#1 Easy Way to Plan your
Financial Goals
App Review 2022
App Review 2022
Founded by Sam Abrika
WAM Rating - 4.9
Many people say they want one thing in life, but do the complete opposite. Keeping good financial habits has never been that hard, and that’s where Nova wants to help you.
Research has shown that 75% of people who set their own budget fail to hit. Tracking your expenses and creating budgets all by yourself is not an effective way to properly manage money, as we tend to overspend without even knowing it.
That’s exactly what Nova Money is here for.
Nova Money Manager is a UK Ltd company registered with the Financial Conduct Authority. Their app consists of a powerful AI that analyses your financial situation, asks for your financial goals, and helps you keep your spending in line with your goals. Works with your goals and your financial data to provide you with a budget that’s personalized just for you.
Unlike budgeting apps, Nova automatically creates your budget based on your goals, and analyses your spending pattern to alert you when you need to slow down your spending.
At the time of this review, Nova is available only in Europe on both App Store and Google Play.
Below are the main features of the app:
Nova’s AI estimates your Saving Capacity based on your history and compares it to your Goals’s Saving Requirement.
By improving your spending habits, you can increase your Saving Capacity and progress faster towards your goals.
The sooner you want to complete a goal, the more you’ll need to save each month. When planning your goals, you can see the Required Monthly Saving associated with each date, and how feasible this is.
Nova also allows you to set investment goals:
Nova will sum-up all the money you need to save and invest as Required Monthly Saving and use that number to set your monthly budget.
Nova calculates your budget based on your goals, using the “Wealth Equation”:
The Nova AI organises all transactions into 4 categories:
All transactions in the app are colour-coded according to these categories.
Nova then calculates what you have left to spend on your Variable expenses to progress on your goals. If you have already spent too much this month, Nova will show you a warning message.
When most budgeting apps use pie charts to track the monthly budget, the developers of Nova took a different approach that they called the Budget Line. Here is how it works:
As expected from a personal finance app, Nova Money includes powerful analytics to visualise your spending trends and understand where your money is going. Their analytics is designed to show by how much your wealth increased or decreased each month.
This is calculated by their Wealth EquationFor more info, visit the Nova Money website.
Nova Money offers free and premium plans. The core features are available for free, however if you want to track more than 2 goals, you’ll need to upgrade for £36/year or £4.99/month. The company claims that users easily make up for that cost in either saving time, or improving their spending habits. Based on our experience reviewing finance apps, it’s true that Nova Money can replace a lot of the hassle of creating financial spreadsheets and keeping them up to date.
Besides planning several goals, the premium plan also unlocks the following:
The benefits available to users who upgrade to the premium plan are:
Everyone loves financial security and a properly laid down budget, but not everyone knows how to manage their finances or even create a budget.
Nova Money Manager helps you calculate your monthly budget and effectively discover the areas where you have been spending Incessantly.
With the Nova app, you can’t go wrong with your budget and spending. You can set your financial goals and crush them!
This app helps you plan your budget either by calendar month or from the first payday to the next payday.
You can also gain more knowledge in the area of better handling your finances and you can find answers to any related topic.
The Nova app is extremely easy to use. The step-by-step video tutorials embedded in the app make it even better.
Upon successful signup and verification, there are step-by-step tutorial videos for you to watch embedded in the app.
Watching these videos unlock the unique features of the app. These videos give a reasonable amount of knowledge on how to apply the Nova methodology to plan ahead your finances. We liked that all the educational content is available in the Nova Academy.
Nova App is the best budget app that uses an AI-powered feature to provide the assistance you need in managing your money.
| Product Design – 4.7 / 5 |
| User Interface – 4.8 / 5 |
| Ui / UX – 4.9 / 5 |
| Overall Performance – 4.8 / 5 |
Nova Money is the best finance budget app we have ever come across. It is particularly well suited to people who have financial goals such as buying a house, saving, investing or getting out of debt or simply want to maintain good habits.
Unlike many free budgeting apps, Nova doesn’t sell users’ data and doesn’t push for financial products that would incentivise people to spend (credit cards, cashback…).
We strongly believe that people who use this app will attain a certain level of financial responsibility, as Nova helps effectively cut down unnecessary spending and makes you focus on achieving your financial goals.
If you’re someone who has issues following budgets you created with spreadsheets and other means, then this is the right app for you, as it will take the stress of having to run your finances on your own.
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