Managing money has always been an issue for individuals and businesses and today’s rapidly evolving economy makes individual planning even more complex. Two of the earliest and most popular software programs for managing personal finances are Microsoft Money and Quicken, but today there are literally hundreds from which to choose. Thus, selecting the “best” has never been more difficult.
Asking people to choose the “best” of anything, however, is a relative question, that is, the advantages and drawbacks are usually more a matter of individual preference. With that in mind, let us look first at the factors that make up the choice of “best.”
Price – It is just not possible to avoid a consideration of price. Consumers want the greatest value for their money. Sometimes price is based on added perks in the software and sometimes not. Wise or not, price often is the single greatest factor in a buying decision, so it must be considered.
Simplicity – The single biggest reason many do not like Quicken is because it is somewhat difficult to learn and use. The same argument was often heard regarding Microsoft Money. Many consumers want as simple a user interface as possible, whereas others may prefer…
More Choices – Some will sacrifice simplicity to obtain multiple applications for the handling of more obscure personal finance situations.
Flexibility – Similar to more choice, a flexible software package will allow a user more options for controlling the parameters of their personal finance situation
Reliability – One of the possible reasons for the demise of Microsoft money that has been offered by onlookers is reliability. Microsoft ceased selling Money on the claim that there was too little a demand for the program. Perhaps this is the reason. Consumers want solutions that can be relied upon to do what they want, when they want.
Choices?
With these five factors in mind, let us now look at some of the better software choices available today.
Budgetpulse
Free, simple, but internationally compatible, what this software lacks in complexity, it makes up for in ease of use, and of course, price.
Buxfer
What started as simple has grown rather complex; this software however, makes up for that by allowing the importation of data directly from finance accounts such as banks and credit card systems. In addition, it now has an iPhone app. Also free.
Mint
Many claim that mint has the largest number of online clients and this claim appears to have considerable basis in fact. The Alexa traffic rating for this site is around 2000, which places traffic in the millions daily. They must be doing something right. It too, is free.
Quicken
Still a favorite of millions, the price of this hard-line program for your personal computer remains a low $39.95. It continues to be easy-to-use, comprehensive, and secure.
AceMoney
Simple and comprehensive, this award-winning personal finance software is a favorite of millions. At only $39.95, this one gives Quicken stiff competition.
YNAB
Which means, You Need A Budget, is a small software company run by a husband wife team from Utah. The price tends to frighten some away ($60.00), but for a smaller, rather young software company, this one makes a pretty good product. Big plus? One platform is compatible with any operating system.
When choosing the “best” personal finance software for you, write down what you consider to be most important, flexibility versus complexity, price versus value, simplicity or complete? Once you know those factors it’ll be far easier to settle on which software is right for you.
Written By: Sam Mauz
Sam Mauz is a blogger who enjoys writing about personal finance. When not blogging about personal finance or working for Wonga.com, Sam can be found soaking up rays on the hiking trails of Arizona.