The Wall Street Journal-20080115-Online Tools Aid Money Juggling
Return to: The_Wall_Street_Journal-20080115
Online Tools Aid Money Juggling
It is hard to ignore how much you are overspending every month when the dollar amount is glaring at you on your computer screen. A new crop of online money-management tools hopes to give consumers exactly that kind of financial monitoring.
An increasing number of Web sites helps people keep track of where their money is going, pooling information from credit-card and bank accounts, and categorizing expenses.
There are about two dozen such tools, said Jim Bruene, editor of Online Banking Report, an industry newsletter. Two recent additions are Mint.com and Geezeo.com, which both started last year. The newest offering is Quicken Online, out last week, which lets users log on from any computer or iPhone to see their current financial picture and sends text to most cellphones or email alerts when a payment is due.
The ability to aggregate personal financial data has been around for years but was put on hold until the masses got comfortable with banking online, said Shawn Ward, co-founder of Geezeo. Another big shift: More people are using debit cards, and there is a huge incentive to watch those accounts closely.
"People are making 50, 60 transactions on their debit cards" each cycle, Mr. Ward said, and consumers who make multiple debit-card purchases without realizing their account is tapped dry can face multiple overdraft fees.
Before choosing a tool, look at how the various sites might fit your needs.
Quicken Online may be a good option for TurboTax fans because the site lets you import data for the 2008 tax year. The service costs $2.99 a month; those who want to test-drive it can do a 30-day trial.
Those seeking more-established services might look at Mvelopes.com, which started online in 2004. The system is based on the envelope method of budgeting, which allocates funds by expense category. Fees range from $189.60 for a two-year subscription to $39.60 for a three- month subscription.
Is community important to you? In addition to aggregating account information, Wesabe.com and Geezeo.com let members ask questions anonymously and offer each other for advice while working toward financial goals. Both sites are free.
Mint.com is for people "who want to get in and get out," Chief Executive Aaron Patzer said. The average user spends five minutes at the free site to check accounts. Users will get recommendations for banks and credit cards at the site, and some of the companies are site sponsors.
