According to the Bureau of Labor Americans ages 45-54 earn the most money with median weekly earnings of $1,242 in the second quarter of 2021.With the average debt of the American household being $96,371 combining nationally to an overall $16.15 trillion in the second quarter of 2022, it is fair to say that keeping an eye on personal finances is essential. Luckily, there are several excellent tools available to keep tabs on where your money is going. Here are five of the best personal finance software options out there.
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Quicken Premier
This product is overall one of the leading financial software options because of the large number of features that it offers for budgeting, paying bills, managing spending, investing, and even planning for retirement. The broad scope of financial tracking allows users to tie all aspects of financial management into one location with a clear overview of both the past and future.
Features of the product include:
- Use across platforms such as Windows, iOS, Adroid, macOS and the web.
- Bill pay is free using Quicken Premier
- Tax preparation with the help of export and import with TurboTax for easy filing
- Management and tracking of investments including401(k), IRA, private holdings and loans.
Mint
Taking control of money management is streamlined with Mint. This product is accessible online and through a downloadable mobile app at no charge. The easy to negotiate summary allows users to view their finances and adjust as necessary. It is this feature that gives the user insight into holes and weaknesses in their financial movements.
Features of the product include:
- Combine all financial accounts including investments, bank accounts and credit cards providing a comprehensive overview of all the data collected
- Organizes your information automatically by categories for easy review
- Has goal setting and budgeting tools
- Offers credit scores and bill alerts to keep users ahead of the due dates
- Provides weekly financial summaries by email.
YNAB
Staying on budget can be challenging for many people. YNAB or You Need A Budget provides accountability to the user for budgeting. Through goal setting, bill paying, investment monitoring and savings tracking, the product assists in budgeting even allowing the user to have a budget buddy share information.
Features of the product include:
- Easy to read charts and graphs reflecting the progress of the user
- Option to easily adjust budget parameters based on changing needs
- Free online workshops to help users learn and improve their financial management skills
- Promotes good habits through visual feedback on overall and individual progress to goals
Personal Capital
For individuals who need a money management solution for a greater amount of wealth, investments and assets, Personal Capital offers the tools. This product is among the best personal finance software options for anyone that is trying to keep track of multiple investments.
Features of the product include:
- Comprehensive financial planning and investment tracking tools
- Personalized goal setting for investment, savings, and retirement
- Net worth tracking on personalized dashboard
- Portfolio performance analysis with suggestions for improved allocations
- Budgeting and spending tracking tools with personalized feedback
Mvelopes
For individuals searching for software solutions focused on budgeting, Mvelopes offers a great deal. The product offers easy to follow breakdowns of your income and spending categories using an “envelope” system.
Features of the product include:
- Basic and easy to follow envelope setup
- Categorized envelopes for each expense type
- Linking capability for all bills enabling payment through each filled envelope
- Monthly budget planning feature
- Bill payment alerts
- Free credit score access
- Investment and retirement planning tools
There is a wide range of tools available to help improve money management for all financial situations. These products put control in the hands of the individual letting you stir goals in a personalized direction and providing the tools for accountability to get the results desired.
AUTHOR BIO:
Shawn Manaher is a former financial advisor, has founded 5 online businesses, and is a coach, speaker, podcast host, and author.
He’s been featured on The Consults Corner on TAE Radio, The Writing Biz, What’s Your Story, and more.
He loves to share his personal finance tips and money management wisdom with others on his website, ShawnManaher.com, to help them find financial freedom.