Monday, May 10, 2010

Why Do You Use Money Management Tools?

When we released Money Management Tools in January, we had many ideas for how members would use the features and functionality to make their financial lives easier.

How are you using Money Management Tools and why? Please share your ideas and stories by posting a comment.


  1. to show my wife how much she really spends.

  2. I was using Mint (and still do, occasionally), but the ads and tie-in offers got a little too overbearing. I use the UWCU tools (mainly the categorization) primarily because I will be logging into the account anyway to check balances and make payments, and the tools are integrated. I like using the graph tools, after categorizing transactions, that show how much of my money is going where. Helps me budget.

    One thing I would like to see would be the ability to tie in other electronic accounts; for example, my student loans (PHEAA) and retirement account (Fidelity).

    But does there have to be an ultimate reason in mind? I like the self-tracking aspect: the data is bound to be useful eventually—1, 5, 20 years from now, perhaps.

  3. I like to use the Cash Flow report to gauge my spending for the month. If I am uncertain about an unnecessary purchase, I look at my cash flow situation for the month and let it decide for me.
    This process helps me not accumulate debt and keeps my savings intact.

    Really great feature!

  4. And a couple of comments from our Facebook page:

    "They're great for keeping track of expenditures in different budget areas (we spend HOW MUCH eating out??) and will be really useful to track down charitable gifts when we do our tax return."

    "I use the tools to categorize transactions for family budgeting and checkbook reconciliation."

  5. I use it much the way I used to use Quicken, but it has a lot of features built in that make it easier. Things are more automatic than Quicken. Being able to create custom categories is a great help to a self-employed contractor/musician.

  6. I use the tools to lable and note items I purchase. That way when I look back in 6 months I can remember what a purchase was for.

  7. I appreciate knowing where my money goes. I would like to see a tool for actually budgeting so I can know ahead of time where my money will go. Thanks.

  8. A budgeting tool is on the list to be developed. It will likely be available early next year. Please hang in there as we also think that functionality would be really helpful.


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