A rite of passage for young people leaving their home to live on their own either after high school or getting the first job is learning how to juggle finances, often a surprisingly painful series of lessons. A corollary lesson that many young people learn regarding their budgeting and money management is that things do not get easier if they put off understanding how to deal with finances properly. Two things that can ease this transition are the checkbook register and checkbook software.
People use a checkbook register to track all the expenses related to a checking account. Even if there are online records for bank accounts, many like to keep a record of all daily transactions on their persons. This can be done either through the paper version of the checkbook register, or a specialized financial calculator that has built-in software to track bank account transactions. Having a personal version of expenses and credits also helps catch bank errors.
For those who like an extra layer of organization, checkbook software may provide the right kind of detail and consistency. All records are kept in a computer database and presented in a manner that is very easy to see. The data can be carried around on a portable drive so all financial information is accessible as long as there is a computer nearby. Different levels of sophistication are available from simple record keeping to tax calculating tools.
The cost of cell phone bills can be tracked by checking software. Supposing your mobile phone plan is an old-fashioned one, it could be costing you money unnecessarily so check out new plans to get a better deal. You can compare your cell phone plan with others that might be offered to you by locating a good money management online place, entering your mobile phone plan info, then seeking comparisons. A useful site offers a index of phone plans that are available in your area and will work with what you need.
If one buys a large appliance, the expense should be recorded to help with warranty and other issues later. A sizable appliance can drain your budget when you buy it and then continue to drain your budget when you run it, due to the energy it consumes. Good consumer website inform the consumer to double check energy requirements and the energy star rating of any appliance under consideration for purchase. During the course of a year, consumers may be able to save quite a bit on energy expenses.
Lastly, health insurance and other monthly recurring costs are also good things to record in checkbook software. Your job may help you to get lower insurance rates – if you are in a low-risk (safe) position, your insurance may cost you less. If you are a person who works a “low-risk” job (ex: accountant, teacher) you may be able to get reduced health insurance rates. You can get your prescriptions at reduced rates from national chains.