How to Pick the Right Financial Planning Software

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OK, you think you need financial planning software! There are many options on the market, but before selecting anything at all, you need to decide why you want the software and
what you want it to do.

What You Will Need:

A notebook and pen.
Internet access.

Step 1

Take some time to decide for what purpose you require financial planning software. Is it simply to balance your check book and keep track of expenses or do you want
the program to manage a budget, help you with taxes, keep track of investments and so on? Only you know your overall requirements.

Step 2

Take some time and write down your requirements in your notebook. You now have a basic plan.

Step 3

Do you know anybody else who uses financial planning software? If you do, call them up and ask for some advice. If nobody springs to mind, start buying PC Magazine.
You will find many tips within its pages.

Step 4

The most popular financial planning software comes from two sources. The best known is possibly Quicken, which is the most expensive, and the other is Microsoft
Money. You can Google the names into your computer and see what they both have to offer on line. Both companies provide a range of products and your choice will be driven
by your individual needs.

Step 5

Comparing Quicken to Microsoft Money: You will find that “Money” is a cheaper option. The most basic version sells for under $20.00, but really it does little more than
balance your checkbook and some basic budgeting. For $10.00 more you will get software that has a range of features, and overall will be far more useful. You also get Internet
support for two years whilst this reduces to a single year with the cheaper variant.

Step 6

You can give all of this software a test drive to discern which you prefer. Quicken will give you a generous two months free trial but Microsoft let you make do with a single
month. By all means take up the offer. I suspect the two month Quicken promotion will have you so dependent on the system that you will end up buying it. Microsoft has an
online version of “Money” but it costs out at almost $3.00 per month after the initial free sample, which makes it quite expensive!

Step 7

Aside from Quicken and Microsoft Money there is a range of lesser known financial planning software packages available. Some of these are free and others are
shareware programs.

You will see a comparative listing here:

http://zenhabits.net/2007/05/6-great-free-alternatives-to-quicken-ms-money/.
Gnu cash was originally designed for Linux systems. Like many Linux related products the packaging is not pretty. It is, however, now available for those who use Microsoft operating
systems.

Step 8

Do it yourself. Use Excel or Google spreadsheets to make your own financial planner. It will take a bit of time, but doing it this way, means you have an aid specially
designed for your individual financial goals.

Tip:

Spend some time experimenting and using the software so that you come to understand it and can use it with ease. Then select the option that is easiest for you. If cost is a
factor, you can get free software but it will not have all the bells and whistles.

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