The advent of social media tools has allowed individuals to express themselves more freely like never before and it seems that money-conscious individuals are taking on the Web to manage their personal accounts to make ends meet. Recently, young Americans are finding inspiration in blogs where people discuss their financial follies and successes. For instance, a 26-year old writer named Eric created a blog called The Captain is Out to Lunch where he tracks his debts, investments and net worth using tools like graphs and daily online discussions on finances. After a month or so, he had saved more than he spent. Other bloggers seeking financial independence include An English Major’s Money, Give Me Back My Five Bucks (saved $25,000 for a condo down payment) and Budgeting Babe among others.

While blogging exposes one’s financial plans to the outside world, individuals concerned about privacy can now use secured online money-management tools available on the Web. Mint is a personal finance application that lets users track and monitor their financial information in one place. The site tracks bank, credit union and credit card transactions and alerts users to upcoming bills, low balances or unusual spending.  Users can also view how much they spend on shopping, dining, gas, utilities etc. presented in the form of graphical charts (organized by category). Mint also suggests ways you can save money through personalized recommendations. For instance, a bank offering a better deposit rate or a credit card suited to one’s spending habits. The site now boasts over 50,000 members and helps manage over $2 billion of their finances.

SpendView, still in beta stresses the importance of the user’s security and privacy by only asking for email address, username and password to set up the account. One interesting feature is that users can use tags to label their transactions. SpendView automatically tags transactions based on what other users in the community have tagged. Geezeo allow users to plan toward their goals/dreams with other like-minded users, send donations using Facebook's iWant widget as well as check accounts on the go. Voyant allows a community of users to rate the benefits of financial products being offered. BoulevardR gives users an overview of their financial goals, tracking how current savings and spending will affect retirement.

The trend is toward more and more financial tools blossoming online where information is aggregated in simple, yet attractive user-friendly interfaces, accessible on any computer or mobile phone. Try monitoring your finances regularly; you're sure to see the difference.

Resources: Wall Street Journal, New York Times