Three Reasons You Should Be Using An Online Personal Finance Tool

Do you use an online personal finance tool?  Personal finance tools are tools that can make managing your money easier.  These convenient applications can make a big difference when it comes to managing the coins in your mason jar even more effectively!  There are many different options that you can use, but Honor’s version is called Money Desktop.  Here are three reasons that you should be taking advantage of one of these tools:    

1. Account Aggregation – We know that a lot of you have more than one financial institution or credit card, and that’s ok!  Keep track of all of your accounts on one website with account aggregation.  Whether it’s tracking your Kohl’s credit card, a retirement account, or a checking/savings account, you can view everything at one time on one screen with personal finance tools like Honor’s Money Desktop.   
2. Debt Payback Breakdowns – Did you know that the average number of credit cards per household is 3.5*? If this is you, did you also know that with an online personal finance tool you can track and look at different options to pay down all of your credit cards, loans, or other debt with just the click of a button?  For example, with Honor’s Money Desktop, an interactive tool with a graph for easy viewing will show you how to pay down debt based on “Fastest Payoff,” “Highest Interest First,” “Lowest Balance First,” or “Highest Balance First.”  And once you select one of those options it even projects when you will be out of debt based on the minimum payment!
3. Set Goals! – With an online personal finance tool, you can integrate your financial goals right in with all of your accounts.  You can set savings goals or debt payoff goals and keep track of your progress all in the same place.  No need to keep an excel spreadsheet that you may or may not remember to update each month, when you have an online personal finance tool to update it for you automatically!

If you want to learn more about Honor’s online personal finance tool, Money Desktop, visit our website!  Don’t forget to follow Honor Credit Union on twitter @honorcu and let us know using #askhonorcu!  

Listen to the Mason Jar Monday episode and hear Scott & Wild Bill's full conversation on Personal Finance Tools below! 

*Source - United States Trade & Development Agency