Simple Home Budget Articles

Home Budgeting Software is an essential component

Sticking to your budget is one of the important things you should do when you want to have a successful financial plan. However, recent studies have found that many people don’t have an issue sticking to their budgets. They have a problem keeping track of their daily total incomes and expenses. To solve this issue, if you are one of them, a good home budgeting software can save much effort and most importantly your time. By using these innovative money management platforms, you don’t have to worry about coming up with a non-effective budget. You can easily track any income received and expense incurred as the day progresses.

Things You Can Expect From Home Budgeting Software

All home budgeting programs not only comes with easy to use budgeting tools but also reporting tools. You can use these programs to easily and quickly schedule recurring payments, track and categorize your expenditures, and split transactions into various categories. Most of them also allow you to export your account data manually in different formats such as CSV and Excel.

If you are in the market for home budgeting program, make sure you choose one that offers maximum password protection, two-factor authentication, and other bank grade securities.

Available Options

Several individuals and companies have come up with their home budgeting programs. Some of these programs are free while others require a subscription or are available for purchase outright. When it comes to functionality, some of them come with features that work only on desktops while others are work on both desktop and computer devices. It is up to you to determine which program works best for your home budgeting needs.

Features of a Good Home Budgeting Software

As stated above, all home budgeting software comes with a different set of features. Some have essential features that you don’t have to waste your time investing in them. Some come with a lot of advanced features which requires you to spend a considerable amount of time learning how to use them. In this section, we have explained in detail some of the top 5 features that make any home budgeting program worth your money and time.

The program should be simple and intuitive

You don’t need a degree in finance or accounting to use a home budgeting program. So any home budgeting software you settle on must be intuitive, simple and easy to use. Features of these types of programs should quickly provide answers to how, when, which, where and what kind of questions.

Any program that doesn’t require you to use a tedious manual gives you confidence and morale when formulating your budgeting plan. It will make the process of entering financial hassle free.

It should have an auto calculator

One of the grave mistakes you will do when creating a budget is miscalculations. To resolve it, a good home budgeting software should have an easy to use auto-calculator. If the program is asking you to conduct manual addition or subtraction, the option will not be suitable for you.

A program that carries out automatic calculation can help you keep your account balance straight. It will also give you an accurate picture of your finances and shows you how each home budget affects other resources.

Saves time when importing your information

You should choose home budgeting software that saves time when importing your information. The program will also reduce errors and stress associated with home budgeting. If you want to carry out bank to credit card transactions, also choose a program that lets you enter your bank account information and completes the transactions by itself.

Also, choose a program that imports accurate information and ones that automatically updates the information whenever you make the changes to the budget. For instance, when you use your credit card to purchase a few stuff, your financial account updates the purchase automatically in the program.

The program should include visual aids

Some programs present information using visual aids such as graphs, figures, tables, and charts. This helps you to understand the information presented. These visual aids present some words and numbers into a visual format that is easier to process and understand.

Programs should offer mobile access

Users should make their home budgets are made away office setup. You should, therefore, choose a program that allows you to build or examine budgets at home. This means the program should be web-based to allow you access the same budget information from other locations or devices.

Verdict

The best home budgeting software program is the one that connects with your bank or credit card accounts and allows you to access every bit of your financial data from anywhere. Also, it should have an Android and iOS app to make it convenient for you to carry out transactions, monitor finances and change your budget from the comfort of your mobile device.

Many people are looking to find ways to pay no more than they should. At the same time, they try to find the means to boost their tax refunds. It is because taxes can be unpleasant and it’s critical for many to find strategies and legitimate ways to reduce their tax liability. The following are some top tips on how to maximize tax return.

Timing can Boost Tax Refund

Taxpayers who keep a schedule and know when they need to pay their mortgages, they improve their chances of getting a larger return. For example, they have to try to pay January’s mortgage payment before the end of December; this way they can get the added interest for their mortgage interest deduction. Or they can program to take their various health exams and treatments during the last quarter of the year. This way they can boost their medical expense deduction potential.
Moreover, if they property taxes, they can schedule to pay them also by the New Year’s Even, which can help them take the standard deduction, which means a bigger refund.

