![]() One look at my PFM’s checkbook register and I know not only my current balance, but I know all the checks I wrote on the account which haven’t cleared yet. For my checking account, the PFM software matches the downloaded transactions with the ones I entered, merging them and marking them as cleared. I usually enter my checking transactions as I write the checks, but for my credit cards, I just download the transactions from my bank’s website and the PFM allows me to categorize the transactions before saving them. It also saves me from giving multiple times to the same charity that keeps sending me letters every two weeks. It is then very easy for me to create a report or search the transactions and see what I gave to each charity each year and what the total is. Every time I enter a charity donation transaction in my PFM, I categorize the transaction as “charity”. At tax time, I want to very quickly know how much I gave and to which charities. I am pretty charitably inclined and give to many different charities. Here is a simple example: I give to charity throughout the year. But the strength of PFM software is in the ability to categorize each transaction and then to be able to search those transactions. You can use PFM software to simulate a checkbook register. Track your net worth and balance in all your accounts.I believe good PFM software should have certain basic functionality: What should Personal Finance Management software do for you? ![]() I have used PFM software over 25 years to do all these things and more. That means knowing how much cash you have in each account, the checks or expenses upcoming, and how much you can spend on your debit card without overdrawing your account. ![]() ![]() This is the information age and everyone should have the information on their own personal finance at their fingertips instantly. I don’t know how YOU do all these things, but I can tell you how I do it: Personal Financial Management Software or PFM for short. Here is a question for you: How do you balance your checkbook? Do you balance your checkbook at all? How do you keep track of account balances? When its tax time or when you apply for a mortgage, how do you sift through your transactions to find the ones that matter? For instance, finding out how much you spent on electricity for the year? How do you avoid over-drafting your checking account and paying fees? Haas CFP®, President, Cereus Financial Advisors ![]()
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