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Sunday, April 11, 2021

Managing personal finance with Personal Finance software

Personal Finance softwares can help you manage all your finances properly and also to keep a clear track record of your hard-earned money.

Managing personal finance with Personal Finance software
Image by kalhh from Pixabay 

How should I manage my personal finance? Why did I spend a lot more than last month? Why am I not able to track my finance even when I know how much I am spending?. The answers to these questions can be a mystery sometimes. Keeping monthly records of your spending, managing your money, keeping up the track on your financial goals, balancing your monthly spending and saving are all complicated tasks. Well, these things could sound a lot easier when done with the help of Personal finance software. With the help of personal finance software, you can manage your personal finances more systemically and efficiently.

What is a Personal Finance Software?

It’s basically a dashboard of your financial life. It tells you about your spending speed, the amount of money you spend, how much you are left with and also when you are running low. It helps you track every bit of your finance and also guides when you need a financial advisor. Personal Finance Software will help you by displaying your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score. So, below we have listed some of the best Personal Finance software which can be your savior to manage and organize your finance.

1. MProfit

Technically not a personal finance software, MProfit is one of the leading portfolio management and accounting management software for investors, advisors, traders, corporates, family offices, and CAs to manage the stocks, MFs & other assets. It can manage multiple individual and also group portfolios. It is extremely helpful to simplify integrated accounting and import contract notes, mutual fund statements from over 900 trusted sources. This software needs to be installed in order to work. The yearly package costs around 2500/- + taxes.

2. MyUniverse

It is a cloud-based personal finance software by Aditya Birla Group. You can consider it has one of the safest places to store your financial information. It is designed to protect your confidentiality and keep your personal information safe and secure. MyUniverse is a smarter and easier solution for all your financial matters. It has all the features such as Protecting, Investing, Financing, and Advising.

3. ClearTax

ClearTax is designed and created by ClearSharp Technology Pvt Ltd. It is a personal finance & tax management software. It provides one of the easiest and simpler ways to e-file your income tax returns. ClearTax will also help you to work on your tax deductions and file income tax returns. The e-Filing is free on ClearTax with a 24*7 customer support option.

4. InvestPlus

It is a cloud-based personal finance management software. It has been designed and created by ideas infotech. InvestPlus will help you to manage all the accounting, investments, and income tax-related requirements. It has key features such as accounting reports, annual statements, asset management, daily entry,  investment management, income tax preparation, and personal organizer. 

5. Perfios

This software has been one of the best in the finance business. Right from 2016, it has been in the listed in the highly rated and trusted software. Perfios provides a complete view of your financial status. It can calculate your spendings and analyze your spending patterns. Therefore, it can be taken into consideration that it has a 360-degree view of all your finances. Whether it’s your credit cards, equity, loan, insurance or bank, it covers all the aspects.

Why is it necessary to use Personal Finance software?

Using Personal Finance software not only helps you in managing and organizing your finance but also offer you a lot of benefits. Here we have listed some of the benefits that make Personal Finance software a necessity for everyone.

  1. Productivity Booster – Personal finance software makes your daily routine simpler and efficient to track and manage your money. Thus, it becomes easier for you to devote your time to another task and boost your productivity. For example, most people maintain an excel sheet for their finance management which they update every day. So, personal finance software makes it easier to maintain the record and also devote that same time for any other work.
  2. Customized spending categories – Most of the people find it frustrating and irritating when they have to spend according to pre-set categories. With A personal finance software, your spending goes automatically into pre-set categories. Moreover, personal finance software can help you create and maintain spending categories. This can help to track spending in non-budgeted items.
  3. Financial goals – Personal Finance software makes it easier for you to achieve your financial goals. It helps you in keeping track record of your spending and savings. Gives you suggestion and advice when you are spending too much or drifting away from your goal. It helps you to maintain the discipline on your spendings and increase visibility in savings growth.

When to Use Personal Finance Software?

Earlier we got to know about what exactly personal finance software is and how it can be a benefit to your money. So now the next step is to determine when it should be used and how to get started. Given below are some of the reasons that can help you to determine when you should start using Personal Finance Software.

1. If you have multiple accounts

It’s very general and normal that an average Indian have multiple accounts in multiple banks. One can be savings other can be current. So to manage all your accounts based on your spendings, EMIs, loans, and savings, it is extremely helpful if a single app does all your spreadsheet work.

2. Automating your financial transaction

Suppose for example if you buy a car on the 1st of march and tv on the 5th of march and also a mobile phone on the 15th of march. All these items you bought are on EMIs but from different based on their schemes. So instead of keeping up the track of each EMIs every month, you can automate your payments by schedule. These can be a real-time saver for you.

3. To track your budget or smartly modify it from time to time.

If you are thinking that you need to change your lifestyle or need to modify your monthly budget from time to time based on the market then personal finance software is the solution for you. It will help you to keep track of your earning and spending and also guide you to modify your budget.

Here are the takeaways

  1. Personal finance software is like a dashboard of your financial life. It helps you to keep track record of all your earning and spending.
  2. Using Personal Finance software can help you to work on your financial goals, save time and boost productivity in other work and also customize your spending categories while keeping the track on each and every one.
  3. You should know when to use Personal Finance Software. It can be when you have multiple accounts, or you when you want to automate your payments or track your monthly budget.

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Mayuresh Patil
My Instagram says I am silent-ink, My Facebook says I am a Newsy Guy. And My Gmail says I am an Utter Chaos. To sum up, a combination of Creativity + Simplicity. Also, never underestimate the power of words.

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