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In tough economic times, it becomes necessary for families to live on a budget, but with bills, gas, groceries and unexpected expenses, that’s not always the easiest thing to do. Fortunately, the Internet has made it easier for families, thanks to online budgeting tools that make taking control of your finances a snap.
Mint.com is one example of an online budgeting tool. The site is free and simple to use. Families can sign up by registering with the site and adding your credit card, bank, home loan and investment information. Once the site has all your information, it categorizes your spending. The site also creates a graph of your spending history, so you can identify peak spending months and prepare accordingly. Users can take advantage of Mint’s savings goal feature, which can demonstrate how your savings will add up if you stop spending in a certain category. Another cool feature on the site is the SpendSpace, which lets you see how your spending habits compare to other families in your area. Users say the biggest drawback of the site is that the customer service options it offers aren’t exceptional.
Another online budgeting site is Yodlee.com. Like Mint, Yodlee is free, and users must enter their financial information to create an account. Users say Yodlee is more straightforward and simple than Mint, but still has helpful features. The site allows you to track your account balances and spending in categories such as groceries, utilities and entertainment. You can also set up email alerts, to let you know when a high credit card or utility bill has arrived.
