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Finance

ONLINE TOOLS TO HELP YOUR FINANCES

Team YS
29th Mar 2010
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Stuck up on the present fast tracked life style? Pressured with work, home chores, responsibility and being unable to manage the very basic finances efficiently? Here’s a small article on how to do so more effectively and correctly in a systematic way on the web. Yes, the Web.

 

While most people shy away from managing their accounts and finances in the systematic way, others are more methodical in going about managing their expenses.

Online Bank Services and Automated Bill Payment Schemes:

Most banks today offer online banking services which are convenient to use and prove to be handy to manage your account. These services can also help in automated bill payment schemes wherein your monthly bills like electricity and water services can be automatically debited from your account even though they have variable rates every month.

These handy services and sub services provided by the banks ensure a smoother operation of your account while managing the history for cross checks and references. The account is summarized systematically and hardly takes up your time. While some banks are willing to offer these services for free as part of their promotional campaigns, other charge a fixed monthly fee for it or suggest service providers for the same assistance.

One can also apply for automated services for their savings and investments. This is explained in a simplified way by Ramit Sethi, as a guest blog, at 4-Hour Workweek blog.

Budgeting and Monetary Management:

Tracking down where your money is being drained or how much are you giving away is very important for all people with an income. Apps such as Mint, Wesabe offer a lot to interested clients while helping you map out your expenses and cash inflow. The best part is these apps are free of cost and have an easy user interface. Another popular app called Pear Budget is very efficient offering a 30 day free trial for new users.

 


Financial Planning:

Those who like to think ahead for the near and immediate future as well as the distant future, GoSimpliFi and ESPlanner are two essential sites. They help in choosing a good financial plan based on your needs and necessities. Good to help you to plan without having to pay a financial planner.

Salary and Fee Assessment:

Once you start working for a while, it is only common to wonder what your job profile is really worth and if your salary is meeting the realistic expectations you have. This can be either easy to some or more complex to others. There are websites which assess your job profile, job description, educational background, years of experience, location, cost of living in the form of a questionnaire and provide help. PayScale and WageExchange are two such websites.

WageExchange is a site which stores your detailed information anonymously to search its database for the salary and benefit of others. It is limited in terms of domains or disciplines of work and more suited to the IT industry.

PayScale is a more detailed site. It gives a graphical interpretation of your query and filled questionnaire. The report is helpful as it shows where you’re salary falls in terms of a more wider demographic. It has more questionnaire services to evaluate other job offers.

If you are a freelancer, then these two sites wouldn’t be of much help. The best option would be to go through Freelance Switch which has a calculator application to give you an assessment of hourly wages for your work taking in to account the business costs, personal costs, hours of billing (work) and profit expected.

So go ahead, make the right choice, online.

-Vaibhav Jhingran, YourStory

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