Does your data have a hole in it? If you're missing critical pieces of information about your finances, what difference does it make whether software is telling you that, a sheet of paper, or your own sinking feeling whenever finances come to mind?

Hundreds of people have asked whether they need software to participate in a mortgage acceleration program. First of all, you don't even need a program. You just need to know how to pay off your house sooner rather than later! If it takes a program to teach you, then that might be a good pathway for you.

But the software question is really very simple. First, do you use software to manage your finances now? If so, is it possible that software can also keep track of how much equity you're drawing from your home to pay off your home?

If you are not currently using software to keep track of your finances, what is it that makes you think now is the time to start? That's not a rhetorical or belittling question. You may well believe now is the time to take a more sophisticated approach to personal financial management. Let's assume your answer is Yes, now is the time to use software. How much do you want to spend?

On the first page of Amazon's results for "personal finacial software" (even spelled incorrectly!) five programs come up under $50. Do you want someone else to operate the software for you? Expect to pay a minimum of $10/hour up to $75/hour, depending upon whether the person is a professional bookkeeper, CPA, or just someone who knows how to push computer buttons. However, learning your software yourself might give you a better feel for your finances. Spend $50-$150 on a class to learn the specific software you choose to buy.

The other question that comes up, and this one is pretty specific, is Should I spend $3500 for software? Again, the answer is simple. Are you a corporation with annual sales exceeding $100,000?

This is just my opinion. And that didn't cost you anything!