We have been tracking the personal finance space for quite some time and while Intuit’s entry in this space validated the market potential, there are quite a few startups vying for your personal finance attention.
Typically, companies either do screen scraping (like ArthaMoney Money Manger ) or they work with virtual currency (i.e. you enter virtual income and expense)
TrackEveryCoin takes the virtual currency route, but the most important piece in their offering is the hardware device.
As far as the site is concerned, once you register you can enter your income and expense details in an intuitive format.
The neatly done UI offers several categories for income (salary/bonus/share market/interest earned etc) as well as expense (food/entertainment/travel/fuel/grocery etc) and offers a good data view of the same.
For instance, you can look at expenses for the quarter/month/week/year. One can define expense as shared expense (details like who paid for it etc) – making it a great tool for college students.
The Personal Finance Gadget
Earlier, I had a look at the hardware device built by TEC team and found it quite impressive. Within a few clicks, you would be able to enter the expense details and later, have it sync with your dekstop.
The challenges lies with the gadget pricing – the device is being sold for Rs. 1,799/ and that makes me think whether the company is into personal finance space or device selling space.
The startup also has a mobile app that enables you to record the entire expense and sync with the website data.
As I mentioned earlier, the bigger question for the team is whether they are in a hardware device play or personal finance game? Selling personal finance gadget is a different ballgame (the team had earlier built a usb charger for iPod), while building personal finance tracker needs a different sales pitch.
Do give TrackEveryCoin a spin and share your opinion.
Related development in this space
- Personal Finance Startup , Perfios Raises Series A from Individual Investors [Interview]
- PaisaGate – Expense Management Solution made for India
- Beezang – Sharing Group Expense Made Easy
- TrackSpends – Track your Expense Via SMS
- Personal Finance Startup, Zibika shuts shop
Recommended Read: 5 personal finance mistakes that first time entrepreneurs must avoid
Video: Manufacturing of Track Every Coin – Personal Finance Gadget
Demo of the Mobile App