Budget Your Way to Wealth

It’s important to budget your money. With the climbing debt in so many households, it’s clear that not enough people have been properly preparing and budgeting for their needs.

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Thankfully with the increase in convenient technological programs, there are many find options to help you budget and manage your money properly.

Home Finance Apps

  • Prosper Daily:
    • Prosper Daily is a home finance app that specializes in helping to prevent credit card fraud. It allows you to immediately review your credit card spending, balances and transactions on all of your cards. It tracks your transactions and if it suggests something might be suspicious, it will send you an alert for you to confirm the accuracy of the transaction.
  • Level Money:
    • Level money is a day to day cash flow analyzer. The app will break down your monthly finances and make projections based on your bills. This will let you know exactly how much money you have available to spend each month and avoid overspending.
  • Mint Bills:
    • Mint Bills excels at the what you’d think it does, managing your bills. It tracks your bills and accounts, and will alert you whenever a bill needs paying or if your funds are in jeopardy. Additionally you can make it so Mint Bills pays off your bills.
  • Pocket Expense:
    • Pocket expense works as a sort of jack of all trades application. After you’ve inputted your bills and accounts and spending, it will show you trends and statistics for almost any time period. Additionally it will show you the results of tweaking your finances. It can show you how a slight change now might change things in a month, a year or longer.
  • Personal Capital:
    • Personal Capital is a free home finance app. This app is great at tracking your investments whether they be stocks, bonds, or your retirement funds. Additionally, this app helps track the fees you’re paying to your various financial institutions. Once it tracks your fees, it will help determine and recommend when you are paying too much. Personal Capital strives to provide excellent charts and graphs to give you visual representations of your finances that are easy to understand.

Financial Planning Software:

Financial planning software is mainly used by advisors, but can be used at home as well. Additionally if you have a financial advisor, you will have access to what they have been able to do for you through their program. There are two types of financial planning software. The first is a cash flow type which accounts for consistent transactions. The second is a goals type of software which attempts to reach and exceed goals set by the financial advisors. Some of the programs used are:

  • MoneyGuidePro - Currently the industry leader, MoneyGuidePro has excellent customization and visualization. It has a good interface to allow both advisor and client to see what is going on.
  • Money Tree Silver - This program is the budget option. Generally it costs about half of what some of the other programs do. It specializes in showing the benefits or consequences of changes.
  • Cheshire Wealth Management - The most pretentious of all the software names, this program can function as both a goal and cash flow oriented software. Despite the name, it is a fairly basic program that works, and works well, but lacks frills.

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