Are you looking for best personal finance software for 2021? Personal finance software helps to perform all the functions related to personal finance smoothly. With personal finance software, you can manage investments and tax, pay off debts, pay all types of bills and subscriptions, and keep track of income, expenditure, savings goals.
Best Personal Finance Software for 2021
Quicken is one of the most established pieces of personal finance software through which you can handle your investments, debt, bills, taxes, and budgeting in one app.
Using this app you will be able to manage your business and personal expenses and handle complex functions like property management. Quicken app assist you to create a budget without hassle. You will input your purchase and income data into their system then you will be able to compare your income and expenses. Then you can realize how much money you should save each month.
The use of Quicken is very easy. You can install and use it on multiple computers in your home if you wish. You will need a Quicken ID to use it.
When you install and open Quicken, you will able to create an ID. This ID will be required to access any application. Their customization options are more than Mint.
Quicken have 4 plans, such as Starter ($35.99/yr), Deluxe ($46.79/yr), Premier ($70.19/yr), Home & Business ($93.59/yr).
It is available for windows, Mac and Mobile ( Android and iOS). They support current version of Google, Chrome, Firefox, Microsoft Edge, and Safari. They don’t have trial version but they have a 30-day money-back guarantee.
They claim that they have over 17 million members.
- Manage Spending
- Create a Budget
- View & Pay Bills
- Plan for Retirement
- Track Investments
- Manage a Small Business
- Property Management
Personal Capital (Free)
Personal Capital is one of the best options for investors. They have some highly qualified experienced financial advisors who are bound by strict fiduciary standards. They are ready to provide best financial advice to diversify your investment portfolio and tax optimization. Their intelligent rebalancing feature helps you avoid costly emotional mistakes.
Personal Capital provides money management tools that assist you to create a successful budget, track your spending and save for the future. You can use this plan to annual retirement savings and your emergency fund. You can trace your progress toward paying down debt.
You can connect all your bank accounts in one place and analyze your income and savings. Their investment checkup features let you compare your portfolio asset allocation to the target allocation for your age and circumstances.
Mint is a free online personal finance (web 2.0) service for budgeting and expense tracking. They have over 15 million users. It takes few seconds to create a new account.
Mint updates your financial data automatically with pretty graphs and all. So that you can track all your financial data easily.
They have goal tracking and managing feature. If you set a goal to pay off credit card debt or saving for a new home, you can track the progress towards paying off credit card debt and savings.
You can connect all your accounts from cash and credit to loans and investments. Though Mint app you can track your cash flow easily and manage your subscription costs and bills. If your subscription costs increase or bills are due they will notify you.
Mint custom budget design lets you spend your money properly and increase savings. They also recommend customizing your budget to save more money.
Mint personalized insights track your expenses, savings, net worth and budgets to find opportunities to save.
You can use YNAB free for 34 days. To use YNAB you need to create a new account. They will give a 10% lifetime discount for annual subscription if you upgrade your account. YNAB support multiple currencies.
YNAB helps their users to curb overspending and avoid living from paycheck to paycheck. They provide tutorials to help you create budget and handle daily finances.
They will automatically link to your bank account and adjust your spending data for analysis. Observing well-organized information you can easily track your monthly budget and take action if you have extra expenses.
They claim that their users (new budgeters) on average save $600 their first two months, and more than $6,000 their first year. You can choose between a monthly plan ($11.99/month) and Annual Plan ($84/year). They offer 100% money back guarantee.
YNAB offers all college students free for 12-months. After this period college students will get a one-time 10% discount.
Mvelopes follows the traditional envelope budgeting systems. You can break down your budgets into different ‘envelopes’ or categories.
Then put a certain amount of money in each category according to the budget plan. Suppose you budget $200 for clothing, then put $200 in the “Clothing” envelope. At the end of $200, your balance in this category will be zero.
Mvelopes allows you to connect all your bank accounts and as a result you can easily track all your expenses.
Their basic version starts at $5.97 per month or $69 a year. the plus version starts at $19 a month and the complete version starts at $59 a month. They have a coaching feature for higher-priced options.
Acorns is one of the micro-investment platforms whose service is based on the old idea of saving your spare change.
It is very easy to use. You will need to provide some personal information to open an account and they will ask some questions to measure risk preferences.
This robo-advisor rounds up investors transactions to the nearest dollar and you can invest the spare into your portfolio. For example, you buy a stock for $50.75. They will pull out $51 from your account and pay off $50.75 and the remaining $.25 will be credited to the Acorns investing account.
Acorns have no minimum balance requirement and no trading fees.
They have three different subscription tiers for the investors, these are Acorns Lite – $1/month, Acorns Personal – $3/month, Acorns Family – $5/month.
Acorns offers college students to use their app for up to 4 years free of charge.
Stash is a personal finance app that helps investors to build wealth and achieve their financial goals.
You can start investing with only $1. They support fractional shares so you can choose how much to invest.
You will be asked some questions after joining Stash. Through these questions they will take a look at your financial goals and advise you on investing and budgeting accordingly.
They have three plans, Stash Beginner ($1/month), Stash Growth ($3/month), Stash+ ($9/month). Investors will have the opportunity to open individual retirement account (IRA) 4 and investment accounts for kids depending on their plan.
Stash claim that they have over 5 million users.
