Finding a great personal finance software can be the difference of a major headache and a stress-free financial outlook. Different personal finance software platforms cater to different people in different financial scenarios and beliefs. We’ve listed some of the best personal finance software with an overview of each, and who each software is best suited for.
What Makes A Great Personal Finance Software?
The most important thing to analyze when looking for a personal finance software is checking to see whether the software can provide you with all the tools you need for your specific situation. A few things to consider are:
- What is your ultimate objective for using the software? Is it to pay off debt, save for retirement, plan for a vacation, increase your credit score, etc.?
- Are you a small business owner who needs software that can support personal and business financial management?
- Do you want the software to create tax documents to give to your CPA during tax season?
- Do you need additional services like asset management, wealth management, or the ability to invoice customers?
- What is your budget to spend on the software?
After you’ve analyzed your financial needs with similar questions to those listed above you should have a clear idea on what you need in a personal finance software.
Price: $0 to use their financial tools, and 0.89% of your balance annually for wealth management
Key Features: View all your accounts in one place, cash flow analysis, fee analyzer to see where you’re paying most in fees, retirement planner, and college savings plans.
Personal Capital may be the most popular personal finance software out there today. They provide anyone access to their free tools that sync all your personal finance data and accounts into one location. Their software then takes all that data and allows you to view different reports, graphs, goals, and plans. They can even lay out all the fees you’re paying for your accounts to help you see where you’re getting charged the most.
Personal Capital isn’t just a personal finance software, but they are also a central hub for access to financial planners for retirement planning, asset management, and cash management.
Who Is Personal Capital Best Suited For?
Anyone looking to see their whole financial picture in one location with different report details and planning tools will be very happy to use Personal Capital. Those who wish to have access to professional financial planners as well will find that Personal Capital provides access to highly rated advisors you can trust.
Price: $11.99 per month, or $84 per year if paid annually
Key Features: Accessible via any device with real-time data from your bank accounts, second to none goal tracking help, easy to read reports, access to free live workshops, and customer support.
YNAB was built to help you learn how to prioritize your money from most important to least important and attacking your finances accordingly. They help you plan for the future of your finances rather than just analyzing reports of your spending last month. The focus is to help you change your spending habits with a forward-looking and proactive approach, and their software makes it easy to do.
Who Is YNAB Best Suited For?
YNAB will work best for anyone who wants to get rid of old spending habits and replace them with new healthy financial habits. If you’re motivated, willing to dedicate a little time and effort, and let YNAB help you do the rest, then YNAB will be a fantastic software to improve your financial future.
Key Features: Access to your FICO score, access to your credit for phone and utility bills, ability to raise your FICO score instantly, free credit files by Experian.
Experian is one of the original three credit bureaus that provide financial institutions with consumer and business credit scores. Their new product Experian Boost is geared to help anyone who is wishing to improve their credit score for free. Most credit repair companies charge hefty fees to consult you on improving your score, but Experian Boost provides you with free advice and user-friendly software to help along the way. The best part is it comes directly from one of the credit bureaus themselves!
Who Is Experian Best Suited For?
Whether you’re looking to build credit, improve credit or monitor you FICO score, Experian Boost is a great choice when it comes to personal finance software.
Price: $34.99 per year to $89.99 per year depending on which package you choose
Key Features: See all of your finances in one location, create customized budgets, manage your debt, manage property investments, and create customized tax documents.
Quicken may be one of the more veteran products on the market to manage your finances since they’ve been doing it for over 30 years now. Their software provides personal finance management solutions for both simple and complex financial portfolios. From managing all your accounts in one place to planning for retirement and even managing your properties, quicken has built a product that makes money management much easier.
Who Is Quicken Best Suited For?
Quicken might be the most well-rounded finance software out there that could potentially cater to almost anyone. It works great for college students on a budget, small families looking to establish their financial roots, and even business owners with a lot of ventures to manage. If any of these sound like you, Quicken is a very trusted product that’s been around long enough to know how to make money management easier for you.
Price: $9.99 per year to $39.99 per year depending on which package you choose
Key Features: The ability to import data from Quicken and Mint, invoicing options for small businesses, additional graphical, and text widgets for quick views of your finances, detailed financial reports.
CountAbout is a very basic option for those looking for a simple personal finance software that requires little time to setup. In short, you can download your bank accounts and transactions to the software, view detailed reports and graphs on your finances and plan for the future with their budgeting tools. Should you need more features such as attaching documents or images to transactions or need a basic invoicing solution for your small business, you can purchase additional add-ons to customize your CountAbout dashboard.
Who Is CountAbout Best Suited For?
Due to the simplicity of CountAbout, they are a great solution for someone who just wants a basic personal finance software without a tone of additional bells and whistles. Whether you’re just managing your personal finances or a local small business owner, CountAbout has an affordable simple option for you.
The Credit Pros
Price: $19 per month to $149 per month
Key Features: Access to your full credit report from Transunion, dark web monitoring ID protection, manage your bills, and their due dates, pay down debt, save up to 80% on medication costs.
The Credit Pros is primarily a credit repair service that provides you understandable credit reports and insights, additional tools and tips to build your credit, and regular monitoring of your credit should you see errors on your report. Furthermore, The Credit Pros partner with many services that you get access to in their premium packages such as ID protection, bills reminders, and budgeting tools.
Who Is “The Credit Pros” Best Suited For?
The Credit Pros is best suited for those who need additional support and advice to rebuild and repair their credit with person to person advice with access to additional finance tools as needed.
Price: $0 to $19.95 per month depending on the package you select
Key Features: Manage multiple streams of income, ability to forecast your goals and plan to achieve FIRE (Financially Independent, Retire Early movement), manage your Airbnb income, plan to own a home or pay off student loans.
PocketSmith provides a personal finance software that isn’t so “cookie-cutter” or “one size fits all” like other finance software out there. Of course, they provide you all the basic features of a personal finance software like viewing all your accounts in one place with detailed reports and graphs. But their competitive advantage aims at allowing you to customize their finance tools to your personal finance needs. Not only can you manage your money with PocketSmith, but you can use their forecasting tools and “What If Scenarios” to see how different actions might affect your finances. They allow you access to their platform of professional advisors should you want additional financial support.
PocketSmith is available on all mobile devices and computers making it easily accessible. Along with their user-friendly budgeting software, they give you access to a wide variety of educational content on helpful tips, tricks, and detailed money guides.
Who Is PocketSmith Best Suited For?
PocketSmith could be the best option for millennials and digital natives who have their hands in multiple ventures (side hustles, full time income, etc.). Their customizable platform makes it easy to make the software unique to you and allows you to play for different scenarios, both of which are important features to modern money managers.