Check out for Various Deductions

Many people just simply assume that the standard deduction is the best choice they can get. But they need to look for more information on the ‘Miscellaneous Deductions,’ to see all the available options for them. They need to remember also not to forget about the ‘above-the-line’ kind of deductions, such as expenses for health and education. They can take these deductions whether they itemize or not.

Maximize IRA contributions

If taxpayers make use of a traditional IRA, they can be given you the flexibility of claiming the credit on your return, filing
early and using your refund to open the account. More specifically, traditional IRA contributions can reduce their taxable income. Moreover, people can take advantage of the maximum contribution and, if they’re at least 50 years old, the catch-up also provision which can be added to their IRA.

Use of Travel & Charitable Deductions

Travel records can help people reach the needed minimum percentage of adjusted gross income for miscellaneous deductions. For example, if they move for a new job about 50 miles, they can boost their tax refund, because they can deduct moving and travel expenses related to their relocation. Also, charitable deductions can offer to taxpayers substantial tax savings, which can make a practical difference in their refund. Taxpayers need to remember that although all types of donations can help tax deductions, there are -though- some restrictions. For example, the donations need to be made to a non-profit organization.

Check Out for Various Professional Expenses

Some jobs require employees to use special equipment that they need to purchase out of their own pockets. If the company doesn’t reimburse for those expenses, you can claim some of them on income taxes, to help maximize a tax refund.

For example, the subscription costs of professional publications that keep people updated about how to perform their job better can be deducted. The same goes for professional dues, such as those taxpayers pay to belong to specific professional organizations. Moreover, if they use their personal mobile phone for work purposes, they can also get deductions.

Use Professional Assistance

Professionals can take a better care of complex tax situations. Even though taxpayers can do their taxes adequately, a tax professional can help them a great deal. They know how to do research carefully and can advise their clients the best possible way. Research a tax professional carefully, and do not just choose one based on advertising (certainly not on promises of the highest refunds). Check their certifications, experience, and online reviews of their services. Note that lawyers and accountants may be qualified to sign tax returns without having any experience in doing so.

Review the Filing Status

Filing status, such as single or married can greatly influence the amount of money taxpayers receive their refund. Filing status may change in case people take a divorce or in the event of the death of a spouse. This kind of situations can make people more eligible to larger refund. Married couples who make their files jointly can expect a bigger tax refund. Filing a joint return tends to lower the overall tax bill and can offer some tax breaks unavailable to those filing separately. However, there are some reasons, which a couple may want to file separately. In this case, the couple should consider filing separately. If they have a significant amount of unreimbursed medical expenses, more than average amount of miscellaneous deductions or if one spouse is behind on child support or student loan debts.

Where is your money? What is your money relationship? Is your money as close to you as your own skin? Do you nurture and value your money? Is your money as close to you as your favorite uncle or more like your third cousin twice removed? Or, do you treat your money like the wrapped gift you got last year; buried in a box on the bottom shelf of your garage somewhere behind the holiday decorations. These are some tough questions which require truthful answers.

Healthy growth comes with a little pruning

Remember, healthy growth comes with a little pruning. Let me illustrate. You were looking in your purse or wallet for the $20 you thought you had. Only to realize you don’t remember spending it. Here is a challenge which needs addressing. Remember our promise we made to ourselves this year. We are going to manage our spending and our saving in a more efficient manner. At least that’s what we told ourselves at the beginning of the year.

Where did the money go so fast?

Do you find yourself asking, “Where did the money go so fast?” Don’t be harsh with yourself. This is about taking control, knowing the whereabouts of your money and improving your relationship with your money. One of the multiple paths to financial success does not require you hitting the lottery or winning a million dollars. Success comes from personal money relationships and effective money management. Did you know that on average, depending on your income, most people with make $250,000 to $1,000,000 over the course of their working lifetime?

