January 27, 2022

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How to Choose the Best Personal Finance Software for You

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Personal finance software isn’t just something for accountants and personal finance managers. Everyone can benefit from user-friendly software to help manage their money. The right solution can make it easier to plan and track your spending, helping you become a more fiscally responsible adult.

There are plenty of easy-to-use tools available. You don’t have to stress about needing accounting skills or struggling to learn a complicated piece of software. Here’s what to look for in personal finance software so you can choose the best tool for your needs.

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How personal finance software can help you

Personal finance software allows you to improve your financial management by making it easy to organize, track, and record how you spend your money. This can help you make smarter spending decisions and achieve your financial goals. Here are some things you can do with a comprehensive software solution:

  • Get a broad overview of your cash flow. This includes income and expenses — what’s coming in versus what’s going out — and can help you make changes. For example, if you track spending and find that you’re going overboard, you can look for ways to cut costs. Alternatively, you might commit to earning more money, for example, by finding a side hustle.
  • Gain insights into your Money Dials. By tracking your spending, accounting software allows you to see where you put your dollars, providing insights into your Money Dials. Most software links to your checking accounts and credit card accounts, allowing for automated expense tracking. Knowing why you spend the way you do can help you develop a conscious spending plan.
  • Make it easier to track and meet financial goals. You can create savings goals in your budgeting software, such as for a car or vacation. Being able to track your progress toward these goals can be motivational and make it easier to attain them. For example, some tools include charts and graphs to help track goals visually, which can be handy.
  • Track your investment portfolio and retirement planning. Some financial software products allow you to also set financial goals related to investments or retirement. For example, you might be able to monitor your investment accounts in real time — and even compare your portfolio asset allocation to the target range for your consumer profile (based on details like age).
  • Forecast your finances and identify trends. Personal finance software allows you to track your cash flow over time. You can amass data spanning weeks, months, and years, providing detailed insights into your overall financial health and how it evolves. You can also use many software tools to simply calculate your net worth.
  • Hold you accountable. Financial software can also hold you accountable and help you stick to your conscious spending plan. For example, some tools provide customizable alerts to ping you when you’re at risk of overspending. You can also set alerts for bill payments, ensuring you don’t miss due dates and allowing you to avoid late fees.

Personal finance software can ultimately provide transparency, giving you a clear snapshot of your money management habits and financial health. This can help you fine-tune your spending habits over time. By simplifying your finances, the right software can help you conquer fears you may have related to money and how you manage it — one of the first steps toward improving your financial situation.

What to look for when choosing the best personal finance software for you

So, what’s the best personal finance software? In truth, there is no one best choice. Every person has unique needs and goals when it comes to money management. The best software is the one that’s right for you. That said, there are some key characteristics to consider when shopping around.

The interface

Look for a simple interface that is intuitive, easy to understand, and meets your needs. For example, if you’re interested in tracking spending, you might want the functionality to categorize expenses. You may also want an interface that works on a desktop/laptop and offers a mobile app for your Android or iOS device. This allows you to handle financial planning even when you’re on the go. 

Pricing

Most personal finance tools offer a free version as well as upgraded versions you can get for a monthly or annual fee. You can start off with a free version — or test-drive a few different options — and decide if you want to upgrade later. This will usually unlock premium features, such as integrated bill pay or a free credit score.

Reports

Being able to generate reports — for example, of your spending — is a great way to track trends in your financial life over time. Monthly or annual reports can provide a big picture snapshot of your financial health. This can help you determine whether you need to make any changes. You can also share these reports with your bookkeeper or accountant or use them yourself when filing your taxes.

Training

If you’re going to spend money on a deluxe finance app, it’s good to make sure that you’re getting the most out of it. What educational tools are offered to help you learn to use the tool? For example, some tools provide knowledge hubs, video blogs, and informational articles to help users master the technology.

Tech support

In case you run into technical problems with your personal finance software, be sure you have someone to turn to. Before investing in a product, see what customer support options are available. Is there a telephone, chat, or email support line? What are the hours of operation? Is help available 24/7?

Tax help

Some personal finance tools offer tax support or integrate with tax software. For example, if you’re a freelancer dealing with small business accounting, you may want your expenses to automatically be recorded for tax purposes. This can save time and effort when tax season rolls around. You won’t have to spend time looking for the data you need.

Integrations

Confirm that any tool you get includes financial integration. This allows you to link to bank accounts for credit cards, checking, and savings accounts. Some tools can also link to your financial institution’s investment accounts, allowing for real-time investment tracking. In some cases, you’ll have to upgrade to a premium version for those financial integrations.

Set yourself up for financial success

Personal finance software can simplify your money management, helping you plan, track, and record your earnings, spending, savings, retirement planning, and investments. By providing structure and clarity regarding your various financial accounts, the right budgeting tool can also help you gain insights into how to establish a positive relationship with money instead of fearing it.

Adjusting your mindset about money in this manner is one thing you’ll learn in the “I Will Teach You to Be Rich” book and six-week program. The key to smart, long-term money management isn’t about denying yourself every pleasure — which is an unsustainable way to live — but spending selectively on things that matter to you. 

With the right tools and attitude, you can improve your money management.

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