Creating a budget is simple in theory. You must simply find a way to spend less than what you earn. However, this is easier said than done, particularly if you are a small business owner or have a family. Those who have a wide range of assets or a complicated financial situation may wish to use the services of a financial advisor from a firm such as Lombard Odier, but most consumers can benefit from tackling their budget at home. By using the variety of online tools out there, it’s possible to automatically track expenses, monitor your credit rating, and set up a sustainable budget that will have you on track to meet future financial goals.
Personal Budgeting Tools
There are several popular websites that allow consumers to track their personal budgets and other financial interests without charge. PersonalCapital.com is one option, which can track budgets, credit cards, and even investments. Users can link their accounts to the tracking service, which will show you how your investments are performing and help you budget for the future. Mint.com is another popular tool. Although it doesn’t track investments, it allows users to link their credit card, checking, and savings accounts to their online Mint account. After being linked, all transactions are automatically tracked, so that you can see a breakdown of exactly how you spend your money. This allows for more realistic budgeting in the future so that you can make necessary adjustments.
MVelopes Personal is a fun tool that simulates putting money from your paycheck into different envelopes each month. One envelope might be allocated to your mortgage, and another to your savings account. This gives users a visual indicator of where their money is going each month.
Credit Tracking Tools
Tracking your credit rating can give you an accurate image of your financial health. In the United States, every consumer can gain access to a free credit report each year. AnnualCreditReport.com is one site that will provide this, allowing you to see what lenders have access to. If there are any errors on the report, it’s important to dispute them so that you can improve your credit rating and keep track of your personal finances more effective. CreditKarma.com is another service which allows you to track changes to your credit rating on a monthly basis, and offers advice regarding how to clean up your credit.
Windows Excel Templates
If you have Windows Excel installed and want to track your finances using basic spreadsheets, you can look for free templates online. These make it easy to simply input your expenses and see exactly where your money is going. There are plenty of budget templates available for consumers to download, including specific templates for personal budgeting, wedding budgeting, and business budgeting. Mactopia is a service offering templates specifically for Macintosh computers, also offering budget templates for free download.
When to Use a Professional
The wealth of online financial tracking tools allows consumers to budget more accurately than ever before. However, there are still circumstances in which it may be beneficial to turn to a professional financial advisor to get your budget on track. If you have just started a new business, this is one time when using an advisor will keep your goals achievable. Using a professional from Lombard Odier can also be beneficial for more complicated investment budgeting. Yet even with professional help, it doesn’t hurt to turn to online resources to learn more about your financial situation.
Many people have trouble managing a budget, but these tools will make it easy for everyone. Great post!