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 There are many personal finance software packages to choose from, and each has a slightly different range of functions. Some are of general application while others are specific to the country where they have been developed, and there are packages specifically designed for use in the UK. Market Watch is a helpful online sitefor personal finance issues and advice.
Personal finance software can help you to do your own accounts at home. Some of the features may include:
Online banking – set up internet banking accounts to allow you to pay bills, check balances, and transfer money between accounts. This allows you to save time and effort by doing your banking from your desktop, as well as help you to keep a track of your accounts. You can set up automatic payments and check cleared funds.
Recording income and expense transactions, and setting budgets - compare your budget aims to expense and income categories to see where you are meeting your aims and where you might be overspending. Some software will even produce reports to give you a clear indication of where your money has been, where it is and where it is going.
Auto allocate categories – this allows you to automatically have certain payments recorded into categories so you can see at a glance how much you have spent over a given period on say, groceries, or entertainment.
Investment and portfolio management – if you have shares in several companies, or superannuation which is spread over a number of funds, you can easily see where your investments are and how they perform as against each other, and the market in general. You can also check currency and stock rates for both those you have invested in, and those you are maybe considering.
Loan and Mortgage Calculators – take the worry out of non-fixed rate mortgages by being able easily to calculate future payments.
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