?Budget? is a bad word in some people?s minds. It brings to mind moderation and responsibility, which are often downers in a world filled with economic hardship. Instead of focusing on the doldrums of accounting, many people simply do their best to live within their means.
Some people feel that if they have never experienced financial hardship that they never will; however, it is impossible for anyone to see his or her future. Even the most consistent consumer who makes timely payments and has no debt can still encounter an emergent situation that completely upends his or her finances. Therefore, it is a good idea to plan and save. Keeping tabs on how money is spent allows individuals to make better choices about finances.
What is Personal Finance Software?
Personal finance software is designed for users of all income levels in order to track assets, investments, financial responsibilities and savings. Rather than hiring a personal accountant, this software is intuitive and easy to use for anyone, regardless of financial prowess. Chances are, a hired accountant will use software to help him or her manage an account, so paying one for a job that is easily done one?s self may be undesirable for some. While the use of personal finance programs is certainly not necessary for budgeting, many people find the ease of use and seamless integration of multiple accounts saves plenty of time. This useful tool is the key to budgeting in many households, but there are several companies that offer finance software. With so many options, which is the most desirable of available suites?
Free versus Paid Software Packages
Personal software ranges in price from free to a paid monthly subscription. Each offers similar features, but users will find that paid packages typically offer a broader range of services than a free package does. The most important thing to look for is ease of use. Complex programs may be suitable for those with an in-depth knowledge of finances or with assets spread around many accounts and institutions; however, a simple program suffices for most people.
Features to Consider
One of the most important features to look for is an online banking option. This allows the software user to access his or her payments, transactions and accounts online. While some people may find online access unnecessary, some software is compatible with mobile phones. These enable a smartphone to instantly upload purchase prices to a cheque book ledger and download the latest stock reports without having to sit down at a personal computer, providing unmatched convenience.
Investing features are important for individuals who are already active or plan to be active in the stock market. Investment-focused features in a personal finance suite may increase its price, but the ease in which a user can track his or her portfolio may make this a must-have option. From retirement savings plans to private stock investments, people can buy, sell or reallocate their shares with some personal finance software suites.
Summary
A personal finance program should allow its user to easily plan ?for taxes, loans, savings and investments. While users who simply want to track spending may never use this feature, those who have to juggle money or live pay check to pay check will find that this feature helps to keep their budgets on track. Additionally, the software should give an easy overview of finances, which illustrates all of earnings and spending in a clear, organized manner.
By Jaye Ryan, a freelance writer who loves writing about budget tips and shortcuts for Octopus Loans.
This post was written by
I?m Bharath , a 26 year old Morbi (Bangalore)-based Facebook addict and blogger. Blogging was not my passion but now blogging has become my bread & butter and I blog about anything in this world like Automotive, Entertainment, Android world, Technology, Facebook and Mobile phones.
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