They have a special Stock-Back® reward scheme. If investors use Stock-Back® debit card to make purchases at publicly-traded companies like Walmart, Amazon, Netflix, and Starbucks, they will get stocks in those companies. If they use this card to make purchase at local store, investors will be awarded with a stock or diversified fund (ETF).
Robinhood is the zero-fee investment app that does not charge commission for trading stocks and exchange traded funds (ETFs).
If you are not a full-fledged trader then Robinhood can be a good option for you. But Robinhood wants you to play a leading role in making investment decisions. So they will not take any responsibility in making and implementing investment decisions.
You do not need to have a minimum balance to invest through Robinhood. They do not charge any fees for using their platform. But you will not get any tax-advantaged accounts in Robinhood.
Robinhood will offer you to take their Gold Membership. If you are a Gold member, you will have to pay $5 per month. As a result you will get various facilities like research reports, NASDAQ Level II market data, bigger instant deposits, and margin investing etc.
Earlier Robinhood did not allow investment in fractional share but currently they are giving investors the opportunity to invest in fractional share. They also allow Bitcoin.
If you are an experienced trader (DIY investor) then FutureAdvisor can be a great option for you. You will get personalized recommendations to diversify your portfolio from them but it is up to you whether you will accept that recommendation. Accept if you feel fit and avoid if not. You should care their recommendations because they provide recommendations based on modern portfolio theory.
This platform is for those who are experienced and want to invest more. To sign up for FutureAdvisor you need to have at least $5,000 worth of investable assets.
FutureAdvisor will manage your assets you transfer into your account for a flat annual fee of 0.5% of the managed assets, which is billed quarterly at 0.125%. But they have also a free portfolio analysis service.
Premium Investors will get different opportunities such as automatic rebalancing, tax-loss harvesting and access to a team of financial advisors. If you want to be a premium investor you must have account at TD Ameritrade or Fidelity. If your account held at other brokers then you’ll need to transfer into one of those brokers.
PocketGuard (Free or Paid)
Are you a college student? If you are a student then PocketGuard will be the best option for you.
First, you need to input your checking, credit, and savings account information into the PocketGuard app. Based on this information, they will give you various suggestions, such as – where you should save, how much you should spend and alert you about any bills that are due.
You will set your financial goals, bills and other necessities then PocketGuard’s simple user interface and intuitive pie charts will help you track your spendable money.
You can link your banks, credit cards, loans & investment in one place and keep watch your account balances, net worth and many more.
Turbotax (Free or Paid)
Are you tired of managing your taxes? Then Turbotax is for you. Turbotax is a personal tax preparation tool that offers thorough explorations of tax forms and schedules and an outstanding user experience.
They claim that their calculations are 100 percent accurate. They also provide guarantees in this regard.
They will do their best to help you reduce your taxes. They have already done more than 350 studies on tax reduction.
They have top-notch user friendly mobile app which is being constantly refined.
TurboTax costs $60 for Deluxe Plan and $75 for Premier Plan. They also offer free plan (free federal and state for 1040 filers; includes support for the W-2 form, the Earned Income Credit (EIC), and child tax credits).
They offer live service. This service allows you to live video chat with a CPA or tax expert. There you will talk about your problem. Experts will review your tax return line by line.
They also offer Live Full Service. To use this service, you need to upload your tax documents to a secure location. The tax expert will then prepare your return and answer your questions.
Truebill is a personal finance app that aims to help you save money on your monthly bills. It is one the best bill management software.
With Truebill you can optimize your spending, manage subscriptions, and lower your bills. You will upload all of your billing documents to their server and their expert team will analyze your documents to help you cancel your unnecessary subscriptions, reduce bills and meet your savings goals.
They will try to reduce your bill by negotiating a better rate.
Truebill ensures bank-level security with 256-bit SSL encryption. They claim that they have saved over $14 million of their customers.
Truebill is not a free service. They charge a monthly fee. They will take 40% of your total savings as a savings fee.
What is Personal Finance Software?
Personal Finance Software is the program that is designed to assists person to manage all personal finance issues such as investments, loans, bills, taxes, and budgeting. These softwares will help you in fulfilling your financial goals. All software has some special features, such as some software are good for creating budget, some are good for investing stock, some are good for tracking personal loans.
How Does Personal Finance Software Work?
First of all, personal finance software will collect various types of information about you. Asking different questions about your financial circumstances they will try to get an idea of your risk taking ability and financial goals. You will be asked to link your bank account, credit card and investment account. By organizing all your information they will present towards you in graphs, charts or any other way. As a result, you can easily get a full idea of your expenses and savings.
They will give you various tips to help you create a budget, manage your assets or meet your savings goals. You will get expert level advice from them on financial issues that you have no idea or experience.
How Much Does Personal Finance Software Cost?
Home & Business ($93.59/yr)
|YNAB||Monthly plan ($11.99/month)
Annual Plan ($84/year)
|Mvelopes||Basic version ($5.97/ month)
Plus version ($19 / month)
Complete version ($59 / month)
|Acorns||Acorns Lite ($1/month)
Acorns Personal ($3/month)
Acorns Family ($5/month)
|Stash||Stash Beginner ($1/month)
Stash Growth ($3/month)
|Turbotax||$60 for Deluxe Plan and $75 for Premier Plan|
|FutureAdvisor||A flat annual fee of 0.5%
Billed quarterly at 0.125%
|Truebill||Fee - 40% of your total savings|