Our nation’s current financial crisis was predicated on overspending–as a nation and as individuals. It comes as no surprise that a significant percentage of Americans lack a basic understanding of their finances: what their family is bringing home vs. what they’re laying out. With lines of credit long and cash vaguely vanishing, many inquire each month, "Where does all my money go?"
A new Web site, http://www.debtspark.com, provides a solid starting-off point for budgetary novices. The home page displays an "easy as 1-2-3-4" capture that sparks the beginning of financial freedom. With simple fields for income, expenses and debt, users are granted a personal snapshot of their current financial reality–as a surplus or a deficit.
Users sign up to input their private information onto the secure site, taking the bottom lines from their stack of bills and pile of pay stubs to calculate net income. Month to month, inputted information is stored and a graphing tool allows users to track debt over time, considering interest rates, payments and remaining balances. A similar graph illustrates monthly budget report changes.
While more sophisticated financial tools in the marketplace help users categorize outlays and track spending down to the penny, DebtSpark offers users a basic understanding of cash flow. Simpler than a spreadsheet, the site helps users quantify monetary health, giving them an easy way to think about finances month to month and day to day. Whether users make $20,000 or $200,000 annually, this solution is a starting-off point for those who’ve put off gaining control over their finances.
The economic struggles many Americans are currently facing demonstrate that ignorance isn’t bliss when it comes to managing money.