Online Money Planning
If you want to use your money efficiently, it is important to develop some kind of plan, whether it is for the long term or more immediate goals. A number of computer programs help you plan and manage your finances -- each time you turn on your computer, your money plans are right at your fingertips. But as an alternative, you can also manage your budget using an online money planning service.
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Examples of Services
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Online financial planning solutions abound on the Internet. For example, Kiplinger offers a money planning worksheet that you can fill out and bookmark for future visits, while Mint and Thrive are two services that allow you to sign up for an account to use daily. The concept is generally the same across services -- create an account, log in to enter your budget details and then start establishing your money plan right from your browser. Some online money planning services and websites allow you to manage your money for free, while others may require a monthly fee.
Benefits of Online Money Planning
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The first benefit of using an online money planning solution is that you can access your plan just about anywhere -- as long as you have an Internet connection. Also, since you put your financial data on a server instead of a hard drive, you're not as susceptible to hardware failure issues. Many people also prefer the option of paying a monthly fee instead of a large initial outlay for software that might not meet the user's expectations over time. If it doesn't work out with an online planner, you can cancel and try something else.
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Downsides
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One downside of using an online planning tool is that you have no guarantees that the website will remain open tomorrow or three years into the future. If the website closes, you must re-establish all of your budget information in another program or tool. Also, some people may have concerns about entering private financial data for storage on a third-party Web server. An online money planner service will often publish a privacy policy clarifying how the company will manage your data, so check that policy thoroughly before signing up.
Financial Planning Advice
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Some online money planning services may also provide you with links to valuable information and articles that can help you make smart decisions with your money. For instance, Mint has a "How We Help" section that contains detailed articles regarding various financial moves, like saving for retirement or paying off student loans. Utilize this information as you establish and navigate your money plan online.
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