The days of simply using paper, a pencil, some scrap paper, and a check book balance book tucked in your wallet. These days everything is automated and there are many apps and software suites to take away the majority of the headache that comes with keeping tabs on finances. These days there are so many different cards, accounts, bills, and many other things that it is impossible to accurately monitor these without systems like these ten companies offer.
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Here are the Top 10 Best Personal Finance Software
They are rated the UK’s number one choice for financial management. It monitors accounts by tracking not only checking and savings but also credit card purchases. A second feature is the investment portfolio which also gives the option to download the latest stock prices as well as market value. A unique feature of BankTree is the ability to scan receipts from the mobile app.
This is another straightforward software alternative for money management. For example the account register also doubles as a way to monitor bills with the ones upcoming showing in a light grey. The system can also keep track of a budget by creating categories as well as subcategories. However, it is up to the user to keep to their budget. There is nothing really in place to keep track of stocks nor does it do automatic transactions.
They are a digital envelope system according to investor junkie. Moneywell is a Mac Only app. It doesn’t go as deep as some of it’s competitors. The main function is for the user to make a budget by putting dollar amounts into specific categories. Each time a purchase is made the user marks the category and the money is deducted from the specific bucket. The name MoneyWell is derived from the apps integrated feature that once the amount is reached the bucket is tipped over. There are three simple steps to utilizing this app; add money when paid, delegate specific amounts for your needs, then once the bucket tips…stop spending.
This is an all in one software that enables people to track and pay bills, make and stick to a budget, as well as gives alerts, and helps the consumer keep up with their credit score. They want the customer to ‘Know where you stand, and how you can improve’. Their software automatically updates and categorizes your information. From your bank accounts and credit cards to retirement accounts and more—we’ll crunch the numbers as they happen so you know where you stand.’ Because this software is all inclusive it is able to tell the user places specific to them where they can make improvements.
6. YNAB (You Need A Budget)
Their website state ‘The secret is just to be intentional about what you want your money to do before you spend it…Take only the money you have on hand and ask yourself, “What should this money do before I am paid again?” Then, they give four simple steps to achieve this goal. The first is connecting a bank account to the app. The purpose is to have an up to date record of what is being deposited and spent. The next thing is to delineate what money needs to go where. The app also directs the user to think ahead to monthly expenses as well as budgeting for holidays and special events . After the core budgeting is done the software has the user take a good look at purchases that may not be necessary and are wasteful spending. Lastly, there is a feature to empower people to not live paycheck to paycheck by creating a plan to save money and ‘work toward spending money that you’ve earned at least a month ago.’
They keep their software simple. However, many sophisticated tools are at the user’s disposal to streamline the drudgery of daily and monthly expenses. The program is able to automatically send payments to a variety of different locations. In fact it learns from the user and will automatically catagorize. It also gives a clear summary of finances by showing what bills are upcoming, allowing the user to see what their balance is what needs to be saved for, and tools to reconcile the accounts. Aside from the more traditional spreadsheet one can also view their finances in a graph. This gives a clear picture of expenditures. Because this software is cross-platform it keeps the user in constant knowledge of what their balance is by allowing them to utilize a checkbook registrar type feature as they make purchases.
There are a lot of “i”s in Mac’s products starting with the IMac 18 years ago. Bankivity was originally relesed thirteen years ago. However, the company decided to change its name to make it a standout from all of the other products in 2016. This is an all in one software app. According to IGGsoftware it is ‘the IPhone’s most capable money management app. It stays on the cutting edge with tools taht include personal budget software, account balance monitoring, and best of all it will make sure you stay on budget. It replaces any other budgeting or money management software because each of a users accounts can be monitored accurately. There is also the option of a direct access subscription that updates the accounts automatically instead of the user having to do it manually. This service runs 39.99 a year.
This company is more than just financial management software; they delve deeper to get into the consumer’s personal spending habits. According to their website ‘We believe there is no one-size fits all solution when it comes to money management.’ Therefore their software is not automated and keeps the user engaged with their day to day finances. They cite four key principles: flexibility and ease, powerful analytic to act as a financial guide to smarter money decisions, real time actionable advice to be a constant contact, and tools to keep the customer proactive when setting goals to make a stable financial future.
According to PC Magazine they are the ‘most comprehensive personal finance manager.’ Although one feature that they don’t have that many of their contemporaries do is a cloud based management system. They have a nearly overwhelming suite of features that have been honed over 25 years with each software evolution. These include all aspects of personal finance such as spending, bills, investing and even property.
1. Personal Capital
According to their website they have 1.3 million registered users, 312 billion dollars in tracked accounts and 3.6 billion dollars in assets under management. Their mission is ‘We believe in the power of technology to change the financial industry, making it more accessible, affordable, and honest. And we believe in the power of people to change the nature of investment advice, making it more transparent, objective, and personal.’ Their advice is held to the “highest fiduciary standard.” The free software helps their clients make good financial decisions that work with who they are individually. Third, everything this company does is translucent; they want the consumer to know everything without suspicion of ill-practices. Every financial advisor who works for the company must be passionate about the work they are doing. This enables them to help the client make the best moves that work well for their own lives.
The days when managing personal finances was a time consuming headache are gone. It is no longer necessary to hold up a checkout line to make sure you’ve added your latest purchase. These ten companies have revolutionized the financial management software market.