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Deciding which personal finance software to use can be a difficult and confusing task. Just as your personal finance needs vary, so too do the individual features offered by each personal finance software company. But when managing your money and family budgets, it is essential to have the right tool to help you understand where personal spending is occurring and how you can adjust your budget to live a better life. We have researched some of the more popular personal finance software options to select our best personal finance software winner. We also share the pros and cons of many other players in the market so that you can make the best choice for you.
Want to jump straight to the reviews and checkout the comparison table later?
Personal Finance Software Comparison Table
Due to the considerable size of our personal finance service comparison table, we are putting it on a separate page so you can reference it more easily. Please visit our personal finance service comparison table (or click on the image on the left) for feature details of the software solutions that we review in this article so that you can easily compare apples to apples to make the right choice for you. We will continue to add to this table as we find more personal finance solutions, and update the current offerings listed as they add new features and services.
Our Picks for Personal Finance Management Software
As we carefully review and try out each of these services, we begin to form opinions as to which we find the most useful as well as those that pack the most punch per dollar. Here are our 2015 recommendations for the best way to manage your money via personal finance software. We hope you find this information helpful in assisting you in making the right choice for you.
Please leave comments below as to your personal experience with these companies or if there are any we left out that you would like to learn more about, let us know and we will get to work with updating this review. This is our first year reviewing this type of software but we will update it each year based on new comprehensive reviews and trials paired with your comments.
1st Place Winner: Mint.com
Based on an in-depth analysis of dozens of personal finance management tool providers, we have chosen Mint.com as our overall winner. The competition is fierce as the online cloud computing and smartphone/tablet apps allow new technology and companies to enter the market but Mint plays in all of these areas which is much of the reason they are our winner.
Mint.com is FREE and Offers a great service
Mint.com is a free service which of course makes it a tempting option but free does not always mean it is better. But, in this case, it truly is a superior product. And since it
is free, there are no annoying contracts or long-term commitments required other than your time to enter in your information and set-up your goals, budget, etc. (This set-up will be part of every system you work with so this time commitment is inevitable in the personal finance management category.)
Transactions are Automatically Added & Categorized With Mint
When you use a credit card or debit card that is linked to Mint.com, your transaction will automatically be added to your account in plain English (spent $27.23 at Safeway? Expect to see it this way on Mint rather than the cryptic $27.23 SFWX123 POS you might see in your bank account) and categorized into its respective financial segment (groceries in the case of Safeway, entertainment for AMC Theater tickets, gas for Exxon, etc.). You can even add your own categories to further personalize your budget.
read-Only Ensures Security on mint.com
Rather than asking you to download another software to your computer and linking your account to only one device, all of your financial information is actually stored online and can be accessed via a secure, password-protected log-in that offers the same 128-bit encryption that banks use to keep your information safe. Further, Mint.com is designed as a read-only service so no funds can be moved at anytime from within the software. So if someone were to gain access to your account due to some fraud activity, they would not be able to do anything more than see your monies… they could not move or steal anything!
Multi-Device Access from Anywhere
Mint.com can be accessed from any device for easy on-the-go finance organization. This way you can always keep an eye on your money as well as gain access to alerts, your budget, investment accounts, etc. Whether you have an iPhone, Droid, PC, Mac, or even a tablet (iPad or Android), you can access your account with ease.
Alerts Help you Actively Manage and Monitor Your Money
With text or email alerts, Mint.com allows its 13 million registered users to receive notices when a bill is due, when credit card charges are incurred and even to notify you if a large priced purchase is made. This feature allows you to keep an eye on where you are spending your money but also to watch for any fraudulent activity on any of your accounts in one centralized place.
- It’s completely FREE!
- There is no software to install and users can access accounts through any web browser or through a mobile app.
- Allows you to see real-time transactions and balances all in one place .
- Automatically updates and categorizes transactions for easy tracking.
- Graphs and charts help to identify trends easily .
- Bill reminders and text alerts help you stay organized and secure .
- Track investments with easy to read charts and graphs.
2nd Place: Mvelopes
Website – Mvelopes
3rd Place: You Need a Budget