1. Debt Management is Essential in Personal Financial Planning

Online Expense Tracking Tool for Personal Debt Management

Debt management is yet another key element to be considered and integrated into your overall financial planning strategy. Carefully budgeting your money and keeping constant track of your daily expenses are simply not enough if you want to achieve financial success and be always prepared for any emergency situations. In today's tough economy few people enjoy the privilege of living a debt-free life, whereas for the rest of us it's almost impossible to escape the debt trap. Debts may come in different types and sizes (credit card debt, auto loan, mortgage loans, etc) and the longer you avoid dealing with your debt issues, the more destructive the consequences can be. Debts have this uncontrollable power of multiplying and even the smallest debts can become in time a problem too big to cope with. Of course the best advice would be to try to spend less than you earn, but in practice it's seems too difficult to stick to this simple rule. There are always some unforeseen circumstances when running into debts turns out to be the only option.

Learning to wisely manage your personal finances will help you keep your debt levels down and correctly assess your financial possibilities in times of need. You don't necessarily have to be a financial wizard to understand when you've reached the turning point of being stuck within the debt hole for a long while. The sooner you face your debt problems and begin implementing your debt reduction strategies, the quicker you'll manage to stop the ripple effect of your personal debt crisis. The debt will not shrink away by itself, you have to put some effort into its elimination.

2. Online Money Management Tools to Keep Personal Debts and Deposits Under Control

If you want to eliminate debt, you should start with putting together a debt management plan. There are certain fundamental elements you should consider if you want your plan to be successful and efficient. Modern personal debt management implies a lot more than just paying off your current debts. It is the skill of budgeting your personal finances in such a way that will ensure you have enough credit available to cover emergency expenses. InEx Finance online money manager provides you with multifunctional tools to help you develop realistic budgets geared towards saving money for the elimination of your pending debts. Our personal finance software makes it easy for you to:

  • Track your income and expenses in different categories and see how much money you have left at the end of the day;

  • Set monthly family budgets for your personalized spending or saving categories and get alert notifications whenever you exceed your budget allocations;

  • Bring all your financial transactions (cash, bank account or debit/credit card) together in one secure place and consolidate your household accounting in order to see the complete picture of your actual financial situation:

    -Upload your bank or card statements via OFX import;

    -Import bank/card transactions from Email notifications sent by your financial institution;

    -Upload your historic transaction data via CSV import;

    -Define your Import Rules and simplify the automatic categorization of your income and expenses.

  • Manage your personal debts in multiple currencies, set timely reminders about the due debt repayment dates and easily synchronize them with your Google Calendar;

  • Manage your personal deposits with the possibility to increase (Credit Addition tool) or decrease (Credit Return tool) the deposited amounts over time;

  • Set financial goals for paying off your pending debts or saving for larger purchases, monitor your progress and make sure you'll reach your goals right on time;

  • Carefully project future spending and revenues by creating your own calendar of events with associated financial transactions, set advance reminders and always be prepared for upcoming payment deadlines;

  • Make use of various reports and charts in order to compare your income vs. expenses, easily recognize ways to curb unnecessary spending and determine how much money you can reasonable put aside for paying off your current debts;

  • Analyze trends and cashflow dynamics in order to make informed money management decisions and correctly prioritize your debts.

InEx Finance is an easy-to-use expense tracking and budgeting system designed to assist you in your efforts to eliminate debt and optimize your personal finances in the best possible way. We'll help you understand that debts are no longer a frightening challenge, but a reality of everyday life that can be alleviated and overcome through efficient personal finance planning and timely decision-making.

Updated at March 02, 2013 13:08