Why a Personal Finance Management Tool Is a Must For You

Personal Finance
Personal Finance

Personal Finance Managing finances is as simple as taking a salary, making a list of items you want to buy every month, spending on the articles and saving the balance up in the bank. You might argue that for this you really don’t need the help of software. Well, I do agree with you that essentially it’s that.

But do you know that these tools actually help you in refined management of your money. You not only save, but also find out different ways in which you can grow money. Here are some reasons why you’ll agree to use a money management tool if you’ve not been using any till now.

Depending On Memory Is Bad

I remember, before I came to know about financial tools, every month I got my salary, I’d just take out the money from the ATM machine and keep spending it without recording my expenditure. By the 20th of every month my balance would almost dip down to a low.

I’d bank on my memory to recollect my expenditure, but that wouldn’t give me my precise spending. I’d only remember my major purchases, whereas the smaller purchases which would contribute to my spending would simply fade from my memory. Towards the end if I’m spending $1000 per month, I could only remember my expenditure for only $600 while the rest $400 would go unaccounted for.

Maintaining Diaries Is Obsolete

As a remedy, I started making notes of my expenditure in diaries, but that didn’t help either. Maintaining so many diaries was difficult. Besides, other members of my household could easily see my financial status by browsing the diaries. Also, I could compare my expenditure across months easily and get suggestions regarding budgeting and making my investments grow.

Benefits of a Personal Finance Tool

This was when I decided to use a personal management tool. Electronically I could maintain huge amounts of data without any fuss. Also I could ensure security to my personal financial data by locking it up with a password provided by the tool. I could track, observe and compare my monthly savings and expenditure every month. The tool also suggested some good money saving strategies for me.

Now money management is done using advanced technology. It’s fast catching up in the personal finance sector. Mint has got some of the best personal finance management tools and software and with Intuit acquiring it, you can expect greater resources. Mint has already got over a million users and you can always join in. Mint has got some of the best features for mobile banking. I can get alerts on my expenditures and money receipts on my iPhone wherever I am.

A personal finance management tool also makes visits to financial consultants absolutely unnecessary. I get the best financial advice from these websites without having to fix up an appointment with any financial expert and visit him under time constraints.

With so many advantages, a personal finance tool for me is more than a necessity.