I’ve had readers ask me about some of my favorite financial planning software options, so I decided to write a little bit about a few of them out there. I have used some of this software much more than others, and I am glad to share my thoughts about them, but since there are so many aspects to consider I suggest digging deeper into them before making a purchase.
There is a unique challenge that all these personal finance software companies face: satisfying the diverse needs of such a wide range of users. From what I have found some of the best products out there only have above-average reviews. My hunch is that the expectations of this type of software is often a little too high. I know it was in my case. I basically wanted to find some kind of financial planning software that would give me all the information I wanted, without any input on my end.
The software manufacturers have made huge steps forward over the last decade, but thinking that magical “Jetson’s” type solution exists might lead you to disappointment. So just keep that in mind as you are test driving the software for the first time.
Also, I should mention that the options listed below are only for software that runs on your computer. I will write another article about some of the great online money management tools out there, but this one focuses solely on computer software. The reason for the distinction is that many users don’t like the online options because of the safety concerns with having their financial data stored on a server somewhere.
How to choose the right software?
Obviously the chart below isn’t going to be enough information to make an educated decision – but hopefully it will give you a head start. I recommend visiting the product page and finding out a lot more about each product. Many of them have video tours and discuss the features in detail. Some of the products are great at one aspect of personal finance, but not others. So it is important to know what your needs and expectations of the software are before making any final decisions.
10 software options for personal financial planning
| Software Name | Cost | Platform | Notes | Free Trial? |
| Quicken Deluxe | $59.99 | Windows 7/XP/Vista (Quicken for Mac is sold separately) | Quicken is probably the most well know personal financial planning software out there. They have been in the business for over two decades and are always making improvements.
I used Quicken about 5 years ago and was happy with how well they brought all of my financial information into one place. But at the time, the banks I was using weren’t able to sync with Quicken, making it a frustrating process. These days there are a lot fewer banks that aren’t up to speed with syncing the transaction data – so this shouldn’t be an issue for most people. |
No |
| YNAB3 | $59.99 | Mac/Windows/ Linux | YNAB is geared towards the budgeting side, but as a tool to help you keep track of and stick with your budget, it is one of the best I’ve seen. | Yes |
| eFinplan | $49 semi/annually | Any (online access) | eFinPlan is a system that helps you develop a long-term financial plan. It is designed to be an alternative to hiring a financial planner, rather than a money management system (like most of the software mentioned here).
eFinplan is the exception and is an online software, but is listed because they do not collect account numbers to be stored online. They define it by saying, “eFinPLAN is the first online do-it-yourself financial planning software. Quicken and budget software are for managing day-to-day expenses.” |
Yes |
| Microsoft Money Plus | $64.99 | Windows XP | It seems like Microsoft has dropped the ball a little bit with Money . Microsoft has basically backed out of creating personal finance software. Older versions are still available to purchase, but it will likely be difficult to find support for the products. But, just like Quicken, Microsoft Money is designed to give you a full picture of your financial situation and has tons of features that go beyond just budgeting. |
No |
| BankTree | Approx $42 | Windows 7/ XP/Vista | BankTree was created from a software company in the UK, but it does works with over 100 currencies, so if you are in the U.S. you will be fine.
Here is a little from their website… “BankTree Personal Finance software is for the Microsoft Windows operating system – designed to help organize and manage your income and expenditure. With the following features:
“AceMoney helps to organize and manage personal finances quickly and easily. It supports all the features required for home or even small-business accounting needs” |
Yes |
| AceMoney | $30 | Windows 7/ XP/Vista | “AceMoney helps to organize and manage personal finances quickly and easily. It supports all the features required for home or even small-business accounting needs” | Yes |
iBank |
$47.99 | Mac | iBank is the unofficial Mac alternative to Quicken. Here is a little from the product description…
“iBank is an intuitive personal and small business financial manager designed to help you track your bank accounts, credit cards and investments. Categorize your transactions, analyze your income and expenses with live-updating charts, and plan your finances” |
No |
Crown Money Map Financial Software |
$59.99 | Windows Vista/XP/ Linux/Mac | From the product description…
“Crown Money Map Financial Software will lead you through the process of examining all your income and expenses. Meet specific financial goals such as reducing and eliminating debt, build balanced budgets, manage investments, and more. And the unique feature is that the software will teach you how to create a reasonable spending and savings plan. Live stock quote information can be retrieved immediately within the software And more!” |
No |
Budget Express 3.0 |
$29.49 | Windows Vista / 98 / 2000 / Me / XP | From the product description…
“Create and manage your budget in minutes! Budget Express 3 is the quick and easy way to create a family or personal budget. No special knowledge of computers or accounting is required. By asking you a few questions, the Budget Creation Wizard creates your budget and suggests budget items tailored to your profile. Budget Express shows you all your transactions in an intuitive calendar display.” |
No |
| Money Dance | $39.99 | Windows 98 / 2000 / Me / 95, Mac, Linux | From the product description…
“Moneydance’s simple, intuitive interface makes taking care of your finances a breeze. Save time and money with online banking and bill payment. Moneydance makes it easy to set and trace budgets, and reminds you of upcoming bills to keep you up-to-date. Moneydance’s insightful reporting and graphing tools illuminate your finances and show you where your money goes. You can track your portfolio and stay on top of your investments. MoneyDance also offers encryption and password-protection to ensure your privacy.” |
Yes |
What software do you use for your financial planning? Tell us about it in the comments!
{ 11 comments… read them below or add one }
YNAB3 rocks!!! It is just a budget tool and doesn’t have a lot of reporting features that Quicken and Money have but it is the best budget tool you will ever purchase.
These are some great choices Bob! I have one to add to the list for all you Mac users out there: Moneywell. We’ve been using it regularly and love it! It uses the envelope budgeting system in a virtual sort of way. Everyone should check it out. Thanks again these great suggestions!
I really like mint.com. I primarily use it to quickly find out my networth. It works with Government TSP accounts so that is a big plus for me.
I use a version of MS Money..while it s older it still meets my needs.
Nice comparison, i have been hearing alot about YNAB i might test drive it to see how good it works.
I use excel and build my own macros for report and running balance tracking.
Thanks so much for this review Bob. I had never heard of YNAB3, but after viewing their web site, I think I’ll give it a try. I have been using Microsoft Money for about 15 years and have liked it. However, I was always frustrated to not know the accumulative balance of my categories that was carried over from previous months.
It appears as though YNAB3 keeps this in view from month to month. Seeing my savings accumulate will definitely boost my enthusiasm, causing me to save even more.
I have used quicken, mint, and a couple others only to get frustrated. I now use YNAB3 and it is EVERYTHING I have been looking for. I was looking for a budgeting program and while other programs track history, other features and so forth YNAB is the best for budgeting.
New Quicken for Mac 2010 is coming out in a few weeks – it should be interesting to see what users think of it. I’d also like to mention Fortora Fresh Finance which works on both Mac & Windows. You can do the usual things: track your accounts, set up budgets, print checks, generate reports. Also offers multiple-currency support.
Don’t forget Mint.com — I am a huge fan of their budgeting tools. Also, given that it’s a free web-based application with automatic uploads … it is a great tool. As an entrepreneur, I like quick snapshots sent to my email that give me a holistic view of my personal financial picture. It’s simple to use with a great interface.
YFS, I agree about Mint – it is a great tool, I didn’t mention it in this article because it isn’t downloadable software- this article was geared towards those looking for a downloadable option…
I am retired and want something with a feature like Money’s Lifetime Planner. Do you have a suggestion?