Woman tries to track her personal finances without personal finance software

What is Personal Finance Software?

Personal finance software is a simple program designed for household or individual money management. Consumers don’t need to have vast experience with financing, the software is designed to do the work for you. Banking, budgeting, and general personal finance information is needed to use the software.

Easier Money Management

Personal finance software makes it easier to deal with money management tasks. The features in this software also manage credit cards, checking, and other financial accounts and make paying bills, budgeting, and other tasks quicker and more precise. Most personal finance software can be set up to download transactions and will automatically categorize most of them.

How It Works

You enter income and expenses, such as credit card charges, bills, and any other expenses, into the software. With this information, the software can help you:

  • Develop new spending habits
  • Maintain a budget or a savings goal
  • Track bills
  • Balance your checkbook

Personal Finance Reports

In addition to providing account balances, personal finance software generates financial reports for your review. These reports present financial information through charts and graphs and can be accessed directly on-screen or printed out. The reports communicate information concerning spending, budget, and month-to-month comparisons. Reports are especially beneficial for breaking down expenses.

Types of Personal Financial Software

Personal finance software comes in several different forms, each of which is designed for a different operating system. Depending on your needs, the software is available in online and mobile form or as a computer download. Options include:

  • Iphone apps
  • Android apps
  • Online personal finance apps
  • Desktop software - Windows/Mac/Linux

Personal finance software is an excellent option for an individual looking to contain all financial information in one convenient, organized place.

Last Updated: February 10, 2016