Wesabe Praise: Proxy Tagging
Common Answer: Have one person pay the bill each month, and have the other pay them back.
Wesabe Feature: Proxy Tagging
Wesabe’s free form tagging let’s you create a taxonomy for your finances that makes sense to you, without having to adapt my thinking to any quirky, already supplied categories. One of the techniques I came up with to solve the problem above is something I call Proxy Tagging.
Proxy Tagging is shorthand for the way I split bills in Wesabe, and it’s not hard to implement. Whenever I see a bill transaction, I split it, tagging one half “bills” the other half “proxy.” This way, when I’m looking at my monthly goals, I can be sure there’s no distortion from overpaying any bills.
There’s also a bonus splitting transactions this way, in that I can track my proxy tag and make sure that I’m getting paid back. Tagging all my payback “reimbursement” allows me to compare the two tags and make sure everything checks out.
It keeps visibility high and roommate arguments low.
Mint could technically do this, but I find it easier to split and tag items in Wesabe than to split and recategorize in Mint. Quicken, on the other hand, explicitly omits splitting transactions. If you want to go the Intuit route, you’ll have to pay up for their desktop software.
As for me? I like my software free when it already does what I want.
Filed under: Personal Finance, Technology, Web 2.0 | 1 Comment