Personal Finance Software – Do I Need It
Personal Finance Software – Do I Really Need It?
Are 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.