Do you dread managing finance at the beginning of the month, during the month, and at the end of the month?
If yes, then you’re not alone. We all live in challenging times where managing money and remaining loyal to a fixed budget can be very demanding. However, if and when done right, budgeting can be very rewarding as well. It helps you be more confident in your financial decision and renders it easy to meet your financial goals.
But how do you do it? How do you monitor your finances, minimize splurge, and maximize savings and investments?
The answer is simple.
You leverage technology.
Technology advancements such as finance software development have made it easier to achieve what we discussed above. From students to entrepreneurs, individuals to couples and families – personal finance software benefits one and all.
However, from a plethora of different software, which one do you choose? What do you look for before making the right choice? Let’s find out.
What to Consider Before Choosing the Right Finance Software?
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Personal financing is a tricky feat. It includes budgeting, banking, insurance, mortgages, investment, tax, and estate planning. Let’s be honest. These tasks are nothing less than an ordeal. While there are various personal finance management tools in the market, not all might suit you. Some might fail to meet your goal, while others might be out of your budget. Hence, before you make a decision that doesn’t cost your budget, ask yourself the following questions:
1. How Much Financial Tracking do you Require?
Finance tracking or expense tracking refers to monitoring your income and expenditure daily. By leveraging the correct methods, tools, and strategy, financial tracking helps you spend within a limited budget and save considerably.
Some people leverage personal finance software to manage their expenses, credit cards, and investments. On the other side are buyers who want a way to stay on a budget. Since every buyer’s intent and requirement is distinct, they need to know which tools would help them most.
2. How Do You Plan to Track Your Finance?
Your fiscal matters are an integral part of your lifestyle, and the same can be said for the tools that you leverage to manage them. Before selecting a personal finance software, ask yourself how, when, and where you will be using the software.
If you have a hectic schedule, you would wish to receive notifications instantly on your smartphone or smartwatch. In such cases, choose software that integrates seamlessly with your desired device.
3. How Much are You Willing to Spend?
Remember you’re looking for personal finance software to manage your monetary affairs. Hence, you wouldn’t want to spend more than you can afford. While personal finance tools are not very expensive, they do feature subscription charges. You have to decide how and what you are willing to spend. Would you prefer paying in round figures or segregating the cost by monthly payment?
To help you buy the right product, we recommend trying the software’s free trial.
4. Are You Planning to Manage Taxes?
A significant majority of people opt for personal finance software for taxation. If you belong to the same country, you would have to streamline your search criteria and options.
Many tools facilitate you to organize, prepare, and file your taxes. Other software automatically converts your financial data into spreadsheets to help you or your accountant during taxes. You may pick software that can simplify the taxation process through its features.
How do You Choose a Personal Finance Software?
Personal finance software offers features that are vital for financial planning. It performs a complete cycle of processes, including finance assessment, planning, monitoring, and re-evaluation.
However, there is plenty of personal finance software in the market, but to meet your requirements, you need to make the right choice. While there are numerous similar tools in the market, how do you make the right choice?
You do it by looking over the cost, features, the reviews of the tool you’re inclined to buy. Here is how each factor can influence your decision:
1. Cost
You are investing in personal finance software to manage your monetary resources, not making a costly mistake. Almost all personal finance tools have a free version and a premium version. If you are a small business owner with a complex financial situation, you should invest in the premium version.
2. Features
You should also check the features of any finance tool you are looking forward to buying. Some functions, such as account restriction, are limiting factors if you want to manage your checking, credit card, and investment accounts.
Another important feature is security. Since you will be providing your personal information, it is crucial to inspect the software’s security and privacy policies.
Goal setting is another significant functionality you should consider before making a choice.
3. Customer Reviews
If you want to see how a personal finance tool would work for you, see how it works for others. From a software’s efficiency, and ease-of-use, to its functionalities – customer reviews testify it all. Furthermore, it provides insight into how easy it was to navigate and whether it was compatible with other relevant applications. Hence, by leveraging ratings, reviews, and testimonials, it is easy to make an informed decision.
