How to Buy Personal Finance Software

Some people just aren't cut out to work with a broker or a financial planner. But they still have finances to manage. Whether you need unbiased financial advice or an efficient way to track your money, don't overlook financial software.

Instructions

Difficulty: Moderately Easy

1. Decide what you need in a software program. Basic programs include check book balancing, online banking, investment tracking and organizing data for use in tax preparation software (such as TurboTax, purchased separately). More advanced programs, geared toward small businesses, are capable of double-entry bookkeeping, tracking accounts payable and receivable, tax strategies, printing invoices, and more. Many have online bill payment or can print checks from your printer, which is helpful when you're knee-deep in monthly bills.
2. Visit local computer software stores or check out sites that sell personal finance software, such as Amazon.com, to compile a list of available titles. Also check out sites that rate software, such as PCMagazine.com and Cnet.com. With a list of brand names and application titles, turn to the manufacturer Web sites--such as Intuit.com and MYOB.com--to gather more detailed information about hardware required to operate the software, level of complexity, and pricing. Some Web sites even offer a free trial or demo.
3. Ask around among friends and colleagues to see if they use the program and if so, how they like it.
4. Make sure the application is not too complex for you. Some are geared toward novices, while others are better suited to experienced users. Match the program's level to your own.
5. Choose a program that offers regular upgrades. This is particularly important with tax software, as the government has no doubt changed several tax codes since you started reading this book.
6. Look for Internet connectivity. Some financial programs let you download stock quotes, analysis, bank statements and other data. Others, including QuickBooks (intuit.com) and AccountEdge (myob.com), enable you to share data online between two or more users.

What to Look For:

• Functions you need
• Ease of use
• Upgrades
• Internet connectivity

Tips & Warnings

• No matter which program you buy, use it regularly. The software is useful only if you keep your records up to date with it.
• Check with your bank to see if it offers online banking and bill payment through desktop software. To save money and retain customers, many banks only offer these services through their own Web site.
• Also consider Web-based financial services. Some sites offer financial management and electronic bill payment, and all you need is online access. These services usually have fewer features, but if your needs are simple, this could be the way to go. One example is Yahoo Bill Pay (billpay.yahoo.com).

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