With the latest Jobs Report reinforcing the fact that the economy is still stuck in neutral, and economic reports from all over the globe marching in tandem, it is now more imperative than ever to search for efficient methods to batten down the hatch.
All consumers are familiar with the notion of budgeting as the premier tool for survival, but…
How to accomplish that goal? Use a spreadsheet and create your own budget plan? Too cumbersome.
To the rescue is the proliferation of helpful personal finance tools that are easy to use and suitable for any circumstance.
Do People Really Use them? Take a Look at latest Stats
A survey conducted by research and advisory firm Aite reported that 25% of consumers now make use of such tools, with 3 out of 4 respondents stating that they have achieved firmer control of their financial conditions, 2 out of 5 stating that they are actively saving money, and most importantly, 1 out of 5 reporting that that have managed to avoid or reduce their late fees.
9 Useful Personal Finance Tools
- Household Budget Worksheet: Coming from Klipinger, this is an excellent and detailed worksheet that shows how close you are to your budget targets.
- On Mint.com: Its ease of use makes this one of the top rated tools that gives you instant insight.
- Pennyminder: Perfect for the household with multiple spenders who want to share common goals. This tool is offered through credit unions.
- Geezeo: Offered through banks and credit unions, this platform is terrific for setting goals and tracking of spending habits.
- Yodlee: Bank customers and individuals alike can sign up for this service. Uploading and analyzing data made simple.
- You need a Budget: Designed for consumers on a tight budget or who have to live from paycheck to paycheck, this is a great tool for consumers wishing to pay off debt which also offers adjustments if you go over your limit on specific items.
- Buxfer’s: This tool can be accessed through Google and Facebook and is ideal for consumers sharing expenses, such as roommates.
- Pocketsmith: This tool is more vigorous in goal setting and is strongly focused on calendar based planning, allowing for easy review of monthly and annual expenses as compared to income.
- Quicken: Probably the granddaddy of personal finance tools, Quicken is not free but offers a 60 day money back guarantee. This tool is very extensive and not only offers budget management tools, but also debt and portfolio management tools. Automated transactions are fantastic time savers for active investors, small business owners, or investors with rental properties.
You may find this kind of tools with most of “Financial Institutions”, but when compared to above standalone tools, they definitely fall behind. So, let us budget, budget, and budget.