5 Helpful Personal Finance Software Programs
It’s easy to make the decision to become financially responsible, but it can be harder to know where to start. How do I track daily expenses? How do I make a budget? How much should I save? These are important questions. Thankfully, there is a growing number of software products available to help you keep an eye on your pocketbook while also helping you save for today and plan for tomorrow. The following list is a general rundown of some of the products out there. It’s recommended that you shop around and see which ones fit your needs before committing fully to one. Some are free, while others range in price; some are Web-based, while others are programs you need to download or purchase as physical copies; and they each have their own design and functionality. So see which one is right for you.
• ClearCheckbook.com: This site offers a free Web-based program that basically acts like a giant checkbook register, allowing you to track purchases and deposits as well as turn that information into visual reports. There’s also an app version available if you’ve got an iPhone or an iPod Touch.
• Mint.com: (Mint.com review)This site has generated strong reviews and a loyal following since its 2006 launch. (Time Magazine placed it on its list of 50 Best Websites in 2008 and 2009.) It’s a free, Web-based financial planner that can help you set up payment alerts, implement debt-reduction plans, and visually track your income and expenditures every week, month, and year. The site offers an app for iPhone users as well as broader mobile support.
• Quicken: Even people who don’t do lot of personal investing or complex financial planning know about Quicken. It’s one of the most well-known names on the market when it comes to personal finance software. Available in Mac and Windows versions, the software is likely to cost you around $50, which for many is a sound investment. It’s a comprehensive program that can help you plan for short-term and long-term spending, though there is a caveat: The program is updated at regular intervals, meaning that some features might cease to function if you don’t upgrade. Give it a test drive at quicken.intuit.com to see if it meets your needs.
• Yodlee.com: Yodlee’s MoneyCenter is another free, Web-based interface that lets users monitor their banking habits. Similar to other programs of its nature, Yodlee offers users the ability to pay bills (how to pay bills) directly to banks and other institutions, making it a helpful way to not only track your expenditures but actually centralize your spending. There’s an iPhone app available, as well.
• Wesabe.com: Another free program that runs directly in your Web browser, Wesabe prides itself on the community of users who network with each other to share tips and tricks on investing, budgeting, and other areas of personal finance. Founded in 2005, the program can be helpful for users looking to reduce debt and plan for education-related expenses. And of course, an iPhone app is available.
Those are just five of the many free or pay tools you can use to help get your personal finances on track. They should give you a good idea of what to expect from financial planning software programs and what they can do for you.
Have you compared personal finance software? Which do you like best?
This guest post is contributed by Raine Parker, who writes to help students get an online accounting degree. She welcomes your comments at her email: raine.parker6@gmail.com.
{ 6 comments… read them below or add one }
I’ve used the free online version of Quicken for the last couple of years. Now they’ve merged with Mint. At this point I haven’t been able to get the software to sync with my credit union like it used to to update the balances. Anyone have any good experiences with any of the other web-based money management sites?
I actually use Quicken’s desktop software and find it quite helpful. There are a few little quirks I would like to see change for example to have credit cards classified as debt, but I can see why it is considered part of your banking available balances. I’m interested in an online solution, but haven’t quite nerved up to put all of my info “on the cloud.”
I can’t believe you didn’t mention @mvelopes. IMHO they are the best. I started with Mvelopes when I first got married three years ago. I then tried Quicken for the tax features but found it awkward. Then tried Mint.com bc it is free. Back on Mvelopes and loving it.
Thanks for your blog! Great stuff.
I’ve been a quicken user since a version of it came on my laptop I bought in 2003. I’ve since updated to the 2009 version and enjoy it. I know a lot of people don’t like quicken, but since it was all I had and all I knew, it was easy to use after a time, and I found the more advanced features fairly easily.
I also use Mint, but I haven’t really stuck with it, I guess it’s just brand loyalty to be honest, but whenever I try another product, I end up going back to Quicken, or at the least I end up using both.
Thanks Frugal Map for sending me here. This is some good stuff. I currently use mint.com but I am not too happy with it. I am pretty sure it is user error though. It is not simple to work with and you have to know the quirks to get around them. I think it should be easier than that so I will be trying one of you other five.
Thanks a bunch!!!
Mamiv
I’m a contract worker and most of the time I’m away from home. One of the major problems while living in different countries is that you handle transactions in currencies other than US$. Most of the personal finance programs I had previously tried didn’t offer the right solutions for me: the account was either tied to one currency only (US$), or you had to open an account for each currency separately which is quite unpractical (such an option was available in some European financial programs). I recommend InEx personal finance software to people handling multi-currency operations.