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Great! You´ve made the decision to purchase a personal financial software package to track your finances. But, before you go to your local office supply store to buy one, there are some decisions that you need to make regarding what you want the program to do for you. The more planning you do up front, the more money and aggravation you will save yourself. Know the answers to the following questions:

1) Do I need to track revenues and expenses for a home-based or larger business? If you have a home-based business, some of the more common personal financial software programs can help you keep your business finances separate from your personal finances. However, if you have a larger business, you may want to consider one of the business financial software packages, like QuickBooks, MYOB, or Simply Accounting. These programs are designed specifically for businesses and can save time versus trying to adapt your personal financial software to meet your business needs.

2) Do I need to track my net worth or simply my inflows and outflows of cash? For some, it will be enough to simply be able to categorize the money going into the bank accounts and the money coming out. Eventually, though, in order to build wealth, you will need to know how much your assets exceed your liabilities by- the standard definition of net worth.

3) Do I need to know the current value of my investment portfolio? If your investments are placed with several different investment companies, it can be helpful to centralize your total portfolio in one spot and to have up-to-date valuation information. Not all software programs can download up-to-the-minute stock market information, so if you need this functionality, you will have to make sure that you choose one that has it.

4) Do I need to keep track of foreign currency accounts or investment portfolios? If you have bank accounts or investments that are denominated in foreign currencies, you may need to keep track of their value in your home currency. For example, if you live in the U.S. and have a bank account in London denominated in pounds sterling, the value will change depending on fluctuations in the exchange rate between the dollar and the pound. Some programs can download current currency rates.

5) Do I need a software program that will track my actual spending to my budgetted spending? One of the most popular reasons to purchase personal financial software is to get a grip on spending and make sure that budgets are being followed. Most popular programs have that functionality, but some do not.

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