The site shows you how well you're adhering to each budget by displaying a series of colored horizontal bars that show where your spending is currently compared with your budgeted amount. You select one, choose a frequency (for example, every month), and enter an amount. For that reason, Quicken Deluxe and some other personal finance apps let you use past income and expenses as a model. It’s often guesswork until you’ve been working with a budget for several months and start to see how your money comes and goes. The mechanics of creating a workable budget are much easier than the process of specifying your limits. Budgeting tools in personal finance applications range from very simple (Personal Capital) to exceedingly complex (You Need a Budget, or YNAB). Having a realistic, detailed budget helps. That’s the philosophy that the developers behind Personal Capital have: Spend less than you earn every month. Budgets, Goals, and Billsīeing conscientious about your finances includes minimizing your expenses, so that they come in below your income. In short, a personal finance app's dashboard can either provide a quick look at your money situation or serve as a springboard to a deeper financial study.
Click your credit score in Credit Karma to learn what contributes to it and how it's recently changed. Click a checking account balance in Mint, for example, to go to the account's register. You may be able to set goals and gauge your progress at meeting them, as well as see live updates on your investment portfolio if markets are open.īasically, this overview shows you snippets and highlights of the data analysis these services do behind the scenes (with options to dive deeper). You see charts and graphs that tell you, for example, what your income is versus your spending, and how you're doing on your budget. Sometimes, the dashboard is the only screen you need to see, because it displays the most pertinent information about your financial situation, such as your account balances and pending bills. A Different Kind of DashboardĮvery service reviewed here has a dashboard, or home page, that you see when you first log in. Quicken's dashboard lets you see your income and expenses.
Moneydance, too, is good at transaction management, but Quicken Deluxe tops all rivals. CountAbout and others go a step further, providing additional tools that let you designate selected transactions as recurring, for example. In those circumstances, you can manually create a transaction. If you bought something with cash, though, your bank won't have a record of it. That way, you can search for transactions that are related in ways other than category assignments. This information can also be helpful when tax preparation time rolls around.ĭepending on the service, you might be able to add transaction tags. If you're conscientious about this, you'll see charts and reports that accurately tell you where you're earning and spending your money. Most personal finance apps guess the appropriate categories, but you can always change it-and you can split transactions among different categories. For example, transactions need to be correctly categorized as income (salary, freelance payment, and interest, for example) and expenses (food, mortgage, utilities, and so on). Once you import a batch of transactions, you will probably spend some time cleaning up the data. Typically, you simply enter your login credentials for those financial sites, though occasionally you have to provide additional security information.
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That is, you can download cleared transactions and other account data from your banks, credit card providers, brokerages, and other financial institutions, and see all of it neatly displayed in the applications' registers. For example, most of them support online connections to your financial institutions.
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