How to Use Personal Finance Software

Before the days of the personal computer, people were forced to rely on bankers and financial counselors to manage their money. Advances in personal finance software have made it possible for anyone with a computer to pay bills, manage accounts, track investments and create detailed budgets. Most personal finance programs are intuitive and fairly easy to use.

Difficulty: Moderate

Instructions

Select the Right Personal Finance Software

1. Compile a list of all the qualities you'll need in a personal finance program. All programs will support individual finance issues, but you may need a special program if you receive income from a personal business. Decide whether you'll need a software program to help you manage investments and file taxes.

2. Examine your computer's system requirements. Several prominent brands are not available for use with Apple computers. In addition to a compatible operating system, you'll have to make sure your computer has the memory and processing power to run the finance program in question.

Get the Most out of a Personal Finance Program

3. Install the software program. Either download the program via a website or install it with the help of a CD. Follow the self-guided installation process.

4. Learn the basics of your software by completing any tutorials. These self-guided programs can help you learn the key commands and functions. Follow along by reading any included instruction manuals or online guides.

5. Connect your computer to the Internet and allow your personal finance software to communicate with your bank's website. Link your checking, savings and credit accounts to your software program.

6. Create budgets to help you manage your finances. Track your income sources and compare them to expenses you'll face each month. Use the charts and reports that are unique to your software program.

7. Track the value of your investment portfolio. Many software programs offer real-time updates from the markets, so you can track the value of your stocks, mutual funds or foreign-currency investments.

Tips & Warnings

• When you're shopping the right personal finance software, check each company's website to see whether it offers a free-trial period. You may be able to take each program for a month-long test drive to get used to the various features.
• Check a company's official website to see whether any software updates have been released for your program. Use these updates to keep up with the improvements software developers are constantly making. When you purchase your software, you may qualify to receive free updates for a specified period.