The problem in many cases is not getting the money

So, the problem in many cases is not getting the money. The issue is finding where you put it, what you did with it, or where you left it. Now, these might seem like the same statements but they are not. I categorize “putting” under-investing, or saving. You’ve put your money in stocks, ETFs, bonds, CDs or some type of investment with the intent of growth for future use; whether that be for college, retirement, an exotic vacation for example. What you did with your money comes under the heading of monthly expenditures. The responsibilities you have on a monthly or weekly basis such as groceries, rent or mortgage payments, auto payments, auto insurance, etc.

Buying sprees

I categorized left as those buying sprees or spree where you “left” both your mind and your money at the store. You came to your senses once you hit the parking lot but were too embarrassed to go back to the store and return the items you just purchased. You went to the store with the intent of getting the two items you needed but left the store with a shopping cart full of items having no clue as to why you bought them.

Prosperous money relationship with your money

Again, you are not judging yourself. You are bringing about a positive change through personal awareness. Our goal is to improve our relationship with our self and our money. To do this we must first know where our money is going by looking closely at our relationships with our money. In the real world, of course, life is a combination of “put”, “did”, and “left”. However, powerful growth can be triggered through knowing your true relationship with your money. From this position, you are able to make the dynamic modifications and adjustments necessary to bringing about a healthy, loving, and prosperous relationship with your money.

Does money bring happiness?

Here is an age-old question, “Does money bring happiness?” Sometimes it does, and sometimes it does not. There is no one size fits all answer. If you are willing to review the various aspects of the “happiness-money” relationship and find the perspective that is most relevant to your current needs, you will be able to use this perspective to steer yourself towards a happier and more fulfilling life. In this article, I will go over a few ways to look at the relationship. As you read, reflect on how this may be relevant in your current life situation.

Money can indirectly impact happiness

One view is that money can indirectly impact happiness by making our lives more comfortable. For example, in cold winter time, having the money to pay for heating in the home will make life a lot more comfortable physically. That would mean that you can choose not to walk around home all wrapped up in thick sweaters if you would rather not and you definitely do not need to suffer the bite of the cold winter air. This is one level of viewing the relationship between money and happiness. Let’s take this further.

Stumbling on Happiness

According to Daniel Gilbert, a Harvard University psychologist, Americans who earned $50,000 per year were a lot happier compared to those who earned $10,000 per year. However, Americans who earned $5 million a year did not exhibit a much higher level of happiness than those who earned $100,000 per year. If you are interested, you can read more about this in Professor Gilbert’s bestselling book “Stumbling on Happiness,” published in 2007.

You have $1,000 versus $100

Think about it, if you have $100 in your pocket for a week’s grocery shopping, you can pick and choose a lot of different foods. Now if you have only $10 budget to spend for the week, you may have to forgo a few things and hence experience a decrease in happiness. And if you have $1,000 versus $100, it may not make that much of a difference to you, since $100 would have sufficiently addressed your needs. So, if you go with this view, then more money will be necessary for more happiness up to a point. Then its impact on happiness will level off.

There are some things that money can never buy

Here’s another perspective. Like the Visa advertising we see on TV, there are some things that money can never buy. For example, having a supportive family, meaningful friendships, having self-confidence, being able to do work you love and more. All of these are intangibles that cannot be directly purchased with money and they all have a definite impact on happiness. It is important to recognize these things.

Multi-faceted relationship

There are numerous perspectives on the relationship between money and happiness. It is a multi-faceted relationship. Instead of just simply saying that money will or will not create happiness, it is perhaps best to take time to reflect on what we truly seek for in our individual lives. For example, is it better relationships, personal development, freedom from financial worry, or something else? Then, it becomes easier to see how money relates to all that we are seeking and earn it from a proper perspective.