Frugal | Review: Wesabe

Review: Wesabe

Posted by Lynnae on December 24, 2007

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WesabeIt’s the last week of 2007, and I know many of you are looking forward to getting your finances under control next year. To jump start things, I will be reviewing four money management applications this week. I’ll start things off with Wesabe.

What Does Wesabe Do?

Wesabe is an online application for tracking your spending and using the information you gather to meet your financial goals. Their slogan is “Get to know your money.”

The Process

Begin by uploading an account. There are three different ways to accomplish this. You can use the Firefox uploader from your Firefox browser, the desktop uploader to upload files from your desktop, or the manual uploader to upload files from your bank one at a time.

Once you’ve uploaded your accounts, you can assign tags to each transaction. There are no preset tags, so you are unlimited in the labels you choose for your transactions. When tagging, you can assign a single tag for every time a transaction from a particular store comes up.

When all of your transactions are tagged, you can click on a tag to see how much you’ve spent in that category for the month. You can also see the data for the year, quarter, week, and day. And if you’re interested in comparing budgets, you can see what other Wesabe users spend in the same categories (in general…you can’t see specific data for each user).

Other features of Wesabe are a tool for tracking your financial goals, tips for saving money, and very active user groups. You can find a user group in many different categories, from users with similar goals to users with similar religious beliefs.

The Pros

The Cons

Who should use Wesabe?

Since Wesabe’s user community is where Wesabe shines, Wesabe is best used by someone who needs community support in achieving their financial goals. Wesabe is also good for someone who needs to access their financial information from more than one computer.

Stay tuned on Wednesday, Thursday, and Friday for reviews of Mint, Mvelopes, and Y-NAB!

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Comments

6 Responses to “Review: Wesabe”

  1. Ryan S. on December 24th, 2007 9:30 am

    I guess the question with all of these sites is if privacy will be an issue. That right now keeps me from using them.
    -
    Ryan
    http://uncommon-cents.net/

  2. Steven James on December 24th, 2007 5:01 pm

    I am surprised you are not reviewing Geezeo as well. I have read a lot about Mint, Wesabe, and Geezeo in the news - and have been planning to try each of them. Figured they are the big three. How did you decide on Mvelopes and Y-Nab? never heard of them. What about buxfer or yodlee as well - any insights?

  3. Lynnae on December 24th, 2007 9:55 pm
    I’ll have to check on Geezeo. I hadn’t heard of it before this week. I’m reviewing Mint, Mvelopes, and Y-NAB on Wed, Thurs, & Fri, and I’ll let you know then what I think. :)

    I’ll have to check into buxfer & yodlee, too. I haven’t heard much about them either.

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