Managing your personal finances can be a challenge at best, not to mention a huge drain on your time and a major cause of stress! Fortunately, there are a range of online personal finance tools, many of them free, that can make the job so much easier.
Here’s a roundup on some of the best online money tools, not to mention free personal finance tools, to help you get your finances in order!
You Need a Budget (YNAB)
This online personal finance tool has a large community of online users and fans. It has two main aspects: firstly budgeting software, and secondly online support to help you improve your financial literacy, including online classes, tutorials, community support and tools and tricks to get your budget in check. This app is available on Windows and OS X, with smart phone versions for both Apple and Android.
YNAB not only lets you import all your budget data, but also helps you set budget goals (and stick to them!), reconcile accounts and guides you through the budgeting processes in an easy to understand way. On the downside, YNAB isn’t free and involves fees to use it. However, the app is often on sale for half-price or less so keep an eye out for a good deal!
GnuCash, on the other hand, is open source and free to use. It also does not rely on a connection to your financial institutions to work, unlike many other personal finance software. It is only available on desktop, but is available on all platforms helps you manage your finances with an ‘always balanced’ approach. This means you cannot make a transaction without debiting another account accordingly, so you’ll always know that your books are in check. It also lets you reconcile accounts, and can create detailed reports and graphs so you can see where your money is going. Pro tip: use GnuCash in conjunction with Dropbox or an encrypted cloud storage service to access your finances anywhere for free.
Mint was one of the first free online personal tools which could connect to all your banks, investments, funds and credit cards. It’s still free, web-based and easy to use! It gives you a good snap shot of your financial health, showing you how much money you have, where it’s moving and what your account balances are at any given time. It also has some functions to help you plan and organise your finances, such as a tool to plan your budget which also warns you when you’re not sticking to it. You can use it in your web-browser, and it’s Apple and Android app versions also get great reviews.
Another free online personal finance tool is BudgetSimple, although some of its features require you to sign up for the paid premium version. You can input your personal finance information into BudgetSimple and it will give you a budget planner which shows you how you can cut expenses, save money and build up your savings. As its name suggests, BudgetSimple makes the process as easy and painless as possible, with a pledge that you can get better insight into your personal finances in just an hour. Expenses can either be entered manually or linked to a bank account and uploaded from there, making this a great personal finance tool.