understand. Level alerts you when you’re nearing the end of your “spendable” money for the day, week or month. Those gentle reminders are great for those who don’t check the app every day. It bases your spendable income on money you currently have, not your projected income. However, it also allows you to see what your spendable money will look like once your expected income comes in. It allows you to budget for putting money toward a savings account. Though it doesn’t monitor that goal, it accounts for it when calculating how much spendable money you have. It uses Intuit software for security and is owned by Capital One, so it’s as trustworthy as any other financial app. Not So Sure About… Level doesn’t allow you to work toward savings goals within the app, displaying your progress and giving advice about how you can save more. It’s hands-off in that regard. It also doesn’t assist with endeavors like getting out of debt or investing your money, as some other apps do. Level is not appropriate for those with investments, assets or other more complex finances. It’s simply not designed to take all that information into account. The app can be buggy at times, failing to update its data. It can require users to re-authorize the same accounts. It updates regularly, but as with many financial apps and institutions, sometimes there’s a lag. Online Reviews Say That Most users have found Level to be a good basic money management tool that is most appropriate for those just starting out as independent working adults. They also write that it’s great for those who consistently feel in the dark about how much money they currently have available. They also state that it’s great for those who tend to be clueless about their finances and need somewhere to begin. Other reviewers say that the next step is for the app to include automatic bill-paying software. In this way, your money management can be truly automated. Experts say that Level is like a much simpler version of Mint, and is effective for that purpose. On the other hand, it’s not ideal for those who depend on the additional features of Mint. You can judge for yourself, though. Read here my very own review of the Mint Savings App. Conclusion Level savings app has one goal: to let you know how much money you have. It sounds simple. However, given the number of people who consistently overdraw their accounts or neglect to set aside any money for big bills, the app could be a lifesaver for some people. Its major perks are that it’s highly usable, reasonably secure and free. Does the Level savings app sound like it would work well for you? If not, what do you think Level should add to their app? Tell us your thoughts about Level below.

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