Online Financial Tools Make Money Management Easier
April 21st, 2008 | by rachel |
Since telephone banking transitioned to online banking, millions and millions of consumers have become comfortable and even dependent on technology to manage many of their daily activities, personal information and money. As part of that transition, the number of online financial tools has increased. Likewise, usage of those tools has increased rapidly in the last 3-5 years. Customers are no longer limited to online bank statements and bill pay options to make financial management easy and convenient. If you want to expand your ability to manage all the important areas of your life online, these tools will help you manage your money (and all your important personal information) easier.
GENERAL ONLINE SERVICES:
Online Banking - involves being able to access account information and complete electronic transactions online via a bank’s secure web site.
Online Bill Pay - allows customers to schedule electronic payments and transfers between accounts using a bank’s secure web site.
E-statements & Paperless Billing - utilizes customer e-mail to deliver bills, statements and invoices instead of wasting time & money with sending a paper bill using “snail” mail. Usually, customers can “register” to be billed via email on the vendor web site.
PLANNING & BUDGETING:
MVELOPES - Based on the paper “envelope system”, this subscription service allows users to designate specific amounts of money to various spending categories BEFORE it is spent. The management system will assist users with paying bills, tracking net worth and maintaining an accurate budget.
ESSENTIAL LIFE DATA - Allows customers to organize and store personal information for their executor and/or power of attorney. This information remains secure and accessible anywhere for the time(s) if and when you should become incapacitated.
SMARTYPIG - This new service (launched in February, 2008) allows users to register specific savings goals, publicly or privately, and create a plan for reaching those goals. Each goal has an interest bearing savings account and there is no limit to the number of goals (i.e. accounts) that can be opened. Public goals can be seen by anyone and they are able to receive “outside” contributions for reaching those goals. The service is completely free. Retail partners provide additional incentives for reaching savings goals when making purchases from their stores.
SIFT SORT - This service allows users to organize, store and share personal documents. It is easily accessible from anywhere the Internet is available and it has an unlimited capacity. Updating information is much easier and efficient than maintaining safe paper copies. All information can be shared but it is logged anonymously to maintain appropriate security.
ONLINE HOME INVENTORY - This subscription service allows users to enter information regarding the items in their homes for accurate records in case of fire, theft or other loss. Records are always available, easily updated and secure.
INTEGRATED MONEY MANAGEMENT:
A relative new type of financial tool includes those that rely on “online financial aggregation”. These options allow users to register information about all their financial accounts with a central service. That service (some free and some subscription based) updates a user’s financial information at scheduled intervals (usually daily) and provides tools for them to categorize spending, make budgeting decisions, pay bills and designate money for saving. Some of these services also integrate social networking into their infrastructure to allow interaction and brainstorming among its members. These are some of the most well-known sites:
Geezeo - Mint - Wesabe - Quicken Online
BUSINESS SERVICES:
The number of online business services is rapidly expanding also. Whether you own a business or just need some help keeping your business records better organized, these options can help:
Bill4Time - for anyone that needs to track billable hours
Blink Sale & Invotrak - invoicing services
STAND ALONE SOFTWARE PRODUCTS:
Quicken Home Inventory Manager
Quicken Rental Property Manager
Quicken Medical Expense Manager
NOTE: Online Revenue Archive is not affiliated with any of the companies/service providers listed above nor are they receiving any compensation from these companies. Their inclusion on this list is meant to be a random sample of financial tools available and NOT an endorsement or recommendation of these services. Before subscribing/registering with any online financial service, make sure to research the company fully and make sure you understand all the applicable terms of your usage agreement/contract.