A free budget software is what you need if you want to have better control over your finances. Being free does not mean that the tool would be of low quality; in fact, it could still perform the same or better tasks than the paid ones. It depends on the provider of the tool you are using. The software can help you in such areas as income statements and integrating balance sheets, while tracking cash flow. It helps in forecasting so that you can make informed financial decisions. With the processes automated, you can efficiently plan budgets, ultimately saving you time and money.
Popular Free Budget Software
These are some of the free budget software that most people use today:
1. SimpleD – This is for household or personal financial management.
2. Mint – This tool tracks your spending, categorizing it automatically.
3. AceMoney Lite – In addition to doing the usual budgeting, this tool also downloads stock quotes online.
4. Microsoft Office Accounting Express 2007 – If you have a small business, this tool will be very useful in budgeting. It can be used to manage your eBay auction purchases and sales, and integrates with hundreds of online banks.
5. Yodlee MoneyCenter – This free budget software has a lot of personal-finance tracking features, and is being used by hundreds of financial institutions today.
6. Buddi – If you don’t have any financial background, you will find this software to be very useful. It runs on any computer on which Java is installed.
The Basic Features of a Free Budget Software
There are different types of free budget software, and the features are not always the same. Some have features that are needed by most people, and others go further to include features meant for those in specific fields. If you want to get your free software there are certain basic features to look for.
Month-to-Month Income and Expense Changes
It is common to have fluctuating expenses such as telephone bills and heating bills. For instance, the heating is higher in the winter than other seasons of the year. Your free budget software must have this feature, as it enables you to work with fluctuating income, instead of having to enter the same monthly figure for your income. If you have an expense item which changes from one month to another, the average amount can be allocated.
Flexible Budget Categories
Your free budget software should also have flexible budget categories. Through the categories, you can easily define your major income and expenses, and it is a good idea to be able to change, delete or add categories. You should not use budget software which locks you into a default set of categories of income and expense. You should be able to make changes based on your needs.
The free budget software should be able to generate simple reports indicating how well you follow your monthly, quarterly or annual budget. If the software can generate weekly reports, you will be able to closely watch your spending.
A free budget software is good because it helps to improve your financial situation, whether as an individual or a small business owner. There are also programs which can store and integrate tax information, making you to be prepared for the tax season.