Globe Investor’s Recent Terrible Revamped Website

I know what you will say once see the title of this article: Globe Investor comes nowhere near comparing with Google Finance Canada and they are meant to be used for different purposes. And up to now, I have totally agreed with you. However, I have changed my mind once I actually experienced their new redesigned site last week.

It is hilarious to see these mega sites trying to put on a huge show through online advertisements and campaigns to announce their new revamped site design – and then come up with a site that is much worse and more user unfriendly than previous versions.

What don’t I like about the new Globe Investor? Basically everything. They tried to make it look like a high-tech website by putting too many nice pictures and big stock market chart; however, they forgot one main element – simplicity.

When you open globeinvestor.com, the first thing that you notice is that almost all of your screen is covered with a gigantic market summary chart and a couple of pictures. And then, if you keep scrolling down, you will be bombarded with about 15-20 sections/columns with big pictures representing each one of them. Let’s say, if you want to find your favourite sections, or any specific columns, there is no way you can find it in a snap. The front page takes about 5-6 page down to see the whole thing.

A simple test you can do right now to see how inefficient and cluttered Globe Investor is. How much time you would need to browse all sections and important highlights on mega sites like Google.ca/finance, Economist.com or IHT.com? I can do in about 20-30 seconds. How long it would take to do the same birds-eye-view scan of heavily cluttered Globe Investor home page? Give yourself an A+ if you can do it in 1 minute.

On a regular weekday, I usually browse Globe Investor 10-12 times and Google.ca/finance 2-3 times. However, starting now, I will flip it to Globe Investor 2-3 times and Google.ca/finance 10-12 times. Finding time is complicated enough and there is no point making it more complicated with the new revamped Globe Investor. Google Finance is may be miles away from Globe Investor in terms of offering features and customizations, but I know it won’t take long for Google Finance Canada to catch up. After all, Google always seems to redesign and add features keeping simplicity and what readers want in mind – not the other way around.

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I have been contemplating writing a single article discussing all of the available major personal finance software for a while. There are lots of personal finance review articles you will find online, if you perform a search by entering these keywords “personal finance software.” However, I wanted to write something different and unique than these traditional articles. How can I give you a personal finance software review that is practical, simple, short, and yet serves the purpose? Here are the points that I kept in mind while working on this article:

- It’s Simple: I tried to keep everything simple. If you are looking for personal finance software, you want things to be simple. You are not going to spend days and months just comprehending the article itself. I have not provided any ratings or assigned any scores based on any complicated methodology. You don’t want to complete an MBA on these ratings and scorings; you just want to pick software you would like to try.

- It’s Short: Instead of giving you a traditional summary for each software, I have listed a few bulleted points for these personal finance software programs. Information is at its best when it is in the form of a list and short. You don’t want to spend hour after hour reading each program’s features, pros and cons.

There is a wide variety of personal finance software available. I have picked a few of the best ones. However, if you are in the hunt for more, do a search for ‘personal finance software.’ Now, let’s begin.

Microsoft Money Plus Deluxe

- Microsoft has discontinued Microsoft Money Plus and it is no longer
available for purchase. Click on the above link to learn more.

Quicken Deluxe – Windows Version

- Full fledged personal finance software you have to install on your
computer to use.
- Offers tons of features and array of options – yes, it can be
overwhelming.
- Offers features such as expense tracking, budgeting, bill payment tools,
and cheque (check in U.S.) writing capability.
- Quicken is not free. It costs money and offers both Canadian and
American versions.

Quicken Online

- Organize all your accounts in one place online.
- Simple design offers clean interface
- Easy to setup and simple navigation.
- Does not offer Canadian version.
- Free to use.

Mint

- Very popular online personal finance software that has won many awards
and created heavy Internet buzz.
- Clean, neat, and visually pleasing interface.
- Easy to use; a great fit for first-time users.
- Mint uses Yodlee technology.
- Mint is now owned by Quicken.
- Does not offer Canadian version but planning to add Canadian support in
2010.
- Free to use.

Yodlee

- Offers most features and provides maximum ability to overview entire
financial situation at a glance.
- Yodlee technology powers many banks and financial institutions’ online
banking applications.
- Interface is not as neat as Mint.
- Does not offer Canadian version.
- Free to use.

