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Personal Finance Software-Keeping Track of Your Money-Choosing the Right Software

Updated on January 28, 2011

Educate Yourself on the Different Personal Finance Software

Keeping track of your finances is one of the best things you can do to help yourself financially.  It sounds like common sense, but it can be an overbearing task for some. If you know what is in your bank account, you can avoid bounced checks or the high bank fees imposed to cover your insufficient funds.  Personal finance software is designed to assist you to keep track of your spending.

Personal fnance software can help you organize all of your financial information.  From the bills you pay to investments you have, you can keep track of what is in all of your bank accounts.  It may take a few minutes a week to plug in the purchases you made and the income you received.  The software can automatically balance your checkbook.  Some software has the capability of creating a budget for you.  All of these things are designed to save you time and create accurate reports that will tell you what is going on with your money.  Many of the personal finance software programs can create detailed reports and charts that tell you where you are spending your money.  This can help you analyze ways to cut your spending, and very often this savings will repay you more than the cost of the software.  Personal finance software can download all your financial transactions from your bank accounts and other financial sources where you have your money.  You can subdivide your  expenses and the software can even help you pay your bills promptly. You will know the balances in your account at the touch of a button, and the financial software did all the math for you.

Educating yourself on the different personal finance software that is available is a smart thing to do.  But you also want to ask your several questions before you buy.  In this way, you will purchasing financial software that suits your needs.   

Personal Financial Software Can Help You Keep Track of Your Money

There Are a Variety of Financial Programs to Choose From

There are many software programs available that range in prices from $20 to $100 and more. You can also download some software for a free trial basis and pay as little as $5 for software downloads from Some of the software from is good, and some are buggy. If you are looking to buy a program from the internet or a retail store, it is always a good idea to research reviews from places like  As with anything, buyer beware.  Read the fine print to make sure you are not spending more than it appears.   You also want to read the fine print to make sure that the company is not selling your personal information, and of course look out for shipping costs.  You want software with a good reputation, and to make sure it is not spyware.  When it comes to tax software, you want to make sure it has the capability to download updates so that you are getting the most current changes that have been made.

The most popluar software program on the market that has been around for years is. Quicken. Quicken is made by Intuit.  Intuit is the largest business software producer for personal and small businesses. This program is  capable of downloading credit card, bank and other financial information to help you pay your bills and handle your investments while online. Within this software, you can create budgets and keep track of your expenses more accurately. It has chart making abilities and can create tables to make it easy for you to sort your financial data. Quicken comes in simple to sophisticated versions depending on what you are looking to get out of the software.  With financial software such as Quicken, you can get tax information and easily transfer the numbers into a tax preparation software.  According to USAToday, “Quicken is the gold standard.”  They rated Quicken financial software as “easy to use” with “sophisticated tools”.  Quicken forces you to update their software every 3 years because their web based capabilities of the software expire after 3 years.  Also Quicken doesn’t interact with smart phones. is a web based financial software that you can use to keep track of your money. There are other sites too that are user friendly, and comfortable to use. . Some internet sites are free to use, but again, beware of security.  Your personal information is very valuable and you want to protect yourself against identity theft and other avoidable issues. Make sure you know about the internet software company.  Think also, about the reliability of the company’s website. If they have a record of being down, getting your information when you need it, may be frustrating for you. And if they discontinued their website, you may lose your valuable information.  Some banks, brokerage companies, and other financial institutions are offering their own version of personal finance software.  The advantages to using your own financial institutions personal finance software, is that your information is readily connected to where you already have your investments. These sites are done as a courtesy to their clients, so it won’t cost you any money.  However, if you have your money with different financial institutions, it may be difficult to bring all the information together.  These financial softwares often don’t have the ability to make a budget for you. So, again, go look at the  questions below to see which type of financial software will best serve your needs.  

Before You Buy Financial Software Ask Yourself Questions

Before you buy any software, ask yourself several questions to make sure you are buying something that will suit your needs and that you will actually use. Some questions to ask yourself include:

  • what am I going to use the software for?
  • is it easy to install?
  • is the software easy to use?
  • did I find any reviews about the software?
  • will it help me in the way I need it to help me?
  • does it have online banking features?
  • is it efficient in giving me the information I need?
  • can it make electronic payments?
  • can it manage my investments?
  • what does this software specialize in?
  • does it give me ideas on college savings, and tax tips?
  • will it help me with my cash flow?
  • does it provide easy to read reports?
  • what information will I get out of the software?

Buy the Right Financial Software For Your Needs

Evaluate the Financial Software

Personal financial software that is easy to use, easy to install, and helps you handle the various aspects of your money for today and into the future is worth purchasing. Know what you need so you buy the right product for yourself.

Personal financial software can benefit you in many ways. Just by using it, you will be monitoring your money and help systemize your finances. Sometimes we don’t realize where our money goes, and it does go fast. By being able to take an objective look at how much we spend on eating out, or the sale items at the mall, we can evaluate what we are doing with our money, and where it is going. The financial software makes it easy to create a budget. The easier things are for us and the less obstacles we have in creating a budget, the more likely we are able to create one. Hopefully this will help us adhere to it too. Personal financial software can help keep you fiscally responsible. As you input your weekly numbers, you are more likely to want to feel good about your reports, so you may spend more responsibly. As you become more fiscally responsible, you may be able to set aside more money towards your emergency fund, or to save more money for a vacation, a house, investments, or other financial dreams. Personal financial software can give you the capability of gaining financial security because you will become more cognizant of your spending habits.


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    • Betty Johansen profile image

      Betty Johansen 

      7 years ago

      Great information. And thanks for the links. I never heard of before - now I have it bookmarked.

    • kashmir56 profile image

      Thomas Silvia 

      7 years ago from Massachusetts

      Hi Toknowinfo, thanks for sharing all this good information and advice, I'm sure it will help a lot of people out who will use some type of personal finance software .

      Great hub!!!

    • profile image

      reynold jay 

      7 years ago

      Hi Toknowinfo! Thanks for following me. This article looks great with lots of good info and should do well. RJ


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