Status Money uses what it refers to as a “proprietary insights engine” that shares anonymized data on millions of people across the country. This ensures that the data you’re comparing is of a larger, more relevant, and unbiased group of peers and national averages instead of just a set of other Status Money members.
You can compare your net worth, spending, debts, assets, income, and TransUnion credit profile to three different data groups:
- Peers – People most similar to you in age, income, housing status, and location.
- National Average – Think of this dataset as the Nielsen ratings for personal finance.
- Customized Groups – You can create your own dataset of filters (age range, location, location type, credit score, income, and housing type) to compare your finances.
By default, each section and subsection of your finances (spending, income, debts, assets, net worth, and credit score) is compared to both your peer group and the national average. Each one is broken down into graphs and charts, which are accompanied by “nice to know” and “alert” cards.
“Alert” cards tell you when something needs your attention. “Nice to know” cards update you on how you’re doing.
I was shocked to see that my $758 credit card balance is sitting way below my peer group, which has an average balance of $2,431 (which, by the way, is above the national average of $2,209).
And here I thought any credit card balance over $500 was too high!
Financial Categories
Status Money organizes your financial categories somewhat differently than other personal finance apps, but it’s nothing too complicated. You can also customize categories to reflect your accounts accurately.
- Spending subcategories are broken down into 16 fixed categories.
- Debt subcategories are broken down into six fixed categories: mortgages, auto loans, credit cards, student loans, home equity loans, and personal and other loans.
- Income subcategories are broken down into three fixed subcategories: salary, other, and investment and savings.
- Asset subcategories are broken down into six fixed categories: homes, cars, investments, other assets, cash, and savings and CDs.
Track Spending and Income
Get comparisons, and personalized insights into your spending habits as Status Money automatically categorizes your transactions into 16 default household categories.
Status Money also shows spending trends by category and forecasts future spending based on past transaction history so you can anticipate upcoming expenses.
You can manage and track multiple income streams in the same way you would for spending. Status Money automatically categorizes your income by salary, other or investments, and savings so you can keep track of all the money you have coming in.
Set Spending Limits
You can set spending limits for each of the 16 spending categories. Each time you log in, Status updates you on your limit and how much you have left to spend.
Set Spending Goals
Just like setting spending limits, you can set income goals for each of the three types of income (salary, investments, and savings). This is perfect for members who are self-employed or those who want to track income from rental properties or stock investments.
Spending Predictions
Once you link your accounts, Status Money will pull up to 90 days’ worth of transactions. It will then analyze those transactions and make spending predictions based on recurring bills, one-time expenses, and everyday spending.
I find this feature helpful because it helps me anticipate where I may go over the budget for that month.
Manage Debt and Assets
Status Money pools all money from cash, savings, CDs, investments, homes, cars, or other assets into an asset bucket. In those asset buckets, you can view balances, earned interest rates and current fees, and compare them to others in your peer group or the national average.
When it comes to debt, Status Money tracks it the same way as assets.
Your debt bucket consists of any money owed on credit cards, personal and other loans, auto loans, mortgages, home equity loans, and student loans.
You can view your balances, interest rates, comparisons, and account details and see if there are any opportunities for you to save or lower interest rates.
Track Your Net Worth
Your net worth is calculated from your linked assets and debts to provide an accurate and updated total that is displayed on your dashboard each time you log in.
With Status Money, you can get side-by-side comparisons of your net worth to those of your peer group and the national average.
Track Your Credit Profile With TransUnion
Your credit profile is provided by TransUnion to give you 24/7 access and updates to your credit score and report so you can stay on top of any changes.
Receive Recommendations
Throughout your Status Money experience, the platform will make recommendations for ways to improve. These might include suggestions for the best financial products (such as robo advisors) for your needs. This might be a great help when you’re deciding which product is right for you.
Status will also recommend other ways you can improve — from ideas for saving to spending less.
Earn Cash Rewards
Act on Status’ recommendations for financial products or new behaviors or refer friends to the service, and you’ll earn cash rewards. There’s no limit to how much extra cash you can earn, and the rewards will never expire. When your rewards add up to $10 or more, you can redeem them via a free ACH transfer directly to your bank account.
Just for signing up, you’ll receive a bonus of as much as $7. You’ll get $5 for creating an account, $1 for linking your credit report, and $1 for linking your first bank account.
Status Money Credit Card
With the Status Credit Card, you’ll be able to earn 2% cash back or crypto-back on everyday spending. There’s no annual fee either, and you also get a $200 bonus if you spend $1,000 within the first three months of opening a card.
The card isn’t out quite yet, but you can enter your email on Status Money’s website so you know when it launches.
Earning unlimited 2% back in crypto rewards is also competitive with crypto reward cards from companies like BlockFi and Coinbase. You’ll also be able to choose from 40+ cryptos to earn as rewards, including popular coins like Bitcoin, Dogecoin, and Ethereum.
Get Financial Coaching
Premium Status Money members can access financial coaching with a financial advisor. It costs $10 per month for the premium plan, but this is still much cheaper than what it would cost to seek advice from a traditional financial planner.
Here’s how Status Money’s coaching program works:
- Schedule a video call and tell Status Money about what you need help with; investing advice, retirement planning, tax and estate guidance, and other options are all on the table.
- Select a time that works for your schedule.
- Get matched with a Status Money coach and have your call.
The fact you can now get human advice is a massive upgrade for Status Money, although you have to pay for the luxury.
