After reading the Frugal Law Student’s list of online finance links, I decided to give Wesabe a try. I liked the community aspect of the site, figuring that would help relieve the monotony of personal finance management. Officially, Wesabe bills itself as a “Wesabe is a community site that makes managing your money easy.” It lets you figure out where you’re spending your money, and and the other Wesabe user help you out by giving tips on how to change your habits.

Pros

• Wesabe provides easy uploading of my transactions to their secure site. Living in Canada, I wasn’t sure if the site would provide access to Canadian banking information, but it did. I typed in my bank’s name, and bingo, it popped up. (I was using the manual upload option of transactions.)
• You get tips from other users, which can help you figure out where you’re spending your money, and how to change things around.
• You can also set goals, like paying off a particular credit card, or saving up money.

Cons

•  There’s no obvious budgeting feature on Wesabe. By budgeting I mean, setting an amount for a particular expense, and then seeing how your monthly spending matches that. The site lets you tag your transactions, but it doesn’t let you compare your spending habits to a fixed number.
• No batch tagging of your transactions.
• If you read any personal finance websites or blogs, then most of the tips aren’t going to be that helpful to you.
• If you pay cash for things, it’s hard to track.

In the grand scheme of things, I actually like Wesabe because of the community feel to it. I like that it doesn’t track a million different things like Quicken does, but still lets me get an overview of my personal finances. Take a look at Wesabe.com if you’re missing the love in your personal finances.

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