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Websites you should be using, Part 1: Yodlee

August 6, 2008

This is the first in a multi-part series of articles about useful website that make it easier for you to do the things you already do, or should be doing, to keep your life in order. See the full series here.

If you are like me you have probably tried managing your personal finances, and ended up feeling like this:

And then you said to yourself, “I really wish there was a business intelligence tool aimed at the individual consumer, because I need help organizing all my financial information.” (And really, who hasn’t thought like that?)

Well pine no longer, because now you can use Yodlee’s Moneycenter to give yourself a total picture of your financial situation. You have instant access to all your bank accounts, credit cards, other loans, investments, all their current balances, and when bills are due. You can even put in a budget and track your spending against it. All pretty neat.

However, be aware that if you have any loans (student loans, car loans, mortgage, etc.) your financial net worth will probably be a big fat negative. Do not despair; as you pay the loans down your situation will improve. And you know that you used that loan to purchase something valuable, so your financial situation is not as bleak as it may seem. And it is a huge pain to get everything loaded into the site initially. But it is worth it to have accurate information on all your financial accounts on one screen.

Now that you know how much money you actually have, it will be easier to start spending less (or more, if you have more money than you thought) and saving more (or less).

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