Wesabe, Sync your bank accounts

March 2nd, 2007 at 12:00 am

Money is the root of all evil. On the softer side of this cliché, money is the cause of a lot of stress. Regardless of how much you have, it's bound to give you headaches. If you have too little or none at all, it's obviously a problem. If you got lots of moolah, where it goes is still a problem. If you got more than you need, what to do with it is still a problem. Indeed money does cause stress and we have devised so many ways to deal with it (if you deal about it at all).

Wesabe is a financial organizer that hooks up directly with your banks. It gives a bird's eye view of personal savings and checking accounts as well as credit card accounts. I'm not so sure about what Wesabe's agreement with the banks are but apparently, when the user permits the application to take information directly from the bank, Wesabe just makes it happen.

Here are some stuff that can be done with Wesabe. After the user enrolls his accounts, Wesabe gets updates from the banks of all the transactions. This is very useful with credit card accounts. All expenses using the credit card are reflected in the Wesabe account. The user can organize these expenses by tagging (multilple tagging allowed), and renaming merchants to what suits the user. Tagging comes in two kinds, there's the regular tagging and the one-time tagging option. The latter option is used for special transactions that are probably not repeated. These tagging options allow the user to filter expenses and generate reports for specific types of expenses like say, groceries or clothes or gasoline. Also, with the multiple tagging feature, transactions or expenses can be compared under an umbrella tag. Useful for two or more transactions that have a common purpose to the user. For example there are transactions tagged fuel, diesel; fuel-gas; fuel-ethanol; th user can compare expenses for the three types of fuel.

Furthermore, Wesabe also has a social aspect. For each transactions, the user can view tips on how to spend smarter. The tips are generated by the community of users who also discuss financial matters in a forum. The tips are customized for each transaction so it's more practical and useful for the user to apply.

Generally, Wesabe aims to lessen the stress money brings upon its users. With a tool like this, users can monitor their bank accounts, see where their money is spent, and learn how to manage their finances better. Though there are other financial management sites like BillQ or mo.neytrack.in, I personally like the feature of Wesabe that it hooks up directly to your bank account.