Consolidating different bank accounts in one place ?

Do you think consolidating different bank account in one place will it work for personal finance tracking in india?

In my opinion its too risky even if one your account is compromised all your bank accounts and details will be compromised , so hackers have to just target one account making it an easy target seeing that even big banks cannot keep the hackers at bay.

Let us know your thoughts on this?

Keep tracking at www.trackspends.com

-Shubh

Trackspends for group/friends finance..

Today we launched the group finance tracker that will help a group or family to track their expenses in consolidated level and individual level.

How it works: Lets say you are a group of friends in metro living together and sharing a room or house. Now since you are together your expenditure will be mixed up sometimes you will pay for lunch sometimes your friend will pay for dinner etc.

Tracking and managing this after a month/week end how much u spend for these activities and who should pay to whom becomes very painful.

With trackspends.com you create a single account with primary mobile, and than add mobiles to your account as:

Name- akhil, Mobile- 9911191999

Name- ashu, Mobile -.....

And so on, now keep sending SMS with your individual mobiles as an when you pay the bills, at the end week/month you can view these expenses individually with names/mobiles and also the consolidated way.

We think this can be very useful with bachelors/students struggling to keep finances. Checkout at: Track spends my group tracker

Now track your expenses with SMS mobile app...

Today we have released Mobile SMS application for those who are too lazy (like me) to even search contact (Get the number to send the expense) and type in SMS for tracking their expenses. All you have to do is punch in your amount, some text and send. One more benefit we felt is that while sending SMS if you have to type in a amount lets say 76, u will have to type 4-5 times till the number comes in and than wait, than type next number, And than overall message.For one who is not a SMS fanatic this is cumbersome so use this App. I have created a short cut in my mobile for this application and now sending expense is just one button away in mobile.

You can download it from : http://www.trackspends.com/m/ts.jad Or http://www.getjar.com/mobile/32569/trackspends

First Installation time you need GPRS connection (Sorry couldnt avoid it :( ) download it, or connect to your computer or laptop and download/install it. But subsequently send SMS DOES NOT require GPRS.

For more SMS fanatic guys keep sending in your usual SMS way :)

Why does personal finance search leads to investment options like MF/Stocks etc?

I did a search for personal finance in google, the results in 80 % cases takes me to investment planning, How to buy stocks/mutual fund, How to plan for children studies/house by buying stocks/fund and lot more in buying different MFs, plans, stocks etc.

What are you looking for in personal finance? First thing i look at is assessing my existing savings, spends , assets, and income i.e my current financial status. So in this case i am looking for some tool or some way thru which i can assess my existing finance situation. Secondly how can i set some financial target like buying a house/car etc and when and how i can achieve it and then supposedly all those stocks/Mutual funds/insurances options etc as part of future planning.

So how do i solve the problem of figuring my existing financial status, easy part is to consolidate all your bank accounts and get the overall finance you have, For assets if you are like me just count on hands :) one house and one plot max and document it. Income details etc can be figured again from bank salary account.

Difficult part is tracking your spends especially if you have lot of cash transactions. I tried lot of options and because there so many different ways like apps, websites etc it becomes more difficult. Its like shopping more options you have to choose more difficult and more tiring it becomes.

Thats where we come to trackspends, what we do is just send SMS whenever there is any spends/expenses done be it cash or not. And we get it consolidate in www.trackspends.com .

You can also try it and use it, and send us comments/feedback on it, we want to make personal finance tracking simple and doable.

Growing usage of SMS in india...

Based on this review:

http://www.pluggd.in/india-mobile-market-report-sms-as-a-vas-service-297/

Looks like tracking your spends with SMS is one of the best options, simple and easily doable.

Moreover with SMS going to one paisa per sms with reliance announcement checkout:

http://www.ciol.com/Technology/Mobility/News-Reports/SMS1-paise-with-Reliance-Mobile/271109128284/0/

SMS continues to grow every year with more and more innovative ways of utilizing its potential coming in the forefront. Indians are using SMS as a mode of communication to keep in touch with friends and family. With select subscriber groups, SMS is a preferred communication mode over voice calls. On account of significant tariff disparity in the recent months, it has lost its due share of attention. Considering this, Reliance Communications with its 1st in the industry initiative, aims to revitalize SMS usage in the country", said Mahesh Prasad, President – Reliance Communications.


So keep tracking your expenses from SMS, "penny saved is a penny earned" www.trackspends.com

Track spends article in pluggd.in

Track spends coverage in pluggd.in

http://www.pluggd.in/track-personal-expense-sms-trackspends-297/


Keep tracking your expenses via www.trackspends.com