Best Personal Finance Software Reviews: Mint: Personal finance tracking is important regardless of your goals. Whether you are saving for a large purchase or paying off debt, tracking your finances is crucial! While many people like to do this the “old school” way with a pen, calculator and check ledger – that way is dying out. There are much more efficient, easy and probably more accurate ways to complete this task. Before we can get into finding the best personal finance tracker, let’s learn what they are.
Best Personal Finance Software Reviews: Why do you need this?
Having a financial tracker lets you know the following:
1. Where your money is going
2. Helps you meet your financial goals
3. Keeps you accountable
4. Tells the truth on your spending habits
5. Keeps you aware if there is any fraud in your accounts
6. Gives you true and clear insight to your financial situation
How does a Personal Finance tracker work?
Let’s take a look at Mint, a very popular and common finance tracker:
Here are the main points:
- It allows you to track:
- Credit card statements
- Bank statements
- Investment balances
- All through one user interface!
- Best of all, it’s FREE.
The other good part is that they update automatically. This means that there is no manually updating every single little account whenever you want to a fresh outlook on your finances. Just simply log on.. and it’s there!
How secure are these trackers?
In summary, these trackers are fairly secure. It is very unlikely that someone will be able to hack into your tracker account and begin to steal any important information. In our example, Mint goes through extensive means of protecting your information. The data is protected and compartmentalized, meaning that the financial data you see is “read only”. The main portion of that data is locked in their data fortress called “Consumer Central”. Here is a brief illustration of how this works:
If you would like to read more on the topic of Mint’s security, I would recommend going here.
In short, Mint is way more secure than your email account!
Easy to use and brimming with information
Personal finance trackers typically have large, easy to read and colorful displays that showcase:
- Upcoming bills
- Net Worth
In the end, it’s up to you.
In our effort to offer best personal finance software reviews, Mint is a hard act to follow. It really does have everything you could want from a free personal finance app. Is an app based personal finance tracker right for everyone? No. There are multiple ways to get to the same destination. Some people prefer the pad/pencil/calculator method. But to each his/her own. The most important thing is that your financials are being tracked.
If an app/online based personal finance tracker is something that you would like to try, I recommend downloading the Mint software, which you can do here. I use it personally, and love to check it everyday (because I’m a financial nerd like that).
Of course, there are other trackers out there that are similar. If you want to check them out, here is my list:
- Mint – Good balance overall and it’s FREE
- Personal Capital – Similar to Mint, focused more tracking net worth. It is also free.
- You Need a Budget (YNAB) – Good app for getting out of debt
- Wally: Best for tracking expenses
- Acorns: Best app for saving
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