Manage Your Money Through Yodlee

It isn’t uncommon to make a New Year’s resolution to start saving money. An excellent way to being saving money is through a good budget. Budgets allow you to see what your spending habits are and then you can decide on where you need to cut back on some spending. Budgets take a lot of time and sometimes it’s difficult to put together a complete picture of all your finances. That has all changed now with the power of computers and the internet.

Yodlee MoneyCenter is an online account aggregation service. Yodlee makes it easy to view a complete picture of your finances including bank accounts, investment, loans, credit card, mortgages and more. Signing up for Yodlee is free, however you must give them all of your login names and passwords so they can access your financial information and organize it for you. For example, if you give them your credit card logins they have all the information in real time off your credit card. This includes your current balance, and every transaction that you make is logged. Provided you feel safe disclosing your information, Yodlee can track and organize all of your transactions for you. The end result is real time update of all your financial information put together neatly on one page. No more logging into each bank account separately, then go to each credit card web site to log in there and check your information. It’s all on Yodlee now. I took a shot of my main page below, but I just took out my values for each.

Now that all your finances are together, it’s easy to analyze. Since they have a record of every single transaction that was made is now in one place, it’s also easy to organize.

Here is a list of services Yodlee can provide:

  • Spending charts and expense reports to see where your money is going.
  • Income vs. expenses categorized in any time frame you wish.
  • Portfolio performance
  • Bill paying
  • Transaction details
  • Net worth statements
  • A wide range of reminders and helpful notices.

I will touch on some of these other services another time, but for a one stop shop in organizing your personal finances there is no better place in my opinion than Yodlee MoneyCenter.