Money Management Websites on the Rise

I was just reading this article on how money management websites like mint.com, geezeo.com, and wesabe.com have seen a sudden rise in the number of users using their services.

Many people forget that one of the most important things to do when it comes to personal financial management, regardless of your knowledge level, is to track your expenses.  These money management websites allow you to track your expenses and income with ease (often for no cost), so you can easily calculate how much interest you are paying each year on your credit cards.

“Having the ability to see this information is like personal finance 101,” she said. “I thought having credit card debt wasn’t a big deal, but when I saw how much of our monthly budget was going toward debt, that was a big wake-up call.”

If you aren’t already actively tracking your money, go check out one of the sites mentioned in the article – you’ll be amazed at how easy it is, and how valuable the information can be!

Welcome

Hi, and welcome to the official launch of Following The Goods: Financial Management for the Young and Ambitious. After two years of hard work, the book is finally complete and being printed. This site will act as a portal for everything to do with the book. I‘ll also be regularly posting new and interesting content related to personal financial management, including additional information, news articles, and tips to use in your everyday life.

If you‘re interested in the story, you can read all about it.  Each week I will be releasing a chapter online for you to read for free!

You can also buy the book online through this website.  All order receive free shipping!

While you are waiting for the book to roll of the presses, check out the quiz on the right hand side: How long would it take you to pay of $60,000 in debt?

If you have any questions, or just want to chat, contact me.

A New Twist on Financial Management

Thanks to the recent book giveaway at pffirewall.com, I was introduced to the Debt Ninja at www.punchdebtintheface.com.  His writing style might be a little aggressive (what else would you expect from a website called punch debt in the face), but I really enjoy his writing style, and particularly liked his take on student loan consolidation:

I did a little research and discovered the world of student loan consolidation. Everything I read (probably from bank websites and Sallie Mae) preached about how amazing it was (let’s just say I didn’t know about PF blogs back then). I saw that it would lower my monthly obligation and lock in my interest rate. Turns out locking in my interest rate was stupid. I locked in at 7% and am kicking myself in the pants. Interest rates dropped the next year to 6% and are now at 5.6%. Even worse, they are scheduled to continue dropping through 2011 to 3.4%.

Shoot me in the face. I would have gladly paid a variable interest rate for four years and then locked in at the 3.4% interest rate in 2011. I ran the numbers and assuming I made minimum payments for 20 years, I would have saved exactly 10 buttloads of money by not consolidating my loans for the first four years and then securing the lower interest rate.

I have learned that consolidating is not always the best option, especially when you are consolidating at one of the highest interest rates in recent history. Luckily I only plan to be making payments for another two years , so overall it wont affect me too much.

Have you bought your copy of Following The Goods? Buy it today!