PowerWallet

Author: Kaitlyn Short

PowerWallet is an online budgeting and finance utility that allows you to easily keep track of your financial health, view transactions, view outstanding bill amounts and budget expenses, all from an easily navigable website. It is for anyone who wants to understand their finances better and meet financial goals. 

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The Good

• Flow statements
• Simple account linking
• Customize alerts

PowerWallet provides a cash flow statement so you can see how well you've been saving compared to earlier months. You can also view and post events on your calendar and let the system process your bills and factor them into your bottom line automatically, and you'll be alerted when you're about to surpass your budget. PowerWallet is an online budgeting and finance utility that allows you to easily keep track of your financial health. Some highlights include:

• Cash flow statements
• Calendared budgeting
• Balance, budget, and bills alerts
• Simple account linking
• "Power Savers" deals

Linking is simple; to add an account you simply search for your bank, loan company, power company or other establishment. The history of that account is then added to your dashboard and other pages and categorized into various types of expenditures. Examples of those categories are "food" and "utilities". You'll also be able to set up alerts about bank fees, bills due, reaching your budget and other things. You can even choose to be alerted when purchases are processed that exceed an amount that you set. The alerts can be sent by email, but do not end up in your inbox by default. PowerWallet's alerts function is efficient and simple. Another nice feature PowerWallet offers is called "Power Savers". It's a page with four tabs on it: Financial, Offers, Coupons and Daily Deals. The financial tab will list credit and debit cards and give you some basic details about their fees and interest rates. Offers will give you deals like you'd find at woot.com, on all kinds of things. Coupons is for coupons and Daily Deals gives you discounted goods and services from yipit.com.

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The Bad

• Information population delay
• Some accounts unavailable
• No property value

The numbers from your accounts may take a little while to populate and some might not populate at all. We're not sure if this problem is caused by the accounts security (your health insurance company's website, for example) or by PowerWallet. What's more, you may not even be able to find some accounts. We found no availability with a few well-known internet service providers and health insurance companies. We feel optimistic about the possibility of integrating those accounts in the future, though. PowerWallet does not offer any smart phones apps yet. However, these apps are currently under construction and should be available soon. Many other services already offer mobile apps. If you have trouble using the site, you will have to send an email or submit a "ticket" on their support page. The wait time will vary and there's no obvious phone number to call. A final drawback to PowerWallet is that it doesn't take your property into account, as others services do So, you won't be able to draw the value of your car or your home into your financial portrait.

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The Bottom Line

PowerWallet offers all the features of better-known alternatives and some extras, like "Power Savers" and superior bill integration. It's free and it communicates with you well, via its alerts. This is an option for almost anyone who feels they can tackle their finances without the extra help of a professional advisor. Those that use PowerWallet can expect the following:

1. Effective budgeting tools
2. Spending/saving resources
3. Information delays