How do you keep track of your assignment due dates for school? Do you write them down, keep them in your head, or keep track on a computer? Keeping track of expenses and bills can be similar to keeping track of assignments—and having a tool will help.
Financial software is another money management tool that helps you become efficient at managing your money. It includes methods for tracking your expenses, budgeting, saving, investing, and checking your credit score. Some financial software is free; others charge a monthly fee.
Click each row below to see how financial software can give you a clear view of your finances.
If you have multiple accounts—think of a bank account, a credit card, a checking account, an investment account, and a retirement account—the software can keep track of all accounts in one place.
The software allows you to pay all your bills, such as cell phone, gas and electric, credit card, etc., from one place. This keeps track of payments by using auto pay and helps you avoid late fees.
The software can be used anywhere you have internet access and allows you to store information in digital form. You will not have to visit a location nor keep paper receipts. Documents in digital form are safe and easier to access.
The software allows you to track all income and expenses, to create graphs that make it easy to understand where your money is going, and to set goals.
Now that you have a better idea of how financial software can benefit you, try to help Iris who is confused about software.
Iris is afraid of using financial software because she thinks that it's too complicated. She wants to keep all her budgeting on a piece of paper and keep copies of everything.
Question
How would personal financial software help Iris?
It could save her time because she would not have to write out her budget by hand. It would also get rid of clutter by moving all her documents to digital form.
