5 Best Web Tools for Money Management
Master your money with cutting-edge personal finance technology.
In honor of the newest member of the Quick and Dirty Tips team, Tech Talker, I wanted to share some of my favorite personal finance web tools.
Technology can make managing your money less time consuming and a lot more fun. Just the thought of living without these tools turns my stomach into knots!
Here are my 5 favorites, plus the scoop on a few more top-rated applications that can help you and your family become masters at managing your money:
Tool #1: Online Bill Pay
When someone asks me the number one way to make paying bills easy, my immediate response is online bill pay. I love it because it allows you to make payments to any company or person without having to write checks, buy stamps, or address envelopes ever again. That saves a huge amount of time and money when compared to paying bills the old-fashioned way. If your bank or credit union has online banking, they probably also offer free bill pay.
Each week I log on to my bank’s bill pay center to send payments to companies or individuals. You can get e-bills, which are electronic versions of paper bills, delivered directly to your bill pay center. I enter the amount and date I want to pay to each biller, then the bill pay service takes care of the rest.
If the company I need to pay is set up to receive funds electronically, my money gets wired to them. If not, the bill pay service cuts and mails a paper check in plenty of time for it to arrive by the due date I want—and yes, that’s free too. Read more in How to Save Money Using Online Bill Pay.
Tool #2: Quicken Financial Software
My second favorite money management tool is desktop software from Intuit. I started out with their personal finance program for individuals, which is Quicken. Later, I upgraded to QuickBooks, their small business program, and I use it for my personal and business accounts. When you need a robust solution for your finances that’s saved on your computer, desktop software is the way to go.
Intuit products are connected to almost every U.S. institution that offers online transactions, like banks, credit cards, and brokerage accounts. Each week I import all my account transactions into QuickBooks, categorize them, and verify debit and credit card charges against my receipts. What used to take me hours now takes minutes!
The software aggregates your online data, so you can see up-to-date balances for all your bank, credit card, and investment accounts in one place. Quicken and QuickBooks also make it simple to create and track a personalized budget and to build customized reports that come in really handy at tax time.
Quicken is loaded with features that make its entry-level price of $50 a bargain, in my opinion. QuickBooks costs over $200, but it comes with advanced accounting features that let you easily manage business functions like invoicing, payroll, and inventory.
Tool #3: Mint.com
If you’d rather manage your money in the cloud, without being dependent on desktop software, Mint.com is a great option. It’s also owned by Intuit and is a free web-based financial service that allows you to track your bank, credit card, and investment accounts in one place. You can create and monitor a budget, get account alerts, and set up savings goals. Mint also has a great free mobile app for your iPhone or Android.
Tool #4: ClearCheckbook.com
If you like managing money online or using a mobile app, but you need more advanced features than what’s offered by Mint.com, check out ClearCheckbook.com. It allows you to manage every aspect of your finances from a customizable account dashboard. You can add transactions, balance your checkbook, view reports, manage your budget, track your bills, and more.
The basic version of ClearCheckbook.com is free, but the features you get from the premium version—like account running balances, importing transactions, creating custom reports, and having multiple users per account—is what really makes the service worthwhile. The premium version of ClearCheckbook.com costs just $4 a month or $42 a year. Definitely a worthy investment.
Tool #5: FamilyMint.com
If you have kids between 6 and 16 years old, FamilyMint.com is an awesome online tool for teaching them about money. It lets kids manage and budget their own finances while parents act as the bank. In case you’re wondering, it’s not affiliated with Mint.com in any way.
Let’s say grandma gives Johnny $20 for his birthday. Johnny can log in to FamilyMint.com and enter that amount as a deposit to his FamilyMint checking account. He gives his dad the $20 to stash away for him or to deposit in a real bank account.
Johnny can also create goals in FamilyMint, like buying a bike that cost $100, and transfer all or a portion of his $20 gift toward paying for that goal. It’s a great training ground for kids because they learn by doing—and parents can approve or deny their budgeting decisions. FamilyMint.com is totally safe because it isn’t connected to a real bank account; it’s simply an online tracking system that encourages hands-on financial literacy for kids.
The free version of FamilyMint.com has lots of functionality, but you can upgrade to a premium version for just $5 a month or $25 dollars a year, which is almost a 60% discount when you prepay. The premium service gives you mobile access, automatic allowance payments, a savings plan that splits deposits into multiple accounts, and matching funds where parents set up extra deposits for kids when they reach certain financial goals.
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Download FREE chapters of Money Girl’s Smart Moves to Grow Rich
For more recommendations about the best money management tools, be sure to get your copy of my book Money Girl’s Smart Moves to Grow Rich. It’s available at your favorite book store in print or as an e-book for your Kindle, Nook, iPad, PC, Mac, or smart phone. When you go to SmartMovesToGrowRich.com you can download 2 free book chapters!
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About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.
