Free Online Money & Debt Management Help
Finance Web Sites Help with Home Expenses & Offer Education
Feb 20, 2009
A recent USA Today/Gallup poll found 74 percent of Americans have cut back on their spending in the last six months because of concerns about their household income and debt.
The nation is in a recession, hundreds of thousands of people have lost their jobs, and retirement plans are dwindling as the stock market takes a beating. As a result, belt-tightening is in vogue.
Free Online Money Management
More Americans are keeping a close eye on exactly how much money they spend and where they spend it. They check their paper bank statements, online banking accounts or make their own spreadsheet.
But, consumers now have other options to track their finances. Budgeting has never been easier thanks to a number of free money management Web sites.
Mint.com
According to the company’s Web site, Mint.com’s online money management and budgeting software became available to the public in September 2007. The company claims more than 600,000 people take advantage of its services; more than 2,000 new users come on board every day.
Mint.com says it’s tracking $50 billion in transactions, $15 billion in assets and has identified more than $100 million in potential savings for its users. The typical Mint.com user finds $1,000 in savings in their first visit, according to the company.
Users register anonymously using their email address. Mint.com downloads and organizes users’ transactions from more than 7,500 bank, credit card and investment accounts daily. Your information can be accessed by Web or cell phone.
The company also alerts users to low balances, bank fees, upcoming bills and even potentially suspicious account activity. In addition, Mint.com offers specific, individualized suggestions that can save customers money.
Security: Mint.com says it never knows the user’s personal identity. It also provides bank level data security and privacy protection.
Geezeo.com & Wesabe.com
These sites also allow people to consolidate their bank and credit card information to track their spending. However, Geezeo.com and Wesabe.com also have the added distinction of having a Facebook or MySpace-type feeling.
Both have social networking opportunities. On Geezeo.com, users can post their thoughts on a message board called “Money Confessions”. One anonymous user wrote, “I spend almost as much on overdraft charges as I do on food. I've got to stop the cycle!”
Websabe.com recently introduced the "Cutback Tool", which helps users to pinch pennies on selected monthly expenses.
Both sites offer blogs, tips and discussion groups in which users can share information or seek a second opinion on a variety of topics.
Users’ information can be accessed by Web or cell phone.
Wesabe.com became available to the public in 2006. Geezeo.com was launched that same year under the name DebtFolio.
Security: According to both of the Web sites, users' finances are kept private, although people are permitted to share information about themselves with other members.
Other Free Sites
There are numerous other free sites that offer many of the same online management services:
Yodlee.com MoneyCenter
Rudder.com
Moneytrackin.com
Do Your Homework
Before signing up for any service, it’s always a good idea to check with the Better Business Bureau. You can do that by going to its Web site at www.bbb.org.
Another good source of unbiased information is archived articles from legitimate news agencies. Many of the Web sites, including Mint.com, Wesabe.com and Geezeo.com, have extensive lists of previous news reports about their businesses.
Remember, if you need personal, home money and debt management help, assistance is online and just a mouse click away.
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