Technology-based money management tools can help you proactively manage your income, expenses and overall budgeting needs in a timely and cost-effective manner. There are even various types of software that can be downloaded and used for free.
Following is a summary of popular money tools that are readily available to help you improve your financial well being.
Online Financial Calculators
These calculators cover various money management scenarios, which include refinance options, auto loan payments, loan consolidation, renting versus buying, mortgage payments, and credit card payoff.
You can find a wide variety of financial calculators through an online search. Most are available to you at no charge.
Online Bill Payers
These tools can save you time and effort, as well as help ensure timely bill payment. Nearly all major financial institutions have bill-payer functionality on their websites. The tools are easy to use and enable you, as an account holder, to electronically send money from your checking or savings account to companies you need to pay.
With a few clicks of a mouse, you can make payments as needed or set up scheduled payments to cover monthly expenses such as utility bills, credit card payments, mortgage and car loan payments, and others.
When using these money management tools, it is essential that you always check to ensure that you have adequate funds in your bank account to cover the amount due.
If you are currently paying off money that you owe, you know it is not a good practice to have late or missed payments. That is where debt planners or debt managers come in. They help you control your finances, as you allocate money for your existing debts.
You can set a payment schedule so that you will never miss a deadline. Most debt planners can provide you with all the details you need in knowing what to pay and the exact time that you need to remit the payment, along with the interest rates and other essential information.
Budget planners usually come in the form of online or downloadable worksheets where you list your income and expenses in a predetermined format. Using this tool will help you get a clear picture of your money situation and then prioritize your payments and purchases one step at a time.
Some budget planning tools have their own calculators so that you can compute how much you spend every month or for a specified period of time. Doing so will allow you to cut back on the expenses that you do not really need.
For more information on effective budget planning, click here: Budgeting Information
Travel planning software tools enable you to organize all your trip details and forecast your expenses before you go. Examples of information that you can input into the software program include itineraries and expenses for flights, car rental services, ground transportation, and hotel or other accommodation options.
These tools have changed the way people manage their finances. They are easy to use and are designed to guide individuals in budgeting, investing, and banking so that spending money comes with a well-thought out plan.