4. Free Credit Scores
Some financial software helps you remain at the top of your credit score through weekly and monthly updates. Such applications also inform you how some of your financial decision can influence your credits. If you wish to pursue a similar goal, you can choose a personal finance software that offers such a feature.
Some Personal Finance Software You Can Choose From
After looking at factors that help you select the right software, it is time to choose one. Below you’ll find a list of software and how they will help you. So, whether you want the software to help you with budgeting, savings, taxation, business, or investment management, you’ll find an option for all.
Personal Finance Software Best for Taxes
Tax software expedites the process of preparing and filing taxes. It does so by simplifying a complicated tax code and guiding you through deductions and the rest of the taxation process.
Below we have shortlisted five different taxation software, each of which is ideal for being free of cost, affordable, accurate, or just outstanding. Let’s see which of the following can be suitable for your taxation needs:
TURBOTAX
Amongst different personal finance software for taxation, TurboTax is our top pick. The software stands as an undisputed king due to the plethora of features that it entails. Through its easy-to-use interface and multiple version offers, TurboTax tailors itself according to its user’s requirements. It offers numerous tiers of functionality to help with basic tax returns and even complex financial situations.
TurboTax makes taxing – a relatively complicated process, easy for everyone to understand and proceed with. It simplifies each step by converting them into simple questions (even those that can drastically impact the tax process).
Specifications of TurboTax:
Some of TurboTax’s note-worthy specifications include:
- Flexibility: to help you file your tax, get real-time advice, or let an expert file your tax.
- Accuracy: in case of any objection, TurboTax will pay an IRS penalty
- Compatibility: TurboTax is compatible with Windows, macOS, iOS, and Android.
Pros of TurboTax:
- Step-by-step assistance that is easy to understand and follow
- A tax professional to prepare, sign, and file your tax return
- Audit support (which is free if you get an IRS or any other tax notice)
- Educates on what aspects of taxation one should track
Cons of TurboTax:
- It is costly
- Plans that offer on-demand assistance cost additional
Whether you’re a freelancer or a small business owner, you can leverage TurboTax’s costly versions. Let us tell you, the decision is worth every penny. While some of its versions can be costly, they offer features such as real-time tax preparation and review by a professional.
H&R BLOCK:
H&R Block ranks at the top of the list of paid personal finance software for tax. The software is highly recommended for taxpayers, including those who are self-employed. While H&R Block exists at the pricier end of the spectrum, it is also one of the most reputed tax filing software products.
If you see its customer reviews and testimonials, you’ll see how people rave over its user-friendly interface and easily accessible professional advice.
Specifications of H&R Block:
- Compatibility: The software is cross-platform compatible
- Accuracy: 100% accurate, otherwise H&R reimburses penalties or interests up to $10,000
Pros of H&R Block:
- Step-by-step assistance
- Unlimited live chat and video support (for Online Assist plans)
- Advice from tax experts with experience of up to ten years
- More than 11,000 physical locations for in-person assistance
- Maximum refund guaranteed
- In the case of the IRS, H&R refunds plan fees
- Guaranteed audit support in terms of free assistance in case of IRS or other tax notice
Cons of H&R Block:
- The most prominent disadvantage of H&R Block is its cost.
- The premium plans that allow talking to a tax expert start at $69.99 for federal, plus an additional state fee.
TAX SLAYER
If you have simple tax needs and do not require intricate features, then Tax Slayer is the personal finance software you need. We recommend Tax Slayer as an ideal tax software for all taxpayers, particularly those who do not require much technical support. It is one of the most affordable software that offers excellent value for investment. Its reasonable cost and easy-to-use interface make it the American taxpayer’s favorite.
Specifications of Tax Slayer:
Compatibility: Tax Slayer is compatible with Windows, macOS, iOS, and Android
Accuracy: Tax Slayer offers 100% accuracy. In case of penalty or interest charges, the software proffers reimbursements.
