Managing your finances on your computer can be extremely helpful. For example, if you write a check to somebody and they don’t deposit it until a few weeks later, you may forget you even wrote the check. Also, debit card transactions can sometimes take a few days to appear on your online bank statement. Even when they do appear, if the transaction is at the stage where it hasn’t cleared yet, the amount might not be accurate. This is often the case with transactions at restaurants (usually due to the tip) and gas stations. These scenarios can all lead to NSF fees. Paying fees to a bank because you weren’t responsible with your money is the same as flushing your money down the toilet, and nobody wants that!
What if you want to track where your money is going? Or what if you’re trying to plan ahead and want to know how much your electric bill was for a certain month last year so that you’ll have a rough idea of how much it’ll be for that same month this year?
You can see why managing your finances on your computer is a good idea. There are so many reasons to do it, and with a free application like Money Manager Ex (comparable to Quicken or Microsoft Money), there’s no reason not to.
Here is a tutorial video I made on how to use Money Manager Ex: