Archive | Personal Finance

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Accolades for Track Every Coin!

Posted on 18 February 2013 by Roopa

2013 has begun with a rather wonderful start for all of us associated with the Track Every Coin family.

We have been featured on two articles and are overwhelmed to share the news with you. Here are the well researched, well written articles that we are excited to share with you.

http://www.firstpost.com/investing/three-money-management-tools-to-look-into-this-2013-567506.html

http://thekrazycouponlady.com/finance/6-ways-to-take-control-of-your-finances-in-2013/

Hope you enjoy reading them as much as we did 🙂

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Updated Video for TEC

Posted on 14 December 2012 by Vikram

We updated our video pitch for Track Every Coin. Let us know what you think of it.

We thank Goanimate for the awesome tool!

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How do I use Events?

Posted on 08 December 2012 by Roopa

A good expense tracking application is a fine balance between functionality and being well informed about your expenses. We released a new powerful feature called ‘Events‘ as part of Track Every Coin’s feature list and we believe that this feature can help our customers solve a variety of problems under different situations.

As a Consultant

A constant recurring problem for a consultant which invariably involves a lot of travel is the need for travel expense reimbursement from the employer.

Here are the steps I would follow

  • Create a new Event for the client travel either in a different currency if the travel is to a different country or in the same currency as in the  Track Every Coin account in case of domestic travels.
  • Keep marking expenses that the employer will payback as reimbursable. This will help you keep a tab on the expenses you need to get reimbursed from your employer.
  • Enter the perdiem you are paid on the travel as an Income (maybe as a new category if you wish) under the Income tab.
  • Once the travel is completed, enter the conversion rate of the expenses that your employer provides so as to get the correct amount that you earned on the trip versus the amount that you spent.
  • Upon Event completion, the consolidated trip expenses (except reimbursements) get added to your regular expense tab giving you an idea of the total trip personal expense incurred.

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Events – Expense grouping made easy!

Posted on 27 November 2012 by Vikram

Introducing a new way of tracking expenses from a travel, an onsite trip, a birthday party at home or even a wedding! We term such an occasion as an “Event”.

From Track Every Coin’s perspective, what are Events?

An event can be an occasion that has a definite start and an end time that you would like to track separately. For instance ‘A 7 day trip to Singapore’ can be an event that you would like to track separately in Singaporean dollars. Once the trip is over you can consolidate the expenses back in your base currency on your Track Every Coin account.

Following are the feature updates.

When you login to your Track Every Coin account, you will see a NEW tab called “Events” as shown below.

To create a new event, click on the “Add Event” button.

You can give a name for the Event, select a date from which the event will start, enter a budget for the event if you wish or leave it defaulted to 0 and choose the currency to track the event expenses.

In the below case let us select USD as the currency for the Event – “New York trip”.

Once an Event is created, the Event will have a Status called “In Progress”. You can now start adding expenses into this event.

Continue Reading

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Desktop App Made FREE!

Posted on 09 January 2012 by Vikram


You read right! We at Ionlab have decided to make the desktop app FREE for all our TrackEveryCoin customers starting today.

What is a Desktop App you ask?

Please go through our earlier post on Desktop App to learn what it is all about and how it can help you.

How Do I download and Install the Desktop App?

You can now download the desktop app for TrackEveryCoin for free by following the following simple steps

Please go to our website – www.trackeverycoin.com

Click on the “Get Desktop App” button on the screen to notice a pop up window and then click on the “Install Now” button and follow the instructions to install the desktop application on your computer.

Note: The desktop application is a one way sync, all your data on the desktop application is backed up on your web account. But the data on your web account is not transferred back to the desktop application!

Hope you enjoy using the desktop-app!

 

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Features from Customer Feedback

Posted on 08 September 2011 by Roopa

Firstly, a big thank you to all our customers who have been sending us feedback and suggestions for Track Every Coin. It has given us a good opportunity to further improve the product and to serve you better!

The current release if focused on making changes based on the prioritized feedbacks. This is what in store for the first batch:

  1. Many users wanted to add recurring expenses based on the following:
  • Quarterly
  • Bi-Monthly
  • Half-Yearly

Advantages of having these recurring expenses is to enable you to add your Life Insurance premium which could be a Quarterly / Half-yearly payments.

You can now add recurring expenses based on the following

  • Weekly
  • Bi-Weekly
  • Monthly
  • Bi-Monthly
  • Quarterly
  • Half Yearly
  • Yearly
  1. Any expense marked as a “Reimbursement” is not shown in the Expense graph anymore. In other words, any reimbursable expense is only present in the expense listing and not in the expense graph.

Hope you find these features useful! Kindly continue to send us you feedback and suggestions and enable us to serve you better.

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Launch of Desktop Application – Track Every Coin

Posted on 03 April 2011 by Vikram

Track Every Coin now has a Desktop Application. The desktop application is a standalone application that can be used without internet connection to keep track of your income, expense, split bills and company reimbursements.

If you travel a lot and need the app on your laptop/netbook or like to have your financial information on your desktop, then the Track Every Coin Desktop Application is for you!

The App also has an option to sync with your web account at Track Every Coin for data backup. If you change your computer your data is always intact.

We have built the app with Adobe AIR, that makes it platform independent. It works on Windows, Mac and Linux.

You can download the application by visiting our homepage: www.trackeverycoin.com, click on “Get Desktop App” and then click on Install now. Here are a couple of screenshots:

Expense screen:

Graphs -> Pie charts:

Go on and download the app for your computer. Download from here.

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Analyze your expenses

Posted on 22 February 2011 by Vikram

Track Every Coin’s Dashboard provides you a high level understanding of your finances. In this article we will show you how you can analyze your expenses under transactions.

Overall view of your expenses are seen as follows in your transaction tab. Of course your transaction graph is the largest data point.

Another most important graph is your thermometer graph on top of the screen. Notice your net income, expense, savings and budget displayed. It shows how you can set a budget and see your expenses against it. Shorter the expense thermometer, larger will be your savings!

Next important graph will be the pie-chart. Notice how it is sorted in descending order, thereby giving you the top categories you have spent in. Once you know this, it s easy to analyze your expenses further.

Under search, you can search for your top expense categories. Eg: Shopping. When you search for a category, notice below that the search total is displayed instantaneously. In the below case we can see the total for shopping for the current month.

To understand where and how did you spend, just click on the arrow next to “Amount”. This will sort all your “Shopping” expenses in descending order. Now view your top highest expenses under shopping.

Similarly you can search for any category / description over different date range (Month, Quarter, Year) and sort your grid.

Log on to your account and try this out!

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Where Does the Money Go?

Posted on 13 July 2009 by Vikram

VisualEconomics.com has put up this great visualization on the breakup of expenditure by people in USA:

Where does your money go?

How does your expenditure breakup look like?

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Personal Finance books or websites for India?

Posted on 07 July 2009 by Vikram

In a discussion over at Swaroop’s blog, Prasanna posed [this interesting question](http://www.swaroopch.com/blog/ideal-personal-finance-life/comment-page-1/#IDComment26440536):

> You know what is frustrating? Most of the personal finance resources available online do not really help people in India as they all are euro centric. And those that focus on India are so jargon filled that people like me who want to know more but can’t understand financial terms etc are totally turned off. Is there a, iwillteachyouhowtoberich kinda Indian website/blog?

Very apt question indeed. Unfortunately, we don’t know of any such website or blog either.

So our question to you is whether you know of any such regular-posts blog or even books.

_If not, is anybody out there interesting in building such a website?_

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What do you wish you had saved for?

Posted on 01 July 2009 by Vikram

Ramit just sent out an email newsletter follow-up to his [recent survey](http://www.iwillteachyoutoberich.com/blog/looking-for-people-in-your-20s-30s-and-40s-what-do-you-wish-youd-saved-for/) asking people in their 20s, 30s and 40s an important question: _”What do you wish you’d saved for?”_

The results of the survey are very insightful. *It lists out the innate desires of most people in these age groups, even if you still deny it.*

Since Ramit hasn’t written about the survey results yet in his blog, I won’t mention more about it yet. However, one thing that really resonated with me was the 10 year savings plan:

Savings wishes in 20s, 30s, and 40s (Page 19)

This was one of the reasons why we have had “Goals” as an important feature in TrackEveryCoin right from the beginning. It is not only about saving money, but _why_ do you want to save money.

At the same time, having real well-defined goals translates to motivation for you to actually save the money.
When TrackEveryCoin is out, we will showcase how the goals feature we have in mind can help with your 10 year savings plan.

__Update 1__ : Coincidentally, Sherin has written has a nice article today about the [5 financial life categories to think of when planning your financial goals](http://www.investinternals.com/2009/06/5-financial-life-categories.html): Assets, Liabilities, Personal Risk, planning on Kids future and education and finally plan for your Retirement. [Check it out at investinternals.com](http://www.investinternals.com/2009/06/5-financial-life-categories.html).

