As tedious as it may get, but managing your personal finances is the step you need to take towards living a financially healthy life. Well-Managed finance is the only way to make the most of your hard-earned money and create wealth over the years. To help you achieve your financial goals, there are many financial tools available in the market.
Below listed are few amongst those tools that stand out of the crowd when compared:
You Need a Budget (YNAB)
Yes, you do. For those who require a financial tool just for budgeting purpose then YNAB could be your solution. It is available for both windows and mac, also for android and ios. You can try YNAB for free for a month, but after that, you’ll need to pay $60 for the app. It works globally, but you cannot work with multiple currencies on one budget.
Features:
- Bank syncing: This feature lets you sync all your bank accounts into a single place. This feature allows you to track and stay up to date on the go.
- On the go: Makes your finances accessible anywhere and on any device. This helps you to stay connected from wherever you are.
- Debt Paydown: This feature keeps you alert about your debt status. It helps you in deciding whether you should go for a debt or get out of one.
- Goal tracking: the idea is to set a goal and to make it possible to reach there. This feature helps/guides you to reach your goal.
- Reporting: provides a detailed report about your financials. Helps you to analyze where things might be going wrong.
- Personal support: Expert support and workshops to educate you on improving your financials.
Personal Capital [link]
This one is a mouthful. The personal capital allows you for budgeting as well as keep track of your investment. This particular tool provides an array of facilities. It works globally. It is available for Windows OS, Mac and mobile version in ios and android.
Features:
- Net worth: The feature allows you to find out our net worth; which is nothing but your assets minus liabilities. Calculating your net worth in detail, it takes into consideration all your investments and tradings along with your credits such as mortgages, loans, etc
- Free analyzer: Through this feature, you will be able to track down, how much are your broker fees and other associated fees such as the annual fee charged by your financial institution, etc. are costing you. It is important to know and understand this because it may be unknowingly affecting your bank account by reducing your savings drastically over time.
- Investment Checkup: a continuous check up on your investment is a necessity. This feature provides a second opinion on how are you doing with your investment and how it can be improved to provide you with a better yield.
- Retirement planner: a free retirement planning calculator. This tool provides you with the information on where you stand with your retirement goals, considering your expenses, income, investment and other such information.
Mint [link]
It is free and covers almost every financial help that may be required. Mint is a part of Intuit Inc. It provides services such a budget, bill aggregating be it online or offline, providing a credit score and so on. Setting up of mint account is free, it is available for windows and mac, also on Android and iOS. Services only work in the United States and Canada.
Features:
- Track and pay bills: allows you to consolidate all your bills, offline or online, in one particular place. You can now pay your bills and keep a track on your expenditure.
- Budgeting: It tracks your spending pattern and creates a budget for you based on it. Provides you with guidance on how to achieve your goals and lower your expenditure.
- Credit score: Educates and provides you with your credit score for free. The application receives daily updates on credit information from creditors for you.
- Alerts and advice: Alerts you when the due date of any bill is nearby, helping to avoid late fees.
- Investment Tracking: Tracks, records, and updates your investments such as mutual funds, brokerage accounts, even IRAs.
MoneyDance [link]
Moneydance is an all in one personal financial tool. It provides services such as online banking and bill payment, account management, budgeting, and investment tracking. It also lets you keep track of your bank statement. Moneydance works globally. It is available on Windows, Mac, Linux and also for android and ios.
Features:
- Online banking: once linked with your bank account, it will download transactions and send payments. It automatically categorizes the transactions.
- Summary: this provides a detailed summary of your account balances, upcoming and overdue transactions and reminders, and exchange rate information.
- Graphs and reports: gives a visual summary report of your finances through graphs and pie charts.
- Account register: it is a virtual chequebook register, where transactions are categorized, and the balances get calculated automatically.
- Investment: facilitates viewing the whole investment portfolio in one view or a particular stock. Also, downloads individual stock prices.
PocketGuard[Link]
This is a perfect app to keep an eye on the budget and cutting down unnecessary expenses. Users just have to give their monthly income and expenses and have a clear picture of where their hard earned money is going. It makes your budgeting easier and simpler. They provide some saving tips as well. PocketGuard is available free of cost. They have PocketGuard Plus which is available on monthly charges. It works globally and is available on both Android and iOS devices.
Features:
- Budget Planner: It takes into account all the incomes and expenditure and gives tips and gives advice on how to save more.
This completes the list. Make sure you are in the habit of maintaining your personal finance, regardless of doing it through these tools, or the good old spreadsheet way; This definitely helps you manage your finances very well in the long run and help you accumulate a significant amount of wealth in the long term.
About the author
Hemanta Bijoy Kaushik is a personal finance writer. Discovering his love for writing, he has written a number of blogs on personal finances and other genres on various digital media platforms. He has completed his MBA from IMT and currently working at HDFC bank as Personal Banker. When he's not writing, you can find him exploring different cuisines and binge-watching TV series. Hemanta hopes to write a novel soon. You can check out his work on www.instagram.com/hemantakaushik
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