Do you love social media? Do you also like having your finances in order? If so, you’ll find our Status Money review helpful when it comes to learning how you can improve your credit score, earn cash rewards, and take your finances to the next level – all with one helpful app.
But first, let’s go back to social media. Whether it’s Facebook or Instagram, Snapchat or TikTok, it’s no secret that we’ve all gotten pretty used to sharing everything in our lives. Call it oversharing, but it’s also easy to believe in this key statement – knowledge is power.
That’s true when it comes to your financial accounts and personal capital, too, and that’s where Status Money comes in. Status Money is a personal capital app that will help you compare your finances to those of your peers so you can make smarter decisions that will positively impact your net worth.
Ready to learn more? We’ll cover everything you could possibly need to know, from how much this app costs to how to open an account in this complete Status Money review. Let’s get started!
What is Status Money?
Status Money is a financial planning app that will let you keep track of your own personal capital in comparison to the personal finance standing of your peers around the country. Do you make more money? Spend more money? Status Money will tell you everything you need to know.
You will be ranked based on three key data groups. The first is your peer group, which is a collection of individuals who are most similar to you in terms of your age, housing status, location, and income.
The next is the national average. You’ll be compared based on the net worth, income, and other information based on the overall national average for personal finance.
Finally, you can also create your own personalized filters (such as credit score, housing type, and so on) to filter out personal information to better compare your finances to certain subsets of the population.
The data you will receive is all clearly broken down into charts and graphs so it’s easy to understand what you’re looking at.
You can even view separate financial categories (such as spending, debt, income, and assets) to accurately reflect your financial accounts.
Status Money also makes it possible for you to do the following, most of which are pretty standard features of other financial app options that exist:
- Set spending limits and spending goals
- Track income and spending
- Make spending predictions
- Manage assets and debt
- Track your personal net worth
- Receive recommendations on better interest rates, new savings plans and bank account options, and more
- Keep tabs on your credit score with TransUnion
- Earn cash rewards
It is this last feature on the Status Money dashboard that really tends to grab users’ attention. Yes, you can even earn cash rewards on Status Money! You’ll get bonuses when you act on Status Money’s personal finance recommendations (like signing up for a new credit file at various financial institutions) or for referring someone to the Status Money app.
How to Use Status Money
Status Money has what is called a “proprietary insights engine.” This “engine” collects anonymous data from millions of people all over the country, putting together an unbiased picture of the entire financial life and net worth of a nation.
That way, you can make sure you are getting clear information on how your finances compare to the rest of your peer group.
When you sign up for Status Money, your net worth, spending history, assets, debt, income, and even your TransUnion credit score will be compared to the information of other members of your peer group all over the country.
Getting Started on Status Money
You can get started on Status Money (and get a complete financial picture of your spending habits) on this personal finance platform in just a few moments.
You’ll provide basic information such as your name, your email, a password, your date of birth, your annual gross income, housing type, car ownership (if relevant), and Social Security Number. You will also have to provide a mailing address.
This information is necessary to link your financial status to your TransUnion account. Once you provide this information, you’re in! Now you can get financial advice on how to manage your personal finances, with a special focus on how you compare to the rest of your peers.
Status Money Cost
There are ads while you are using this app but these are on general personal finance topics and are more or less tailored to your interests and search history.
Often they are ads for products, programs, and services that may help provide you with a bit of financial freedom and help you save money – things like how to avoid paying high interest rates or how to lower your bank account fees.
If you have ever used another personal finance site, like Mint, you’ll find that Status Money is similar to the rest.
Is Status Money Safe?
You might be wondering, is Status Money safe to use?
The short answer – absolutely.
Its database and all of its member information is encrypted and can be viewed only by specialized personnel.
Not only that, but Status Money partners with various outside companies to link financial accounts and offer free comparisons along with more targeted suggestions.
These companies aren’t offered at random, though – they are vetted by external security audit teams and all information is made anonymous before it is released.
Plus, when you provide your identifying information so that TransUnion can verify your information, you only need to share the last four digits of your Social Security number (not the whole thing). That’s another way Status Money can help keep you safe!
Status Money Customer Service
The only downside, for the most part, of using Status Money is its limited customer service contact options.
There is only one way you can get in touch with the customer service team here and that is by email. You’ll have to send a direct email to email@example.com in order to get help.
At the time of writing this article, there are no phone or chat methods available for faster help.
Status Money Pros and Cons
Below are some of the biggest benefits and disadvantages of using Status Money.
Pro: Social Investing Lets You Get a Clear Picture
If you’re a bit nosy about what your peers are doing (be honest – who isn’t?) then Status Money is the best option for you.
It will let you know if you are spending too much money or if you need to work on your asset allocation. The whole point of how Status Money works is to allow you to compare your finances to those of other people in similar demographic brackets.
Another benefit of using Status Money is how secure it is. The app has bank-grade security with helpful features like multi-factor authentication code and other features you might find at your trusted financial institution.
All of your information is kept anonymous, including averages and projections, so you don’t have to worry about other people peeping specifically at your financial situation – and knowing it’s you!
Pro: Credit Score Monitoring
Sure, you can also check in on your credit score by using Credit Karma or checking with your financial institution. But using Status Money makes this way easier. You can track your credit score for free and even sign up for alerts that will alert you to changes in your credit score.
Con: Limited Features
Although Status Money is revolutionary in many ways – you can use Status Money for everything from credit monitoring to setting spending categories to comparing your personal financial situation to that of your peers – it doesn’t have quite as many features as those of other apps.
For instance, it doesn’t have the ability for you to aggregate bank accounts or to pay bills directly. It is not so much of a budget creation tool as it is a budget monitoring tool, and while that might not be a disadvantage for some, it’s something to keep in mind.
How Does Status Money Compare?
There are all kinds of other mobile app options and financial products out there that will let you keep tabs on your spending habits, view national averages, and create certain categories for budgeting purposes.
However, none will let you anonymously compare finances, track your net worth, or keep tabs on your credit monitoring quite like Status Money.
While apps like HoneyDue are better for sharing and working toward joint financial goals with a partner – and those like Prism are better for paying bills – Status Money is the best for tracking long-term growth.
If your goal is to improve your credit report and net worth over time (rather than just make sure you pay your bills on time), Status Money is definitely the way to go.
And don’t forget – like many of the other apps out there, it does still let you earn extra money via referrals and participating in offers from Status partners!
Is Status Money Legit?
Status Money is not only legit and safe to use, but it’s one of the best ways to keep tabs on your credit report, net worth, and much more.
Hopefully, our Status Money review has been helpful as you figure out which financial planning app is right for you. Sign up today!