Published November 15, 2012
Managing a household’s finances can be challenging for parents. Admit it—no matter how organized we may try to be, figuring out what you’ve already paid, which bills are paid automatically and what needs to be paid by when can be a headache.
On top of it all, you have to manage your checking account, savings accounts, investment accounts, and college savings accounts. It can be a huge job, but there are some tools that parents can use to make managing their finances so much easier. Here are five fantastic techy financial tools for parents:
At around $400, the NeatDesk is definitely pricey, but it’s worth it if you feel like you are drowning in paperwork. The “digital filing system” includes a scanner and software. You can easily scan business cards, receipts, and paperwork to store in a virtual “filing cabinet” on your computer. The program automatically searches the documents for vital information and organizes it. It’s especially helpful for those who are making lots of major purchases—a home renovation, for example—but it’s just as useful for those who just want to get organized.
Online Bill Pay and Manilla.com
This one may seem obvious, but some of us still haven’t made the move from paper to digital bill pay. It’s one of the quickest, simplest ways to better manage your finances. You can opt to set up electronic bill pay through your bank, but there are also several online tools that can help you do so.
Manilla.com is free and takes just a few minutes to set up (provided you know you online logins for most of your accounts). Your bills and online statements end up in one easy-to-manage secure spot. Plus, the tool can also links to rewards programs and deal sites, like Groupon and LivingSocial.
This site is primarily geared toward recent college graduates who need to get a better grasp on their student loan debt. But, let’s face it, much of the time financing higher education is a family event.
For parents who are carrying loans from their kids’ education, Tuition.io can help manage outstanding loans, find repayment programs for which you’re eligible and optimize your overall student loan debt.
For the past few years Mint.com has received plenty of positive attention, and it’s easy to see why. This free, secure, online tool helps you track all of your finances.
It takes some time to set up an account, but once you do, you’ll receive notifications and alerts when bills are due, when you have low balances or are hit with bank fees.
The site also helps categorize your spending, so you can keep better track of where your dollars are going most often and more effectively meet your savings goals.
Between splitting the cost of the class holiday party, the team gift for the soccer coach and the supplies for the school bake sale, there are a lot of dollars flying back and forth between parents. Simplify the process with PayDivvy.com. The site lets a group, divvy up bills by linking your bank account with the secure site. You can also use a debt or credit card to send payment, though the site does charge a small fee.
This post comes courtesy of Credit Sesame. Credit Sesame is the best way to see your free monthly credit score and find out how you can save on your credit, loans and mortgage. Using a proprietary algorithm, Credit Sesame shows you the best ways that you can stop overpaying on your credit and loans and start saving!