Using personal finance software is becoming increasingly important in this new generation.
With the rise of the gig economy, multiple income streams, and complex tax laws, managing finances has become more complicated than ever before.
Personal finance software can help you keep track of all your income and expenses in one place, making it easier to manage them.
With more financial transactions taking place online, it’s becoming harder to keep track of expenses manually. Nowadays you can automatically import transactions from bank accounts, credit cards, and other financial institutions, making it easier to track your spending.
What To Consider When Choosing
Choosing the right software can depend on your individual needs and preferences, but here are some factors to consider when selecting one:
- Consider what features are most important to you, such as budgeting, investment tracking, bill management, or tax preparation. Make sure the software you choose has the tools you need to manage your finances effectively.
- The software should be intuitive and simple to use, even for those without a background in finance.
- Make sure the one you choose has robust security measures in place to protect your financial data. Look for features like two-factor authentication and encryption.
- Consider your budget and look for personal software that fits within your price range. Some software may be free, while others may require a subscription or one-time payment.
Best Personal Finance Software of 2024
Our list includes a variety of software that will help you have greater control over your finances.
1. Mint
Mint is a popular personal finance software that is used to track and manage personal finances. It is designed to help you create budgets, track expenses, and manage your investments, all in one place. Mint can connect to bank accounts, credit cards, and other financial institutions to automatically track transactions and categorize spending.
It allows you to create custom budgets based on your income and spending habits. It provides alerts when you’ll be close to your budget limit for a particular category, such as groceries or entertainment.
As well helps you keep track of bills, due dates, and payment status, so you can avoid late fees and missed payments.
Pros:
– Best for Budgeting
– Easy to set up
– Helpful notifications
Cons:
– Ads and recommendations
– Limited customization
Cost: Free to use
2. Quicken
Quicken is a comprehensive personal finance software that offers features like bill management, investment tracking, and budgeting.Â
It is easy to connect to investment accounts and provide you with real-time updates on your portfolio’s performance. You can also track the cost basis of investments for tax purposes.
Another important feature is exporting tax-related data to popular tax preparation software, such as TurboTax, to simplify the tax preparation process.
Pros:
– Best for Financial planning
– Easy to customize
– Robust features
Cons:
– Takes time to understand all features
– Mixed reviews for customer support
Cost:
Quicken Starter: $34.99 per year (track your spending and create a budget)
Quicken Deluxe: $49.99 per year (+investment tracking and customizations)
Quicken Premier: $79.99 per year (+investment analysis and tax planning)
Quicken Home & Business: $99.99 per year (+invoicing and profit and loss tracking)
3. Personal Capital
Personal Capital is a financial management tool that allows you to track your investments, manage your budget, and plan for retirement.
Their retirement planning tool helps you plan your financial future. You can set retirement goals, estimate retirement income, and calculate risk tolerance.
Also offers a range of financial advisory services, including access to financial advisors, personalized investment management, and retirement planning.
Pros:
– Limited budgeting services
– Fees for certain services
Cons:
– Takes time to understand all features
– Mixed reviews for customer support
Cost:
The free version provides access to financial tracking tools, investment analysis, retirement planning tools, and other basic features.
The Wealth Management service is for users who want personalized investment management and financial planning advice. This service requires a minimum investment of $100,000 and charges an annual advisory fee of 0.89% for account balances up to $3 million. For account balances above $3 million, the fee is negotiable.
4. YNAB
YNAB is a software that helps you create and manage your budget, and prioritize your spending.
Debt management tools are one of the best features they offer. YNAB helps you pay off your debt by creating a debt payoff plan and tracking progress.
The software can also help you identify areas where they can cut back on spending to free up more money to pay off debt.
Pros:
– Best for Debt management
– Easy to set, track and progress toward your goals
– Support and education
Cons:
– Subscription-based pricing
– Limited investment tracking
– Can take time to learn
Cost: Monthly subscription $11.99
5. Tiller
Tiller uses spreadsheets to help you track your spending, income, and investments.
It allows you to create and customize categories for your expenses, which makes it easy to track spending by specific categories (e.g. groceries, entertainment, transportation).
Tiller is a powerful tool for anyone who wants to take control of their finances and make more informed financial decisions.
Pros:
– Best for Spreadsheet management
– Automated tracking
– Easy to customize
Cons:
– Subscription cost
– Limited automation
Cost: Monthly subscription $7
6. PocketGuard
PocketGuard is a budgeting app that helps you manage your money by tracking your expenses, creating a budget, and monitoring your bills.
The app automatically categorizes your expenses and provides real-time updates on your spending, making it easy to stay on top of your finances.
PocketGuard provides personalized insights and recommendations based on your spending patterns, which can help you make more informed financial decisions.
Pros:
– Automated tracking
– Real-time updates
– Personalized insights
Cons:
– Limited customization
– Limited account support
Cost:
PocketGuard Basic is free and includes basic features such as budget tracking, automatic categorization of expenses, and bill tracking.
PocketGuard Plus costs $3.99 per month or $34.99 per year (equivalent to $2.91 per month) and includes additional features such as custom categories, customizable spending limits, and the ability to track cash transactions.
7. Accorns
Acorns is an investment app that helps you invest your money automatically.
The app connects yo your bank accounts and credit cards, rounds up your purchases to the nearest dollar and invests the spare change in a porfolio of exchange-traded funds (ETF’s)
It also offers a range of investment options, including a mix of stocks, bonds, and real estate investments.
Pros:
– Best for Beginner Investors
– Automated Investing
– Diversification
Cons:
– Limited Investment Options
– Small Investments may not add up
Cost:
The Lite plan costs $1 per month and includes automated investment services, a taxable brokerage account, access to educational content, and a rewards program.
The Personal plan costs $3 per month and includes all the features of the Lite plan, as well as a retirement account and access to a financial advisor.
The Family plan costs $5 per month and includes all the features of the Personal plan, as well as investment accounts for children.
Conclusion
There is no single “best” personal finance software that suits everyone’s needs as the features and pricing vary depending on individual preferences and financial goals.
Mint and PocketGuard are both excellent options for those who want to track their spending and manage their budgets, while Acorns is a great choice for those who want to invest their money automatically.
On the other hand, if you are looking for financial planning or investment analysis Quicken and Personal Capital are the best for your needs.
When choosing personal finance software, it’s important to consider factors such as pricing, ease of use, customization options, security, and customer support.
The best personal finance software is one that meets your specific needs and goals while providing reliable and accurate financial information. It’s always a good idea to try out different software options to determine which one works best for you.
