I don't mind having some things in the cloud. But my financial information? I want it in as few places as possible. And with all that they have access to?
But doesn't your bank, credit card company etc. already keep your financial information in the cloud anyway? What these cloud-based services seem to do is pull the data and aggregate it in a read-only form (i.e. it should not be possible for a hacker to execute transactions, should 'only' be able to read info in one place which otherwise might not be in one place).
I'm in the market for a PC-based or cloud-based personal financial management solution. One thing in favour of a cloud-based system is that it is accessible from any device (for me this mainly means my work PC or my Chromebook), rather than being tied to my home PC, which is not always on.
How do PC-based apps like Intuit store your data pulled from your bank etc. accounts? Doesn't it pass (and is stored) in their cloud somehow before they aggregate it in your desktop software? I don't know, I'm asking, trying to get my head around this category of software.
I was thinking of aggregating my various bank account and credit card data manually, but it just seems such a waste of time, and if I want to share it with my significant other, then I might put it into a Google Sheet, in which case it's in the cloud again.
It seems to me that the first step is to aggregate all the various account data as quickly and as painlessly as possible, so that the more valuable process of budgeting can begin. So, don't all these software somehow gather the data via clouds one way or another?
I'm also wary of using a Yodlee
-based cloud service, on the other hand the service they provide is invaluable, as it would be a nightmare to aggregate all this data manually on a daily or even a monthly basis.
So, what is there to lose and gain one way or another (using a PC-based vs. cloud-based personal finance software)?