For many of us managing our personal finances is not in our top 10 list of how we want to spend our spare time. Attempting to coordinate multiple bank accounts, credit cards and loans can be a hassle, especially when each one resides at a different institution. One solution is using management tools like Quicken or Money but who wants to spend money to manage their money. Well, let me introduce you to the FREE online personal money managers Wasabe and Mint.com. That is right…FREE! Not only are these account aggregators free, but they also help you save money.
Wasabe (not the nuclear horseradish paste served with sushi) allows its users to “take control of your finances and help each other make better financial decisions.” It accomplishes this in three ways, (1) informing you on how to better understand your spending habits, (2) identifying how you can receive more value from your money, and (3) setting financial goals by socially connecting you to others Wasabe users who have similar financial profiles. Check out below for videos of the Wasabe interface and how to clean up the “gobbledygook” that is your finances.
Mint.com is the personal account management tool that I enjoy using right now because of its visually appealing interface and the minimum amount of information required to synchronize multiple accounts. Mint also has agreements with over 4,000 banks, credit unions, and credit card providers which it securely downloads transactional data from each night. Transactions are categorized and organized to show how much you spend on gas, groceries, parking, DVD rentals, etc., while an alert system can notify you of unusual activity, low balances, unwanted fees and upcoming bills. Mint also keeps tabs on the latest offers from hundreds of providers and recommends ways you can save money on interest rates and other expenses (Mint.com features). During its beta period, Mint found an average of $1,000 in savings opportunities for each user within minutes of setting up their account. Mint is available by web or mobile phone and already has a user base of 60,000.
Go try one out for yourself and let us know how your experience went by commenting to this post.