I still remember the good old days when I use to grab a notebook, a calculator, and a pen to create a budget. Those days are long gone. In this 21st century, there is a lot of finance software that can be to manage your budget, track your investments, and even build for a better financial future.
One of the best and incredible money management software in the market is Quicken. With this software, you can easily manage different phases of your personal finance, from creating budgets to tracking finances, savings purposes, and even for personalized investment coaching. When this software is linked to your bank account or credit card, it automatically imports your transactions and categorizes them. This advanced feature helps you organize your budget. This software stands out in the tools for money management as it can alert you whenever you are getting close to or exceeding your budget.
The software is robust as it gives you several options for setting up your budget. With this, you are able to maintain the same limit each month or send any unused amount to roll over into the following month. You are no longer required to use only a PC as options for iOS and Android devices are now available.
At one point in time, Quicken was the only game in town. Currently, that is no longer the case as there a several alternatives of money management software to choose from, like Mint.
Mint is another money management software that has surged in popularity as it can be used to manage your finances in one place. When connected, it can pull in information in your bank and credit card accounts in one dashboard for you to analyze your expenses and see if there are areas where you need to cut back on so as to keep your expenses on the plan with your budget. This tool can also be used to track your investments, credit score personal loans, mortgages, and properties, to help you get a clear picture of what your net worth is.
Mint also has a unique feature that allows for more accountability. You can set up alerts for important things like due dates and bank and credit card low balances. This will prevent you from expensive fees, over-drafting your bank account and penalties for late payments. Mint goes a step further and gives you real-time information on the amount of money you can spend on food and gas. Mint offers smartphone supports for Apple and Android devices. The best part of it all is that this money management software, Mint is free
The process of budgeting can be complicated at times. Thankfully, YNAB (You Need a Budget), a money management software is aimed at simplifying the process and also help better your financial knowledge in managing your budget each month. The software helps you think and plan ahead. Once installed, it automatically imports your bank and credit card account information for a review and budgeting.
With virtual reminders, you are able to keep an eye on how you’re tracking towards your monthly budget and take the needed steps to correct your overspending habits. However, YNAB forfeits advanced features such as tracking your investments, viewing your net worth. Nevertheless, this tool offers you a 34 day free trial period to use and decide whether the software suits your finance goals. Of course, this slick software is compactable with iOS and Android devices that continuously sync across all devices.
Note: Before picking on a money management software, it is important to take stock of what you need it for and how you intend to use it. Since the financial situation of everyone is different, some of these apps mentioned may not be suitable for your current needs. Whatever your finances look like, our financial experts at Knightsbridge Foreign Exchange will help you plan smarter and live better.