The American economy is booming right now. The national unemployment rate is at 3.7 percent, which is a 49-year low.
Wages are growing at nearly a 3 percent clip. In addition, the S&P 500 and Dow Jones Industrial are trading at record highs.
Now is the time for individuals and businesses to take advantage and get on the gravy train. There are so many great resources out there to make financial management easier than ever before.
Read on to learn about the best financial management tools to help in your personal and professional life.
Track Your Expenses
Most individuals and businesses have a grip on their monthly bills. For the most part, bills like the rent and cable are fixed and do not fluctuate very much.
However, variable expenses are much harder to track. Many people just do not realize how much money they spend at Starbucks each morning. It all adds up and at the end of the month can represent a pretty significant amount.
The good news is that there are apps you can download on a mobile device to track these variable expenses. Apps like Wally allow you to take receipt photos and log daily expenses.
Online banking programs offered by major credit card companies often include an expense tracker as well. This degree of expense tracking is crucial for companies that write-off business-related charges.
Set a Budget
Establishing a monthly budget is a no-brainer for businesses and individuals alike. It is imperative to know exactly how much you can spend on things like office supplies or launching an advertising campaign.
A detailed budget addresses both revenue and expenses. This allows you to calculate how much profit your business makes each reporting period. Conversely, for an individual, the net difference between revenue and expenses is your savings contribution.
Like the expenses tracker alluded to above, there are great online tools for crafting a budget. Quicken is the most popular program and used by millions of businesses.
There are other programs like YNAB or Mint. One cool feature of many online programs is they link to your savings or checking accounts to keep budget data in real-time. Some programs are even linked to retirement or investment accounts.
Stock Trading Tools
Many people are too busy with work or personal matters to actively manage their own investments. However, there are online tools that allow you to set target sell or buy prices for your favorite stocks.
These analytical tools are called forex signals and are provided by websites like RedHotFX. The data is compiled by professional investors but is useful for both beginners and advanced investors. Tools like these increase return on investment and make trading more efficient.
Financial Management Tools – Wrapping It Up
The modern era has truly optimized financial management. There are online tools that allow you to create a budget and track expenditures. There are also tools to make your investments more efficient and successful.
If you enjoyed this article about financial management tools, please check out our blog for other great pieces.