Finances & Money

3 of the Best Online Finance Management Tools

Cleverdude_vacationbudgetpicIf you want precise financial management, you don’t necessarily need to shell out for an individual consultant. In some cases, online finance management tools can get the job done quickly, easily, and at a lower cost. Learn more about some of the best online money management services available today to see if you could benefit from these high-tech tools.

Budgeting Tools

The number one financial management priority for any person, couple, or family should be budgeting, yet many people fail to ever complete this step because they think it’s too much work. The good news is that online services can make budgeting a no-brainer.

Sites like Mint allow users to link up their various financial accounts to keep tabs on everything in one simple, easy-to-use interface. Just log in to see how you’re doing with your budgeting in different categories (shopping, dining out, etc.) and what payments you have coming up (student loans, credit card bills, etc.). You’ll get a picture of your finances that helps you visualize where your money’s going. Better yet, you’ll see where you can make cuts in your budget to boost your savings.

Bill Pay

On top of the old standards like a mortgage or rent, electricity, gas, and cable, many people have added student loans and a number of subscriptions to their monthly bills. Keeping track of when all those different payments are due can be a pain, which is why bill payment services are a great option. You can set this up through your bank or use an outside service to make sure your payments are on time.

A smart tip is to use a tool like My Spending Plan that sends you an email alert when you have a bill that’s due. This is especially useful for any bills that don’t allow you to set up automatic payments. When you send money online, be sure to use a safe and secure service, such as Ria Money Transfer.

Debt Repayment

Staying on top of debt payments is one thing, but creating a debt repayment plan requires a higher set of skills. This is often something a financial advisor would help you with, but before you pay their fees, try some online services to see if you can figure it out on your own.

Sites such as Undebt.it allow you to enter in each of your debts along with interest rates and monthly payment amounts. Then, you can see how you’ll do if you repay your debt using different methods, such as the snowball or avalanche methods. You can even adjust your payment rates and see how adding $50 to your payment each month will affect your total repayment timeline. This is great for motivating you to make those payments on time while also coming up with a smart strategy for your finances.

If you’re ready to take control of your finances, check out these online money management tools. You’ll be on your way to a better budget and bigger savings before you know it.

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James

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