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Good Website for Managing Your Money

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Old 01-02-2008, 02:11 AM   #1
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Good Website for Managing Your Money

I don't know how many of you do online banking or how many have accounts at multiple banks but I thought I'd share this

I found a pretty good website that allows you to consolidate all your online bank statements, credit card statements, mortgages, loans, etc (even frequent flyer miles) into one account and what's really cool is it breaks down your expenses by category so you can see how much dollars wise and percentage wise you're spending on different categories. For example, you can see how much of your total expenses in a month were grocery expenses. It's not a perfect system, purchases from CVS pharmacy fell under "healthcare" for example. But overall, it seems really useful and practical.

Here is the site address:

http://www.moneycenter.yodlee.com
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Old 01-02-2008, 08:22 AM   #2
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Re: Good Website for Managing Your Money

I just bought Microsoft Money, which is software that does a lot of the same stuff with more features. The thing I like about Money is the ability to recategorize expenditures into whatever category you want, plus set budgeted targets for each category so you can compare your actual expense to your budget.

Whether you're using that website, Microsoft Money, Quicken, or whatever, it's just good to be setting budgets and tracking your spending. When a program adds up the numbers for you, it quickly hits you that spending $5 a day on lattes really hurts you.

Definitely a good idea to check it out.
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Old 01-02-2008, 09:10 AM   #3
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Re: Good Website for Managing Your Money

You can actually recategorize expenditures with Yodlee as well, and set targeted budgets.

Like you say, no matter what you use (even if it's a pen and paper) it's just a good idea overall. My $300 per month restaurants expenditure has to stop, that's for sure
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Old 01-02-2008, 09:20 AM   #4
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Re: Good Website for Managing Your Money

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Originally Posted by SmootSmack View Post
You can actually recategorize expenditures with Yodlee as well, and set targeted budgets.

Like you say, no matter what you use (even if it's a pen and paper) it's just a good idea overall. My $300 per month restaurants expenditure has to stop, that's for sure
LOL

Last year around this time I was looking at our expenses and stuff just like this website does. It was easy to electronically track when things were swiped on debit and credit cards because the program categorizes the expenses. But I was trying to figure out where we were spending our cash that we would withdraw from the ATM. Turned out there were two very big, annoying places where the money was going. The first, my wife was buying a 20 ounce bottle of Aquafina water every day from the vending machine at her office, which cost $1.25 a pop. She did it about 20 days per month, so it added up to $25 a month. Then for me, every day I would end up buying a Snapple from the cafeteria to have with my lunch, which was like $1.50 a pop. So that came to $30 a month.

Just by buying cases of Aquafina and Snapple from the grocery store, we started saving like $30 a month. Office markup on drinks is crazy.

Good thing I don't like coffee. People pay $4 for a cup of Starbucks every day. That REALLY adds up.
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Old 01-02-2008, 09:23 AM   #5
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Re: Good Website for Managing Your Money

Quote:
Originally Posted by SmootSmack View Post
You can actually recategorize expenditures with Yodlee as well, and set targeted budgets.

Like you say, no matter what you use (even if it's a pen and paper) it's just a good idea overall. My $300 per month restaurants expenditure has to stop, that's for sure
Yeah, I need to cut back on my daily Starbucks cup-o-Jo myself. Shit adds up.
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Old 01-02-2008, 09:39 AM   #6
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Re: Good Website for Managing Your Money

Aww Schneed, I'm disappointed in you. After you broke down how you and your wife dropped $50 a month on snapple and aquafina, you were supposed to work your financial wizardry and explain how putting that $50 into your savings account at 6% interest could make you a millionaire with your own 300-foot yacht by 2010
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Old 01-02-2008, 11:05 AM   #7
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Re: Good Website for Managing Your Money

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Originally Posted by SmootSmack View Post
Aww Schneed, I'm disappointed in you. After you broke down how you and your wife dropped $50 a month on snapple and aquafina, you were supposed to work your financial wizardry and explain how putting that $50 into your savings account at 6% interest could make you a millionaire with your own 300-foot yacht by 2010
LOL

Actually, for real, we were contributing $200 a month to my 15 month old daughter's 529 plan (college savings account). Then after that cutback on the beverages at the office, we started saving $250 a month.

We put the dough in stock mutual funds, so I figure we'll earn 9% per year on the investments. As we saved $200 per month, we were on course to build her a nice college fund, it projected to $122,000 by the time she is 18. But by saving $250 a month, we should have $148,300 for her when she enters college. Big difference.

And when you consider that a college like Penn State, which is currently $18,000 a year for in-state Pennsylvania kids, will probably cost $43,000 by the time she's 18 (assuming 5% tuition increases); my daughter will probably really appreciate the fact that I cut back on the Snapple & Aquafina, because the difference between $148K and $122K translates to a reduction in monthly student loan payments of $289.

Her student loan bills, which will surely be high no matter what, will be $289 less per month because we made that cutback and decided to save it for her. I'm sure this year there's something I can cut back on, not really miss, and get that future student loan payment down even further.
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Old 01-02-2008, 11:16 AM   #8
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Re: Good Website for Managing Your Money

Quote:
Originally Posted by SmootSmack View Post
I don't know how many of you do online banking or how many have accounts at multiple banks but I thought I'd share this

I found a pretty good website that allows you to consolidate all your online bank statements, credit card statements, mortgages, loans, etc (even frequent flyer miles) into one account and what's really cool is it breaks down your expenses by category so you can see how much dollars wise and percentage wise you're spending on different categories. For example, you can see how much of your total expenses in a month were grocery expenses. It's not a perfect system, purchases from CVS pharmacy fell under "healthcare" for example. But overall, it seems really useful and practical.

Here is the site address:

http://www.moneycenter.yodlee.com
I want to sign up for this, but MAN they are asking for a lot of personal stuff. Is this site pretty legit?
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Old 01-02-2008, 11:43 AM   #9
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Re: Good Website for Managing Your Money

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Originally Posted by TheMalcolmConnection View Post
I want to sign up for this, but MAN they are asking for a lot of personal stuff. Is this site pretty legit?
I think it's pretty legit. Keep this in mind, most major banks (Fidelity, Wachovia, Bank of America) use Yodlee to power their own online banking applications. This just aggregates it all in one place.
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Old 01-02-2008, 12:56 PM   #10
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Re: Good Website for Managing Your Money

Awesome, thanks man. I'm going to check it out. I've always wanted to point out to the wife all the total crap we spend our money on.
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Old 01-02-2008, 01:25 PM   #11
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Re: Good Website for Managing Your Money

Quickbooks Pro.

'nuff said.
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