If you are reading this, then you obviously have access to the Internet. And, more than likely, a PC at your home or work. These two requirements are the basis for using personal financial software. Chances are high that you have seen ads for personal finance software. But, should you use this software to help perform the most basic of personal finance tasks?
In our culture instant access to information and ease of information reigns supreme. Anything that is available to make life easier and more convenient is considered chic. Not to be outdone, personal finance software fits this mold very well. And for good reason. Ease of use, error protection and a myriad of features make this a must for everyone. Use it and be better because of it. The ability to categorize expenses and organize your current and savings accounts is worth the time, money and effort.
You have two options available. First, you can purchase software to load onto your PC. Or you can access a site via the Internet that will allow you to perform your personal finance activities there. The difference is that with software on your PC, you have the actual information on your hard drive. If your Internet connection goes down for some reason, you still have access to your data. But, then the down side here is that if your hard drive crashes, you can lose it all unless you have a backup. Then, even if you do have a backup, how long would it take to get your PC up and running for you to be able to access the data once again?
Online personal finance providers give access to your stored data from any PC that can get to the Internet. That gives you options. If you travel to your mother’s, but do not have a laptop to take with you and you find you need to check your balance, just log on at her house. But this can also work against you. If there is no Internet access, there is no viewing or changing data.
You need to be aware of these differences and make the choice between the two as to which option would best fit your needs. If you choose software for your PC, you will enjoy many features. At this point, the Internet sites offering this service are still in their infancy and do not have as many features and benefits.
Whichever you choose, your personal finance tasks will be easier and more accurate. Do not delay – get in on this now.
Personal finance briefs
Fuel savings add up with car maintenance
Barack Obama got ribbed by John McCain when he advised drivers to fill their tires, but the Car Care Council, a nonprofit funded by an auto trade group, agrees with the Democrat.
Car care, the group says, can save a lot of fuel and money, based on $3.96 a gallon gas:
• Once a month, check that your tires are properly inflated. Gas savings: up to 12 cents a gallon. Boost in fuel economy: up to 3 percent.
• Replace clogged, dirty air filters. Check them every 3,000 miles. Gas savings: up to 40 cents a gallon. Boost in fuel economy: up to 10 percent.
• Use the right grade of motor oil, and change it regularly. Gas savings: less than 1 cent a gallon. Boost in fuel economy: 1 to 2 percent.
• Tune up your engine, about once every 30,000 to 100,000 miles, depending on the car. Gas savings: 16 cents a gallon. Boost in fuel economy: 4 percent. The group also recommends keeping your gas cap on tight and replacing spark plugs.
FIRED AND REHIRED
Downsized and out of a job can be a rebirth
So you got downsized. It's happening a lot this year -- 579,260 job cuts reported so far, according to outplacement consultants Challenger Gray & Christmas Inc. -- but experts say you shouldn't see it as career death. In fact, it can be a rebirth.
"A majority of people end up telling you it's the best thing that ever happened to them," said Marc Cenedella, CEO of jobs site TheLadders.com.
How to move on:
• Get rid of the negativity: Write an angry letter to your boss, then rip it up. Take a vacation. Get relaxed and refreshed so you can be positive in interviews later.
• Make a plan: Interested in a new field? Here's your chance. Investigate retraining programs, take classes. "Reassess what you want to do," said Tony Santora, senior executive at Right Management, an employment consultancy. Take note of your strengths.
• Network, network, network. "Over 50 percent of the jobs out there are found through networking," Santora said. Reach out to friends, family, former colleagues. Use online sites like LinkedIn.com. Call up trusted recruiters.
Personal finance literacy worsens amongst British adults
Despite personal finance issues taking centre stage over the past 12 months, the latest research from Abbey Banking has found that financial literacy amongst British adults has in fact declined since this time last year...
In August 2007 Abbey set a simple GCSE level personal finance exam amongst a representative group of adults, and found that one-in-ten (5.9 million) would fail to achieve the 40 per cent mark needed to achieve grade GCSE grade C (or O'Level pass). One year on and a repeat of the exercise shows that the number of adults failing to achieve a grade C has increased by 1.2 million adults - to one-in-seven.
At the top end of the scale one-in-four adults (25 per cent) matched last year's results by scoring an A*, but straight As were down on last year by 2 per cent - to 28 per cent. Twenty two per cent were on for a respectable B (up one percent from last year), but C grades fell year on year from 13 to 12 per cent.
Government plans to introduce personal finance skills into the Maths GCSE should certainly be welcomed by 18-24 year olds, since they slipped from an average score of 56 per cent in 2007 to 53 per cent in 2008.
The top wrong answers were:
88 per cent didn't know that they get six weeks to pay back a credit card before it accrues interest. (86 per cent last year)
38 per cent failed to explain that negative equity is where your mortgage is larger than the value of your house. Better than last year when 47 per cent got the answer wrong.
25 per cent were unaware that failure to pay a secured loan meant that your house could be sold to pay for the loan, up 2 per cent on last year. Five per cent thought that it involved selling off the contents of your house.
18 per cent don t know what hire purchase means, against 12 per cent last year.
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