What is your total outstanding debt? What is your bank balance? What proportion of your investment is in equities? It's unlikely you have a ready answer to these questions. Try again with the help of spreadsheets or your financial record.
You could still be floundering for the right response. Are your money management skills to be blamed? Not entirely. While it is possible to collate and remember certain financial details, it is difficult to integrate your records with the bank account to update every withdrawal. You cannot revise the value of your equity investments on a daily basis.
And it will take a savvy Microsoft Excel user to link investment values with a net worth calculator. Keeping track of your finances might seem like an exercise in futility, but is not. It is, however, an arduous task, one that has been made easy by the launch of several money management websites. Two such sites have been set up in the past few months, and some of the popular portals are intuitmoneymanager. com, myvault.in and arthamoney.com.
|FEATURES||INTUIT MONEY MANAGER||ARTHAMONEY||PERFIOS||MYVAULT*|
|Data storage for all assets||Y||Y||Y||Y|
|Automatic update of market action||Y||Y||Y||N|
|Integration of bank accounts||Y||Y||Y||N|
|Automatic update of bank action||Y||Y||Y||N|
|Customised view of data||Y||Y||Y||N|
|Net worth calculation||Y||Y||Y||Y|
|Asset allocation chart||Y||Y||Y||Y|
|Alerts for premiums, EMIs, etc||Y||Y||Y||N|
|Search engine for navigation||N||N||Y||N|
|Tools like retirement planning||N||Y||N||Y|
|Annual Cost (Rs)||365||Nil||Nil||299|
|*Myvault.in offers more services to clients who opt for higher value packs|