With this New Year, many people plan on making healthy resolutions that might include getting on top of their finances.
Bygone are the days when you had to depend on bank statements and checkbook register to manage your cash and keep track of expenses. With new technological advancements in software and technology, managing finances has become convenient and simple.
If you are planning to improve your financial health this year, being in control of your money has never been simple, all thanks to the following tools:
Having been around for a few decades, Quicken is among the established financial software in the market. You may use it to handle different monetary life aspects, from investment coaching and saving goals to budget creation and debt tracking. Quicken features Excel exporting that can allow you to perform and manipulate more calculations on your data.
Among the advanced features of the software includes bill paying that can enable you to set up payments. You may also use it to track the assets' value to have accurate calculations of your total net worth.
Mint is a perfect budgeting app that boasts a comprehensive set of features. Immediately you sync your accounts, Mint will automatically organize all your expenses into spending categories, such as entertainment, utilities, entertainment, and food, though you can still add other categories.
Mint is also focused on identifying spending trends. You can view particular spending habits for every category within a long or short period. The tool uses its vast database of customers to make pragmatic budget allocations.
Tools like financial calculators are vital investments for people who require a specific monetary function, which standard ones might not deal with. For individuals in the finance sector, they can use calculators to estimate things like interest, values, cash flow, and expenses.
There are many calculators in the market these days, and many come with substantial price tags. Choosing a perfect calculator depends on what you plan to use the tool for, but others stand out clearly from others.
Empower is an online budgeting and banking app, which you can connect to your financial accounts, allowing you to track all the activities so as to have control over cash flow. You may set monthly, or weekly spending limits for various categories of your life, and the app will notify you of how to track. You might also save a lot of money effortlessly through the tool’s AutoSave feature. All you need to do is set a weekly savings target, and the tool may automatically move more funds when available.
Apart from budgeting, Empower may also look for savings in the expenditure patterns. It will give you a snapshot of your subscription and cancel it when you no longer want to use it.
5. Every Dollar
Every Dollar's general premise is that all the money you save and earn should have a task. Basically, there is a paid version where you may link some of your bank accounts, but a free version works perfectly for individuals who enjoy tracking and inputting their expenses manually.
It is simple to use the tool, and you may set up and create your budget every time you spend cash. This way, you will be more aware of how much you spend your cash by recording all the time you make some purchase, allowing you to become accountable and be on top of financial managing habits.
For customizable ways to track expenses and income, ensure you use spreadsheets. You might download a budgeting spreadsheet template, which comes formatted with labels, formulas, and dates. This will help take the presumption out of organizing a budget, and it might make it simple to track income and edit a budget.
Both Google Sheets and Microsoft Excel can provide you with a free budget template. You may also create yours, though there might be a learning curve to use spreadsheets.
Managing finances is not always taught in schools, so users depend on their own hit-or-miss process or parents to learn the best practices.
For some, toying around with the idea of hiring a top-notch financial advisor may be the way to go. However, before that, it might be necessary to check out the available tools you can use to manage your finances.