Introduction
Managing personal finances can be intimidating, overwhelming, and time-consuming. However, with the advancement of technology, there are many personal finance software programs available in the market that can help streamline the process. Choosing the right software can be a tough decision, hence, in this blog, we will be discussing the top 5 best personal finance software programs in 2021, along with their features, pros, and cons.
Mint
Mint is a popular software that offers a comprehensive view of your finances and enables you to manage them in one place. It is a free software that links your bank accounts, credit cards, investments, and bills to provide you with a complete financial picture. Mint also offers budget tracking, investment tracking, and credit score monitoring. It is easily accessible through both its mobile app and website. Its downside is that its investment tracking features are limited, and it displays a lot of ads.
You Need A Budget (YNAB)
YNAB is a budgeting-focused software that helps you plan and track your spending. It uses a “zero-based budgeting” system that assigns a job to every dollar you have. This way, you can prioritize your spending and save money. YNAB allows you to create custom categories, set goals, and alerts you when you exceed a budget category. It offers a 34-day free trial, after which it costs $11.99 monthly or $84 per year. Its downside is that it doesn’t offer investment tracking, and it can take a while to get used to its budgeting philosophy.
Quicken
Quicken is one of the oldest personal finance software programs available in the market. It is designed for Windows and Mac OS, and it offers features like budgeting, bill payments, investment tracking, and tax planning. Quicken comes with a 30-day money-back guarantee and costs between $35.99 and $103.99 annually, depending on the plan. Its downside is that its user interface can be overwhelming, and it doesn’t offer cloud-based sync, which can be a challenge if you use multiple devices.
Personal Capital
Personal Capital is a comprehensive personal finance software that provides investment and wealth management services as well. It is a free software that links all your accounts and tracks your net worth. Personal Capital also offers investment tracking, budgeting, and retirement planning tools. It charges a fee of 0.89% for clients with less than $1 million, and 0.49% for clients with more than $1 million in investable assets. Its downside is that its budgeting features are basic, and it can be overwhelming for those who only need basic budgeting tools.
Wallet
Wallet is a budgeting-focused personal finance software that allows you to track your spending, bills, and savings all in one place. It offers a user-friendly interface, custom categories, and goal tracking features. Wallet also provides alerts when bills are due, balance updates, and credit score tracking. It is free for basic features, and its premium plan costs $4.99 monthly or $44.99 annually. Its downside is that it doesn’t offer investment or retirement tracking, and its integration with accounts can be limited.
Conclusion
Choosing the right personal finance software program depends on your specific needs and preferences. The five software programs discussed in this blog, Mint, YNAB, Quicken, Personal Capital, and Wallet, are all excellent programs that offer unique features. Mint is great for a comprehensive financial view; YNAB is best for budgeting; Quicken is great for investment tracking; Personal Capital is ideal for people who want investment and wealth management services, and Wallet is recommended for simple budget tracking. We encourage you to research and compare these programs, and select one that would be the best fit based on your specific financial goals and needs.
