5 Types of Money Management Tools that Everyone can Use

0
8
Money Management Tools

Money management becomes easier when you let technology accompany you. Managing money is an art and it requires certain skills, but relying on skills alone means wasting time. You can save time and resources by using custom tools.

In this article, I am going to give you a heads-up on what tools to employ if money management is your goal.

Money Management Tools

Budgeting software

The market for budgeting software is already saturated, yet new ones are being developed everyday. Developers are probably designing new budgeting software as I write this article. The reason these software are so high in demand is that both individuals and corporations use them. Individuals use budgeting software to prepare household budget and corporations to prepare organizational budget.

Advanced budgeting tools offer features that are incredibly useful. One such feature is budget planning. Software having this feature can plan monthly budget for a household. The house owner only has to do is give it a go-ahead. Enterprise budgeting software integrate of reporting and budget planning and deliver better insights.

Investment management apps

Investment is an important aspect of money management. Unless you invest money into multiple channels, chances of growing your savings is pretty slim.

The days of manually deciding where to invest are gone?

These days, there’s an app for almost everything, including where to invest your hard-earned money and how to make it grow. Investment management apps contain information about the hottest investment trends, expert advice, investment tracking and more. And the best thing about these apps is that they often have built-in chatrooms and forums. People who are not aware of all the functionalities of the app can log into the chatroom and ask other people to explain them the functionalities. On forums, they can share investment ideas with each other and make better investment decisions.

Forensic accounting software

The advantage of forensic accounting software over normal accounting software is that the former can give you insights that the latter cannot. Just as the name suggests, forensic accounting software trace the missing financial details that are hidden from plain sight.

Let’s say that you have decided to save $200 by the end of the month. Everything goes according to your plan all through the month, but towards the end of the month you realize you are unable to save $200. You are dumbfounded. How could that happen? Let forensic accounting systems find the answer for you.

Forensic account software systems are undoubtedly great, and very useful for individuals as well as for enterprises. However, to use these software, one needs to have some knowledge in forensic accounting. In other words, it’s a bit tough to handle these accounting software unless you are specialized.

Credit card alert apps

The reason many Americans face financial problems is that they spend lavishly and max out their credit card. Some are aware of their spending habits but can do very little to change that.

Credit card alert notification apps can be extremely useful for these people with the habit of spending beyond their means. You must be wondering how this is a new idea as these apps have always been there, right?

Well, not really. Today’s credit card alert tools are way better than than the ones you used earlier. Today’s apps come with a great interface that their predecessors lacked. Everything is easy and can be done simply via a click or a swipe. The seamless interface is a key reason these apps are getting popular and people are finally able to get a firm grip over their spending habits.

It really is that simple. Just install an app, set the over limit target for spending and relax. The app will inform you the moment your spending exceeds the limit.

Bill splitting apps

AKA cost-splitting apps, make bill payment easy. If you use these apps strategically, paying off the debt within the deadline would become easy. For example, a very hassle some part of debt payment is remembering which how much you owe to which lender and run the subsequent calculations.

But with bill splitting apps, you don’t have to do anything manually. You can automate the whole thing and then rest fully assured knowing everything will be sorted by the app.

Selecting the right bill splitting app could be difficult as the market is rife with such apps and each has some functionality that the other lacks. My suggestion would be to use more than one app and compare them until you zero in on one. The catch however is that unless you use the premium version of these apps, you won’t know how they really work.

Summing up

Personal finance has become technology driven. Hardly anyone manages money these days with pen and paper. Even the most technology illiterate people use spreadsheet these days to keep track of their expenses. So, when you use the tools mentioned here, you upgrade yourself and your money management skills.

LEAVE A REPLY

Please enter your comment!
Please enter your name here