Money management is not that simple as it sounds. Today, prices of everything are skyrocketing. You have more payments to make and limited income. There are numerous bills, mortgage payments, car loans, credit card debts, and whatnot. That is the reason why people are switching to money management tools to manage wealth like a pro, dig out of debt, and become financially stable. You might be wondering which tools to use to help you manage money in a better way. Well, we will talk about it in a short while. The tools will let you monitor your wealth, expenditures, and debts just as a financial advisor.
You can also find money-management tools that offer benefits such as financial management, bill payments, and creating a solid budget to meet your expenses. According to an article published on https://www.huffpost.com, there are numerous tools to deal with your money like a pro.
When you have to pay to your creditors, you need to think of paying off your debt as soon as possible. It is your debt and you will need to pay. According to the Federal Reserve, student loans add up to $49,042 for each US home and the average American mortgage loan is about $172,806. The actual challenge is not the loan but the manner in which people deal with the same or avoid repaying their debts on time. If you fail to determine how to repay your creditors quickly, the issue will stay behind and your outstanding loan amount will keep increasing. Therefore, you need these apps to manage your money like a financial expert:
It is a tool, which comes with a free financial dashboard provided by Personal Capital. It is perfect for those who would like to monitor their investment and budget. You can connect with your banking as well as investment accounts, not ignoring retirement accounts. You can link accounts manually or transactions that you can link and download mechanically. It is as simple as that.
You can monitor your spending by category. The tool helps to know the category of all expenditures so that there is no manual intervention on your end.
Additionally, as far as the financial dashboard is concerned, it monitors investments, including taxable and retirement. The dashboard helps in keeping track of your returns, allocation of assets, investments as well as dividends. So, try this tool and see how you benefit from the same.
YNAB (You Need a Budget)
If you are a beginner, then you should choose a budgeting tool like YNAB. Start using it for a couple of months or a year to see the difference. There are many reasons why this tool stands out from the rest.
It features a spreadsheet that you all have used and familiar with. The design is known and easy to use. You can understand the spreadsheet well and therefore, creating a solid budget month has never been this easier. You will only take a couple of minutes to create your monthly budget. You can consult with the loan experts at LibertyLending.com to help you manage your money and monthly payments like a pro.
Again, YNAB has been designed to motivate you to manage your expenses and live on the previous month’s earnings. Traditional tools help you create budgets based on your future earnings, but this tool helps you plan based on the earnings you have already made the previous month. It helps you to give each dollar a job, as YNAB defines it. You will need some to adapt to this method, but the end outcome will not force you to live on paycheck to paycheck.
The greatest benefit of YNAB is that it comes with excellent graphs and reports. The awesome tools let it simple for you to observe where your cash is being spent so that you can make the necessary budgetary alterations to manage your money well. You will also have fun and feel good when you change your budget based on your expenses and start smart money-management.
It is important to remember that YNAB will not mechanically connect to financial firms to download monetary transactions. In its place, you should download transactions from your banks and credit card agencies, and next upload those transactions into the app or tool. The method will not take you more than 5-10every month. You can squeeze out that much of time off your schedule. There are people, who like this method over using usernames or passwords, but it means a little work and effort on your end.
When it comes to Quicken, it could be called the master of all money-management tools. The app is made to deal with all your monetary matters, such as investments, budgeting, payment of bills, as well as reporting. Nothing like YNAB, the smart app will tie to your financial organizations such as online lenders or banks and then download monetary transactions. You have the benefit of synchronizing sync data between smartphones or other devices. It implies that you have access to all your accounts all the time.
If you are using YNAB, it is fine but you can also try Quicken because it is one of the best money-management apps today. If the tool promises to help you save more money and come out of your debt, it will live on its promise. Then, you must know that the Mac version of this app is not as powerful as its PC version. Therefore, if you are comfortable with Mac, keep using YNAB.
There are a couple of credit cards or prepaid cards to help you to budget if you use the cards. For instance, if you are using Discover, it comes with a feature called Spend Analyzer, which is a powerful budget tool that will categorize your purchases automatically and monitors your spending records. This way, you can spend based on the indication offered by the card. It helps you to control unnecessary spending and avoid extravagant or needless shopping, especially when you have debts to repay and it is your top priority. Discover also features the Paydown Planner that helps you to dig out of your credit debt and become financially stable.
Try using these tools to manage your money well. You can pay off your debts and save more cash if you use these tools or apps in the right way.
- Pros and Cons of Financing a Business
- Seven Ways to Boost Your Credit Score Quickly
- Here’s When Personal Loan Would be the Best Resort for You
- How to Use Business Credit Cards to Build Business Credit
- Spotting Red Flags on Credit Reports