Personal finance software

In days before personal finance software was developed, people had to manually compute, analyze, and track accounts for them to successfully manage their monetary resources. This has changed a lot currently as technology has rewritten history.

Currently, there are over 30 million personal finance software users worldwide. In the western states, about $24 million is channeling into its target market as of 2015. Statistics have shown that 85% of adults have used mobile phones while 40% of the fraction has used mobile banking. The number is still yet to increase with time.

Here are examples of personal finance software programs:

• Moneydance
• Quicken
• You Need a Budget
• Fortora Fresh Finance
• Acemoney
• SplashMoney
• GnuCash

These examples are the most popular personal finance applications in the market today. Their main purpose is to enable you to keep tabs on your finances at all times.

How do these applications work?

These personal finance applications are designed to be user friendly so as to help you manage your finances with ease. Here are some of the services offered by them:

·         Budgeting:

These applications allow you to keep track of your spending while giving you the opportunity to distinctively spend your income wisely. These applications have the capability to sync with all your accounts, giving you the option of setting a spending limit.

Moreover, budgeting gives you the chance to acquire your most desired assets such as a new home and a car.

·         Connectivity:

The software is designed to connect your banks accounts, credit cards, retirement accounts and many others all in one application. This sync function will enable you to make a follow up on all your accounts by having a quick view from your computer or mobile phone. This will make it efficient for you, limiting the need of having to go to the various institutions.

·         Investing:

Putting your finances to good use through investments is also a function that the personal finance software offers. The software accommodates beginner and professional investors, taking beginners through the process of portfolio building.

·         Saving:

Every financial institution and adviser will constantly mention the benefits of saving to you. Thereafter, the words will linger in your mind and later on composing a song for you. Moreover, work with a percentage you are most comfortable with.

The software programs can be customized to suit your needs by saving some of your money and transferring it into your savings accounts. All you have to do is to set how much money the application should reserve after a certain specified period of time.

·         Bills:

Some of the applications like Truebill give you an option of paying your bills and canceling subscriptions that you no longer need. With these applications, you’ll be able to make early payments of your bills.

·         Taxes:

Are you tired of manually planning, checking and filing of taxes? We at times make errors when reviewing our tax returns. As a result, the software has an accurate error checking functions which give you frequent updates on your tax returns.

The applications should give you regular and compiled reports from all your accounts, making it easy for you to know exactly where you lie financially.

Ways to choose the best finance software

Choosing the right software is keys as this is the software that is supposed to guide you in achieving proper finance management. With proper finance, managements comes financial freedom. Here are some of the key factors you should consider while choosing a personal finance application:

·         Categorization

There are hundreds of expense categories some falling under mortgages, savings, insurance, tax, retirement, and vehicles. The application you should opt for is one which will enable you to work with the categories of your choice without being confined.

·         Reports

To be able to manage your finances, you will have to constantly review your finances in order to be update on any changes. The application should communicate to the user by offering frequent and detailed reports on numerous activities like spending and saving. In fact, this will be a quick assessment of your current and past resources.

·         Software speed

An application is rating by its computation capabilities and speed. It is advisable for you to pick software for its efficiency. You will save on time by computing and delivering data fast.

·         Security

Your finances are considering sensitive data with many finance software developers putting in place encryptions and other security measures. In fact, this will protect your accounts and personal information allowing only you access to the information.

·         Saving up data

Most software will give you an opportunity to export and save your finance data on your device. By doing so, you will be able to review the data in other software programs like Microsoft Excel.

• Easy setup– A good application should have superb user-interface that enables you, the user, to easily setup the application and execute the tasks.
• Device compatibility– Different software is design to function best with different devices. Whether you are using electronic gadgets such as an iPad, iPhone, Android phone and so on, you should make sure that the software you are installing can run in it with ease. A software program or application which corrupts the system should be removing.

Merits of personal finance software.

Finance management can be a bit overwhelming with cash going in and out of your many accounts. For this reason, you can lose track of your finances. With the personal finance applications, this can be the least of your concerns. The benefits of using the software programs include:

• You can create a budget.
• There will be no late bill and fee payments.
• You can always keep an eye on all your finances.
• It saves on time as the applications automatically conduct error checks, track spending and balance your checkbooks.
• The personal finance software programs or applications can keep you far from debt.
• You carry the programs or applications with you wherever you go.
• There is no tiresome paperwork.

People who manage their finances are ever happy. Begin as early as possible in order for you to better your financial situation.

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