Best Household Finance Management Tools
Managing household finances can be a difficult task, especially after marriage when it requires different members of the family coordinating their spending habits and sticking to the shared goals. Keeping track of everyone’s expenditure can be challenging with one person managing the bills and other such expenses while the other taking care of expenditures like groceries.
To make it easier to track household finances, many tools have been launched in the market in recent years, and this article will talk about a few of them.
One of the easiest ways is to create an Excel file on Google Drive that can be accessible by both partners. They can enter their spending and save or just view the monthly finances. At the end of the month, both of them can sit together and review their accounts. It is important that when updating a spreadsheet on Google Drive, account numbers and passwords must be kept offline to protect your account from online fraud.
This app can be downloaded onto your tablets or phones by paying $5 only. Once downloaded, you will have to enter every transaction you perform manually into the app, which is then shared with your partner. You can also log into the app at any time and check your partner’s expenditures. This app is better than the automatic ones because when you get to enter your spending manually, you keep track of how much you have spent and how much needs to be saved.
HelloWallet’s Emergency Savings Calculator
Many people know that they need to save money for their life after retirement as well as for emergency situations, but they do not know how much to save. Here is where Morningstar’s HelloWallet comes in handy. Morningstar is a financial wellness firm that recently launched a free app to help you calculate your emergency savings goal based on your earnings, expenses, and lifestyle.
This tool is aimed at consumers who have limited access to traditional sources. Puddle, winner of the Financial Solutions Lab Competition, enables you to lend or borrow money from your family or friends through small, short-term loans. This tool is handy as most people do not have liquid cash when they need it, and it meets their needs.
This tool is specifically intended for people who struggle when it comes to managing financial paperwork. The tool has been developed by Brian Berson, who had mistakenly tossed his mother’s financial documents when he had to take her charge when she was ill. At that point, Brian thought there must be a way to digitize the process of organizing financial papers and thus, FileThis was created in 2011.
This tool is a digital filing cabinet, which automatically uploads financial account information, health insurance information, bills, tax documents and other important papers from banks and insurance companies. All data in the app is encrypted and can be downloaded whenever you want.