Question for the Money Doctors
Question submitted on Dec 27, 2021.
QuestionWhat are some of the best apps to manage your personal finances all in one place?
Many choices are available. The best choice depends on what you're hoping to achieve and the amount of effort that you willing to put into recordkeeping necessary to the process. Many people will benefit by simply recording all of their monthly transactions and creating a report to show where their money is going. From that you can determine whether and where cuts can be made. If your finances are simple enough, you could create your own recordkeeping system either on paper or on a spreadsheet program like Excel. However, this could get tedious and fortunately there are a number of apps that can do the job for you. Here's a link to a survey of some of the best. The 8 Best Personal Finance Software Options of 2022 (thebalance.com) The programs listed there are all fine programs and there are probably others as well. The best choice for you among these is going to vary based on how complicated your finances are, how much effort you're willing to put into setting it up and what you're hoping to get out of it. In some cases, it might even be best to hire a CPA or financial planner to help you think through this process. For example, you might just want to know where you've got some discretionary expenses that you can trim back to free up money for increased savings. Or, you might benefit from a program that tracks your retirement savings to keep you motivated. Getting some professional advice could save you lot of frustration in the long run and help you get the most benefits for your efforts. In many respects, the choice of the best personal financial planning app is like the best choice of an exercise program. The best choice is the one you'll actually do.
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