We are glad to announce that our personal finance software finally allows users to directly connect to their bank accounts in order to import financial transactions in their InEx Finance accounts. Many of our users have waited for so long to be able to automatically sync their bank accounts with InEx Finance and we are extremely pleased that we can now offer this feature.
You can add new banks to your InEx Finance account in a matter of seconds. This can be done either by clicking on Connect Bank button from your account dashboard or selecting Other from the top menu, then Banks->Add. You will be redirected to the website of our partner Salt Edge, a provider of financial data aggregation services. You will further have to select the country and name of your financial institution, and supply your bank account credentials in order to establish secure connection with your bank and retrieve transaction data. The Salt Edge Connect page will display the synchronization steps you are at and progress made.
Adding a new bank to your InEx Finance account is easy and quick. Also there is no limit as to the number of bank accounts you may synchronize. You can manage your bank account connections on the Banks page. You can remove banks from your account at any time by clicking on Delete button. Automatic synchronization is run once a day, but it's possible to perform sync on demand by hitting Refresh button. In case the connection with a bank becomes Inactive (the financial aggregation service provider for some reason can not connect to your bank) you will have to click on Reconnect button.
Salt Edge uses bank level security and employs advance data protection safeguards in order to protect your private and financial information at every step of the synchronization process. Moreover the PCI DSS certification affirms its compliance with the industry standards, therefore you can rest assured that your information will remain at all times safe and secure. Salt Edge focuses on the emerging markets, becoming a pioneer of financial data aggregation in European countries. Currently they support major banks in Russia, Romania, Ukraine, Czech Republic, Moldova, Israel and continue to grow their presence in other countries. Their network include such leading financial institutions like Raiffeisenbank, Sberbank, ING Bank, Alpha Bank, VTB24, Moscow Bank, Privatbank, etc. Another huge benefit is that users can also connect their PayPal and Yandex.Money accounts.
We hope this new feature will help you take your personal finance management experience to the next level and you'll be able to focus on improving your financial life instead of wasting time to manually import bank statements. Synchronizing your bank accounts with InEx Finance will give you the possibility to see the big picture, easily organize your personal finances and make informed money management decisions.
InEx Finance allows you to organize and manage your personal finances the way that suits you best. It is packed with simple yet powerful online money management tools designed to help you cut down living expenses, create an efficient family budget and reach your savings goals. The functionality in our personal finance management software can be easily adjusted to meet your specific requirements and needs, so that you can use it on a daily basis to take care of various financial tasks.
We continue to enhance our software's potential by adding new features and improving the current functionality. All these updates are the result of users' suggestions and feedback that help us better understand your view of a perfect online money management software and try to make InEx Finance the optimal choice for your financial needs. Here is a roundup of recent InEx Finance updates:
1. Data Import
InEx Finance allows you to import your transaction data from external sources, so that you can get a holistic view of your finances and make informed money management decisions. Having all your financial data consolidated in one place helps you focus on important things that affect your financial situation and get valuable insight of your real financial standing. InEx Finance lets you upload bank account statements from various file formats, as well as transaction history from other mobile or web money management tools. Before finalizing import, all the uploaded records are verified against duplicate entries, thus you don't have to worry about overlapping financial periods.
Import from the following banks is now supported by our online budgeting software:
- CSV import from ING.ro (Romania)
- CSV import from HDFC Bank (India)
- XLS import from Triodos Bank (Spain)
- XLS import from Caixa d'Enginyers (Spain)
You can also import data from the following personal finance programs:
- CSV import from mobile app Expense Manager
- CSV import from mobile app AndroMoney
- CSV import from mobile app SplashMoney
2. Supported Currencies
People from all over the world start using InEx Finance in order to get in control of their personal finances and get out of debts. For convenience, users can manage personal finances in their own currency, which makes InEx Finance a truly international tool. Moreover the software also allows you to select as many world currencies for your account as you need and enter transactions in different currencies under the same account. These are the currencies recently added to InEx Finance:
|Currency Name||Currency Code|
InEx Finance offers a wide range of customizable reports and charts intended to give you a comprehensive view of your personal finances and deep insight into your spending habits. You can apply various filters (by date, category, resource, tag, etc) in order to pull out the data you need or even compare different periods to see whether you're doing any progress with your finances. Reports are a vital tool in financial planning, and our wide range of various tables and graphs will help you get the most complete picture of your finances and analyze them from any possible angle.