Wesabe

- Wesabe is little different than other software. It combines a money
management tool and social-media application (like Digg, Facebook,
Myspace) into one.
- Has strong privacy and security commitment.
- Support staff is very responsive.
- Other Wesabeans provide you tips based on your shopping habits to save
you money.
- Wesabe works with Canadian banks.
- Free to use.

moneyStrands and rudder

- These two are two separate personal finance software but they are very
similar, providing a wide array of basic tools and applications with a clean
and nice interface
- Some of the tools moneyStrands offers: Debt Management Software,
Home Budget Software, Track This Bill, Monthly Budget Planner, Budget
Spreadsheet, Personal Budget Software, Personal Budget Worksheet,
Personal Money Management and much more.
- Some of the tools rudder offers: personal finance software, free budget
software, personal budget calculator, personal excel budget worksheet
and much more.
- moneyStrands does not support Canadian banks. Support some
Canadian banks. See the comment below. rudder supports TD
Canada Trust online banking.
- Free to use.

I have not recommended any particular software, nor have I provided any scores or ratings. This is something you have to decide after reading this review and checking out a few of these sites. Most of them are free, so try them out, and be sure to switch if anything does not meet your expectations.

For Canadians, Quicken Canada is the only one that offers full Canadian functionality but it’s not free. Among the free ones, Wesabe and rudder have some (if not full) Canadian functionality. Let’s wait and see what Mint brings for Canadians in the future.

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Scotia Launches New Scotia Momentum VISA® Card

Scotia Bank recently introduces a new VISA® card called Scotia Momentum VISA® card. Scotia Momentum card holders will be able to get cash back on purchases – whenever an eligible transaction is made.

Scotia Momentum VISA® card offers 2% cash back on eligible purchases. These eligible merchants are classified as groceries, gas stations, supermarkets, pharmacies, recurring bill payments, and so on by VISA®. Only the first $25,000 spent annually will attract 2% cash back. In addition, Scotia Momentum VISA® card offers 1% cash back once you exceed your $25,000 limit and on other eligible purchases. Cash back is not given for transactions such as cash advances, annual card fees, interest charges, etc.

Scotia is offering a special bonus for all purchases on first three statements. Purchases normally attracting 1% cash back will earn 2% during this promotion. This offer expires on October 31, 2009. All these incentives do not sound bad, after all, who does not want free money? However, if you do some calculations, you will be able to see the full picture.

Visit Scotibank’s website to find out more about eligible purchases and special bonus program

Let’s Dissect Scotia Momentum VISA® Card

You need to spend at least $1,950 to get back the annual fee ($39) you will pay
And then, you can pocket the 2% you will be making on eligible purchases (after spending your first $1,950)
Now, let’s say, you spend $3,600 annually on eligible purchases each year (that’s $300 a month)
So, the money you will be making each year = $3,600 – $1,950 = $1,650 X 2% = $33

Not bad, huh? Wait, not so fast. If you use one of the credit cards I mentioned in this post –
ADJ Picks Canada’s Best Credit Cards, you will be able to beat Momentum VISA® card by getting 1% cash back on your full $3,600 – and that works out to be $36 cash back.
However, if you spend more than approximately $300 per month on eligible transactions, Scotia Momentum VISA® card is a good bet. Here are the calculations assuming you spend $5000 annually (roughly $400 a month) on eligible transactions:

The money you will be making each year = $5,000 – $1,950 = $3,050 X 2% = $61
However, with a no annual fee 1% cash back card, you will be making = $5,000 X 1% = $50

My Take

My take is that the threshold for this card is about $300 per month. If you spend less than $300 each month, you can pick one of those I mentioned in the article above. If you spend more than $300, Scotia Momentum VISA® is an option you should look at; however, always do your own homework before making any financial decisions.

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TD Launches Simply Save Program

In the past, I wrote about Scotia Bank The Rest Savings Program. Just recently, TD Bank launched a similar program called Simply Save Program. TD Canada Trust customers will be able to automatically save each time a transaction is made.

The Simply Save Program automatically transfers money (from $0.50 to $5) from your TD chequing account to a TD savings account of your choice, each time a transaction is made. Transactions can be a debit purchase, ABM withdrawal or both. You can pick savings accounts such as TD TFSA Savings Account, TD daily interest savings account, or even someone else’s savings account.

TD is offering a special bonus for a full year – if you sign up before July 24, 2009. Every time you accumulate $100 in Simply Save savings, TD will add a $10 bonus, up to $200. This does not sound bad, after all, who does not want free money? However, if you do some calculations, to get free $200, you need to do the following:

In one year:

You need to save = $2000
To achieve that, you need to do = 400 transactions (must save $5 per transaction)
That’s about 34 transactions a month
Roughly One transaction each day

So, you can get this $200 for free if you are willing to do a transaction daily. If your TD bank account does not have unlimited transactions, it is likely that you will end up paying more than $200 to get $200. Is it worth it? I will let you decide (depending on type of bank account you have + other factors). Visit Td Canada Trust for more information. Always do your homework before making any financial decisions.

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