The tools to manage money

2012-09-01 12:20

One thing all financially savvy people have in

common is that they have a good handle on their money.

They know how much they

are worth, what they spend each month and where their money is going.

They have

savings goals and they understand their debt commitments.

This type of awareness requires time and dedication, but thanks to

some smart technology from an international company called Yodlee, there are now

several locally based money management tools available online that automatically

collate all your bank accounts, debit cards and credit cards, pulling them into

one spreadsheet.

You can then analyse the information, see where you are

overspending, where you can save money and also set budgets and savings goals.

How they operate:

» You need to

create your profile and provide your banking login details. The system then

downloads your bank statements and categorises your spending for you;

» Although the

sites automatically categorise your transactions, you may want to have different

categories or categorise merchants differently.

For example, Woolworths may fall under groceries or clothing

depending on how you shop. So you need to spend some time organising your

categories according to your spending;

» Once you have

specified a merchant into a category, the site will remember your selection and

allocate spending from that merchant into that category so you don’t have to

update each month;

» You are able to

set budgets on each category and track how much of that budget you have used;

and

» Family members’

accounts can also be linked, assisting families to budget and plan for their

future.



Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.