Which tool can help individuals track their savings progress?

The tool that helps individuals track their savings progress is budgeting software. This type of software typically allows users to set financial goals, allocate funds for saving, and monitor their expenditures against these goals. By using budgeting software, individuals can see how much they are saving over time, how close they are to reaching their specific savings objectives, and make adjustments as needed to their spending habits.

Budgeting software provides a structured approach to personal finance management, enabling users to visually assess their savings and financial health. It often includes features like graphs and charts that show progress, which can be motivating and helpful in maintaining focus on financial goals. In contrast, investment guides are primarily designed for educating users about investing strategies rather than directly tracking savings, while loan calculators focus on understanding loan payments and interest over time. Tax preparation services assist with tax filing and deductions but do not track savings progress.