It is often effortless to do directly from your banking app. Some personal finance software automatically gathers all this data for you when you create an account and link it with your other accounts. All regulated banks in the UK are obligated to let you share your details with authorised service providers, such as personal finance software.īecause of the data sharing, the software can collect information from your various accounts. Third-party software can collect information from other accounts through Open Banking. Inputting all the details manually to a spreadsheet can take a lot of time and effort. You might have many different accounts and credit cards. Let’s explore the most significant benefits: Compiling your financial situation The apps have a lot of useful functionality you just don’t get with a spreadsheet. Couldn’t you just track your spending with a good old pen and paper? Creating an Excel spreadsheet isn’t that difficult and could serve a similar purpose. You might be wondering if using software is worth it. What are the benefits of using personal finance software? We’ll highlight five products worth checking out later in this guide. There are many different products available, including free and paid services. In essence, personal finance software is like having a personal secretary at your disposal, no matter where you are. Personal finance apps are available for your computer, tablet or smartphone. For example, they can provide you with information on investments or direct you to different savings accounts. Some personal finance software can also provide tips on how to improve your finances.

Software helps bring all these accounts together and give you a more comprehensive view of your financial situation. For example, you might have several savings and investment accounts, with different banks and service providers. Software makes it easier to track everything. Monitor your bank accounts, credit cards, loans and investments.

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