Hey, would you like an expense tracking app for $2.99? Didn’t think so. But how about for free? That’s more like it.

Team Staccato figured this out just this week. The app development company set the price to $0 for their app Money² on May 30 and saw it rocket up the ranks to peak as the #5 most-downloaded iPhone app in the finance category, alongside apps from PayPal and Bank of America.

The app was originally launched July 20, 2012.

Pictured at left, Money² is a simple budgeting and expense tracking tool. Users enter their income and a budget is created, then expenses such as meals and transportation, are deducted.

It seems likely they will again revert to a paid model soon, and count on the app’s high ratings – 4 stars in the App Store – to attract new customers.

We downloaded Money² and were underwhelmed. It required manual entry of, well, every bit of financial data. However, for the budget-minded customer a free app to help log income and expenses might be attractive.

Setting up the app is a bit of a chore, as it does not link to a bank account. Budgeting and tagging purchases consistently ranks among the least enjoyable parts of personal financial management or PFM software.

Team Staccato, Ltd., based in Japan, has developed an eclectic collection of apps. It has built quiz apps, photo apps, in addition to Money². The company has built apps in both Japanese and English.

At right is a visual history of Team Staccato’s frequent price experimentation with the app. The Team appears to have tried out four price points for their product so far. So the next time you see this app for $2.99 …