Whether you’re a seasoned pro and just looking for a way to keep your money matters more organized, or you’re a total newbie and have never used personal finance software before in your life, the number of choices available to the consumer can be quite overwhelming – unless, that is, you’re armed with all the information you need before going to make your purchase.
You don’t have to be a technology geek to be able to use one of the many programs out there, but you do have to know what your own expectations are. What are you looking to get out of these programs? Which features are most important to you and will they save you time? Is it user-friendly? Is it backed by a manufacturer’s guarantee? Will it run on your computer? How often will you be using it? And, finally, how much are you willing to pay?
At their heart, all of the programs out on the market today have one thing in common: they all seek to help you master your money management. Although they range in terms of price and complexity, most share a common set of basic features. They help you track your account balances, investments, and cash flow, make online bill payments and schedule your other transactions, and categorize your budget to keep you heading in the right direction. They can also determine your net worth by recording all of your assets and liabilities.
While those features may be enough for many personal finance software users, if you’re looking for help with more advanced financial functions, you will need to look into purchasing a more sophisticated – and potentially more expensive – program.
Five of the most popular programs are Quicken Deluxe, Microsoft Money Deluxe, AceMoney, RichorPoor, and Moneydance. Ranging in price from US $19.95 to $57.95, all five have been ranked highly for their ease of use and installation, as well as their reporting features. They can all help to reconcile your accounts and budget your expenses, but that is largely where the similarities end.
Quicken and Microsoft Money, the most costly two of the five, also have the most number of features. Both will help you pay bills online, write and print cheques, find loan rates, and will give you a free credit report. They both offer a number of financial calculators, such as for loans and savings, as well as a tax and retirement calculator. They also contain a myriad of other appealing tools to help you plan your finances, taxes, and investments.
For all their bells and whistles, you will definitely be getting what you pay for when you buy one of those two personal finance software programs. But, again, you need to first be aware of what your financial planning needs are. If you want something simple and direct, why spend the extra $30 for features you don’t need? Cheaper alternatives such as Moneydance will let you do all the basics, and save you time and money in the meantime.
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