My bank does offer online banking, which is free. The service is great because even when I write a check I can view a copy of it and it shows me exactly what it is, and whether I wrote it or not. It keeps pretty good track of my activities, as well as separate all of my expenses under different categories so I can see where my money is going. When using online banking, I am constantly asked for my password, and if I remain online too long, it has the tendency of kicking me out and having me sign in again, as well as tell me when was the last time I logged on. The part I like the most about it is that I can also see my current balance by sending a text message to the bank, which in return can send me a text message with the balance and also the activity. No internet required.
The problem I encountered with some of the budgeting tools listed in the iHCPL blog is that some of them require you to register with them before you can even begin to use them. I don't want to join something until I see what its capabilities are. I looked at wesabe, buxfer, spendji, and scred. Out of these websites I preferred buxfer. It has a lot of options, easy to figure out, and I do like how they portray the information. And like I stated earlier, through my bank I am also able to see where all of my money is going, as well as pay my bills free of charge, which makes my life so much easier. So I don't think I will be using any of these tools in the future.
As far as some of the articles listed on how to cut back on your spending, I have been implementing some of these ideas for quite some time now. I do compare prices between stores, as well as save coupons for only the things I know I will buy and use. I don't really spend much time at home because of work and school, so my electricity bill is usually no more than $20. I also pay my bills on time, as well as minimize the amount of money I spend when I go out.
Thursday, April 9, 2009
Money & Finance #58: Banking, Budgeting, and Spending
at 8:43 AM
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2 comments:
Hi, and thanks for taking a look at Scred. I think comparing these services to a bank is slightly missing the point of them. Banks are great for checking your balance and transferring money, but they offer little in the way of why the money exists and how you are using it.
Scred is mostly about you operating in a group of peers -- whether you have a band or an activity group, or are just sharing an apartment or trip with someone. We don't even attempt to manage people's personal finances, but look at what the group of people owe each other, what they are spending on, where their income is coming and to facilitate managing that in an easy way (for instance by the integrated web shop).
You're right that it's a bother to have to sign up, and there are ways around that which we should look at, at least to get started.
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