When it involves personal finance management and budgeting, tons of individuals have good intentions. many people may decide to implement some kind of financial control system, but never quite get to it. It’s hardly an uncommon situation. But the answer to that procrastination can often be found when one is able to find the most effective personal finance and budget software. These will provide a built-in program to assist business owners to get better control of their finances and their budget.
And though the concept could seem simple, it’s that critical initiative toward reaching financial independence. After all, once the business owner gets control over their day-to-day finances, they’ll be in an exceedingly better position to start saving money. And once the business owner begins saving money, they’ll be ready to begin investing. Once the business owner becomes a regular investor, good things start to happen in life.
Features of top budget software and personal finance app
Most of the budget software and personal finance app helps business owners better to manage their personal finances. In fact, as users can see from the software options listed in this article, there’s a good range in the services provided by different budget software.
- Some focus totally on budgeting, mainly helping business owners to manage their income and expenses. These kinds of software have a powerful orientation toward timely bill payment, as well as creating extra space in their budget.
- Financial account tracking: The software will sync their various financial accounts–bank accounts, loans, mortgages, credit cards, and investment accounts–and allow the business owner to manage all their accounts from the platform.
- Big picture financial view: a personal financial situation can often be somewhat disjointed. Personal finance and budget software address that confusion by giving the business owner the imagination of their complete financial situation. they may do that with charts, graphs, or lists.
- Expense management: Most software will carefully track the business expenses, including providing the business owners with reminders when payments are due.
- Creating financial goals: the most advanced software will assist a business owner in establishing and financing goals, like paying off debt or saving for specific events or purposes.
- Investment advice: this is a less common feature, offered only by certain platforms, like Personal Capital or Acorns. This may be limited to portfolio analysis and proposals for the business owner to create, or it may provide direct portfolio management.
The top choice for the most effective budget software and personal finance app
As personal finance and the budget software go, Personal Capital tops the list, and it isn’t even close. That’s because they offer both budgeting and financial management, but also offer substantial investment assistance.
A business owner can sign up for a free Financial Dashboard, which aggregates all their financial accounts on the platform. There, the user can maintain a continuing overview of their finances. But user can even make the most of investment tools that may help business owners plan for retirement, analyze their 401(k) plan, recommend investment allocations, and even calculate their net worth.
That’s loads of personal finance capabilities packed in one platform–and at no cost. But if a user has a large amount of cash to invest, and they’re searching for professional investment management, Personal Capital can help the user with that also, through their Wealth Management plan.
In short, Personal Capital can help business owners reclaim control over their entire financial life, and provide the tools user need to help build their investments. And once their investment portfolio is large enough, they can even be available to produce direct professional management.
This is purely a budget software and a really comprehensive one at that. User can link all their accounts on the platform, giving the business owner a high-altitude view of their financial big picture, with the power to create adjustments as necessary.
This budgeting software gives business owners specific tools to assist a business owner to get complete control over their money. One among the primary goals od the budget software is to get the business owner in a position where the business owner is depending on this month on last month’s income. This prevents the all-too-common budget dilemma of their paycheck running out before their expenses do.
The general idea is to place the business owner ahead of their finances. Once the business owner reaches that position, the business owner will begin setting and achieving goals, like getting out of debt or building savings. YNAB will help the user to do that better than any other personal finance and budgeting software.
This budget software offers free Financial Dashboard. It’s a personal finance aggregator, which means users can link all their many financial accounts on the platform, to provide the business owners with the whole picture overview of their finances at any given time. that includes checking and savings accounts, loan accounts, credit cards, and even investment and retirement accounts.
A lot of private finance and budget software providers offer something similar. But where Personal Capital separates itself from the pack is that it also offers investment management tools. for instance, their 401(k) Analyzer will analyze their retirement savings account to determine investment fees, including those that are hidden. They’ll then make recommendations to change to lower-cost investment alternatives available within their plan.
