The best personal finance software will provide all the help you need if better managing your money is a priority in 2021. Whether you need to keep a tighter rein on your outgoings, or want an easy oversight of all your finances, personal finance software can prove invaluable.
To make it as easy as possible, the very best personal finance software will let you track your savings, investments, debts and so on by syncing directly with the bank or lender in question. Software will also usually include budget planning tools, so you can easily see what money you have coming in and where it is going out. Overspend and the top rated personal finance software will let you know, in an attempt to help keep your finances in the black.
For investors, finding home finance software that will let you monitor your stocks is a must. Some personal finance programs also allow you to compare the performance of your investments against the rest of the market, and look further into the future too, letting you know if you’re on the right financial path to meet your retirement aims.
If you’re thinking about how to better manage your finances for the first time, this guide to the best personal finance software is the ideal place to start. As well as a top software choice overall, you’ll find home finance software that represents outstanding value for money and another best suited for keeping tabs on investments as they rise and fall. There’s also a personal finance app which is perfect if you want to manage your finances on the go.
A new year might bring new money resolutions, but it’s also the time to start thinking about filing your taxes too, a task that the best tax software is ready and waiting to help you with. Or if investing is on your mind, our guide to online stock trading could set you on the path to the investment returns that you’re dreaming of.
1. Quicken Premier: Best personal finance software overall
Our pick for the best personal finance software is Quicken Premier. Quicken is one of the best known names in personal finance, and it is constantly updating its software with new features. And as you would expect, the latest version of Quicken Premier - which costs $67.49 a year - remains incredibly easy to get started with and hook up with your bank and investment accounts.
Once you've connected the program to your accounts, it will import your transactions and categorize them automatically - should something be incorrect, you can edit it. The categories are obviously there to help you organize your budget, with color-coded indicators providing an instant visualization of your current monetary state of play. If you need a more stark reminder when you're tempted to spend, there are also alerts that will be sent to you when a budget limit nears or is exceeded. There are budget setting options for everyone, with Quicken allowing you to keep the same limit each month, or direct any unused funds to roll over into the following month.
However, where Quicken Premier really stands out is in its investment, tax planning and retirement tracking tools. If you own stocks or other securities, simply link up your investment account and you can analyze your portfolio and compare its performance with the market. You can also track progress towards your retirement goals, and find out what you need to do to either stay or get back on track. There's the option to track cost basis and create Schedule D tax reports too, providing a head start when it comes satisfying the IRS requirements that come around each year.
- Read our Quicken Premier review
2. Quicken Starter: Best value personal finance software
If you're looking for value in your personal finance software - and given it is money management products that we're talking about, you probably are - Quicken Starter is the less expensive, scaled-down version of Quicken Premier. Indeed, the cost of $34.99 is hard to argue with on any level, particularly as it provides the same outstanding budgeting tools as its more expensive counterpart - what you don't get is access to the investment and tax planning tools that are available on the Premier version.
Quicken Starter connects directly to your accounts and imports your balances and transactions, automatically categorizing them. You can also manually adjust the categories if the default tags don’t match your budget. Budgets are easy to create too and can be divided into categories to track how much you spend on groceries, rent, and other items. You can set up email or text alerts for when you approach or exceed your budget limit in a certain category.
For managing your finances on the go, the Quicken mobile app lets you check on your budget from your phone and take pictures of receipts so that you can add them to your records. And as with the Premier option, a web based version of the package is now available as well. All round, it's the perfect personal software option for budgeting on a budget, particularly if investments are not on your agenda right now. And if they are, then know where to find the Quicken Premier package.
- Read our Quicken Starter review
3. Buxfer: Best personal finance software app
Having a mobile, web-based personal finance program makes it easy to track your spending and expenses from anywhere, and this is where Buxfer excels.
Once you create an account with Buxfer and download the app, you can connect it to your bank and credit card accounts, allowing your balances and transactions to be automatically added to the application and categorized. An edit option is available too if you don't agree with the automatic categorization.
Creating a budget with Buxfer is also easy. You set an overall spending limit for each week, month and year and can use the categories to further refine your plans. One distinct advantage of being primarily app-based is that your budget planner is always readily at hand, ideal for easy reference when you’re about to splash out, but maybe shouldn't. What Buxfer also has is shared-expense tracking, which lets you send money to others, and can prove especially useful if you split rent or utilities with roommates.
Buxfer offers simple reports that help you visualize your spending. There are pie charts to determine what percent of your income you spend on various categories and line graphs to give you a quick view of your income versus your expenses. If you want to set up savings or retirement goals, then you'll need to look elsewhere, but if it's budget planning on the go that you're after, then Buxfer is the ideal choice.
- Read our Buxfer review
4. Moneydance: Best personal finance software for investors
Moneydance is one of the best personal finance software options if you have investments and brokerage accounts that you want to keep track of. The platform is easy to use, yet there's a number of impressive options that you won't always find elsewhere, including the ability to sync to a peer-to-peer lender and the option to create your own custom-made reports.