__Update 2__: [Ramit’s blog post](http://www.iwillteachyoutoberich.com/blog/already-handled-basics-save-money-get-ahead/) on this topic is up! [Check out the amazing results](http://www.scribd.com/doc/16975724/Savings-Wishes-in-20s-30s-And-40s) of the survey.

Savings Wishes in 20s, 30s, And 40s

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Coming soon… our new product TrackEveryCoin

Posted on 21 May 2009 by Vikram

Amazon conducted a poll just before the start of the year 2009 asking people on what are their New Year Resolutions. The [top two resolutions](http://www.didigetthingsdone.com/2009/01/02/amazons-top-10-new-years-resolutions/) were (1) Lose Weight and (2) Get Your Finances in Order.

What is strange is that you and I would think these are [solved problems](http://frugaldad.com/2009/02/22/personal-financial-software/), right? But yet these are the top resolutions for the new year!

We all know how to lose weight – eat less and exercise more. [But it requires discipline](http://www.lifemojo.com). We all know how to get our finances in order – spend less and earn more. But it requires discipline.

Our vision for the [“Track Every Coin” system](http://www.trackeverycoin.com) that we are building is to exactly help you do this – to help you spend less, save more, and in the process help you get your personal finances in order.

## So what is the problem again?

We tried out many personal finance websites and software existing in the market, and we faced the same issue again and again – they are either cumbersome or are afterthoughts.

Most of the software that we tried out did not make it easy to make entries such as expenses and made it a boring chore. And yet, this is the starting point to use all their features.

The ones that work automatically with your bank account are afterthoughts – they are good for overviews and for viewing graphs at the end of the month, but do not help in actively managing your money at all.

So we started adding in our own ideas on what we would want to use.

## So what is the product?

It consists of two parts:

* The active agent where you make your entries – which is either a hardware device or a mobile phone application, based on your preference.
* The hardware device is for those who like to have a cool-looking gadget to carry around, and want to make entries within 10 seconds.
* The mobile phone application is for those who have GPRS connections on their mobile phones.
* The data analyzer – which is a website where you get to slice and dice your data.

__I like to think of it as analogous to the “iPod-iTunes” combination – the iPod was designed to do one thing well: play music, and it left the complicated parts of managing music to the iTunes software. We intend to achieve the same effect for personal finance. This is our unique twist.__


TrackEveryCoin - How It Works

## Features

At its core, the system is an expense tracking system, simply because that is the [first step that every personal finance writer recommends](http://www.getrichslowly.org/blog/2009/01/05/9-methods-for-mastering-your-money-in-2009/). If you don’t know where the money is going, you won’t know how to manage it.

The logic is simple : [We need data to improve](http://lifehacker.com/5242319/six-easy-ways-to-graph-your-life), whether it is the school score cards for your kids or the mileage for your car or statistics for your favorite cricketers. We bring over the same facility to you for your money!

Now, how is this different from a spreadsheet? Well, the data collection mechanism, obviously, and lots of features, but most of all – this is a specific system that helps you with so many aspects:

1. Expenses
* Know what you are spending on – categorize, tag and add notes to your expenditure
1. Reimbursements
* Know how much money you have to get back from your company – save time wasted in filing expense reports
1. Income
* Plan your money – How much money from your income is budgeted for expenditure and how much money goes to savings and goals
* Never forget to pay your bills on time again – Reminders will be automatically be saved as expenses
1. Goals
* Buy that thing you really want – Save money every month towards your goal, whether it is downpayment for a car or that big trip you’ve been dreaming of
1. Budgets
* Never overspend again – Set limits on how much you want to spend and you will be reminded every time you are about to spend
1. Sharing
* Never worry again about splitting bills – Keep running counts of expenses shared with your roommate or when you go for dinner with friends, and settle easily
1. Events and Trips
* Know how much an occasion will cost you – Stay within your trip budget, know how much a weekend trip will cost you, know how much transportation accounts towards your trips, and more.
1. Graphs
* Analyze where your money is going – Know if you are spending more on fuel, if you are spending too less on your hobbies, or how much money you need on an average day.

__To know more, visit our product website [www.TrackEveryCoin.com](http://www.trackeverycoin.com)__

_We aim to launch the product in July 2009._ [Sign up now](http://www.trackeverycoin.com) at the website to get special offers when we launch!

We’ll be writing more about how we have designed and built TrackEveryCoin on this blog. We look forward to your feedback either here on this blog or [via email](http://www.trackeverycoin.com/html/write_us.html).

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