![]() You may be asking, “Why would someone need to export data to Excel when you can instead produce a custom report?” The answer is personal preference. Many surveyed users combine the automated budget tool with custom reports, with one user emphasizing, “Budgeting along with a report to see all of my account balances helps me to manage my finances effectively.” 5. Effective budgeting software should be able to generate an automated budget plan based on your income and expenses, differentiate special investments from income, and factor in contributions to retirement accounts. While it’s valuable to have a complete view of all your finances in one place, the primary reason people utilize budgeting software is to help them manage and maintain a personal budget. One user shared their software “Gives me overall picture in one place and flags any illegitimate activity quickly without waiting until monthly statement.” 4. This was an extremely popular feature among users, with 18.75% of respondents listing “automatic updates to your financial information” as their favorite benefit of the personal finance software. While it’s important to have a robust report with a full breakdown of the details, it’s equally important to be able to quickly check your expenses in real-time. If importing all your financial data is the “bread” of personal budgeting, then creating customizable reports is the “butter.” 3. You can even go one step deeper and subdivide your spending into categories like “groceries” or “bills and utilities”-and sort by time, payee, or account. Customizable reports allow you to do everything from checking your investments and net worth to comparing your cash flow and spending over time. Creating Custom ReportsĢ5.89% of respondents identified “creating custom reports” as their favorite budgeting software feature. ![]() Many survey respondents described having “several brokerage accounts” in addition to 401(k)s, mutual funds, and certificates of deposit, and being able to seamlessly import these multiple accounts into one program was considered a top benefit by 46.43% of users. For most Americans, this means pulling and importing financial data from multiple financial institutions into one program. Importing Data from Multiple Financial Institutionsīefore you can budget your money, you have to know where it is- all of it. We’ve summarized the twelve must-have features below. To better identify the features that are most useful, we surveyed 112 long-time users to ascertain the favorite aspects of their most-trusted budgeting software tools. However, no two budgeting software programs are alike, so it’s important to choose one that’s right for you. In fact, we’ve found that 93% of heavy users work with their budgeting software at least once a week. Allowing a computer to crunch the numbers for you can dramatically reduce your time and stress levels as well as provide a more robust and clear look into your personal finances. This is why we stress the importance of utilizing good budgeting software. Between retirement accounts, investments, mortgages, and varying monthly expenses, budgeting for yourself can feel like a course in accounting, which can be overwhelming. But just realizing the importance of a budget isn’t the same as properly executing one. In fact, 74% of Americans now track their expenses with a budget. ![]() ![]() ![]() This is one of the most important lessons in personal finance: you can’t save your money if you don’t know where it’s going. A debt problem at its core is a budgeting problem. ![]()
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