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For years, Mint has been my favorite – allowing me to get a snapshot of our finances and giving me a way to watch our spending in an easy and free way.
Now, though, there's another option out there – Finovera.
The company is hoping to make money management a step further – giving users not only the ability to see their budget but also manage their bills AND store their financial documents in one place.
Finovera – A Comprehensive Financial Solution?
Blogging about personal finance, I've seen various companies try to provide a practical solution for money management.
I was a bit hesitant to check this out as Finovera had been in private beta until this past fall. However, what they were offering intrigued me to I decided to check it out.
I looked online and dug around to see what they were about and was curious to see if they were as comprehensive and handy as they advertised.
After chatting with their senior product manager to answer some questions I still had, I will say that I believe Finovera can address a need to keep family finances organized.
This is most definitely a comprehensive tool. With Finovera, you can do so much with your budget and bills right off the bat.Know your bills
After you link your bills into Finovera, it pulls 12 months of history and tracks averages. That gives you a snapshot of where you are with your monthly expenses.
For utilities like electric and gas, you can see if your bills sky rocket during the winter and/or summer, making it easy for you to plan accordingly (and also optimize your home).
As they add more and more companies to their list of partners, Finovera becomes even more convenient and useful for users. Even if your current provider is not in their database, Finovera allows you to link online and offline accounts.
Stay on top of your budget
Finovera makes it easy to set up alerts for when you are spending more than normal. This is a handy tool as you can make adjustments immediately for the next month.
Store your important financial documents
In line with their vision of giving you one spot to manage your finances, Finovera gives users a digital filing cabinet (currently with no size limit) to store documents such as bank statements, tax returns, and other important records.
They plan on expanding what you can upload (see below for details about their mobile app) so you can easy find what you need.
If you're worried about security, just know that Finovera uses a 256 bit SSL encryption technology for its security, the same as banks.
Mobile Coming Soon
Later this month Finovera will be launching their mobile app, which will give users the capabilities of uploading to their digital even more easily through their smartphones.
I think will make the service that much better and could be a way to de-clutter your file cabinet this spring while still retaining the documents you want.
Thoughts on Finovera
I think the biggest endorsement I can give with this product is that I signed up for it myself. I think it's a wonderful tool that can many couples manage their money, bills, etc easily.
How about you? What do you think about online solutions like Finovera? Do you think your family's finances could benefit from having everything in one place?