In their own words "Wesabe is an online community of real people just like you, with real financial goals and concerns." To me what Wesabe is is a virtual dashboard of my finances. However it is more (and in some cases less) than just that.

Wesabe allows you to see both balances and invidual transactions from your bank accounts and credit card accounts. The transactions can be individually tagged and then analyzed either by your own custom graphs or those provided by Wesabe. This provides you a ton of insight into where your money goes each month without a lot of effort.

Before joining Wesabe I used to do this manually through a spreadsheet that was error prone and often tedious to maintain. Wesabe saves me time and hopefully in the long run money.

If your like me the first question you're asking yourself is well how does Wesabe get this information. At first glance the answer is scary - you provide them with your username and passwords to various accounts. Personally I think your crazy if you do this (although Wesabe does implement some of the best security on the web). However Wesabe does have 2 great features to mitigate this risk (something that it's main competitor Mint.com does not have AFAIK).

First, Wesabe allows you to manual download and upload the transaction files yourself. This removes just many of the security concerns that Wesabe introduces. However this means you still need to manually download/upload data from all your credit cards and bank accounts.

The second option, which I think is a great balance of security and ease of use is to use the FireFox uploaded. This plugin allows you to store your username/passwords locally on your machine and the plugin will retrieve and upload the data automatically with the username/password only sent from the browser as if you typed it in and never stored on remote servers. This still leaves you vulnerable to malicious software on your PC but you're already vulnerable to that now.

Personally I feel relatively safe using the FF method.

Once you've decided your willing to use Wesabe there are many reasons to love it.  Each day I login and I have a single screen showing me balances in all my accounts (I set my updated to update each day).  From there I can tag all untagged transactions.  Tagging allows me to build my own way to categorize my transactions.  What's great is that Webase has the concept of "Merchant tags" and one-time tags.  Merchant tags allow you to define tags you always want associated with Merchant.  So let's say you do your shopping at Pathmark.  You only have to tag Pathmark with Groceries once and Wesabe takes care of the rest.  However if you want to specially mark expenses related to your Super Bowl party you can use a one-time tag as well.  This tagging then drives a number of reports that allows you to see where your money is going.

Wesabe has some other features where it proactively makes suggestions on how to save money based on your expenses.  So far nothing has really stuck out as useful from these features but they don't hurt.

Wesabe makes tracking my expenses and budgeting easier for me then ever.   

Like any site there is room for improvement.  I'd love to see support for brokerage accounts so I can watch my money disapear each day :(

I also think that some comparison's of people around you (anonymously) would be helpful.  I'm always curious if my grocery bill is high, low or normal. 

Last but not least I think that they should be promoting the use of the FireFox plugin over the remote storage of passwords as it really is better for the user.

One of the best parts about Wesabe is that their team is extremly receptive to feedback.