Last Updated on December 28, 2022 by Selina Parker
There are several personal finance software and app options on the market. Which one is right for you? It depends on your needs and financial goals. You may want to choose a primary budgeting and expense tracking tool if you’re starting. Suppose you need help getting your investment portfolio in order, personal finances apps!
This blog post will look at the best financial planning software and apps available today.
What is financial software?
These tools or apps help you manage your money and improve your financial life. They can include budgeting and expense tracking, investment portfolio management, etc.
There is the right financial planning software for every type of user. Whether you’re just starting with your finances or looking for a new way to keep track of everything, options are available!
Best Online Financial Planning Tools
Quicken is one of the most well-known personal finance software on the market, having been in existence for many years. You can use the program to handle a variety of financial elements, including budget establishment, debt monitoring, savings goals, and even investment advice.
The program is powerful enough to handle personal and commercial spending and property management processes like rental payments from tenants. The program is $35.99 per year and works on Windows, macOS, iOS, etc.
- Budget Creation
- Debt Tracking
- Excel exporting
- Bill payments
- Track the value of your assets
- Your data is safe with 256-bit encryption
- Offers a 30-day money-back guarantee
- Allows you to manage your spending and create a budget
- You can manage your savings and investments
- You’ll be able to track your investments and see your savings grow
- View all your financial information from one place
- Four price plans to choose from
- More expensive than other similar software
2. Personal Capital
Best for Investors
If you are an investor, you will want to go for Personal Capital because of its comprehensive budgeting solution and tools to keep track of your assets. It is also an online financial advisor that offers financial planning services to help you prepare for your retirement.
You can maintain track of your net worth, watch your cash flow, and get an investment checkup all in one place.
Money Management Software
- Net worth
- Savings Planner
Long-term Financial Planning
- Retirement planner
- Education planner
- Investment checkup
- Free analyzer
Exclusively for the Clients
- Financial Roadmap
- Financial Strategy
- Smart Withdrawal
- Employer Plan Analysis
- It’s completely free to utilize
- A complete financial dashboard allows you to keep track of all elements of your finances.
- Retirement planning and investment options can help you meet financial objectives.
- Some customers have reported difficulties with bank accounts
- You might be offered additional services like wealth management services as a result of this procedure
- Certain features of the apps are more limited
3. Future Advisor
Best for Investors
Future Advisor is an attractive solution for DIY investors looking for low-cost access to financial advice. The investment program suggests customized suggestions to diversify your portfolio, allowing you to do so or not as you choose.
- Daily tax-loss harvesting
- Automatic rebalancing
- Access to financial advisors
- Provides free resources and advice
- Uses the services of several well-known online brokers
- Human advisor support is robust
- They set the account minimum at a high level
- High management fee
- In comparison to competitors, they provide fewer management services and perks
Best for Budgeting
Mint is a well-known budgeting and cost tracking software. You may have the program gather your bank and credit card data to analyze your expenses and find places where you can save to improve your finances.
Mint provides several ways to stay consistent and accountable. You can set up alerts for things like due dates and low balances, which will help you stay on track.
- Multiple accounts are in one location
- Tracker of bill payments
- Budgeting goal tracker
- Budget notifications
- Classify bank transactions
- Investment tracker
- Safety & security
- Easy to use
- Free to use
- Equifax provides free credit scores
- Lack of investing feature
- Intrusive ads
- Sync issues are common
- The bill pay function is unavailable
Best for Habit Building
If you’ve been struggling with bad financial habits, YNAB can help you break those through a few basic financial management rules.
- Goal tracking
- Loan calculator
- Spending and net worth reports
- You may link all your financial accounts or manually enter transactions one by one.
- Any device may access real-time data at any time.
- You’ll learn how to budget, not just how to automate the procedure
- About $15 per month or $99 per year for a subscription
- Requires more time and effort to handle than other alternatives
- Budgeting software with a steeper learning curve than other inexpensive programs
6. Tiller Money
Best for Spreadsheet Management
Tiller Money lets you see all your money in one place by automatically updating your checking, credit card, loan, investment, and other account data into a customizable Google Sheet or Excel template. Tiller Money helps you arrange your data however you want using templates or to design your spreadsheet to your specific requirements.
- Ready-to-use and customizable templates
- Sorting and categorizing transactions
- You can link up to five spreadsheets
- Budget collaboration
- Every day, the data in your account is updated automatically
- A variety of pre-built templates are available for different financial objectives
- It gives you a daily report of your balances and activity on your accounts
- Highly customizable
- Favors Google Sheets
- There is no credit score monitoring, retirement planning, or bill payment capability
- It does not include investment tracking tools
- More expensive
Best for Zero-Based Budgeting
The conventional envelope budgeting approach assists you in keeping to a budget by using envelopes to manage your money. You can put a certain quantity of money into different envelopes once you’ve divided your budget.
If you budget $100 for gasoline for the week, place it in a “gas” envelope. That is it. When you’ve used up your $100, there’s no more money to use. Mvelopes take the same approach to budgeting, but instead of using physical cash, it’s done digitally on your phone and computer.
- Digital envelopes are unlimited
- Monthly funding plan
- Syncing of accounts
- Debt consolidation center
- Learning center
- Coaching access
- Mobile app
- Importing transactions from linked financial accounts automatically
- Enter transactions manually
- Coaching sessions every four months for plus members
- Web platform and mobile app
- Not all banks and credit unions are compatible (95% of them do)
- Debt reduction calculators may be too basic
- There is no free monthly plan available
How do I choose the best personal finance software?
When choosing which app or software best fits your needs, a few things need consideration.
1. Consider its monthly or annual fee
One of the best ways to decide on the best personal finance software is to consider your budget. But before you choose, ask yourself if it’s worth paying a bit more upfront than having costly fees in the future.
The best way to consolidate debt and save money when managing your finances is by using free online financial planning tools.
2. Consider its features
Even though it’s best to go for free software, you must also consider the best-paid tools and weigh your options.
See if the app or software has features to help you achieve your goals. For instance, some apps automatically allow users to set up rules for transactions like bill payments and savings transfers.
Not all software is compatible with all devices. Make sure that you can access the app or software on your computer and phone, and other devices if needed.
Personal finance tools help ensure your finances are on track. You have a wide range of options, from best-paid apps to free online financial planning tools.
When choosing the best personal finance software for you, consider its features and price and if it’s compatible with your devices!
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ABOUT THE AUTHOR
“What began as a life and career coaching services company to aide entrepreneurs through the early-stage challenges and tough transformations of starting a social venture has evolved over the years to include mergers and acquisitions, organizational consulting, and business growth advisory services to mission-driven organizations that strive to improve access to basic physiological, safety, and security needs while increasing their profit margin. Clients include founders and organizations with the purpose of addressing deficiencies in delivering quality healthcare and mental health services, sufficient employment, access to clean water and air, safe shelter, adequate food, and more.”