If, for some reason, your minimum payment is less than your finance charge, paying the minimum will result in a bigger, not smaller, balance. Can You Lower Your Finance Charge Amount? Since your finance charge is based on your interest rate and credit card balance, you’ll pay higher finance charges when these amounts are high. You can reduce the amount of interest you pay by paying off your balance faster, requesting a lower interest rate, or by moving your balance to a credit card with a lower interest rate. You can also avoid finance charges altogether by paying your entire balance before the grace period ends. If you pay your balance in full each month, you’ll avoid finance charges completely.
With more than 100 spending categories, you can pretty much use AceMoney to budget down to half a cent. You’ll know where each smidgen of your cash is going. And isn’t that what personal finance software is all about? AceMoney also provides other special features and accessories. It can also import data from other software, including Quicken. wxBanker is somewhat bare bones, but some users just want to keep track of their most basic finances and this software has that functionality. For example, if you spent $240 at the grocery, the software will help you keep track of what you bought and the cost of each item. The interface is incredibly clean as a result, and wxBanker does sync with Mint.com, which is a nice touch. It does not handle your small business needs and will not sync with your bank records. However, it will record all of your transactions and includes a built-in calculator.
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Best for Debt Payoff: You Need a Budget. You Need a Budget. Courtesy of You Need a Budget. You Need a Budget is a personal finance app that’s built around YNAB’s Four Rules. The rules – Give every dollar a job, Embrace your true expenses, Roll with the punches and Age your money – not only help you build a better budget but also help you gain control of your spending. Import transactions from your checking account and apply them to each budget category to get an accurate picture of your spending. Keep a balanced budget by adjusting budget categories if you accidentally overspend (or if you underbudgeted for a certain category). Detailed reports show you how your spending is progressing throughout the month and help you spot places that you can improve your spending. According to YNAB, the average new user saves $600 in the first to months and more than $6,000 in the first year. You can try the app for free for the first 34 days.
These days, money and personal finance advice is easy to find. There are literally hundreds of books out there about managing your money. But finding good and practical personal finance advice? Now that’s a little more difficult. If you’re catching up on your reading, here are 10 great places to start when it comes to getting a handle on your money and personal finance. There is something here for everyone, from individual investors to couples and driven young professionals to those with less confidence in money management.
Working With Account Registers