If you're conscientious about categorizing your income and spending, you'll get charts and reports that accurately summarize where your money comes from and where it goes. Most apps guess the categories, but you can always change them, and you can split transactions among different categories. Transactions need to be correctly categorized as income (salary, freelance payment, and interest, for example) and expenses (food, mortgage, utilities, and so on). What Can You Do With Transaction Data in Personal Finance Software?Īfter importing a batch of transactions from credit card and bank accounts into a personal finance app, most people spend some time cleaning up the data. It's never a bad idea to brush up on best practices for preventing identity theft online to protect yourself further. Keep all your personal details, such as your date and city of birth, private because they can be used as authenticators to access financial data and accounts.Enable multi-factor authentication wherever it's supported-again, meaning both for logging into the personal finance app and for any connected bank accounts.A password manager is the tool you'll want to use here.
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