Best Personal Finance Software Online
April 21, 2009
The best personal finance software sites are free! This review of personal finance budgeting online takes a look at sites like Quicken Online, Mint, Wesabe, and others and how you can manage your money online for free. Thanks to Kelly Whalen for doing the research and compiling this list.
Money Management Online
Recent news suggests savings rates are on the rise and use of credit is declining. it’s clear many Americans are changing the “charge now, pay later” attitude. One way to combat overspending is to create a budget. With dozens of free sites offering money management tools online, we have a new way to keep track of our money. But which one is worth your time?
I examined several of the big names in online money management, which will help you find the right fit. Unless otherwise indicated, each of these sites is free to use.
Mint – Many people swear by Mint, and rightly so. The site offers a clean interface, and easy to read graphics. Inputting info is easy, and Mint sends a weekly financial snapshot email, as well as an email to let you know when your credit card payments are due.
Great tools for budgeting, tracking past spending, totals for all accounts, networth calculator. Mint has a clean, easy to read interface, tracking for investments, and it is easy to set up.
The only drawbacks are the advertising to “save” you money, slow response time for problems/issues with the site, and the site doesn’t play nicely with all banks. Despite these points I would recommend this site to everyone.
Wesabe – If you aren’t on the Mint bandwagon, chances are you would like Wesabe. Wesabe offers many of the traditional tools (tracking for all accounts but loans, and a cash account feature), but also has created a manual uploader for the accounts it does not currently support. They also are ad free!
Wesabe offers one of the best customer support models available. Users interact with the team at Wesabe and can submit suggestions, and feedback. Another great feature is their “Groups” feature which allows you to talk to other users, including folks like CEO of Wesabe, Marc Hedlund.
Wesabe is recommended for those that want a community with their personal finance software, excellent and interactive customer service, and more control over categorizing expenses.
Quicken Online – Signing up for Quicken Online is an easy and quick process. Quicken ties in to TurboTax so managing deductions at tax time is easy. QuickenOnline gets high marks for their future transactions feature. A big, bold area in the middle shows “What you earned – What you spent = What’s left.”
They support investment accounts, loans, credit cards, savings and checking accounts. During my user test QuickenOnline locked me out of one of my accounts several times, and customer service took several days to clear it up.
This site is best for people who already use Quicken, or those who want a tie-in to Turbo Tax.
Functional but Not Outstanding
My Spending Plan – This tool was nixed as soon as I signed up, the “interview” process which is supposed to help you create your spending plan was really just a way to show you advertisements. Once I got beyond that, the features were decent, but not as good as other sites.
Geezeo – No spam, but plenty of ads, a confessions tab, and tracking for goals and networth. Features include creating a budget and goals, as well as automatic uploading of account info were all the usual features. The site had a bland look, ads take up a lot of space, and did not offer much of a community.
Mvelopes: (pay) Free 14 day trial, monthly fee afterwards. Includes BillPay for folks who don’t have it at their bank.
Buxfer: (free) Simple, clean financial site, no bells and whistles.
Rudder: (pay for extra transactions) 200 Transaction maximum, updates and advertising sent through emails.
The bottom line? Tons of options out there, so you’re bound to find one that works for your specific needs.
All posts by Ben Edwards