May 21, 2009 6:23 pm US/Pacific
Easy-To-Use Personal Financial Web Tools
(CBS 5)
Many consumers juggle several bank accounts and credit cards, and that can cause problems like getting deeper into debt by paying bills late. But there are new ways to take control of your bills and spending. Here are a few easy-to-use Web tools that help you control your finances and even plan for the future.
Andrea Ramos no longer has an excuse to pay her bills late. She found a way to stay on top of them and avoid racking up late fees by using BillQ.
"When I didn't use it, I was actually really late with most of my bills, so it's helped me pay my bills on time so I won't get any finance charges," Ramos said.
BillQ is an Internet application that also uses your cell phone to keep track of your finances and bills. And unlike traditional financial tools where users simply input information, these sites give you customized feedback for planning ahead.
Rudder is another Web-based tool where users can link their bank and credit card accounts all in one place. CFO Nikunj Somaya said the idea grew out of personal frustration with existing financial tools.
"We saw that most personal finance products available at that point purely focused on the past and there's some importance to that, right? But the thing that you need to focus on is the direction you're going in the future, right? Looking forward," Somaya said.
Somaya said it's like having a financial planner, only cheaper.
"A financial planner is really expensive, right? And at the end of the day, even the financial planner is not going to be able to keep track of your finances on a day to day basis," Somaya said.
For example, if you want to buy a home, Rudder gives you daily updates to help you stay within budget and reach your goal. Most of these financial Web tools are free, but you can buy additional features or extra space to keep a longer historical analysis of your money.
"You can stay on top of your finances with the click of a button," Somaya said.
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