business man making a budget

Why You Need Financial Planning Software

A spending and budgeting tool can set you on the path to ditching money stress and achieving financial peace. 

Most of us realize we need to have a handle on our finances and track what’s coming in and going out. But financial anxiety is real, and the current statistics on our savings are sobering: 58% of Americans have less than $1000 saved, and only 32% of American families maintain a household budget.

And while the recent economic uncertainty has made it even harder for many individuals and families to get ahead, you CAN come to terms with your finances, even if they aren’t where you want them to be—and use that knowledge to empower you to take small steps toward important savings goals and financial security.

How? With a spending and budgeting tool.

Your financial planner is the perfect place to start, as they have access to professional-level tools such as eMoney Advisor wealth management system that can help you consolidate all of your financial information and accounts in one place. Once you have your platform set up, you can check it as often as you like to see your assets, net worth, and daily spending.

Your planner can walk you through the setup, connect your accounts and make changes on your behalf, and help you set categories for budgeting as well as troubleshoot any issues you may have.

If you don’t yet have a financial planner, there are apps and programs that you DIY, such as or YNAB (You Need A Budget). These have varying levels of complexity and costs, so be aware that you may need to spend some time and money getting up to speed on how to best use them.

Here are some of the key reasons you need a financial organization platform as a spending and budgeting tool.

Gets all of your financials organized and in one place.

If you hate bill paying, have stacks of envelopes you dread opening or piles of paperwork and bulging folders you dread tackling, then a financial organizing tool will help you breathe a sigh of relief. With just a few clicks, you can see how stocks are performing, check your savings account balance, see what payments have cleared, or identify spending patterns in categories like food, entertainment, or shopping. In short, it’s a snapshot of your financial wellbeing that is updated in real-time.

Helps you stop overspending.

Once you realize how much is coming in and going out, you can drill down on where you tend to spend and make adjustments accordingly. Your planner can help you set up budgets and alerts that let you know when you’re close to hitting your budget limit for the month so you can scale back on spending or adjust your allocations.

Helps you save.

Well, they CAN. Getting clear on what you have and how you spend it is an amazing first step, and armed with this knowledge can help you plan and allocate your money. However, you the user must follow through and adhere to the budget, and not just blow through the allocations. This is where a financial planner comes in handy, to provide a holistic view of your finances, tailor a plan that fits you and your habits, and provide accountability.

Helps you stop worrying.

This is a big one: Not knowing where you stand financially contributes to financial stress. According to the American Psychology Association, 72% of Americans feel stressed about money at least some of the time. And chronic stress has all kinds of implications on our health and well being. Not to mention that it tends to make us avoid the subject entirely, which doesn’t help us get a grip on our habits. Action eases anxiety, so having a clear idea of your finances, a tool to track them, and a plan to move forward and nail your goals helps you feel more in control and ready to reach your financial dreams.

To get clear on your goals and set up your own financial organization tool, chat with one of our financial pros to get started.

See All

Take Advantage of Our Comprehensive Investment Guidance

Connect with an Advisor

External Link Notice

The following website is being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor the following website or their respective sponsors. Raymond James is not responsible for the content of the websites or the collection or use of information regarding the websites’ users and/or members.

Continue Cancel