Then there’s the Investment Checkup feature, which will analyze all their investment accounts, then recommend adjusting their portfolio mix to enhance their overall investment performance. Those are just a few of the services Personal Capital offers on its free version. But if the business owner has a minimum of $100,000 that they need professionally managed, Personal Capital can do this also.
Personal Capital’s Wealth Management is a premium plan that will provide the complete investment management of their portfolio. It sits somewhere between a Robo-advisor and traditional human investment advisors, in that user can have access to financial advisors, but their portfolio management will be completely automated.
This budget software comes in three different versions, a business owner can choose the amount of budgeting the user wants for the financial situation. PocketSmith has two standout features:
- It projects the results of their budgeting efforts as many as 30 years ahead,
- The budget software offers multi-currency capability.
PocketSmith provides the standard budgeting tools business owner would expect, including basic budgeting, scheduling of upcoming bills, customized income and expense statements, as well as regular tracking of their net worth. But the ability to project how their budget will pay off in the future is an incredibly valuable tool. People often consider budgeting as simply getting through the present month.
But the ultimate goal of budgeting should be to enhance their long-term financial situation. counting on the plan level the business owner select, they’ll be able to project budget results out to 10 years or 30 years. that should give the business owner incentive to make the most effective budget and stick with it monthly.
But the multicurrency capability of the budget software is an unexpected bonus. If users do a significant amount of international transactions, like when the user has family or friends in foreign countries, PocketSmith is up to the task. It provides automatic currency conversions based on daily exchange rates. therefore the user can easily fold their foreign currency transactions into their regular budget.
PocketSmith offers three different plans. the essential version is free, comes with 12 budgets, two accounts, budget projections to 6 months, and requires manual imports of monetary information. The Premium version Of the budget software provides automatic and manual transaction importing, also as automatic bank feeds.
A business owner can establish unlimited budgets, with up to 10 accounts. It provides budget projections for up to 10 years. Finally, the Super version offers everything provided by the Premium plan but allows unlimited accounts and budget projections out to 30 years.
This budget software isn’t the most comprehensive personal finance and budget software, nor do they provide investment assistance with the way Personal Capital does. But if they’re looking for budget software to assist them to get better control of their finances, and they don’t want to pay money for it, then Mint is absolutely the plan for them. Mint offers solid personal finance and budgeting capabilities at no cost to the user. even though the business owner doesn’t have a strong interest in budgeting, Mint is well worth giving a try.
Much like the other personal finance apps on this list, Mint aggregates all their financial accounts on the platform. They’ll link their accounts to Mint, and every time the user visits the site, the data is automatically updated. one of the strengths of the software is that it provides graphs and charts giving the user a picture of their finances.
Mint also tracks their regular expenses, like their rent and debt payments, utilities, and even less frequent expenses. it’ll provide both the due dates and the payment amounts, then provide bill reminders. However, it doesn’t offer bill pay directly from the platform.
The software does have very limited investment tracking, including comparing the performance of their investments against popular benchmarks. They also provide a fee analyzer service that will show the user the investment expenses they’re paying with each account. additionally, they’ll also provide their credit score from TransUnion.
This budget software could appear just like the odd one out on this list because it doesn’t offer budgeting capabilities. But it does provide one service that’s critical in budgeting–in fact, it should be the ultimate goal–and that’s helping the business owner to save lots of money for investments. tons of individuals never invest because they never get started–because they never have the cash to do it. Acorns are the solution to that problem.
Acorns use a method called “Round-Ups.” The Acorns app is connected to their checking account, specifically their spending activity. for instance, if the user makes a purchase for $6.22, it’s rounded up to an even $7, with the remaining $0.78 held for investing. Once they’ve accumulated at least $5 in round-ups, the money is transferred to their Acorns investment account.
The investment account is a Robo-advisor that creates a completely diversified portfolio for you–again, with as little as $5–then manages it for the user going forward. as the business owner continues with their ordinary spending activity, user investment account grows. the cash can be held either in a taxable account, a retirement account, or both. Either way, Acorns is the perfect, passive way for the user to become a saver and investor, even if they’ve never been in the past.