Welcome to this week's Future Proof post on Physician's Money Digest (PMD). Today I'm sharing 5 of my favorite free online tools for managing your money. Read the full post at PMD. An excerpt is provided below.
It took a lot of education and hard work to get that M.D. (or D.O.) behind your name. Congratulations! It is an achievement worth celebrating. The path to financial freedom also requires some work. Luckily, it's not nearly as demanding as medical school. Here are 5 free online tools to help streamline your financial life.
1. Mint - My overall favorite money tracking tool, Mint.com allows you to connect all your accounts (bank, credit card, loans, mortgages, investments, etc.) and view all your financial information in a simple user-friendly interface. There are additional tools to help you organize your money such as a budget maker, bill tracker, spending trend tracker and many others. Worried about security? Mint.com is backed by the trusted name Intuit - maker of popular software such as Quicken, Quickbooks and TurboTax.
2. Sigfig - For those with investments, there are quite a few portfolio trackers available - from Personal Capital to Morningstar to Google Finance and more. I settled on Sigfig.com in the end because of its automatic linking with brokerage accounts and singular focus on investments. Sigfig also offers a professional investment management service for a fee. Luckily, their portfolio tracking service is free to use even if you don't sign up for their professional investment management service.
3. EveryDollar - Easy-to-use budget maker from financial guru Dave Ramsey. Check out my full review HERE. Like many other freemium services, EveryDollar has a Plus version where you can pay $99/year to sync your accounts. However I wouldn't recommend it for the following reasons:
$99/year is a lot of pay for a budgeting app when others (e.g. Mint.com) offer it for free.
I've discovered entering my expenses manually actually reminds me of where and how I'm spending my money. In the world of credit cards and online shopping where it's easier than ever to spend money, this is a nice-to-have.