Who is Managing Your Money?

We have often heard of the adage ‘Penny saved is the penny earned’. How true is that, and how well applicable in our fast, technology driven lives is a pertinent question though. Sometimes we get too lazy to open the money record book and fill the entries, or we do that in such a manner that no-one but only we can understand what amount is debited, and what credited! This sort of half mismanagement can be more deadly than keeping no tracks at all. To keep a trail of where your money goes, few available options are:-

A)    Financial Planners- You may hire a financial planner, or keep an accountant who would scrap few things in your money management books, and keep you informed of your profit/loss. Let us now see how is this not worth it:- Firstly, it has become passé! Those heavy ledgers with scary columns of who gave what amount of money and to whom, is certainly not what most of us would expect today. Secondly, the accountants would charge you much, as on their end they have done it manually- so they charge labor costs! And thirdly, they are not applicable to all sects of people.

B)    Online Money Management Service- Managing money online, with minimal to zero assistance sounds refreshing. There are many online money management software’s that help you keep track of your money. And when they say money management, they not only mean distinguishing the profits from losses. Many of them include features like:-

Feasibility for people of all ages and nature

Flexibility of setting up multiple accounts

Maintaining periodic budget limits and sending overshoot results

Overall budget maintenance reports

So if an entrepreneur wants to have a magnified view of his business budget, or an elderly needs to know the maximum money he can save in a said time period, or more yet if a kid needs to manage his pocket money, the online money management software’s could be of much help.