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This can help to eliminate any mistakes and offer you a birds eye view of everything at once.2. You Want to Automate Some or All of Your Payments Please dont say that youre still writing out paper checks and dropping each bill in the mailbox. While its noble that youre doing your part to keep postal workers employed, were 18 years into the 21st century and you can literally pay every bill online now.Theres no need to log into every account you have and type in your routing number either.With personal finance applications you can schedule automatic payments and transfers between all your imported accounts.
Late charges are annoying and do nothing but cost you money. Its time you said goodbye to them once and for all.3. You Need to Streamline Your Budget Possibly the best feature of personal finance software is the fact that it permits you track everything going in and outside of your virtual wallet.Nearly every brand of personal finance software out there's easy-to-read graphs and charts that allow you monitor every cent you spend or earn, should you pick.
You've Got Specific Goals to Meet Maybe its paying off debt or saving for up something such as a European vacation. Whatever your financial goal is, whether long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.You can do everything from place spending alarms to notify you when youre more than budget to automating exactly what percentage of your paycheck goes to things such as retirement investments.
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Many of these apps are free to download and will permit you to pay bills, invest, monitor your net worth and credit profile, and even receive a loan with the swipe of a finger.Other apps may only give you restricted services and will require a one-time fee or subscription to unlock everything they provide.
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Explore several different applications and read reviews to find the one thats right for you.In this day and age, managing ones personal finances in a safe manner that allows the user to have a real-time visual representation of the money is easier than ever before. Together with the numerous applications that are out there both free and subscription-based theres no reason that every person cant take control of the money and ensure theyre making clever money moves.Featured photo credit: rawpixel through unsplash.com.
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Often considered the gem of financial freedom, passive income is income generated by resources you invested money or effort into in the past that need little to no attempt to maintain today.
There are tons of articles out there confusing passive income with residual income. However, in the financial world, residual income has an entirely different meaning. Also called disposable income, residual income isnt really a type of income, its a calculation that accountants work to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre likely curious about passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you get paid from any shares you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still stream in every month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net cost of every book soldin perpetuity.
In each these circumstances, your one-time investment consistently offers you an official statement income at the same time you sit back and collect on it. What could be better than that!