Review: MoneyRight, the New Money Management Tool from LendingTree

LendingTree, the company that is best known for its online lending exchange program, has launched a new service called MoneyRight. This new service is designed to give a comprehensive picture of your personal financial health, and helps in making smart decisions about your money over time. Using the service is almost like having your own personal finance advisor at your fingertips. And the best news  is that it’s free!

See your finances clearly

The first function of MoneyRight is to give you a thorough understanding of your own finances. The program compiles information from all of your bank accounts and credit cards and displays it in a way that lets you see where your money is going. How much are you making? How much you are saving? Where is your money being spent? MoneyRight answers all, making it comparable to popular finance overview services such as Mint.

Plan for the long-term

However, MoneyRight does more than simply tell you where your money is going. It also serves the function of acting like a virtual personal finance advisor to assist you in making long-term financial decisions that will improve your financial health in the years to come. You can use this part of the program (called "MoneyWise") to set and meet financial goals. You can also use it to analyze your different spending and investment options.

Use MoneyRight to achieve a number of financial goals in your life, like:

• Consolidating all of your financial information. It’s a lot easier to understand what’s happening with your money when you can see it laid out for you on one site.
• Getting an honest idea of your income and spending. One of the biggest reasons that people stay in debt is because they don’t have a solid ability to track their income and spending. MoneyRight does this for you.
• Reduce debt, improve your credit score and start a savings account. These are all goals that can be more easily accomplished once you understand your financial health. It’s even easier to meet these goals when you’re getting online advice about how to do so. LendingTree’s research (culled from the time that the program was in beta) shows that people who check their MoneyRight account at least twice per week will save more money than people who don’t.
• Plan for your future. MoneyRight’s MoneyWise program helps you to truly plan for your financial future since it shows you the pros and cons of different savings, spending and investment decisions.

MoneyRight is a free service offered by a group that has a strong reputation in the personal finance industry. It’s worth a try.