Top 11 Reasons You Should Use Yodlee MoneyCenter

 

You should keep track of your finances. It is as easy as that. Whether you decide to use a pen and paper, a spreadsheet, or an online account aggregator, you should have an idea of how much you are spending and on what. You need to do this in order to spend responsibly, and you need to do it because it helps you to save money, plan ahead, and make good financial decisions.

Yodlee MoneyCenter is a great option when it comes to keeping track of your finances, and here are the top 11 reasons why you should use it.  Sub bullet point #1 is because I use it!  :-)

 

  1. It’s Free – First things first, this account aggregator is free. You do not have to pay anything to sign up and to use this service. While in some cases a paid service might be more useful, who wants to spend money to keep up with their money?
  1. Aggregation – With Yodlee, you can see all of your accounts, securely, in one place, and the site updates quickly. You can track your net worth with this site as well.
  1. Bill Pay – You can pay all your bills (the online ones at least) from the site. If you have to write a check, then you cannot pay online. However, many utility companies offer online bill pay—you just have to sign up for it.
  1. Transfers – With Yodlee, you can transfer funds from one account to the other as well.
  1. Security – This website has a high level of security, and it is a password protected, secure site.
  1. Printable Reports – You can print out your financial reports, and these are great for financial advisors, spouses, etc
  1. Manual Entries – You can manually enter information. For example, you can enter checks before they are deposited.
  1. Easy to Use – It’s easy to use and set up an account on Yodlee, and it is even easy enough for a financial beginner.
  1. Alerts – Yodlee features alerts and reminders. You can set reminders to pay bills, etc
  1. Categories – Yodlee features categories, which are automatically assigned so that you can see what you spend on certain things, and Yodlee will create spending reports.
  1. Track Your Investments – With Yodlee,  you can track your portfolio,

 


The Cons

 

  1. No Future Forecasting – Yodlee does not offer future forecasting in its budgeting tools, and this can make it hard to tell what you might spend in the future.
  1. Interface – It’s not the prettiest interface out there.
  1. Wealth of Options – While Yodlee is easy to use, it does have a wide variety of features that may overwhelm some people.

 


In Conclusion…

 

Yodlee is a great tool if you are managing a number of accounts, and it is best for keeping up with what you have, rather than predicting what you will spend.

Bottom Line – Yodlee is feature rich and more comprehensive than other account aggregators.

 

Extra information…

 

CNN MONEY had a piece talking about yodlee.  Click here for the article, but here is the important part

If you’ve banked online, you’ve probably used Yodlee without even knowing it. More than 200 financial institutions, including Citibank and Bank of America use its services, touching nearly 26 million consumers. Your bank probably uses its technology, too, though Yodlee doesn’t like to name names.

Yodlee is the proverbial man behind the curtain. So what, exactly, does he do?

When you log into your bank and transfer money between your savings and checking accounts, that’s Yodlee providing to the technology to make the transaction happen. Paying a bill online? Yodlee. Signing up for a new account? Yodlee. Analyze how much you spend? Yodlee.

 

One last thing..  YODLEE HAS NEVER HAD A SECURITY BREACH!

 

Call to Action!

Do you use Yodlee? If so, what do you like and what do you dislike? Do you use another account aggregation site or program? If so, which one and why do you use it?

Comments

  1. We use Xero.com for our business accounts and personal ones too but use Yodlee for bill pay. I think Xero gets it’s feeds through Yodlee.

  2. I'd never heard of Yodlee. I personally use Mint.com, but will have to check this tool out. Thanks for making me aware of it.

  3. Thanks for the article. Have you used personalcapital.com? I use it and I like but I would be interested to hear your opinion on which is better and why

  4. Hi – for the cons you listed, I think we score well in 2 of those areas.. we're a simple, forward looking tool

    Just launched, also free, check us out, would love your feedback

  5. Thanks for the review. There are so many tools online it's great to run across people's opinions online. I could always use a better budgeting system. Also the online bill pay sounds enticing. I'll have to check the site out.

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