Over the past few months, I’ve tried a couple of online budget systems like Wesabe and Mint–the big + for them is that you don’t have to enter in the reciepts (which was always a problem with things that were just a native app on my hard drive), however, neither of these applications do a great job–but they’d be awesome totgether.

Wesabe Pros:  completely customizable tags, easy ways to set spending targets on any set of tags.  Tags can overlap and Wesabe automatically learns from the way that you tend to tag things.

Wesabe Cons: The Firefox uploader doesn’t work very well for anything not in the top 15 or 20 financial institutions–it runs a script, but can’t respond to things like challenge-response questions and javascript.  Also, there are no easy ways to make exceptions to your spending.  If you say “this tag always applies” then it always applies, if you make a “one time tag” then it will undo your “always applies tag” and you have to always do a one time tag for that type of store.  Also, since you have to use the Firefox uploader, you either have to load it up on multiple computers or wait until you get back to your main computer to look at today’s budget.  What about smart phone users?  The reason is for “security” but ultimately it’s bad design.

Mint Pros — Automatically uploads from ANY kind of bank account using Yodlee (which is fairly well accredited as a place that will keep your identity safe).   It automatically categorizes things into prepopulated categories.  You can get a spending report rediculously easy.

Mint Cons — You cannot customize the categories at all, and it is impossible to budget the way you think of it as a result because you have to budget according to THEIR categories.

Wesabe would be ideal if it’s uploader worked better–or, even better, if it worked exactly like mint’s did.  Throw in the easy-to-read report and you’ve got a GREAT application.  On the other hand, it would be nearly trivial for Mint to add custom categories–you’d just be giving up the standard set of categories.  Make ‘em tags people!  That gives everyone the freedom they need!

So, if you’re looking for an alternative to Mvelopes or Quicken, Wesabe is closer than Mint… Mint could do really well for the right person.  All in all, I say wait about a year until these two companies merge or at least catch on to the other’s ideas and charge $15 a year for access.  Then jump at the chance.