Recent updates in InEx Finance reporting tools include:
Scroll Bar: for ease of use, we've added the scroll bar to all table and chart reports with select boxes for categories and resources. This small visual improvement will come in handy for users that deal with many resources and/or categories and want to select all of them in the reports. From now on they won't have to move the page down because of the long select box occupying the entire screen in order to see the report results.
Hyperlinked Categories and Resources: all the table reports in InEx Finance, as well as the Transactions page and account Overview, display hyperlinked categories and resources so that you can easily click on them and go straight to the corresponding report. If you apply date filters in any of these places and then click on a hyperlinked category or resource, the results in the report will be filtered by the same date period.
End Day Balance: previously this table report allowed you to see only current account balance by resource by currency. Now you have the possibility to visualize the status of your account on any day in the past. You can see at a glance how much money you had at any point in the past by selecting the desired date and compare it with your current financial standing.
InEx Finance is truly a multifunctional personal finance management tool intended to help people get their financial lives on the right track and find the balance between wise spending and saving. It enables users to input all their financial information into the system (manually or via import feature), track their spending more closely and get a holistic view of all their finances well organized in one secure place. When you begin keeping tabs on expenses, you become more consciously aware of how efficiently you spend the hard-earned money, get new insights into your spending habits that eventually make it easier for you to draft a budget and stick to it.
So whether it's about tracking expenses, or planning a household budget, or settings savings goals – InEx Finance gives you a powerful set of easy-to-use tools to help you carry out all your money management tasks quickly and effectively. Here is our monthly roundup of the latest updates in InEx Finance software:
1. CSV Data Import
InEx Finance gives you the possibility to reduce the manual data entry to minimum, so that you can focus on more important things, like scheduling future payments, reviewing your budget, tracking your goal progress and so on. With the CSV data import, you can have your bank statements or transaction history uploaded into your account in a matter of seconds. Manually entering each transaction into the system definitely has its advantages, since thus you can be more in touch with your personal finances and quickly detect any discrepancies, however this can easily turn into a daunting task when you are dealing with a large amount of data.
The recent additions to the CSV types already supported by our personal finance software include:
- Berliner Sparkasse (Germany) – Type “Berliner Sparkasse (DE)”
- National Australia Bank NAB (Australia) – Type “National Australia Bank (AU)”
2. More Currencies – Wider Global Presence
Nowadays there are a myriad of online personal finance apps designed to suit the most demanding users, however what sets InEx Finance apart from similar online tools is the support of multiple currencies. The following three new currencies have been recently added to InEx Finance:
|Currency Name||Currency Code|
Our software caters to the international audience by allowing transactions to be added in more than 80 global currencies. Thus people worldwide can avail themselves of our online money management application in order to better organize their personal finances and become financially fit.
Some people use InEx Finance to track expenses on a daily basis and get in control of their spending. Others avail themselves of our online money management software to create a household budget and try to follow it in order to better organize spending in different categories and consequently save some money. Whatever the reason, InEx Finance can be efficiently used to handle a wide range of personal finance tasks with ease. Here is a roundup of our latest news and changes aimed at improving your user experience:
1. “Select All” Feature
We've tried to make the reporting tools in InEx Finance more user-friendly by implementing “Select All” feature in all table and chart reports with multiple select option for Categories and/or Resources. “Select All” feature will prove extremely useful if you usually deal with a lot of Categories (including Subcategories) or Resources when tracking expenses on a daily basis. Instead of manually selecting each Category and/or Resource in various reports, which can get quite annoying, you can simply click on “Select All” option to have them all included at once.
2. Overview Page Improvement
The Overview page lists all your income and expense by Categories (including Subcategories) with their corresponding actual vs. budget amounts. This gives you a quick snapshot of how well you manage personal finances and how closely you follow your monthly budget on a day-to-day basis. Now the Total for income and expense groups shows not only the Actual and Budget amounts for all Categories, but also their Difference. This is the amount you still expect to earn (for income Categories) or can afford to spend (for expense Categories) by the end of the month considering the planned budget. This is a great opportunity to see at a glance how well you are doing financially in any given day during the month.
