Join our newsletter

Stay in the loop, subscribe to our newsletter and receive blogs, money saving tips, Boomeringo updates and new releases right to your inbox.

Why You Absolutely Need an Online Personal Finance Manager

Posted on 12 May 2015 by Sophie Wakeham

Why You Absolutely Need an Online Personal Finance Manager

Although keeping control of your finances is a task undertaken by pretty much the whole adult population it still remains a grey area of confusion for many. Whether you're struggling with budgeting or simply confused about spending, taxes or bills, chances are you're losing a good chunk of time at the end of each month pouring over bank statements and spreadsheets. The good news is that nowadays this is by no means an inevitable fate, make use of a free online personal finance manager and you'll be delighted to discover just how much easier managing your money can be. Making use of a money management app can be a great shortcut to achieve a comprehensive and holistic view of your financial situation. Not only will this save you time, hassle and most likely money, but it will also provide you with confidence when it comes to tax time, maintaining bill payments and reaching your long-term financial goals. You now have the freedom to access your financial rundown from anywhere, on any device at the click of a button and in this post I'm going to give the lowdown on some of the best ways a money management app can help you out.

Consolidate Your Finances in One Place

Use an app that you can connect all of your bank accounts to. That way the powerful analytics tools can get to work transforming all of your transaction data into insightful graphs, giving you the complete picture. You can view your spending by year, month, week, category, merchant or tag. You can even view all of your income and transactions in one spreadsheet, making it easy to identify where you are earning and spending the most. Plus you can highlight your taxable transactions as you go making tax time a breeze.

Gain More Insights and Knowledge About Your Spending

When making any financial changes, whether it be making some small cutbacks or saving for something big, the first step to making this happen is being able to see exactly how much you are spending and in what areas of your life. Once you have a clear run down of this you can begin to set both short and long term money saving goals, that fit your specific financial objectives. Use a financial management tool to show you exactly how much you spend on say, utilities, fuel and groceries, but also in specific areas dependent on your lifestyle. Now that you have this information at your fingertips you can start to make subtle changes in your spending, pinpointing one or multiple areas at a time.

Stay On Top of Your Bill Payments

If you're struggling to stick to a tight budget it can be hard enough to pay all your bills on time, let alone find the extra funds if you get stung by frustrating late fees. When you've got a hundred and one things on your mind, it's certainly an easy trap to fall into - you're only human and naturally some things just get forgotten! If this sounds like a familiar problem then you should take advantage of a free bill reminder that can give you a weekly heads up on any upcoming payments via SMS, email or app notification.

Stick to a Budget and Spend Within Your Means

Even if you would describe yourself as a frugal shopper, if you're anything like me come the weekend you might find yourself overspending without noticing. I've all too often spent money over the course of a weekend without even realising how much it all adds up to. Pay casually on your card here and again there throughout the day and come Sunday evening your budget has taken a substantial hit! Using a finance manager can really help with this, especially as you can use it on the go. You can create weekly/monthly budgets for yourself setting up alerts for when you are close to reaching your budget limit. Don't see this as taking away your freedom to spend because really maintaining a budget gives you complete control over your money, and furthermore will keep you focused on your future goals.

Making use of an online personal finance manager is fundamentally about improving your lifestyle. This is not only true in terms of saving you time, hassle and manual work, as it's an automated service that is accessible from anywhere, on any device. It is also true in terms of fine tuning your monetary lifestyle in order to save you money, which most importantly will allow you to reach both short and long term financial goals.

Sophie Wakeham

Sophie Wakeham

Content Wizard

Sophie is our content wizard. She is passionate about brand marketing, growth hacking and creating engaging and informative content.