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Your Take: Do You Use Online Personal Finance Tools?

Posted By Jim On 07/30/2010 @ 7:41 am In Your Take | 55 Comments

There are a lot of online personal finance tools out there that will help make your personal finance life a little more efficient. You have, of course, the headliner in Mint.com [3], now owned by Intuit, to help track all of your spending. You have a litany of budgeting tools, like You Need a Budget [4], and they’ve all been popular because the idea of online privacy has been flipped on its head with the popularity of Facebook.

I have been asked, on occasion, which tools I use. I don’t use any of them.

I trust all the services to do the right thing and to protect my information and privacy, but I know that sometimes mistakes are made and things can happen. Maybe I’m a little too old school, I’m about the age where I am comfortable telling people where I am via Twitter but not comfortable telling a third party my banking credentials. Mint and the like will treat it with the sensitivity it deserves but… you never know. Consider the innocuous leak by Blippy a few months back in the strangest of ways (Blippy has leaked credit card numbers [5]) or the way Citi’s app revealed sensitive information [6] (again, in a strange way).

For me, the alternative isn’t that expensive, from a time or dollar perspective. I can use Quicken on my personal computer. The only difference is I don’t get access to community provided data. I am not interested in how much people are spending in groceries or rent this month because everyone’s situation is different. How much a single person spends in groceries will differ from a family of four. That person will probably spend less on housing too and I have yet to see a site aggregate community provided data in a way that is actionable. And while it’s nice to get something for free, Quicken Deluxe 2010 [7] only costs $45.

Do you use online personal finance tools? If so, why? If not, why? I’m curious to hear your thoughts!

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[1] Tweet: http://twitter.com/share

[2] Email: mailto:?subject=http://www.bargaineering.com/articles/your-take-do-you-use-online-personal-finance-tools.html

[3] Mint.com: http://www.mint.com/

[4] You Need a Budget: http://www.youneedabudget.com/

[5] Blippy has leaked credit card numbers: http://consumerist.com/2010/04/blippy-exposes-users-credit-card-numbers-to-internet.html

[6] Citi’s app revealed sensitive information: http://online.wsj.com/article/SB10001424052748703700904575391273536355324.html

[7] Quicken Deluxe 2010: http://www.bargaineering.com/articles/r/amazon.php?asin=B002KINDD6

Thank you for reading!