Copyright Goodheart-Willcox Co., Inc. 48 Chapter 2 Personal Financial Planning • • Valuable property and possessions inventories with locations, estimated market values, appraisals, and details of purchases Some records may be printed (hard) copies and others may be digital. The important thing is to know where to find what you need when you need it. When reviewing personal and legal documents relating to individual or family finances, each one should be evaluated for its importance. There are some personal documents that may not have any financial significance. These do not need to be part of your recordkeeping practices. However, most legal documents will be important for financial matters, and should be evaluated accordingly. Money Management Software Money management software is a computer program used to organize daily finances and keep track of income, spending, saving, debts, investments, and other financial data. It allows the user to track information and perform data analysis related to the individual’s finances. It also provides a detailed picture of what is going on in your financial life. Money management software allows the user to perform the following activities: • Create a self-tailored budget and overall money management program. • Enter income, expenses, and goals. • Categorize expenses and evaluate spending patterns. • Connect to and interact with checking, credit, savings, and investment accounts. • Create budgets, cash flow statements, net worth statements, and other financial documents. • Track spending and other financial transactions. • Access financial records at any time. • Manage and track investments. • Prepare and file income tax returns. There are many money management software programs from which to choose. These programs can be found by conducting an Internet search using the phrase money management software. Reading reviews of the most popular programs can help you decide which one would work well for you. These programs generally are very affordable, and some programs may even be free of charge. wavebreakmedia/Shutterstock.com Calculators and spreadsheet software can make analyzing personal financial data a manageable task.