How do I Choose the Best Free Budgeting Software?

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  • Written By: Jessica Ellis
  • Edited By: Bronwyn Harris
  • Last Modified Date: 21 January 2020
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Free budgeting software can be a great way to keep track of household or simple business finances. Thanks to the Internet, there are dozens of free budgeting software programs to try. When choosing the budgeting software, be sure to look for features that make sense for budget needs and check security measures before allowing any software program access to personal or financial data.

Many basic computer systems come with built-in software that allows the creating of spreadsheets. These programs can quickly and easily be customized to track the basic budgeting ideas of money in vs. money out. Using a few basic mathematical functions, which can be quickly explained through included tutorials, a person can make simple spreadsheets that track both deposits and withdrawals to a weekly, monthly, or yearly budget. This type of free budgeting software is good for those who prefer not to download additional software, or those who want a highly customized budget.

Some free budgeting software can also provide statistical analysis of expenditures. By creating categories of expenditure, such as “entertainment,” “food,” or “utilities,” these programs can make easily readable graphs that shows the percentage of the overall budget spent in each area. For people looking to track their spending to discover potential areas of waste that can be cut back, this form of program may be an excellent choice.


For those who despise handling mathematics or simply do not have the time to enter accounting figures by hand, there are free budgeting software programs that can link directly to bank accounts and investment funds. These tools require access to bank account information, and may not be able to link with all types of accounts. Highly accurate and detailed, these programs can give real time updates on expenditure and even be set to send out email or text warning if a budget has been exceeded in a particular category. Be very careful to choose a reputable company when using this type of free budgeting software, since so much personal data is required for use.

For small businesses, free budgeting software can help manage accounts for more clear and accurate information. Some tools designed especially for businesses include inventory tracking, supply and demand information, and even sections that keep track of employee scheduling and payroll. For those just starting out that want to handle business accounting without the help of a certified accountant, free budgeting software can be a good training resource for managing a commercial budget.



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