Track Your Money with Yodlee

As I mentioned earlier this week, I wanted to share a tip for better keeping track of your money. Last week, I signed up for Yodlee.com‘s MoneyCenter. You may find that they already have a partnership with your current bank to provide a similar product (Bank of America and Wachovia are two of their clients).
Yodlee’s MoneyCenter allows you to enter your account information for banking, mortgages, etc, and will go out and pull the account information for you automatically. It then aggregates the information to allow you to see your assets and liabilities on one screen. I’m still trying to get all of my information together, but so far I am impressed with how easy it is to use. Getting a better handle on my overall financial picture is another one of my goals for this year, and Yodlee is helping me with that goal. I now have a better idea of our “net worth” (around $300k, mainly us being house-rich for the moment) and I hope to get a better idea of where my money goes from month-to-month as I continue to use the site. You can even use their site to pay your bills, though I haven’t tried that part yet. There is also a financial calendar which brings upcoming bills and events to your attention based on the information you have given it.
I’m a pretty savvy Internet user, so while I do have some concerns about Yodlee being able to access my financial information, I feel that their security is good enough to recommend that you at least give it a try. I plan on using the information over the coming months to get a better grip on our financial picture, which will hopefully help in setting up a realistic and useful budget plan. We’ve gotten away from making a real budget in the past, so another one of my goals is to make a budget and stick to it by tracking this stuff more closely.

2 thoughts on “Track Your Money with Yodlee”

  1. This sounds an awful lot like Quicken but on the net. My plug for Quicken is that it has a lot of functionality (Graphics, budget creation, goal planning, House inventory (We used this for insurance purposes), Investments, checking account, mortgages, etc.) I am not as trusting as you to have this information stored on the internet (Though I could always have my computer hacked I guess…

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  2. Sounds like, but really isn’t. At least for our banks (Senate Credit Union, mortgage), the only way Quicken gets its data is by you logging on to the bank’s website and downloading it manually yourself. Yodlee was able to take my logon info and do it all automatically, no manual input required. Plus it also did this for our car loan, etc. Essentially, any account that has a web logon you can use to check your account, Yodlee can login and track it for you. Plus, I can use it the same way at work and home.
    If I hadn’t heard about this through someone I trusted, I might not be so trusting either, but I think it’s pretty cool. If you trust your current bank, it’s worth checking to see if they offer a Yodlee type service.

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