Budgeting Software
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For many families and small businesses, budgeting software is the easy answer for helping to keep their finances in order and to keep them out of debt. There are many software packages available and they are easy enough to use that anyone can learn how in just a few hours.
Budgeting Software Basics
With so many budgeting software programs, it can be difficult to figure out which one is right for your needs. A lot of it comes down to what you want the software to do: are you looking to keep track of a checking account or do you really need to crunch some numbers and cut back on your spending?
Most software will organize your purchases and savings in an easy-to-read format. Some of the more deluxe models go further by predicting budgeting needs and showing areas in which you can cut back. This can help tremendously when you are thinking about a major purchase like a car or new home. The software will actually show how much of a payment you can afford each month. This can help prevent going into debt and can give you the peace of mind of knowing just how far your money will stretch.
Budgeting With Your Bank
Most banks now allow you to access your accounts online. This can serve your basic budgeting needs since it outlines all your purchases, bill payments, and deposits. You can usually sort the type of transactions to view a certain time frame and can automatically check on your balance.
If you keep all your money in one place, this can be an easy and free solution to keeping up with your budget. But, if you need forecasting information or have more than one account set up, you will need to buy a software package for your home.
Types of Budgeting Software
The good news is that there are plenty of software programs available and most of them run on the standard at-home personal computer.
Microsoft Money
With a new version for 2006, Microsoft Money keeps track of all your personal accounts, including credit card debt. It can also connect with your online bank information and provide up-to-the-minute information. For consumers who tend to overspend in a particular area, at restaurants or entertainment facilities, for example, you can choose categories that the software will monitor and display in charts. One of the most convenient features is the bill-paying option, which automatically pay bills from different accounts. This software costs around $30.
Quicken Basic 2006
For about $30, Quicken’s easiest budgeting software monitors all of your accounts and pays bills online by connecting to over 2,500 banks and financial institutions. The package also alerts you to upcoming payment due dates and it works with TurboTax, so you don’t have to start from scratch at tax time.
Quicken Deluxe 2006 Personal Finance Software
With all the features of the basic version, Quicken Deluxe helps you reach your financial goals by showing you how to save for the future. Simply create a financial plan and watch as Quicken tells you how to save more money and stay on track. You can also view your finances in charts and graphs or convert it to a PDF. This system is approximately $60.
QuickBooks Simple Start Edition 2006
Designed for businesses, this QuickBooks software organizes your billing and expenses in an easy format. It can also calculate sales tax and has an user-friendly form that is simple to use. The software features tutorials and customer support. It retails around $80.
Microsoft Office Small Business Accounting 2006
For $135, you can have the peace of mind knowing exactly where your small business stands financially. Featuring a year of free support, this software develops invoices and inventory tracking and can forecast your finances.
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