Money makes the world go round, or so the cliché tells us. Yet it appears that a fair proportion of us are terrible at tracking how we spend it.
As part of our recent personal finance software reviews, we called on some Which? members to help with our testing.
We specifically asked for help from those who struggle to organise their household finances. Some told us that they try and keep on top of their spending using online bank statements, while others were using spreadsheets or mobile apps.
But what was clear to us was that they were all after a quicker, easier method to monitor their money. And this is what personal finance software packages aim to do.
Personal finance software
With the help of a dozen Which? members we tested out some personal finance software packages to see if they could help untangle messy household budgets.
Our volunteers initially voiced concerns about taking the time to learn a new computer program. Some were also unconvinced that computer software could compete with the complex spreadsheets they’d created.
However, after a month of using our best-scoring software, their responses were generally positive. One told us they couldn’t see themselves getting on without this software. And another intends to use it to help run her business.
Having tested out many personal finance software packages myself, I’ve decided to splash out on one of our Best Buys.
In fact, I’ve already worked out where I can reduce spending in order to fund my summer holiday. And the associated smartphone app is enough of a prompt to make me think twice about those impulse purchases when I’m out and about.
But if you’re thinking of trialling personal finance software to help you monitor your spending, then it’s essential that you consider the available packages to find the most suitable software for you. And our reviews can help you weigh up your options.
Managing your money
So what methods do you use to organise your day-to-day budget? Have you ever used personal finance software? Would you recommend it to those who struggle with their finances?