04/11/2014
Organizing and managing your finances is complicated.
With accounts at different institutions and bills with varying due dates, budgeting is difficult. Here are three tools for organizing and managing your finances online - giving you the big picture and access to all things financial in one easy secure place.
Things They All Do
Here are commonalities between all three services:
They employ the same level of security used by banks
You can go completely paperless
You can click through to your service providers automatically and pay bills online without having to remember all your passwords
You get reminders when bills are due
It's free (they get paid in different ways by banks and service providers)
Mobile apps are available
Finovera
Finovera is the newest of these services but worthy of your attention for a few reasons.
On signing up, Finovera downloads 12 months of past statements to understand your bill history. When a new bill comes, they automatically download and organize it in your digital file cabinet.
Finovera sends you email alerts when bills are unusually high based on historical data, or if you need to transfer money from another account to cover it. They show you trends and an analysis of your spending and saving habits, which help with budgeting.
The digital file cabinet is where Finovera excels and differentiates itself; scan any and all of your important documents, and Finovera stores them securely, making them available to you anywhere. Passports, ID, wills and estate planning tools, tax documents, receipts, and more can be stored and organized.
Finovera is aligned with hundreds of financial and service providers, but currently offer the least coverage of these three services. Any bills that aren't offered or can't be paid online can be manually uploaded and stored in your digital file cabinet. And they'll send you reminders when those bills are due too, so you have overall control and access to your finances.
Mint
Mint is the most well-known of these three tools, with the most longevity. Like the other two, it gives you the big financial picture for ease of management and understanding your spending.
Mint organizes your spending into categories automatically, with charts and various analysis tools to show you where your money goes.
Where Mint differentiates itself is with the ability to choose personal financial goals for saving, spending, and budgeting. Mint then provides steps to help you reach those goals, and advice-based articles, reminders, and encouragement along the way.
With their analysis of your spending habits and goals, Mint recommends financial products and services to help you get ahead and save more. For example, they may introduce you to a related credit card that can earn you frequent flyer miles, or a savings account with better interest rates or lucrative bonuses.
Manilla
Manilla has the largest repertoire of service and account providers. It includes all the regulars - financial institutions, utility companies, etc - but also travel rewards programs, magazine subscriptions, and other online accounts like Groupon and Netflix. Manilla has custom accounts for you to add and track everything else (like the dog walker, your gym, and the dry-cleaner).
Manilla also understands that personal finance is a family affair. You can manage expenses together with your spouse, children, accountant, and anybody who needs to be apprised of account summaries and details by inviting them into the fold. It also provides an online platform for you to discuss bills or accounts.
With the ability to include lifestyle accounts into your file, Manilla goes the extra mile by incorporating things like travel points, dinner reservations, and more - all in one place. Manilla strives to not only help you manage your finances, but ultimately your life.
