There’s a percentage of the population which is a group of people that are just absolutely nerds about numbers. They count where every single penny goes, and sometimes even keep track of fractions of pennies. They know where every dollar they spend goes, and can probably rattle off their debt to income ratio off the top of their head. If you’re someone like this, a company called Yodlee has created a free service that might be of interest to you.

Yodlee’s service is called “Yodlee MoneyCenter.” You can do so many different things with it to track your money, it’s amazing. Unlike other budgeting and money management software on the internet, Yodlee will make use of your online banking information and format it in ways that statistics oriented people would love. Many people wonder how safe it is to give your online banking information to this company, but it’s actually very reputable, many different major American banks make use of its technology for their own online banking systems.

When you log into Yodlee, you will first see a listing of all your accounts and their balances. You can login to each of the sites by a simple click of the button. Essentially it’s a portal for all of your online banking. After a bit of further examination, you’ll notice a “Net Worth Summary” link, which is also very interesting to look at. Basically, it will add up all of your assets and subtract them from your liabilities giving you your net worth, of course this does not include your non-liquid assets such as vehicles, but that’s okay. You can also view a detailed net worth button. It will show you a graph of how your net worth has changed over time. This is a great way to see if you are headed in a positive direction financially!

Another interesting function of Yodlee’s MoneyCenter is its expense analysis chart. It shows where all of your money is going each month! You can view information for the last month, 3 months or 6 months. It will list all of your spending by categories and create a pie graph for you to see. You can also create a budget for each category and Yodlee will tell you how you are doing on each category that you specify an amount to spend on!

There are a number of other great features, such as a function which makes sure you make the most of your credit card rewards, as well a fancy graph of your income versus your expenses. A bit more savvy users can create their own custom reports as well!

This entry was posted on Monday, August 11th, 2008 at 7:40 am and is filed under tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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