Managing personal finances in a wise, prudent manner is one of the most important aspects of the overall financial planning for individual. However, finance markets are typically complex, and a common investor can often be found lacking in the necessary skill, expertise and experience to deal in these markets. Hence, it makes practical sense to hire the services of expert professional financial advisors. These finance planners identify the complexity of financial management, and often prescribe the usage of a specific personal finance tool, from the several such tools that are available.
Trying to manage personal finances manually can turn out to be an elaborate, messy exercise. Hence, using an automated web-based budgeting tool is often handy. Some of the most often-used personal finance tools that are extremely beneficial to users are:
• Mint – For managing personal finances, Mint is, arguably, the best free web-based budgeting tool. It collects individual financial data from the different online credit bureaus. Such accumulated data are then combined and analysed in detail in order to generate individual finance reports,
• Wesabe – This personal finance tool allows an individual to come across other people who have similar financial goals to him/herself. All that is required to be done is feeding personal financial data to this tool. Once that is done, you can find other individuals with similar financial status, targets and investment patterns to yourself. You can also share tips on various financial issues. In this capacity, Wesabe is similar to a social networking website, albeit in a financial realm,
• Yodlee – The Yodlee web-based tool is easily the simplest and most convenient to install among all such finance tools. It also serves as an effective back-up support for the Mint budgeting tool,
• Expensr – This web-based personal finance tool requires individuals to enter their income and expenditure as data. Using these data, Expensr creates a report regarding current monetary status of users. It also lets you compare your spending habits with that of other individuals,
• Buxfer – This particular tool is ideal for managing personal finances of a small group of individuals, or within a family. Buxfer is particularly good for keeping a close tab on the bills, expenses and other shared accounts of the users, and
• ClearCheckBook – This online budgeting tool serves as an online checkbook for users. You can easily track all the expenses you incur via checks using this tool. You can also specify an upper limit to your individual spending levels as well.
Listed above are some of the most popular web-based personal finance tools recommended by financial experts. Comprehensive financial planning has several aspects, and it might often prove difficult, if not impossible, to keep track of all relevant factors. Hence, it is hardly surprising that the online budgeting tools are gradually finding greater acceptance among users.