3. Extended Import Capabilities
Data import from most popular formats is quite a useful feature that any personal finance management software should support. Apart from allowing you to significantly automate tracking of your daily income and spending, it also helps you save a great deal of time especially since you don't have to enter each transaction manually. Above all, data import from banks is the perfect solution for people who are concerned about the security of their personal data during direct sync with their online banking system.
InEx Finance continues to diversify its import capabilities by adding more supported financial institutions and file types. From now on, users will be able to easily import their financial statements provided by the following two banks as well:
- Santander Totta (Portugal) – Format “CSV”, Type “Santander (PT)”
- La Caixa (Spain) – Format “XLS/XLSX (Excel)”, Type “La Caixa (ES)”
4. More Global Currencies
Three more global currencies have been added to the list of currencies currently supported by InEx Finance software:
|Currency Name||Currency Code|
The multi-currency feature enables users all over the world to efficiently manage personal finances in their local currency. Or they can deal with several currencies simultaneously and record currency exchange transactions whenever such occur. The currency exchange rates are daily updated from Internet, which ensures that your personal finance data is always accurate and up-to-date.
It's never too late to get in control of your money and keep your financial affairs well organized. Budgeting may not sound like the most exciting activity in the world, but it's definitely a sure-fire tool that will help reach the goals you have outlined for yourself and your family. Building a budget is a vital step in the financial planning process, since it gives you a clear understanding of how much money you have coming in and how you spend it. More importantly, effective budgeting leads to better personal finance management that can help you increase savings or get out of debts.
Creating a budget is indeed a challenging task, however the following 5 basic steps will guide you through the budgeting process and help you design a realistic plan:
1. Understand why you are budgeting
Before starting a budget, try to understand why you need one in the first place. Understanding why you are budgeting is very important in defining your priorities and outlining your future goals. The core idea behind budgeting is spending less than you earn and save some money each month. For some people it's saving for a house, for others – building a nest egg or getting out of debts. However it's important to remember that a budget is not the panacea to all your money problems; it's just a road map that will get you where you want to be if you follow certain rules.
2. Know how much you earn
In order to build a realistic budget, you should know how much money you bring home every month. Record all your regular sources of income (monthly salary after tax deductions, state benefits, rental income), as well as any irregular income (side jobs, investments, bonuses). All these earnings make up your monthly net income that you will base your budget on. When you have irregular income, it's better to average out the last 3-6 months and use that figure for budgeting purposes.
3. Know how much you spend
This part can be very tricky, so try to be as accurate as possible when writing down all your expenses if you want to create a workable budget that you'll be able to follow. Include all the receipts, utility bills and other expenses that occur during a month and divide them into categories. If you want to be overly specific when itemizing your expenses, besides more general categories you may also use subcategories. Expenses can be fixed (stay relatively the same from month to month: mortgage, Internet/cable) and variable (tend to change from month to month: gifts, clothes, entertainment), as well as regular (food, utility bills, gasoline) and irregular (holidays, house repairs).
4. Do the math
Now that you've gathered all the necessary information, add up all your income and subtract your total expenses. The result will tell you whether you overspend or underspend. Of course, the ideal budget planning scenario is when expenses don't exceed your income. In this case you can use the surplus towards your financial goals. If you have a balanced budget (expenses equal earnings), it means that you're living within your means. This scenario may work for people that don't have to worry about paying off outstanding debts or saving for retirement. If you end up with a negative number, then you'll have to find ways to decrease spending. You may want to dig deeper into your variable expenses and determine how you can trim them down to fit your income. Be realistic and don't go overboard in trying to cut back on expenses. Another option is to uncover ways to increase your earnings. Be creative, turn your hobby or talents into additional sources of income.
5. Monitor and adjust your budget
Once you have a well-planned budget in place, it's important to monitor it regularly and make sure you stay on the right track. Record your expenses daily and check your overall budget performance at least once a week to ensure that you are in sync with your budget limits. Keep in mind your long-term goals – they will help you stay motivated and more easily embrace the changes in your spending habits. If this is your first budget, after the first month you'll most probably discover that your original budget has some flaws and needs tweaking. Don't be afraid to adjust the numbers to reflect reality, otherwise you'll soon fall behind and lose motivation in wanting to follow your budget. An effective budget is your best ally in living a financially stress-free life!