Which Budgeting Tools Are Best for Personal Finance?

April 9, 2013

Tech Tips

Presently, there is an abundance of personal finance tools available. There are so many different ways a person can track their personal spending and saving, and create budgets that will help them reach their finance goals. The problem nowadays isn’t finding a tool to help you; the problem is now deciding which tool is the right tool to assist you with your personal finance needs. Whether you’re looking to save for retirement or college, or if you’re determining whether you’ll need some instant payday loans to help you through the month, we’ve found some of the best personal finance tools to help you.

What Are Personal Finance Tools?

Before delving into the different types of personal finance tools available right now, it’s advantageous to discuss what a personal finance tool is. Many people turn to personal finance tools to navigate and organize their finances. These tools are available in many forms, from downloadable spreadsheets to complete online systems that link to your bank account. All tools will help consumers track their spending in order to make it easier for them to manage their finances and make smart decisions with their money. Gone are the days of notebooks and balancing your finances with a pencil in hand; now there are very user-friendly programs that can help consumers understand what they are spending money on, and how they can save for the future.

The Very Popular Mint.com

Mint.com launched with a bang a couple of years ago, and has managed to stick around and has proved to be a great choice for personal finance solutions. It has a simple interface and a clean design, which helps to simplify the already complicated process of personal budgeting. By using the simple processes that they have developed, you can see where every penny is spent throughout the month. By using this tool, you’ll determine where you can cut your spending and where you can afford to spend a little more. You can easily track your progress online and stay updated with emails. Not only this, but the mobile app allows you to check your budget status on the go, making budgeting convenient.

Synch Bank Accounts With MoneyDashboard.com

Another popular personal finance tool is MoneyDashboard.com, which also has a visual and striking appearance and offers similar functions to Mint.com. The program brings clarity to your personal finances, as you are easily able to see where your money is going each month. The program makes use of clearly drawn graphs that break down your spending, and will show you how much money you have available to spend before your next payday. One of the really great aspects of MoneyDashboard.com is that you are able to synch the program with your bank account. This way, you do not have to worry about transferring any data over to the program or inputting large sums of money. The incredibly secure system represents your financial situation with accuracy, making the planning and budgeting process incredibly easy for you.

Consider LoveMoney.com

Another personal finance tool that some are using right now is LoveMoney.com. Though this interface is not as clean or graphic as other personal finance tools currently available, the program still enables you to combine all of your online bank accounts in one place, and then track your spending to create a budget. In addition to this, their mobile app makes it possible to track all of your spending from absolutely anywhere, and you can track your payables such as loans from lenders like Faster Payday. LoveMoney.com offers a fun way to keep track of your finances, and their website also provides links to current events and noteworthy happenings.

Use More Traditional Methods

Of course, if you’re not the type of person who feels comfortable loading the details of your personal finance online, you can always continue to use the more traditional method of a spreadsheet, or a pen and paper! While these methods might not be as graphic or convenient as other personal finance tools available at the moment, they still do the trick. If you are diligent and you can accurately track your spending, then there is no reason why these simple tools will not work for you. However, if you’re the type of person who struggles with numbers or if you find regularly inputting information into a structured system a challenge, then you might want to take advantage of the new online methods that do most of the groundwork for you.

No matter what personal finance tool you ultimately settle on, do yourself a favor and commit to it for at least six months. Though it may be a struggle to adjust your routine, you’ll find freedom in being organized and in having your finances presented in a clear way and mapped out. By doing this, you’ll find ways that you can afford items which perhaps you previously thought were out of your reach. Making use of these personal finance tools will help you live the type of life you’ve always wanted. Though it might be difficult or tedious at times, creating a budget and sticking to it is one of the best ways you can begin to build the type of life you want. By taking advantage of the Internet’s ability to streamline processes and create visually arresting tools, you’ll save yourself a lot of money as well as a lot of time, allowing yourself the ability to enjoy those things which matter most to you in life.

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