Choosing the Best Personal Finance Software – Look Before You Leap

In any purchasing decision you make in life you must match your needs with the features of the product you are purchasing in order to make the best decision. This also applies when you are investing in personal finance software. You don’t want to invest in a package that is too complex for your needs or has functions that you will never need to use in the future.

Having gone on line to research the best software packages on a well known UK retail site I analysed two categories in the following categories

Software >business and office>personal finance and tax

Software >Home computing>personal finance and tax

I then looked at the best sellers and in my mind I was going to review software packages about personal finance. However when the product features mentioned “creating invoices” and “tracking sales” I suddenly realised that this was not the software that I was seeking. This software was very much geared to accounting or book keeping. Therefore the category above business and office does not seem the appropriate category. I would regard business and office as pertaining to stand alone office building remote from one’s own home.

I then decided to go back to basics and look up the definition of personal finance which is “the application of the principles of finance to the monetary decisions of an individual or family unit. Tracking sales and creating invoices would be associated with a small business carried out by a sole trader or a partnership perhaps. Because “and tax” was added to the personal finance category meant that accounting and self assessment software would be included in this category.

Therefore it is very important to check thoroughly your needs before investing in personal finance software. You don’t want to invest in a package that is too complex for your needs or has functions that you will never need to use in the future. You should take the following steps.

1 List down the reasons why you need the software.

The following hypothetical list is an example.

-Keeping track of bank accounts, credit cards and loans and savings.

-Keeping track of investments i.e. stock market, bonds and mutual funds

-Keeping track of insurance, i.e. life insurance and health insurance.

-Monitoring of individual or company based retirement plans.

-Income tax management.

-Monitoring standing orders and direct debits

-Budgeting for future spending

2 Cross check the list in 1 above with what the various software packages have to offer and come up with a best fit.

3 Read reviews on the products that you have chosen in 2 above and chose one package based on the best ratings.

If you follow the points above you will end up buying a 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.

Personal Finance Software

Do you need to make better decisions about your personal finances? Do you struggle keeping track of your spending and investments? Personal finance software can provide you with a sophisticated suite of financial calculators and tools to take the worry and frustration out of managing your personal finances.

Let’s face it. Not everyone has the mindset or attitude of a bookkeeper or accountant. If you are not highly organized and disciplined managing your finances, investments and paying bills can become overwhelming and a very time-consuming task.

Personal finance software is easy to use and it can transform your financial situation by helping you gain control of your investments, budget, debt, spending and even help you identify immediate savings. Here are just a few of the things that a good personal finance management software can do for you:

1. Categorization of all your spending
2. Automatically develop and manage a budget based on your spending patterns
3. Track the performance of your investments
4. Provide secure online access to all of your bank, credit card and investment accounts
5. Pay bills and make electronic payments
6. Calculate your net worth
7. Track your 401K
8. Receive real time stock reports
9. Graph your spending and investments
10. Create a personal financial statement
11. Export tax information
12. Find the best credit card, bank, mortgage and brokerage account deals based on your spending patterns
13. Help you plan for retirement
14. Provide reminders for bill payments
15. SMS for real time investment portfolio management
16. Help you with a plan to get out of debt sooner

Personal finance software is an important part of understanding and making intelligent financial decisions. Finance calculators do all the tough math calculations to provide you with accurate numbers on investment returns, savings, interest, debt consolidation, taxes, retirement, IRAs and a 401K. Many software packages automate the calculations for you and provide automated analysis of all your financial information.

Budget planner can provide you with advice on investing, the best loans, information about IRA accounts and retirement plans, or just looking good money saving tips, debt management and more. Some packages are even completely FREE. Put an accountant and bookkeeper at your fingertips 24/7 with personal finance software and have peace of mind that your finances are being managed easily and effectively around the clock.

Suitable Personal Finance Software For College Students

Management of personal finance is an essential task that every student needs to cope with college life. There is a need for every college student to have suitable ways of keeping his or her expenses under control. This enables the students to set their living standard that matches their financial ability. To ensure that students achieve this vital goal, they are encouraged to acquire personal finance software. This article aims at providing valuable information on the basic features of these software products.

Personal finance software is an essential tool that assists the user to effectively manage income and expenses. It is common that most students may not have the stable source of income. Some of them entirely depend on the federal funds and assistance from parents and guardians. However, most of them have adopted some income generating activities that suit their lifestyle. These include online jobs that are designed for them among others. Finance software enables them to manage and control their expenses against the ever scarce finances. As a result, college life is made more bearable in the midst of unfriendly economic conditions.

There are several software programs that are ideal for students’ financial management. They are developed and designed with their lifestyle in mind. The choice of the software depends with the taste of an individual student. These products can also be ideal for other commercial entrepreneurs though students can learn a lot from them. Each has different features but they all aim at assisting the user in effective financial management. This is a source of relief to most of the students who cannot manage their personal finances for themselves.

Most of the personal finance software applications have distinctive features that enable the students to use utilize them easily. They are also supplied with short tutorials that give guidelines to students on how to apply the software in the best way possible. This helps the college students to effectively economize the available finances. This is done by developing suitable personal budget that can be met by the available finances without straining. By doing this, students are able to adopt a realistic lifestyle and achieve both realistic academic and financial goals.

There are several merits that come along with the use of software in personal finances. These include easy balance of personal budget, efficient repayment of students’ loan, prompt payment of college fees and managing personal vacations among others. This can easily be achieved when the suitable software is acquired. It should have the user-friendly interface which has step by step processes. This kind of software is suitable for beginners and advanced users. It should also be cost effective to be accessible to all students.

The introduction of personal finance software for college students has achieved tremendous results. College life to most of the students has become more enjoyable. Financial planning and expenditure control has been made easier. This is a great milestone for students especially during harsh economic times.