Controlling Your Finances From the Comfort of Your Home

Are you one of the many people who would you like to have a better handle on and understanding of your personal finances? Would you like to have access to information and decision making tools online to access this from home? If so, the good news is that a number of organizations are now looking at simple to use personal finance software that can provide this online on a single site.

Clearly, there is already the option to go to your banks or to other financial advisers for advice and other guidance and lots of people do. This is the correct approach for many. However, there is a significant group who feel uncomfortable with this or simply do not have the time to do so because of other commitments. Many find it hard to access advice they trust and others simply feel uncomfortable talking about complex products with others. That is not to say they are not looking for help, they would welcome the opportunity to improve their financial literacy and have more peace of mind with their own situation. The difficulty today is that there are few alternative options available.

This where the software mentioned above comes in. It can help answer the four key questions that people want to know about their own financial situation…..

1. Where am I now? – They want to know how much is in their bank accounts today, do they have enough to meet their credit card bills, what their investments are worth, whether they are overspending their budget, what is their level of debt etc.

2. Where am I going? – Looking forward they want to know that there will be sufficient funds for life events, including retirement.

3. How do I get there? – With the direction identified they then need guidance and suggestions on how best to ensure that their goals are achieved through investing, debt management and general financial planning. Specific products can then be presented for potential purchase.

4. Am I on target? – Once on the journey it will be important to stop along the way and check that things have not gone off track. If so, this needs to be flagged and actions taken.

In addition to assisting consumers deal with these questions, these sites can also provide articles and links to help educate them on various financial matters that currently cause confusion as well as tools and wizards to help them better understand the figures. With the benefit of the individual’s financial information they can also be proactive in suggesting money saving tips and ideas on how to save more effectively. All of this will hopefully lead to individuals being more confident in their financial decision making and benefit from the resultant increased security.

This also sits well with planned developments within the UK financial market. The introduction of a Money Guidance service aims to provide people with ‘the knowledge, understanding and confidence to make better decisions about their money’. Very similar aims to the personal finance software in question!

Furthermore, in the latest developments with the Retail Distribution Review, it’s stated that an aim is to have a market which allows as many consumers as possible to have their needs addressed and innovation will be welcomed. By providing a solution for consumers to access this online where this is their preference must lead to increased financial security and understanding. The actions taken by users will almost certainly put them in a better place than where they were before.