Some do it often for everything
Some do it sometimes for something
Some do it rarely for certain things
Some do it only when dreaming
Well, I am no financial guru and don’t intend to give out financial advice. But I played around with Microsoft Money a few years back and found it rather informative (after you fed it sufficient information, of course).
Tracking finances do take discipline but as the amount of information you capture increases, you will make interesting discoveries about your finances (and hopefully better manage it!).
There are a range of software available that can do the job: from the generic spreadsheet applications with custom macros and formulas (like Microsoft Excel etc) to specialized software (like Microsoft Money). But commercial software means forking out money every now and then to get upgrades.
A few days ago, I came across this software: GnuCash - an open source and free personal finance software package. As of 15th July 2007, GnuCash is now available on Microsoft Windows for the first time. And it still runs on GNU/Linux, BSD, Solaris and Mac OSX.
Here’s an extract from the help manual:
“It is versatile enough to keep track of all your financial information, from the simple to the very complex. It is one of the few financial software packages that supports global currencies, and it is the only open-source program of its kind. Best of all, GnuCash is easy to learn and use!
So, what can GnuCash do for you? It can keep track of your personal finances in as much detail as you prefer. If you are just starting out, use GnuCash to keep track of your checkbook. You may then decide to track cash as well as credit card purchases to better determine where your money is being spent. When you start investing, you can use GnuCash to help monitor your portfolio. Buying a vehicle or a home? GnuCash will help you plan the investment and track loan payments. If your financial records span the globe, GnuCash provides all the multiple-currency support you need”
So a perfect opportunity to start doing some financial tracking at no cost! I personally intend to start… sometime.
By the way, if you are comfortable with sending your financial information over the web and storing it online, there are also web sites (like Expensr and Wesabe) that allow you to track your finances for free.
So how do you track your finances? And let me know how you find GnuCash if you try it.
You can download GnuCash here.
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