Build Long Term Wealth with Personal Capital Personal Finance Software
Personal Finance software can make your financial life easier. It will allow you to once and for all, take control of your financial life with only minutes a day. The software does the work of tracking, organizing and categorizing for you. Additionally, Personal Capital has long term wealth building tools which can help you get on track and stay on track in building long term wealth and planning for a financially healthy retirement.
Personal Capital Financial Software Helps with Tracking Your Expenses
It typically takes a bit of setup and categorizing expenses in order for the software to learn how to categorize certain expenses for your budget. However, it will quickly, and easily track your expenses for you and put them into an organized and readable format for you. The purpose of this is so that you can see very clearly your overall financial picture. In seeing your financial picture and getting a full understanding of where you are, how much you spend every month for certain categories of expenses you learn a lot. For example I learned that I spend way too much at the grocery store with my family. For years we have gone without using a single coupon and instead simply try to take advantage of buy one get one free deals when they come up. In certain months we have been very focused on this expense and set a fixed budget buying food only on the weekend within a certain amount, and using that food all week long. other weeks we have gone to the super market almost every day to buy food and end up spending way too much. In learning these things about yourself and your spending you will be able to see where the largest areas for improvement are and be able to set a specific budget for each category of expenses.
Personal Capital Finance Software Helps Provide you with Your Exact Income
The software will also give you exact amounts as to income so that you understand exactly how much income you have going into your bank accounts and when. Without having a solid understanding of this, you won’t know how much you have to budget for your expenses. Once you have your income and begin to track your expenses you can determine what your fixed monthly expenses are, and how much those amount to. For example, car insurance, rent/mortgage payment, car payment, etc. Once you determine your fixed expenses you can review these alone to see if there is a way to eliminate some of them (i.e. go without cable television for a year and use a Roku stick with your favorite channels like HBO instead), or bundle certain expenses for a discount (i.e. homeowner’s insurance with car insurance and life insurance, or cable televsion/internet and cell phone service). After reviewing your fixed expenses you can take a look at what your variable expenses are, review the categories and amounts spent in each category and see where you should focus your efforts to trim down your expenses. Personal finance software is the key to being able to consistently do this, and to track your efforts toward your goals as it makes it extremely easy to track and keeps you honest (the software won’t lie to you, but will track every expense and put it in a report to you).
Ways to Help Get You on Track to Grow Long Term Wealth
1) Grow Your Income
2) Lower Your Expenses
Personal Capital Finance Software Will Help You Grow Long Term Wealth with Investments
Personal Capital has an investment service which will help you to grow your retirement assets and investments. The software will review your current investments and the fees associated with them and make recommendations for lower cost products with similar/the same performance historically. As you know from reading other posts on this site (pertaining specifically to mutual fund expenses and the importance of keeping track of them and buying low cost/no load funds over others) front end fees and annual fees can kill performance of a fund, can keep you from growing as much long term wealth out of your assets as you should, and works against you as you plan for a successful retirement. It cannot be overstated how important it is to know what fees you are paying, and whether these fees are too high (i.e. can you find a similar product that performs well/ the same with lower fees). If you can find a similar product with lower fees, you will keep more money in your account to invest by lowering these fees and thus increase your wealth more over time. There is no secret formula, it is a matter of paying attention, learning these important financial rules of success and implementing them. Years ago this would have been much harder to do, but with Personal Capital Personal finance software and many others the work is done for you, making your life that much easier and allowing you to benefit for years to come.
Personal Capital Finance Software Provides Tools and Calculators for Retirement Planning
In addition to the calculators and resources on our site, Personal Capital provides a number of resources including a comprehensive retirement planner which will provide you with a method for learning how much is needed to retire, how long will it last, and to determine how much you need to put away each month to be on track for the retirement you always wanted. Planning, preparation, and a commitment to your financial goals will get you there. If you do not take the time and effort you will never reach your goals. You can have the retirement you always dreamed of and getting a solid understanding of your financial situation and tracking your income and expenses is essential. Once you get started you will learn areas where you can trim expenses, may start growing your income, and will enjoy investing more passive income and tracking the growth of your wealth. Click below to sign up and get started on your path to better financial health.