Monitoring finances with finance software
For every drop of sweat that we shed at our workplaces, we should learn to become accountable for the money we earn and the money we spend. Managing your finances is like a David versus Goliath battle. Having a good finance software at your disposal can ensure that you win.
Why do you need to manage your finances?
- It is very important that you plan the way you spend money. Major transactions should be recorded, if not all.
- This can let you track loopholes that are preventing you from acquiring or saving money.
- Managing your finances will help you with better resource allocation.
- Managing finances lays out a very clear picture between your needs and wants. For example, in the case of an emergency, you need a certain amount of money. This could be in any form, be it cash or direct bank transfer (for example, an auto debit or ECS due on your installment).
Why should you have finance software?
- It gives you a clear picture of all your debits and credits in one sight.
- You can easily have access to your bills, investments, and taxes.
- Also, you can easily monitor things like net worth, expenditure, and savings, all at one glance.
- You need not go to the bank every time for a mere account statement or to deposit cash because you can do all this with a mere swipe or click. Many software give you the facility of linking your bank account to the software itself.
- Most of these software are free of cost.
What are the general features of finance software?
- You can plan your budget, make your budget goals, and then plan your expenses and receivables accordingly.
- You can link your bank account to the software and easily take a glance at the account balance.
- You can receive reminders and alerts to make payments for your bills or receive credit from someone.
- After monitoring all your investments, debts, profits, and losses, you can easily calculate your net worth.
Who can use finance software?
The answer to this is everyone. In fact, everyone who has access to a device like a smartphone, desktop, or laptop should at least have one type of finance software. It could even be the most minimalistic and basic version. People who can use it are listed here:
- Beginner professionals, who have just started their careers and wish to keep track of where exactly their hard earned money is going.
- Housewives and working women who are married and have the onus of keeping track of the home budget as well as their own budget.
- Professionals of all levels, who have to keep track of their own finances, debits and credits, investment portfolios, and the like.
- Young children can be taught how to use a finance software by the time they are able to comprehend expenses and income mathematically. Constant supervision would help them gain a fair understanding of the software and the finances in general.
Which are some of the best finance software available in the market?
- Quicken: It is a very comprehensive personal finance software. It helps you plan your money and invest it in the right places using sophisticated and integrated tools. Moreover, you have the facility to download reports whenever you need.
- YNAB (You Need A Budget): You can plan your budget with a focus-oriented approach with this software. You need not worry that your data will be lost in case of a mishap, because it constantly backs up your data.
- Mint: This is a free of cost app and software that sends you alerts when you have a bill or installment to pay as it connects you with your bank and lenders.
- Moneydance: The very home page gives you a snapshot of your current financial standing. For a little under $50, it might not be a very appropriate software for beginners, but it is the right deal for the masters in the game.