Personal Finance Software – Do I Need It

Personal Finance Software – Do I Really Need It?

Personal finance softwareAre you one of the many Americans that are trying to find a better way to manage money? If so, personal finance software may be your answer. Do you ever wonder where your hard earned money goes? Same answer. Are you one of many that has more month left at the end of your money instead of more money left over at the end of the month?

Well, there is a fairly simple solution to your problem, at least in being able to track your spending and budget your money properly. We all hear from those individuals who create an exotic spreadsheet in Excel and claim that is all anyone needs. That may be true for a few individuals, but for the majority, a good personal finance software program is a much better solution.

For some individuals, it may take a little longer to get the personal finance software program setup, but let me emphasize, it most certainly is worth it. The first thing that you will do is create a budget of your income and expense categories.

Credit card balances will be entered as well as other loans that you may have. You’ll soon see that by having all of your financial accounts in one place, managing them will be much quicker and easier. Plus, the longer that you use it, the easier it will become.

A good personal finance software program will ultimately save you a lot of time and money. You can download or import transactions from your bank and with a “sync” feature in one of the best programs, your computer, PC or Mac, iPhone or Android, all contain up to date balances. You’ll know in an instant if you have available money for some special purchase.

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In the budgeting module, the program will show you how to setup the accounts, plus any long term goals. You can plan for future purchases as well. Financial experts also recommend that you set up a buffer of cash for any emergencies that may occur.

The program has four simple rules that will guide you every step of the way and will also help you to reduce or eliminate debt.  Another important feature of this intuitive personal finance software is the ability to send you alerts or notices of bills that are coming due. This will enable you to pay them on time, save on finance charges or penalties, and eventually improve your credit score.

If your budget categories need to be adjusted, it will advise you of that so you can change your spending habits and be able to reach any financial goals that you set.

You can actually set up any of these alerts or reminders in the software program, or have them sent to you by e-mail, or to your mobile device. If transfers of any deposits between your accounts are required, a reminder for that is easy to input.

The important thing to remember is to setup a workable budget, and know that you may have to adjust it from time to time. The best personal finance software package, in our opinion, and the one that we recommend to our clients is You Need A Budget (YNAB). They offer you a Free 34 day trial of the program so that you can see for yourself just how comprehensive it is. The trial package, by the way, is the full fledged program, with nothing left out.

We encourage you to take this Free trial and see what a great personal finance software program can do for you. We know you’ll like it.

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16 responses to “Personal Finance Software – Do I Need It”

  1. Avatar Justin says:

    Software can make it easier to manage your money. I, myself, am one of those Excel spreadsheet users for my money management, but my lifestyle is pretty simple and I enjoy creating in Excel. Other people may not like it and find hassle in it. For those people, software help would be great – all the hard work is done for you and it’s much easier to use than the ol’ pencil and paper.

    • Avatar jim says:

      I prefer Excel, though others may offer great supplemental info or additional tips and tricks. You should consult your bank about any help you need. They’re smart with money. I also like Fidelity.

  2. Avatar Linda S says:

    I have been hesitant as I’m a senior citizen and learning the computer in general is hard. I am going to try your suggestion as it looks like it is pretty user friendly and even I may be able to figure it out! Thanks for the information

  3. Avatar iain says:

    Having been muddling through using excel all these years, this is a topic close to my heart as recently I’ve been looking for something a little easier. I mean excel does the job of keeping track of my basic finances, but some of those software programs you have mentioned makes it look clunky by comparison. They just seem to be so much easier and simpler to use. I think it’s time I checked out some of those free trials, thanks guys!

    • Avatar Gust says:

      Thanks for your comment Iain. Yes, good budgeting software is far superior to the Excel spreadsheet. Just the reports alone are well worth the cost.

      On another note, I see from your website that scams are not only prevalent here in the States, but across the “pond” as well. Best of luck with your site.

    • Avatar Sioux says:

      I actually kind *like* my Excell spreadsheets, but I’ve put a lot of time into programming them, to be honest. After seeing iain’s comment though, I’m considering giving some of the free trials a try. I remember a few years ago when I tried the softwares that were on the market, and none of them were as versatile as I needed them to be to track all of my investment and savings goals. But, since theses are *free*, I suppose I should give the new financial planning software programs a shot.

  4. Avatar Beth B. says:

    I had no idea how important software was. Can’t wait to start using it. Looks so much better and easier than excel.

  5. Avatar Gary says:

    Using specific software for your personal finances really does make a lot of sense. It makes it seem almost like running a business and isn’t a household just like a business in many respects?

  6. I really don’t think that more ‘knowledge’ is going to make the difference here. With or without the aid of software- people know what they have to do but most of the time it boils down to having the discipline to execute and stick to the plan. Make all the plans you want, but if you don’t have the discipline to follow your budget, you’ll never get ahead.

  7. Avatar Sean Nicholas says:

    I have myself purchased this software. If you follow the points above written by the author you will end up buying the personal finance software package that is specifically tailored to your needs and more than likely give you value for money. Therefore you must look before you leap. Surely try it out, comes with a free trial period.

  8. Avatar rebecca R says:

    Oh, I didn’t know this kind of software works on iPhones. Sounds a bit complicated to click into software every time I want to spend something, lol – but I’ll give it a try.

  9. Avatar Manuel says:

    Very well written article.

    I think I am going to get a personal finance software, because it is very handy.

    There are 2 types of software – paid and free. It is better to use the paid one, because it has more features.

  10. Avatar Adam says:

    Personal Finance Software?

    Never heard of that before this is really my first time and i hope it will work on mobile phone.

  11. Avatar Gregory Joyal says:

    I do two things. First, I use Mint. It’s a great website AND they have a cell phone app to help track your expenses, bank account info, deadlines, etc. BUT I admit, i do like outlining my money situation in Excel. It’s easy to manipulate.

  12. Avatar Hari says:

    Great post dear! You really posted a great article and it will help all the person who are wanting help from someone. Your information is very helpful.
    Thanks for writing these type of article.

  13. Avatar Alicia Lenoire says:

    It is really good to buy this kind of personal finance software to secure and that can manage your money. We all know that money is one of the most important thing for all people so using this software you can do it easily.

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