ability to schedule repeating or future transactions for each account.automatic categorization of expenses based on previous inputs (such as the payee Kroger being categorized as groceries automatically).ability to split transactions into multiple categories.
With that being said, I’ve listed and tried out 5 of what I think are the top personal finance software programs for people with varying needs and given you the pros and cons for each one so you can try out which one you think is the best for you! YNAB (You Need a Budget)Ĭost: YNAB 4 (desktop version) is $60, latest YNAB (online based) is $5/month or $50/year Must be able to automatically characterize transactions based on previous entries to save me time.Must be able to clearly see budgeted and actual expenses for the month as well as the difference between them.Must be able to split transactions into different categories.Must be able to customize the categories, sub-categories and move them all around to match my spreadsheets.Must be able to directly import from my bank accounts and also be able to enter them manually.These are the things that were most important to me in a personal finance software: The same personal finance software that one person says is the best may not be the best one for you to use. However, your purposes for a financial software might be different from mine as well as your own financial situation, process and the time you have to spend tracking your expenses and keeping your budget updated. I loved YNAB and it’s by far the best software for my finance needs. I tried Personal Capital, Mvelopes, EveryDollar, Quicken and YNAB as well and considered many more that I ruled out based on my research. Prior to our international assignment, I used Mint, but it just didn’t have the features and format I was looking for when I tried to use it again. and foreign currency while living in Asia. I had previously been tracking our finances in Excel due to having so many expenses in both U.S. Last year, I tried out many, many different personal finance software programs to see which one I thought would work best for me. Calculates numbers in your budget automatically such as averages, totals, etc.Often integrates goal-setting and notes about transactions and budget categories.Allows you to quickly track your budget in real time to make sure you are staying in line with it or allows you to make adjustments as circumstances require.If you have all of your accounts, assets and liabilities included, it helps you to easily track your net worth.Allows you to see all of your accounts in one place.Enables you to set up a system to make sure your bills get paid on time every month.Ensures that you don’t miss any transactions by reconciling inputs to beginning and ending account balances.Saves you time by importing and categorizing transactions for you.There are so many benefits of using software rather than a spreadsheet or pencil and paper.
With all the free software out there these days though, there’s probably one that will work for any user and it’s totally worth it to get one set up! BENEFITS OF USING FINANCE SOFTWARE Basically, I gave you that tool just so you would have no excuses for not tracking everything you spend. And then of course I gave you a spreadsheet that you can use to track your own expenses (because that’s what I do-build spreadsheets!). In the class about tracking your expenses, I mentioned that my top choice for the method of tracking expenses is to use a personal finance software program.