All of the usual account syncing options are available too, and a mobile app so that you can monitor everything while you're on the go. If you're looking for straightforward budgeting assistance, the lack of alerts might disappoint, and it's unlikely you'll need all the bells and whistles that come with the package overall. But if it's investments you want to monitor, and the ability to build your own bespoke reports, then Moneydance certainly has something to offer you.
- Read our Moneydance review
5. Mvelopes: Best for envelope budgeting
Mvelopes is the ideal go-to personal finance software if you want practice envelope budgeting with a 21st century twist. For time immemorial, people have put money into envelopes with the express intention of spending no more on groceries, shopping, entertainment or whatever is written on the envelope than the amount sealed inside.
Now, Mvelopes brings the method up to date, by allowing you to track expenditures that you've assigned to various digital envelopes. When you exceed a spending limit, the envelope balance changes to red, and you know you've gone too far. Mvelopes lets you sync directly to your bank and credit card accounts, so that a fast insight into your everyday spending is always at hand. You can connect to brokerage accounts too, but only your balance will be recorded - you can't monitor your portfolio performance. Three plans are on offer, with each available on a free 60 day trial.
- Read our Mvelopes review
How we test personal finance software
We’ve been reviewing personal finance software for a many years, and for our latest update, we spent 60 hours considering 20 programs before settling on the best for our shortlist. To test these programs, we purchased or downloaded complete trials and used them to create budgets, connect to a bank account and monitor how well each program performs.
The best programs connect automatically to your bank, credit card or investment accounts directly. A few require you to import through Dropbox or another intermediary. Once our transactions were imported, we let the program categorize them for us and began creating budgets. We noted the tools each program has to simplify the budgeting process, and whether you can copy the budget from month to month and set up recurring payments.
To ensure the programs were tested across the widest possible range of financial scenarios, we also looked at the tools for monitoring investments. Many of the programs at least give you an overview of your portfolios and track their performance. The more extensive personal finance programs allow you to compare your portfolio to the rest of the market.
How much does personal finance software cost?
Personal finance software can be free or cost upwards of $100 – it all depends on what you want your software to do. Your preference for using an app, an online portal or a program downloaded to your computer is likely to make a difference too.
Free apps like Mint offer the basic budgeting tools you need to better manage your money, while there are more robust apps, such as You Need A Budget, which costs $11.99 a month. If you have investments or need more complicated budgeting and accounting tools, a downloadable program is likely to be your best choice - this type of personal finance software is what will set you back the most in terms of price, but could help you to save money going forward.
Choosing the right personal finance software
Before settling on a personal finance program, take stock of what you need it for and how you’ll use it. Everyone’s financial situation is different, and some of these programs may not suit all your needs.
If you need to get a handle on your finances and track your spending, a basic budgeting option is probably suitable for you. A budget can be as simple or complex as you need. You may want to simply track your total spending overall, or perhaps keep tabs on how much you spend on certain things. Some people feel most comfortable with the envelope budgeting method, which involves setting money aside each month for specific items or goals.
If you’re budgeting because you want to save toward a goal, say a down payment on a home or for retirement, many of the programs offer tracking tools that let you set aside an amount each month and track your progress. Using personal finance software to manage your budget can help you identify the areas where you overspend or can most easily cut back as you attempt to reach your financial goals.
Not everyone invests money in the stock market, but if you do, you’ll need personal finance software that can cover the full breadth of your financial situation. Many of the programs we tested integrate with your financial firm and can at least give you a top-level look at your portfolio. However, the best personal finance software allows you to track your performance and compare your portfolio with the market. Investment tracking software tends to cost a bit more, so if you don't have stocks to monitor, you're best choosing the lower cost software that should simply provide the budgeting features that you need.
Best free personal finance apps
While most of the personal finance software cost money, often in the form of a monthly or annual subscription, there are also some programs that offer free trials too. If you're just getting started with budgeting, taking a trial would seem the best option to see if the system on offer works for you.
Alternatively, there's a seemingly ever growing number of free budget and finance tracking apps that you can make use of, including:
Developed by Intuit, the same company responsible for Quicken, Mint is a budgeting app that is free to download and use. Once installed, you can sync to your bank and credit card accounts, pulling all the relevant information into one main dashboard. Mint categorizes your transactions, so you can check your bank and credit card balances at a glance. It even goes a step beyond and lets you check your credit score and investment performance, as well as the value of your home.
While Mint automatically creates a budget for you, this can be adjusted to suit your needs. You can also set up alerts to make you aware if you're about to stray beyond your budget or have a bill coming up. The main drawback with Mint is the prevalence of ads that you need to put up with, but that's usually the price of having something for free.
Clarity Money comes courtesy of Goldman Sachs, and is similar to Mint in the way that it syncs to your bank accounts, tracks your spending and sends alerts when you have a bill due. However, what makes it stand out is the ability to monitor your subscriptions to services and websites, and then to cancel them on your behalf if you no longer need them. Clarity Money can provide a useful picture of your finances, but if you need more in-depth budgeting tools, you may need to look elsewhere.
If it's very basic spend tracking that you're after PocketGuard might just suit you. There's little in the way of additional features and may not be prove good enough to reconfigure your entire budget, but it’s a more than useful way to quickly see how much money you have to hand.