Software Based Budget Tools
In this day and age, it’s easier than ever to create and maintain a budget with the help of online services and apps. Given that your financial data is notably more sensitive than your shopping list, you might want to take a moment considering if you want to expose your data to third parties for the sake of convenience.Apart from using a traditional budget solution, on-premise budgeting software solutions can be a viable alternative for some who need help creating, managing, monitoring and evaluating their budget. Software solutions involve downloading or installing a computer program on your laptop or PC. Probably the most prominent and widely used budgeting software tool still is an Excel spreadsheet. This may be due to the fact that (compared to other products) Excel is an affordable solution for many households and companies, offering unlimited flexibility and sheer simplicity.
Some budgeting software tools can be linked to various financial institutions, but they do not necessarily require you to connect to your financial institution or an external service to work. Typically, they allow you to input each transaction as it occurs manually and give you the choice whether to import data from your financial institution. Since with software based budgeting all your financial data is stored locally on your computer, you are not required to share your data online with third-parties. As opposed to online budget tools, that allow you to access your financial data from almost anywhere in the world, software budgeting solutions typically need a computer on which you installed a software to work with this data, though. Once installed, you can use it to run reports about your spending history and create a budget based upon that data.