MoneyTrackin’ is an online application that allows you to track your income and your expenses and shows you a clear picture of your financial situation. I came across it a few weeks ago, and I have found it to be very useful and quite easy to work with. Here are some of the features that I like about it:
– Multiple accounts. You can create as many different accounts as you wish, in various different currencies (48 different ones). You can also share accounts with other friends or colleagues which can be useful if you work together.
– Tag your transactions. You can track income/expenses for various items via tags. For example, you could tag a movie expense and a video game expense as “entertainment”, and thus see how much you spend on entertainment as a whole.
-Periodic transactions. If you have monthly expenses that are the same each month, you can easily add a periodic expense and it will automatically create it for you each month. This is useful for car payment, mortgage, insurance, and other expenses or income that is the same constant amount every month.
– Transfer between accounts. You can transfer funds between your accounts seamlessly. This comes in handy if you track business and personal accounts for example, and you want to transfer your salary amount.
– Monthly limits. This is one of my favorite features. You can assign limits to any tag that you create. As I mentioned above with “entertainment”, you could create a limit for let’s say $150 a month on anything “entertainment”. Then it shows you how much you have used up of the limit and what you have left to use, at any given time. I think this is very useful to create discipline when it comes to spending.
– Graphs & charts. I am a very visual person, and most online banking does not provide graphs and/or a visual interpretation of your financial situation. I feel more at ease and in control, along with understanding my financial situation much better when I can easily “see it”.
– Community tips. What I also like about this tool is that it is using the popular social networking aspect that has made MySpace & Facebook so successful. Basically, you can read tips related to your tags written by other users of the community. I think it’s very insightful to read various financial tips from other people. Also, you can share your own tips and help others in the same way. You can create yourself a profile with a picture, description, and the likes. This of course, is not mandatory and it is to your discretion to use.
Overall, I highly recommend this tool if you want an easy method to get a clearer picture of your finances and have greater control over your spending and savings. It is also available in 11 different languages. Best of all, this tool is free.
By the way, it is very secure, and you do not have to enter any sensitive information such as bank account #’s and credit card #’s.
You can sign up for your free account at https://www.moneytrackin.com