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And yes, students still need to learn check-writing basics such as how to fill checks out – at least for now. Ouch! It was the first time I was introduced to “overdraft charges” and it wasn’t pleasant.Ī lesson on online bill pay services might also help students who lean on technology to manage their money. I learned this the hard way when I bounced three checks when I was 19 years old. Even if they stick to debit and credit, they could really benefit from learning how to manage their cash flow and outflow to avoid overdraft fees. While the days of writing checks for most bills are clearly over, young people still should learn how to balance a checkbook. While it’s smarter to avoid debt in the first place, young people should be educated on the many tools they can use to rebound if they fall behind with their bills. Understanding responsible use of credit, from the moment a teen gets their first credit card, can go a long way to building a solid financial future. Young adults can use credit wisely to meet goals and build up a healthy credit profile, but it’s key to ensure that when you use credit that you can pay it back. Instead, they should save for what they want, and aim to use credit only when it serves their interests. Lastly, high school students should understand that it’s not a good idea to use credit to buy things they can’t afford. Fortunately, I learned more about credit as I aged and worked diligently to become a financial advisor. Heck, I was once one of them! By the time I was in my early twenties, I had $20,000 in credit card debt. As a financial advisor, I’ve seen far too many young people run up huge credit card balances early when they don’t have a good understanding of how credit works. Since you can normally get your own credit card at around 18 years old, it seems like common sense to teach high school students about the intricacies of credit. Here’s a look at some of the essentials I wish I would have learned in high school and I think should be taught today: #1: How Credit Cards and Interest Rates Work While some schools offer a home economics class or something similar, they’re still failing to impart a basic financial education that I believe is necessary for a successful, financially stable life outside of school. While I want to believe more money skills are being taught in schools than what I experienced back in the day (er, not too long ago), what I’m hearing from parents is that not much has changed.
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So if you have several financial accounts, go for a software that can handle them all.That’s right I sat through a year of classes, yet I didn’t learn a single money skill that could apply to my life. Some software will even limit you to one account. This is because some financial software usually has limits to the number of accounts you can add to your profile. The number of financial accounts that you have should guide your choice of personal finance software. A good finance software should allow you to view all your past activities and financial status with ease and at a glance. The software should be able to break down your expenditure by date, amount or category. You need a software that will display your reports and transactions in charts and graphs. The personal finance software that you settle on should have the same security measures in place as the banks. You don’t want to submit your personal details to a software whose security is not guaranteed. Software Securityīefore you choose a software that will handle your finances, you should make sure that it has all the proper security features in place. Sometimes you might prefer to speak to a human about your finances instead of having a robot-advisor manage your investments. For example, you might need a personal finance software that offers customer support. The types of services and assistance that you want from your financial software should also determine what you settle on. The software you are about to buy should be able to operate on your mobile device or computer. This is a very important aspect that you should consider when shopping for a personal finance software. But how can you find one that will suit your preferences and individual needs? Here are things you can consider to help you choose the best personal finance software. Finding the best software for you will, therefore, be important. This software will help you in budgeting, tracking your expenses, paying bills and taxes and in saving and banking. The functionality of personal finance software is designed to improve your financial health by analyzing your transactions. Personal finance software usually come in many forms that include computer programs, mobile apps, websites and other digital tools. Good news is that there is personal finance software that can help you in understanding and being in charge of your finances. Sometimes you can get busy with life that you can barely have enough time to be in charge of your personal finance.