52 Chapter 2 Making Smart Decisions
forms, and e-mail correspondence related to financial and consumer matters.
Set up an online filing system to organize your data. Financial software or
web-based money management programs will guide you in setting up your
financial affairs so you can locate information as you need it.
To prevent losing important documents should your computer fail, create
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to protect against viruses and thieves who target financial information on
unprotected websites.
Money Management Software
Just as CAT scans and MRIs provide detailed pictures of what is going on
inside your body, money management software can provide a detailed picture
of what is going on in your financial life. 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.
Money management software allows you to do any or all of the following.
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investment accounts.
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financial documents.
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Guided online setup instructions take you through these processes
automatically. All you do is fill in your information as directed.
Evaluating Money Management Software
There are many money management software programs from which to
choose. Search using the phrase money management software, and read the
reviews of the most popular programs to 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. Many programs are basic and easy
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Your choice will depend on the functions you want and your computer skills.
It is a good idea to try a demo of a program before you decide whether it will
work for you.
Money management software may be available as a web-based service.
With a web-based service, your information is stored on a server rather than
on your computer. Before enrolling in one of these programs, make sure the
company is reputable and is certified as a secured site. If you prefer to store
your information on your computer, there are programs you can download
from a disc or from a website.