Personal finance software are softwares which helps you understand the basics, become more methodical at managing your money, and even help you find ways to meet your long-term financial goals. Picking the best personal finance software should be based on your current financial needs.
Some personal finance software can help you get hold of budgeting and tracking of expenses while others can help with investment portfolio management. Yes, your budget for personal finance software matters, too. The list of the best personal finance software includes free and paid options to suit a variety of financial goals. So let us see who are they and how they rank according to my view.
Quicken is around for several years, it is one of the most well-known of all the personal finance software on the market. It can be used to manage various domains of your financial life from making a budget to tracking of debts, savings, and even investment learnings. It features Excel exporting, which facilitates manipulation and doing additional calculations on data.
There are many advanced features like bill paying, which allows us to set up payments for our bills right from the software. We can use it to calculate the value of our assets to have an accurate value of our net worth. The app is strong enough to take care of both our personal and business expenses and even manages property management functions like rental payments from tenants.
The software links to our credit card accounts and sends the data into a Google Document where we can do your own calculations on the given data.
It allows us to pick from templates that coordinate our data for us or we can customize it to suit our wants. There is a monthly fee for the service, but we can take use of the 30-day free trial to decide whether we want to subscribe or not.
It is one of the most popular tools used to have budget and track expenses. We can have the software get access to our bank and credit card information to understand our spending and mark areas where we can reduce spending and improve our finances. For more accountability, the software facilitates us to keep alerts for things like due dates and low balance which keeps us up to date.
These features help us get rid of penalty charges for late payments and maintain our bank account. If we set up budget categories, the software will help you get real-time information on the amount you can spend on things like clothes, food, etc.
It helps us to stick to a budget with the help of envelopes and it is one of the traditional systems. Once we have calculated our budget, we put the amount of cash into a budget. For example, if we budget Rs.600 for food for the week, we place Rs.600 in an envelope and once we have spent Rs.600, that’s it. The software takes the same way to budget, except that it’s done digitally.
Here we need to select the financial goals that are most significant for us, then we add it to our bank accounts and set our income. The software will help us make a budget and set up our “envelopes.” Mvelopes tracks our expenditure and displays what we’ve spent from each envelope to keep us in terms with the budget throughout the month..
YNAB is a personal finance software which helps us get our financial literacy on the right track as we manage our monthly budget. As we make our budget and manage our daily expenses, the software teaches us to will help us tackle some of the tougher financial domains. If we have been struggling with not so good financial habits, the software can help us get over those by helping us stick to some basic financial management rules.
YNAB automatically gets linked to our bank account, accessing our expenditure information for analysis and tracking of budget. We can keep a check on how we’re going towards our monthly budget and take necessary steps if we’re overspending.. The software offers a free trial that facilitates us to use YNAB while we decide whether it’s perfect for our personal finance goals. It costs around $6.99 per month.
It is a software which provides low-cost access to a financial advisor for a DIY investor. FutureAdvisor gives us free personalized advices to facilitate us expand our portfolio. There is a premium robo-advisor version that provides us more complete portfolio management.
A robo-advisor is an AI-based investment advisor that can study our portfolio based on advanced algorithms. If we are trying to make much more tax-efficient investment choices, the price of the robo-advisor won’t seem much to us.
This is a software which comes in handy during tax time. It is consumer-friendly, taking us through our tax preparation to help us prepare our taxes efficiently. Giving input of our tax information is quite simple – we can take your W-2 information from our employer or we can take a snapshot of the form and TurboTax will transfer the information into the form.
On the higher end, the software gets us in touch with an Enrolled Agent or CPA to provide us personalized advices and give solutions about our tax return. Premium versions of the software include a feature to help us make our deductions maximized by uncovering deductions which we may not have known available to us.
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These are the six best personal financial softwares one can have and get their financial aspects to keep or back on track.