Pros of Tax Slayer
Tax Slayer’s cost-effective plans render it an affordable choice
Low-state filing charges
In case of IRS or other notice, Tax Slayer promises a maximum refund or reimburses the plan fees.
Cons of Tax Slayer
Some of its significant features, such as Ask a Tax Pro, guaranteed audit support, and IRS inquiry, are included only in Premium or Self-employed plans.
Personal Finance Software Best for Budgeting
It can be to earn, spend, and save all at the same time. However, if you make a budget, you can track your expenses and save a substantial amount for the future. The art of making a budget, known as budgeting, can help you save for something as significant as a car or home.
There is many software in the market that simplify budgeting. Such financial tools help you create a customized budget, get insights into your expenditure, and even pay off loans. Are you intrigued to know more about them?
Let’s find out
YOU NEED A BUDGET
Is this us telling you that you need a budget, or is this the name of the software? It’s both. You Need a Budget (YNAB) are undoubtedly the best-paid software for habit-building and budgeting. We highly recommend those who are not much of a budget-enthusiasts and even those who are serious about it.
What helps YNAB stand apart from other budgeting software is its proactive approach that educates you about beneficial financial planning habits. YNAB delegates a “job” for your paycheck as soon you get it. Then it helps you save money for more generous expenses and adjust your budget if you overspend. Finally, it empowers you to stay ahead of your expenditures by aging your money (using money older than 30 days old.)
YNAB claims to have helped its budgeters save around $6000 in their first year. It empowers you to give up your paycheck-to-paycheck lifestyle and pay off your debts.
Specifications of YNAB:
- Learning: YNAB offers a library of live workshops, guides, and articles.
- Compatibility: YNAB is compatible with Windows, iOS, Apple Watch, Android, and Alexa
- Multiple accounts: YNAB allows you to link numerous banking accounts manually or automatically.
Pros of YNAB:
- Elaborate budgeting and spending report
- Easy-to-use
- 34 days free trial (no credit card required)
- 100% money-back guarantee in case of unsatisfaction
Cons of YNAB:
- Expensive
- A steep initial learning curve
- No investment tracking
MINT
Mint is our top pick amongst various best free personal budgeting software. It is a highly-rated, easy-to-use application that helps you track your financial practices.
Specifications:
- Easy of tracking: Mint offers banking, credit card, investment, and IRA tracking
- Reminders: You can set up bill pay reminders
- Compatibility: Mint is compatible with both iOS and Android
Pros:
- Features to track your expenditure and budget
- Credit monitoring through TransUnion
- Facilitates long-term savings
Cons:
- Advertisements
- It often miscategorized transactions
- It does not offer direct bill pay and joint accounts
EVERY DOLLAR
Every Dollar is an ideal software for developing a monthly budget and tracking your expenses. It allows you to add your monthly income, create a plan, and spend accordingly.
Specifications:
- It is compatible with iOS devices and Android devices
- It is available as both a web and mobile applications
Pros:
- Custom templates to help with planning expenses
- Features such as creating a transaction to track expenses
Cons:
- Most of the features are limited to premium packages
- No credit score monitoring
- No investment tracking
MONEY DANCE
Money Dance is an easy-to-use and feature-rich personal budgeting software.
Specifications:
- Compatible with Windows, Mac, Linux, Android, and iOS platforms
- Supports multiple currencies
Pros:
- Simplifies online banking, bill payment, account management, budgeting, and investment
- Offers finance summary
- Reminds of upcoming and overdue transactions
- Provides income and expense reports using graphic tools such as graphs
- One-time fee ($49.99)
Cons:
- Not ideal for multiple businesses
- Can’t set up goals
MONEY DASHBOARD
Money Dashboard is one of the most efficient and practical money management tools. It helps you track your expenses and categorize them using a pie chart. By doing so, you can compare your expenditure with that of previous months.
