Many bills and expenses are incurred at home. Manually recording these transactions is a time consuming task, which is prone to errors. Worse, even, you are likely to forget or even be too occupied in other activities to record the domestic financial proceedings. This is where budgeting software comes in handy. These are available for the different operating systems like Windows, Linux based and even Mac with some being free and others being available at a fee. However, you should consider some factors before you pick the application to use.
- Control of domestic finance by the budgeting software – This is a feature that will save you a lot of time and trouble. Firstly, the application should be able to categorize expenditure by itself. However, it should also provide the option for your ability to categorize the expenses in person. You might also want to have software that balances your accounts with the ability to export and track the activities that you spend money on. The last option should include features like the monitoring and linking of your payment method like money bookers with your bank as well as any withdrawal from the accounts.
- A budgeting application should provide reports – This is a feature that will assist you to evaluate your budget after a given period and either increase your expenditure or reduce it. The details in the report will include your income and expenditure, tax and investments. However, different applications will have different settings and you should evaluate the available report options before you can decide on an application.
- Ease of use – The software will need to be installed into a computer before it can be used effectively. A good one should have very easy steps to follow during the installation. Actually, even a person who does not know much about information and technology should be able to install it via an installation wizard. If you buy the software in a CD, it should have an installation manual and if you download it then you might be lucky to get a guide on the installation. However, with the latter option you might have to try to get the process from the internet because a guide is not guaranteed. Moreover, you have to get software that you will be able to use easily. This is information that you can get from reviews of the software and you can get these from different sites on the internet.
- Cost of the budgeting software – The importance of the software is to help you monitor and probably cut down on your spending habits. Therefore, you should not get extravagant by buying overly expensive software.
Some of the applications that you might want to consider for use are:
a) You Need a Budget 3 – This application will run of almost any platform that is, Windows, Mac operating system as well as Linux platforms. In addition, a version for use with smart phones is available.
b) Pear Budget – This budgeting application is supported by different browsers of the internet and therefore, you can use it on all platforms.
c) Mvelopes – This application also works while online and you are needed to subscribe for its use although a trial version is available.