GO
Help
Zecco.com » More Investment Ideas » Everything Else » Online Budgeting - Geezeo, Mint, We...
Last post 04-28-2008, 2:17 PM by tonyleachsf. 4 replies.
Previous   Next
Content Name: ForumThreadInternal
Preview Revision #:
Active Revision #:
Edit Content

  •  04-26-2008, 6:14 PM 27871

    Online Budgeting - Geezeo, Mint, Wesabe, Expensr, Other?

    Reply Quote
    The finance 2.0 space is buzzing with activity. Ambitious startups with great new (and mostly free) services are changing the way we deal with our money. A particularly interesting category is Personal Finance Management, which includes players like:

    Triggered by this very illustrative Fox25 report on Online Budgeting, I was hoping to kick off a Zecco discussion on this issue:
    • Which services do you use?
    • What do you like about them?
    • What are some of your concerns (finance somehow always seems to go hand in hand with concerns...)
    • other?

    Please dive in, the water is fine!

  •  04-27-2008, 8:52 PM 27921 in reply to 27871

    Re: Online Budgeting - Geezeo, Mint, Wesabe, Expensr, Other?

    Reply Quote
    I didn't dig to find the Fox special on the link, and I didn't look to much at the linked sites.

    Thoughts (or, "I don't get it"):

    1) It's obvious why investing is a good area to do the Web 2.0 thing, but I don't see how it would apply well to personal budgets.  That stuff is dirty and embarrassing for most people, and there isn't really any benefit to be gleaned from setting up a community around it.

    2) I can see how a one-stop online site for all your accounts would be useful, but I also see some hard-to-surmount obstacles.  One is interoperability.  I can't envision financial institutions making it easy for these companies to carry up-to-date personal financial data.  The other is staying power.  Why should a person go to the trouble of using online financial management if there's half a chance the company will fold far sooner than the long-term scope of one's personal financial planning?  (This is surely a problem for Zecco too.)

    3) What's the revenue model for these companies?  If it's a charged service, then nobody's going to use it.  If it's ad-supported, then there's a conflict of interest.

  •  04-27-2008, 10:39 PM 27927 in reply to 27921

    Re: Online Budgeting - Geezeo, Mint, Wesabe, Expensr, Other?

    Reply Quote

    Updated Direct Link to "Online Budgeting" ;-)

    I use Geezeo, I think it is pretty awesome. I know I am saving money now. Before I had to spend 15-30 just to go to look at all of my accounts. Now I just go to Geezeo and it takes me 5 minutes max, although I do stay and wander around the community if I have time. I think Geezeo is awesome and I love free things, especially when they make life much more simple and fun.

    You can check out my blog about Geezeo here.

  •  04-28-2008, 9:35 AM 27939 in reply to 27927

    Re: Online Budgeting - Geezeo, Mint, Wesabe, Expensr, Other?

    Reply Quote
    I have been using Mint.com for several weeks now and am pretty impressed. I had tried Wesabe about a year ago and it just wasn't convenient or comprehensive. To your point about interoperability, the people at Mint seem to have done a really good job with getting tons of banks/credit cards/investment sites implemented on their platform. Out of my ten accounts, only 1 is not correctly supported yet, and their customer service team is working on it  as we speak.

    It is nice that they total up all of my assets and liabilites so I can really see where I'm at. The way they present your transactions is really cool too. It basically starts out as this big pie chart that redistributes based on the date range you choose. Then by clicking on pie wedges, you can drill down into that transaction type until you get all the way to the specific transaction. So clicking the "Utilities" top level pie piece, a new pie chart will appear with phone, electic, heat, etc. Then when you click on those, each transaction will be on the next pie chart. Finally you can drill into the transaction for more detail.

    I think  the big challenges of these personal budgeting web2.0 tools are getting spot-on with the transaction categorization, and the flexibility that the user has to edit transactions. One of the main things holding me back is that I have 3 roommates so we split all our bills. So since I write the final check and am reimbursed by them, these finance tools categorize the full amount, making all these percentage of spending tools way off.

    The ads in Mint are not as obnoxious as I'm used to for free services like this. Basically they analyze my data to find specific offers that may save me money. So they see how much I'm spending on utilities and show me a credit card that offers rewards for paying your utitilies and how much it would save me in a year if I keep the same trajectory. I doubt I'll ever use it, but I don't think that a conflict of interest occurs.

    Another cool tool I use is Billmonk.com. If anyone has roommates and needs to split bills, this is the way to go.

  •  04-28-2008, 2:17 PM 27957 in reply to 27939

    Re: Online Budgeting - Geezeo, Mint, Wesabe, Expensr, Other?

    Reply Quote
    I've definitely checked out all of them.  But I gotta say, I kinda like having my own tailor-made spreadsheet that's integrated with Quicken... 
    tonyleachsf, Zecco Associate
Content Name: StandardBottom
Preview Revision #:
Active Revision #:
Edit Content

Terms of Service - Privacy Policy

Market data and delayed quotes are powered and implemented by Interactive Data Managed Solutions. All historical chart data, quotes, daily updates, company data and news provided by Interactive Data or partner companies of Interactive Data. Quotes are delayed, except where indicated otherwise. Delay times are at least 15 minutes for NASDAQ, 20 minutes for NYSE and Amex.

All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Zecco nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance upon information contained herein. By accessing the Zecco site, you agree not to redistribute the information found therein.

Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options.

System response and access times may vary due to market conditions, system performance, and other factors.

Investors should consider the investment objectives, risks, and charges and expenses of a mutual fund or ETF carefully before investing. A mutual fund/ETF's prospectus contains this and other information, and should be read carefully before investing.

Zecco.com is a financial portal of Zecco Holdings, Inc., which also provides access to Zecco Trading. Zecco Holdings is not a securities broker/dealer. All securities and investments are offered by Zecco Trading, Inc. Member FINRA/SIPC. At Zecco Trading, you can make up to 10 free stock trades in any one month that you maintain a $2500 minimum account net equity. After that, you pay only $4.50 per stock trade. Options trades are $4.50 plus $.50 per contract. Only the first account of any account type is eligible for the Zecco Trading, Free Trading program. Any multiple accounts of the same type with the same registration are not eligible for the free trading program. Free Trading Program is only available through Zecco.com. $0 minimum to open cash and IRA accounts. Margin accounts require a $2,000 minimum balance for opening and trading on margin. Margin trading involves risks and is not suitable for all accounts. No consideration was paid for any testimonials displayed on this website. Your experience may vary, and the testimonials are no guarantee of future performance or success.

© 2006-2008 Zecco Holdings, Inc. All rights reserved.