[We strongly believe that the best way to review a product is to use it like a user (and not as a reviewer) and here is the review of TrackEveryCoin (profiled yesterday, Track Personal Finance with TrackEveryCoin) ]
Totally a personal take, based on a few minutes of usage, and years of tracking every coin on Google Spreadsheets (Realistically, you’re looking at people who’ve already reached a certain level of financial maturity, and you have only a couple of minutes of their time!).
Personal Finance Expense Tracker
Disclosure: I did not use the device. I did not use the mobile app (“coming soon”, it says).
Review: TrackEveryCoin
- I signed up (easy enough, but when I agree to T&C, I cannot read them), verified my email (takes me to a very very barebones page).
- Added a few expenses in a couple of categories. Easy enough. There’s Expenses, and Income. Simple enough.
- The one page layout including the category spends is nice.
- The split-expenses-with-someone is handy – but isn’t thrown up as what you’re owed, etc. Point ?
- The categories are fixed – not my world view, necessarily.
- Very alpha feel to the site. I already mentioned the missing T&C link. And on the “Income” page, the graph still says “Category-wise Spending”. No help/tour, etc, to your rescue anywhere.
- My read: Haven’t thought through user profiles, who’s using this, to what end (what you do with this software not apparent).
- From what I read, the device is expensive.
- So far, Google Doc continues to win over this, given that the spreadsheet offers more flexibility. An individual doesn’t have too many expenses to remember at the end of a day so no big deal.
- Ok, I couldn’t think of 10 things. The product’s just too raw. Lean is good, but there is such a thing as incompleteness.
Sorry if it sounded scathing guys, I’m always on the lookout for personal finance software which can wean me off the crappy looking spreadsheets. And was excited that this much awaited product developed right here in India was finally out.
So far, meh.
Is this similar to billmonk?
Thats way more focused. On keeping tabs amongst pals and helping track and split it later. This seems more for personal spend management, and at some point, budgeting.
looking forward for it to unleash all its features…
We thought it is a good idea to let users know the future features… please read… http://blog.ionlab.in/2010/07/track-every-coin-the-big-picture/
Vikram,
Good to see some potential foot-in-the-doors in there. A couple of those will make the product meaty enough for users, esp compared to its current form. Awaiting the next iteration. Wish you the best.
- Sameer
As a user of a few PFM services which auto-aggregates all my expenses & income, I somehow feel that adding transactions manually is not very “user-friendly” (no matter how easy it is).
However, I would agree on the security argument here as this is all manual and I do not have to provide my banking details here as with other services.
That said, PFM space is finally seeing some good traction in India with a couple of them coming out and implementing unique features.
Thanks for the review Sameer.
@Vikram – What is the USP for the hardware device? Looks too expensive as of now.
Very well said Prashanth. To make it simple and easy to enter expense we have built both the hardware and mobile app. Not everyone is comfortable installing a mobile app… that is where the hardware plays a roll. It is small, and can easily be carried around. You note down your expense on the TECI and forget about it. When you sync everything comes back. Secondly it is very handy on trips (business or pleasure).
i think we indians dont have the habit of book keeping for finance. so do not see the need for such an app…middleclass spends little and saves more.
@Vikram – Interesting, however I see 2 issues with adoption of the hardware device:
1) Too expensive. Spending money so that I can track it… naaa, we Indians do not think that way.
2) Carrying another piece of hardware when I’m travelling among other things in my pocket, is not very appealing(at least not to me). I carry my wallet, keys, mobile, and other miscellaneous stuff, would not want to add one more. But yes, I can think of using a mobile app do this on the fly via GPRS or SMS.
That’s my view, but I appreciate your initiative in this space, I do not know of anyone thinking about this from a HW perspective even in other countries, so good luck & god speed!
Here is a video of how to use track every coin, shows sync between TECI device and Web App
http://blog.ionlab.in/2010/07/how-to-use-track-every-coin/
@Prashanth: We will shortly be releasing another video of different features of the TECI device.
TECI is a product of its kind. There are no similar product. This makes it even more difficult to set the right price. Never the less, I would love to hear back from all of you, what is the price you are willing to pay for it.
You can also email me at: contact (at) ionlab.in
Video was helpful, though for the next video if you can remove the side browser and show the TECI functionality in full screen would be useful, you only need the side browser when showing sync feature.
Tip: Might wanna turn-off you gmail/outlook notifications when recording…
Yes planning to show features of just the device soon.
heh… thanks for the tip
We are very happy to show off our progress
Do visit http://www.trackeverycoin.com now and see the difference for your self! 
I have been using this product for a while and have seen the way these guys have made a difference. I love the new desktop app they have released!
@Pluggd.in – You guys should review Track Every Coin now… it rocks!