It is important that you have a system for keeping track of your finances. All your income should be tracked as well as all your expenses. Forgetting to pay a bill because you lost the invoice could cripple your credit score. Having an organized financial system helps you create a realistic budget for yourself. What are some good programs that can help you achieve this goal?
Use Online Banking Functions
Most banks and credit unions have tools that you can use to track your finances. You can track your income and expenses right from your computer. Analyzing your finances is made much easier thanks to tools that show you the outcome of different financial decisions. For example, you can see how much money you will save if you decide to pay off your credit card now as opposed to waiting another month to do so.
There may even be tools available that allow users to compare offers on credit cards, mortgages and auto loans. These tools are free for most account holders. Automatic bill pay options allow you to have money taken out of your account automatically each month.
Credit Sesame
Credit Sesame is an online program that allows you to keep track of your credit score. You can analyze all the things that could cause you credit score to change. Find out what your debt-to-income ratio is, figure out which payments are being reported to credit agencies and learn how to save money on your current loans. The best part is that you get to see your actual credit score for free. This means that all information being provided to you is accurate and relevant to your financial situation. Your credit information will automatically update once a month.
Quicken Financial Products
Quicken offers online software for a variety of different financial situations. There is software for rental property managers, investors and those who are looking to keep track of their everyday finances. The business software allows business owners to create invoices, determine their profit/loss for the year and stay on top of other financial obligations. These tools can be helpful if you rely on a business profit for your own personal income.
The personal finance program helps you manage your finances down to the smallest detail. All expenses go into different categories that help you see where you spend your money. Tracking credit card accounts is easy because they are all in one place. You can even track your personal cash flow so you know when the best time to pay a bill would be. One downside to Quicken is that these programs will cost anywhere from $49.99 to $119.99 per license.
Mint.com
Mint is a free site where users can keep track of their finances. However, Mint does not allow users to pay bills or make other transactions. There are bill payment reminders, budget tools and other tools that allow you to get a good overview of your monthly finances. This is a free tool that is available to anyone. You can even use it on your smartphone or tablet. Having bill payment reminders sent to your phone will ensure that you never forget to make a payment.
ManageMe
ManageMe is a slimmer version of Quicken. The upside is that this product is free. You can use this product to keep track of both business and personal finances. A unique feature about this program is its ability to convert your money into different currencies. This means you can create a budget, view financial reports and keep track of your finances no matter what currency you use.
Keeping track of your finances can be both easy and affordable. Setting a budget, organizing your finances and improving your credit score can be accomplished with the proper tools. All you need is a few minutes each day to keep an eye on your finances. You will be glad that you put this time in.
