8 Effective Tools to Help You Manage Your Finances

More than the money you earn, it is the way you manage your money that makes all the difference. The capitalist world that we are living in has paved the way for a plethora of lifestyles based on the way in which we spend money. An improper way of dealing with your finances can lead to the depletion of assets or stagnation of wealth with no real progress. To ensure that there is financial growth, it is important to make sure that the money you earn and spend is well accounted for. Today, there is a lot of online software that helps you manage your finances in the most effective manner. This article will look at some of the tools that can be used for financial management.

Quicken
Google Sheets
GoodBudget
Mint
Trim
MoneyGuide by Envestnet
Personal Capital
Strands

Quicken

Quicken is one of the most popular financial management systems among individuals. It covers everything from budget creation and debt management to investment coaching. They have a full-fledged approach to personal financial management and the fact that they are available for use at a very low cost makes it all the more popular. Apart from personal finances, Quicken can be used to manage business expenses as well. Through its in-built features, it lets you calculate your net worth as well. The users can first try out their free trial version before the paid facilities are availed.

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Google Sheets

Google Sheets is an extensive spreadsheet that has finance functions. It is popular among a large number of people who use it to track their expenses, net worth, and investments. They have features that let you import data on investment, savings, and expenditure directly onto the sheet. Apart from being an excellent platform to account for your finances, Google sheets also let you know when to rebalance your asset allocations. The best thing about Google sheets is that it lets you have the simplest of simple finance management sheets to the most complex ones.

GoodBudget

Using the envelope system of budgeting, GoodBudget helps you manage and stick to your budget in an efficient manner. Their method has been proven to be very useful and that owes to their popularity. It has a feature that helps you sync your budget with other members of the house so that all the stakeholders are on the same page. It also makes accounts of your debts and helps plan the budget in such a way that the debts can be paid off in a feasible span of time. By managing your budget and expenses, the tool will help you to prioritize important things.

Mint

Mint is another popular budgeting app that let you track your expenses and investments. Apart from that, they have features that manage bills and credits as well. One of the best things that made Mint popular amongst its users is that it is designed specifically for budgeters and not for investors. Hence, it has budgeter friendly interface that helps you set financial goals and track them. Since it generates revenue through advertisements, there can be targeted advertisements as and while you use the tool.

Trim

Trim is specifically designed for helping users save money. After analyzing your expenditure, Trim will identify ways in which you can save money without cutting down on your necessary expenses. It is a great tool for people who finds it difficult to prioritize and manage their finances. The account on Trim can be made free of cost while it may charge a certain percent of the total money saved as a fee. If permissions are given, Trim will negotiate with the user to bring down all their expenses.

MoneyGuide by Envestnet

MoneyGuide helps users take control of their finances by helping them have a clear picture of their finances. They believe in financial wellness and consider it a necessary aspect of a peaceful state of mind. They are extremely safe, private, and free of cost. So as to make the best use of the features offered by this tool, it is ideal to link all your account with MoneyGuide so that it can give you a clear picture of your financial situation. It helps you set up financial goals and give access to all the necessary tools to manage your money to achieve them. It is accessible on all kinds of devices.

Personal Capital

The Personal Capital tool helps you take care of all the aspects related to your personal finances. It helps your track your spending, income, investments, crypto, credit cards, and so on. Apart from managing these data, the tool also gives an analysis of your portfolio. This will help you have a clear idea of the average cost of your investments and how it will influence your overall wealth in the future. Through its feature that helps you set financial goals, you can easily keep track of your savings. You can make an account for free and they will provide all the financial tools free of cost while investment tools apply charges.

Strands

Strands is a personal finance management app that helps you manage your budget, set realistic financial goals, and help achieve them. Apart from personal finances, they also help customers manage their business finances as well. They have data-driven insights generators that give insightful information on the ways in which your finances have to be managed. Apart from the general finance management services that they offer, they also provided personalized advice too which can be availed directly from the platform.

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Conclusion

Today, there are a lot of tools that are available online to manage your personal finances in a very effective manner. While some of them are specifically curated for investments, portfolio tracking, or budgeting alone, there are several others that serve as a one-stop solution for all aspects of financial management. Using these tools also means that you need to give access to a lot of personal data that can be easily misused for various fraudulent activities. Hence, it is very important to do thorough research on the ways in which the tool of your choice is going to use your data to provide the services that you need. An exercise of reason and logic will never go waste.

FAQs

What is personal finance management?

Personal finance management is managing the finances of an individual.

Is personal finance management important?

Personal finance management is important because, with this, the individual will have better control of his money and will save more money compared to someone who doesn't have personal finance management.

What are some of the personal finance management tools?

Quicken, Personal Capital, MoneyStrands, etc.