The Best Tools for Managing Your Finances

managing your finances

Managing your finances effectively is no easy task. If it were, there would not be so many people struggling with paying their monthly bills and managing debt. Fortunately, technology has made it easier for individuals and businesses to manage their finances and stay out of the debt danger zone.

Managing Personal Finances


The prevalence of smart phones and mobile technology makes it possible to track your finances no matter where you are. That means it is easier than ever to manage your personal finances and regain control of your money. Though there is no one perfect app for managing all of your finances, there are a variety of great tools designed to help you track your spending and save you money.

Mint gives you a nice snapshot of your overall finances. You can link your bank, credit card, and investment accounts to Mint to analyze and track your spending. The app or desktop site also allows you to create budgets, set personal financial goals and set up notifications for when your spending exceeds your budget. Mint also provides personalized tips and advice for money management as well as the opportunity to view and monitor your credit score.

Personal Capital is great for those who want to track their budget while also getting an in-depth look at their investments to see what is working and what isn’t. This tool allows you to connect both banking and investment accounts. You can look at spending by category with the cash flow tool and analyze investment accounts across brokers to track investment costs, returns and dividends.

You Need a Budget (YNAB) is more than just a budgeting app for many users as it works to help you make a lifestyle shift. YNAB is more hands-on, helping you actively change your spending habits rather than just observing them. This tool wants you to take control of your money by “giving every dollar a job.” The app syncs with your bank accounts for real-time transaction data and offers easy-to-read reports and graphs that help you make adjustments as necessary.

Managing Business Finances


It is not uncommon for entrepreneurs to take out a small business loan in order to fund start-up and growth. Though debt management and budgeting concepts are similar, managing your business finances can be a little trickier than personal budgeting, especially when you are dealing with variable cash flows. Below are some tools developed specifically for managing business finances.

QuickBooks makes it simple for small businesses to organize their books and work with accountants when tax time rolls around. The products are designed to be easy-to-use and to help keep independent contractors, small businesses and other organizations organized and up-to-date.

InDinero is another convenient option for accounting and tax services. This product makes it simple to see how much your company spends each month by category, which can help you adjust your budget. The custom reporting dashboard also offers accurate data for forecasting and revenue generation insights by customer.

Expensify changes that way that you create expense reports. The app allows you to take photos of your receipts and convert them to a clearly-formatted report. This makes it simple to handle expense reporting across employees and within the company as a whole. This can help make your expense reports and, ultimately your business budgeting, more accurate.

Whether you are struggling with personal or business finances, there are plenty of helpful resources available at your disposal. Even if you are not currently facing any financial situations, having these tools at the ready will help ensure that your business will continue to run smoothly and efficiently in the future.

Photo courtesy of: brandnewday

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Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at or follow her on Twitter @shoeaholicnomor.

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