A Look at Online Money Management ToolsPresentation Transcript
Online Money Management Learn the Pros and Cons of Popular Sites
PROS : With a read-only format, the company can look but can’t change any account information. Lets you compare your spending habits with those in your city or state. Sizes up your accounts with other financial products that may offer greater deals.
CONS : Only available in U.S. dollars.
Test Drive It: www.mint.com Online Money Management: Pros and Cons of Popular Sites
Beehive Budget Builder
PROS : No secret passwords or account numbers needed, so your information is very secure. You upload and update your own financial data.
CONS : If you want a site that uploads data for you, use the Budget Builder in conjunction with other money management sites.
Test Drive It: Beehive Budget Builder Online Money Management: Pros and Cons of Popular Sites
PROS: Reminds you of recurring fees and subscriptions and offers them up as items to cut out of your budget. A social network feature allows you to chit chat with other savers and spenders. Gives the option to add your data with a Quicken or Microsoft Money file. Can be updated with your mobile phone.
CONS : If the bank can’t automatically connect to your bank, you’ll have to take extra time to download it yourself.
Test Drive It: www.wesabe.com Online Money Management: Pros and Cons of Popular Sites
PROS : Once your information is submitted, Thrive scores your financial fitness, and gives tips on how you can improve your situation. Accounts are read-only, which means your data can’t be changed.
CONS : If the site doesn’t support your credit union or small bank, it doesn’t appear to offer any other options.
Test Drive It: http:// www.justthrive.com / Online Money Management: Pros and Cons of Popular Sites
PROS : Tracks loans between yourself and friends or family. Available in 28 languages and supports more than 50 currencies, such as Pesos and Euros.
CONS : Free plan doesn’t include unlimited accounts and unlimited budgeting. To add five or more accounts, you’ll have to upgrade to at least a $2.79/month service.
Test Drive It: http:// www.buxfer.com / Online Money Management: Pros and Cons of Popular Sites Buxfer.com
PROS : Offers you a manual upload if the site can’t connect to your bank to automatically transfer your data. You can compare yourself with others in the MoneyStrands community anonymously. Is available for your iPhone.
CONS : While you’re able to compare your finances with other members, you can’t interact with them.
Test Drive It: https:// money.strands.com / Online Money Management: Pros and Cons of Popular Sites
Online Money Management: Pros and Cons of Popular Sites
Hellowallet.com PROS: Offers customized financial plans. Free for 60 days. No annoying ads, and no affiliations with banks so it gives you independent, unbiased advice. CONS: Costs $4 a month, while most other sites are free. Test Drive It : www.hellowallet.com
For more helpful information, visit www.thebeehive.org .