With the fast advent of technology, its as much easy to manage your personal finance as it is to read books. You might as well be wondering about its possibility...right? While, on one hand, it gets incredibly easy to scout the e-versions of your favorite novels, and to get in touch with friends on social networking sites like Eacebook and Twitter- you can now avail a wide array of tech tools to manage your personal finance.
Now, personal money management entails a wide array of factors ranging from budgeting, to watching your expenditures and building an emergency cushion. So, how exactly will a tech tool help you keep a tab on your money? Read on to discover.
First and foremost, there are various tools focussed on monthly budget that will help you manage your spending. You can enter your monthly earning, the savings that you expect to make till the end of the month and the possible expenditure (clue: if you are using this tool, you can enter your expected expenditures of a month. But make sure that you are not ruling out the possibility of accidents or other emergency expenses totally. So enter little higher figures than what you have expected)
The financial tools turn out to be a great help when it comes to analyzing your net worth. Your net worth is equal to the total amount of money left behind after deducting the worth of your liabilities from that of your assets. After learning about the net worth you can also analyze the same with the help these tools. You can study your growth over the time in this fashion.
There are some online finance management tools which will also allow you to link accounts by incorporating PFM tools in your other accounts such as 401(k)s, savings, investments, brokerage, charge accounts, mortgages and utilities. So, in effect, the software has actually pulled in all the financial data from these accounts, so that you can find all the necessary information at the same place. Since your accounts are linked it is possible for you to view all transactions on the dashboard.
The financial software is also a great portfolio manager as it simplifies the entire procedure of viewing transactions and reviewing the total portfolio or the investment details of different holdings. Some of these tools are even highly customizable whereby you secure a chance to view your investment details in whichever way you want.
Conclusion
Learning the art of personal finance management is a lot of fun. As much as it requires you to exercise due sagacity when it comes to your spending habits, with every extra penny saved there, you are rewarded with a sense of tremendous satisfaction. The introduction of this novel technological tool has only helped individuals to stay on track with their finances. It is easier to "watch" your money while you are just out of college or in the initial years of job where you don’t have multiple accounts or schemes (retirement, insurance etc) to handle. But as you progress in your professional life and start thinking about further investments, it’s necessary that you take help of these technological tools as handling these complex investments manually can prove a little cumbersome.
Now, personal money management entails a wide array of factors ranging from budgeting, to watching your expenditures and building an emergency cushion. So, how exactly will a tech tool help you keep a tab on your money? Read on to discover.
First and foremost, there are various tools focussed on monthly budget that will help you manage your spending. You can enter your monthly earning, the savings that you expect to make till the end of the month and the possible expenditure (clue: if you are using this tool, you can enter your expected expenditures of a month. But make sure that you are not ruling out the possibility of accidents or other emergency expenses totally. So enter little higher figures than what you have expected)
The financial tools turn out to be a great help when it comes to analyzing your net worth. Your net worth is equal to the total amount of money left behind after deducting the worth of your liabilities from that of your assets. After learning about the net worth you can also analyze the same with the help these tools. You can study your growth over the time in this fashion.
There are some online finance management tools which will also allow you to link accounts by incorporating PFM tools in your other accounts such as 401(k)s, savings, investments, brokerage, charge accounts, mortgages and utilities. So, in effect, the software has actually pulled in all the financial data from these accounts, so that you can find all the necessary information at the same place. Since your accounts are linked it is possible for you to view all transactions on the dashboard.
The financial software is also a great portfolio manager as it simplifies the entire procedure of viewing transactions and reviewing the total portfolio or the investment details of different holdings. Some of these tools are even highly customizable whereby you secure a chance to view your investment details in whichever way you want.
Conclusion
Learning the art of personal finance management is a lot of fun. As much as it requires you to exercise due sagacity when it comes to your spending habits, with every extra penny saved there, you are rewarded with a sense of tremendous satisfaction. The introduction of this novel technological tool has only helped individuals to stay on track with their finances. It is easier to "watch" your money while you are just out of college or in the initial years of job where you don’t have multiple accounts or schemes (retirement, insurance etc) to handle. But as you progress in your professional life and start thinking about further investments, it’s necessary that you take help of these technological tools as handling these complex investments manually can prove a little cumbersome.