3 Essential Features of a Budgeting Program

Using a budgeting program can significantly help you keep track of your money. However, when looking at different budgeting programs, you need to make sure that you choose one with these essential features.

1. Customized Budgets

You need to be able to set up a customized budget for a number of different financial situations. For example, you need to be able to set a monthly or weekly budget for groceries or entertainment expenses. Some budgeting applications will not allow you to customize a time frame for your budgets.

2. Easy Updates

You also need to be able to update your financial transactions easily with a budgeting program. If you look at online budgeting programs, you will be able to link your budgeting application in with your financial accounts. This will allow you to get real-time information on your budget. If you do not use an application that is web-based, you should be able to easily export your transactions into the budgeting application from your bank statement.

3. Virtual Envelopes

Envelope budgeting is a proven method of budgeting your expenses. By utilizing virtual envelopes, you can determine the different areas that you spend money and allocate a certain amount of resources to each envelope. As you spend money, it will be deducted from the proper envelope and tell you how much money you have left to spend.

 

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