Notebook and Pen or Pencil

Using a notebook sounds basic and simple, especially if you easily get confused with software and confusing, but overall, it really isn’t easier.  Once you get the hang of a software program or spreadsheet, there will less likely be mistakes and the whole process will be faster and more efficient.  I wouldn’t use a notebook unless you are carrying around a tiny one to keep track of spending on the go.

Should you use Excel?

You can manage your money with excel.  You can budget and you can keep track of your financial goals.  The downside is that unless you find a premade worksheet that you like, you have to design one yourself.  For some people, this is preferable because they can tailor it exactly how they want.  If you are lik this, excel, is perfect.

What’s great about excel is that you can have a book and set up different sheets.  Make a sheet for long term financial goals, short term financial goals, a budget, investments, etc.  You can be as detailed or as simple as you want and design it all as you want.

When you should use Software?

Software makes things a lot easier.  It’s all set up, you just customize it to your situation and add in your numbers.  It might even give you great features you never thought of.  Quicken and Microsoft Money are two of the most popular financial planning software available.

Quicken is also available online which is absolutely free.  This is great if you are trying to save money because not only will it help you with a budget, but it’s free, so you don’t have to buy anything.  It’s really worth giving it a try.  If you don’t like it, stop using it.

Another great benefit of Quicken and Microsoft Money is that you can connect all your accounts such as bank accounts and investment accounts, all together.  This makes it so simple having everything in one place.  You can keep everything organized.  Most of us have 2 or more accounts dealing with money, and this is a great benefit.

Making a one time investment into financial planning software can mean a simple money management program and keeping good track of your money.  It’s worth the investment, and if you don’t want to spend money, you don’t have to with Quicken Online.