Pros:
- Have your overall balance at-a-glance
- Link to all US bank and credit card accounts with a single login
- Highly secure
Cons:
- Little to no guidance
- Less automation
- Does not present pending transactions
HONEYDUE
If you’re a couple looking forward to managing your finances, Honeydue is the software for you. It offers instant notification and shows real-time balance and budgets to each partner.
Pros:
- Collaborative tool
- Safe and secure (24/7 fraud protection)
- Offers real-time card lock feature
- Features allow access to cash from more than 55000 ATMs, Apple, and Google Pay.
- Supports multiple languages
- Bill reminder
Cons:
- Technical glitches
- Lack of features to track and maintain financial goals.
POCKET GUARD
Pocket Guard is your go-to software for categorizing and organizing your expenses. The application classifies all your spending into tabs and graphics for easy monitoring.
Pros:
- Reports with personalized categories and hashtags
- Features to help you grow your savings
- Negotiate better deals for cellular and cable bills.
Cons:
- It has limited features
- The website can be challenging to navigate
Menvelopes
If you ask to pick a budgeting software that is easy to use and categorizes your income based on expenses – we’ll say Menvelopes. It offers multiple membership plans, including Basic, Premier, and Plus. Through Menvelopes, you can sync your financial accounts with your everyday transactions.
Pros:
- Follows a simple envelope-based principle
- Its membership plans include live chat support, a learning library, sessions, and a personalized financial plan.
- Easy for debit and credit card users
Cons:
- It Does not track investment or retirement.
DIGIT
Digit is the most popular in the category of best savings-focused software. It is ideal for people who yearn for a hassle-free and automated way to save. If you struggle to save on your own, Digit is your friend.
Pros:
Create multiple goals to save for different instances. As a result, money is set aside from the checking account to meet the goal.
Cons:
Since The application withdraws arbitrary money from the account, you should be aware of your balance at all times.
QAPITAL
Qapital is another exemplary software for saving and investing.
Pros:
- Ideal for long-term savers who wish to invest their capital
- Ideal people new to investment
Cons:
- Technical glitches after a recent update
BEST PERSONAL FINANCE SOFTWARE BEST FOR SMALL BUSINESS MANAGEMENT
Small business owners need software that extends beyond personal finance and offers features that streamline their businesses. Such features are present in the software that we will discuss below:
CountAbout
Count About is the perfect choice for small business owners.
Pros:
- Add-on features such as invoice-setup
- Attach receipts, financial reports, and budgeting
- Customized features according to user’s need
Cons:
- Expensive
GnuCash
Gnu Cash is an ideal business management software for micro-business, freelancers, and startup owners.
Pros:
- Manage personal accounts along with business accounts
- Keep tabs on customers, vendors, and invoicing
Cons:
- It Does not support additional users
- If you wish to expand your business, it is better to leverage some other software.
BEST PERSONAL FINANCE SOFTWARE BEST FOR SMALL INVESTMENT MANAGEMEN
Investments are a viable way to build wealth and amplify your monetary worth. However, it can also be tricky business, only if you don’t use the right platform.
Quicken
Quicken is hands-down the best financial software to exist. It helps you with expenditure, budgeting, paying bills, planning for retirement, and investment payment. Quicken is the most elaborate and feature-rich investment analysis software in the market.
Pros:
- Track banking, loans, investments, IRA, and assets
- Pay bills
- Generate Schedule A, B, & D tax reports and import/export data to TurboTax
- Making better decisions with what-if features
- It has a Lifetime planner to help with retirement and major life incidents.
Cons:
- The mobile version has fewer features than the desktop version.
Morningstar Portfolio Manager
Morningstar is one of the most reputable software and is an ideal pick and investors.
Pros:
Track investments, create a strategy, or manage an investment portfolio – all for free.
Cons:
The free of cost plan does not offer in-depth analysis.
Earn, Spend, and Save with Great Ease
Every software development company in US that created the personal finance software we discussed above, knows how hard the public struggles to save. We sorted them all for you to help you make the right decision today, and in the future.
