This is a continuation of the Modern Money Managers series. See past posts on Mint, moneyStrands, and Microsoft Money.
For most young adults, myself included, an online resource to manage your money has huge benefits. I don't enjoy having to call or visit the websites of my three financial institutions for account updates. I already spend a lot of time online, so being able to manage all of my credit cards, loans, investments and checking accounts in one spot is absolutely wonderful.
With Buxfer you have the choice of three different membership plans: Basic, plus, and pro. I tried out the basic plan, which has a limited list of features that includes budgeting tools and bill reminders. It also limits the number of accounts you can track to five. Upgrades to plus or pro memberships cost up to $3.79 per month.
If you only have one checking account, savings account and credit card, the basic membership could be very useful.
- You can see all statements and transactions in an easy to read format.
- It puts your monthly income and expenses in a nifty graph to show exactly where your money is going.
- The reports track your income, expenses, balance and trends for all of your accounts--or just the ones you choose.
- You can access your Buxfer account from your computer, phone, or even your Facebook account.
- Track IUOs and shared expenses with friends or roommates.
For me, Buxfer was more of a hassle than a benefit. Setting up accounts is simple to do if your financial institution is listed in Buxfer's database. Otherwise, it takes a bit more work. Only one of my checking accounts was fully compatible. With the other four (as I could only add five accounts), I had to import the info manually. It became a bit tedious. The limit of five accounts was also a hindrance for me. Ideally, I would like to manage all my accounts, rather than choosing only five.
I would recommend Buxfer for anyone who has only a few financial accounts to track, or is willing to pay a small monthly fee. VentureBeat strongly recommended Buxfer above other well known personal finance sites, so it may just be worth checking out.
-Makenzie
This tool is really cool. It would be easier for the consumers like credit card holders in managing their accounts. It wouldn't be a problem keeping track their expenses, purchases,etc.
Agreed! Makes managing your money quite a bit easier.
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