Published Jun 18, 2022 9:00 AM
The best personal finance software will fast-track your financial goals while also saving you time and frustration. And there are fantastic options in personal finance software that will make your financial life much easier—whether you are flying solo, keeping your family’s finances in order, or running a small business.
Despite the technological conveniences of online passwords, bill pay, and ordering, there are too many virtual transactions to keep track of in your head. Personal finance software will help you manage and analyze all your data while keeping your information private, secure, and encrypted. Because let’s face it, don’t we all want a killer credit score?
Setting and meeting financial goals, staying on budget, and not stressing about bills is important and it sure does help you sleep better at night. When you do spend, changing the ways you decide to spend your money might even truly bring you more happiness. The best personal finance software will provide an easy way to manage your financial goals, keep all your finances in one easy-to-navigate place, while also backing up and securing your personal information.
How we chose the best personal finance software
We arrived at our selected products by reviewing seven top-rated personal finance software brands based on personal experience, peer suggestions, and user impressions. We then narrowed them down to five after we compared and considered the following for each program:
- Cost: How expensive is the personal finance software?
- Features: What tools does the program offer?
- Goal setting: How will the program allow you to set and monitor financial goals?
- Security features: What steps do they take to ensure your personal information is secure and private?
- Training and education: How does the software educate you on not only how to use the program, but how to improve your financial literacy?
- Compatibility: How can you use the program, is the mobile app easy to navigate?
- Customer reviews: How do actual customers rate the financial software?
What to consider when selecting the best personal finance software
With so many software options on the market for personal finance, it’s important to consider what features are important to you and how you will use the program. Here are some factors:
How much financial tracking do you want?
When it comes to options, you can track it all, just a few things, or somewhere in between. So asking yourself how and why you will be using your personal finance software is an important first consideration. There are software packages that make sense when you want to track all your expenses, credit cards, as well as investments. There are other simpler programs that might be better for beginners that are more focused on coaching and guiding you stay on budget.
Where and when will you track your finances?
Consider how you will use your software. Are you planning on sitting at your office desktop and reviewing it all? Or do you want a program that integrates seamlessly with your smartphone? Your personal finance software should match your lifestyle.
Is cost a factor in deciding on your personal finance software?
Luckily, personal finance software isn’t too expensive, but you should still consider how much you are willing to spend. Do you prefer to pay a lump sum or would it be easier to spread out the cost monthly? How much are you willing to spend on personal finance software, or do you want a free program? If you want to try before you buy many software programs offer a free trial before you commit.
Is tax time your main concern?
If your main goal is getting your finances together for tax time you have some options. You can purchase software that will help you organize, prepare and file. Or, you can also look into software that will automatically turn your financial data into spreadsheets that can be used for tax-time for you or your accountant. If this is important be sure to select software that offers these features.
The best personal finance software: Reviews & Recommendations
Ultimately, it’s best to choose personal finance software that is suited for your individual goals. A little consideration and legwork in advance will set you up to get started and meet your goals quicker. We have analyzed, selected, and given awards to the best software based on the program’s features and how these features will help you meet specific needs. The best personal finance software will streamline your financial life and help you meet your goals painlessly. Here are our top picks.
Best overall: Quicken Premier
Read More: Best personal finance software of 2022