Comparing Personal Capital vs Quicken: Which Budgeting App is Right for You?

Comparing Personal Capital vs Quicken: Which Budgeting App is Right for You?

If you’re looking for a budgeting app, you might have come across Personal Capital and Quicken. Both are popular and have a lot to offer, but which one is the right fit for you? This article will compare the two and help you decide.

Overview of Personal Capital and Quicken

Personal Capital and Quicken are both personal finance management tools that help you track your income, expenses, savings, and investments. However, they have distinctive features that set them apart.

Personal Capital has a free and a paid version, which charges a percentage fee to manage your investments. It is designed to provide a complete picture of your finances, linking all your accounts in one dashboard. It caters more towards investors with bigger portfolios who want to take advantage of the fee-based investment management services.

Quicken is a desktop software that has been around for many years. It has various versions to choose from, the most popular being Quicken Deluxe, Quicken Premier, and Quicken Home & Business. Its primary focus is on budgeting, loans, and investment tracking. Quicken offers a one-time purchase option, and the subscription is optional.

Features

Budgeting

Quicken is more budget-focused than Personal Capital. It offers more budgeting features, including customized spending categories, alerts, and reports. Quicken also has more built-in tools for debt management, such as paying off loans and credit card balances.

On the other hand, Personal Capital’s budgeting tools are more basic. There is no option to create customized categories, and you cannot set up alerts for particular spending categories. Instead, Personal Capital’s budgeting tool gives you a one-stop summary of your income, spending and offers a net worth tracker.

Investment Tracking

Personal Capital offers robust investment tracking, with a focus on long-term strategies. They can analyze your portfolio to determine tax-loss harvesting strategies and rebalancing your portfolio. Besides, Personal Capital’s paid service offers financial advisors to manage your investments with advanced technology tools.

Quicken tracks your investments but doesn’t offer the same level of in-depth analysis as Personal Capital. You can set up investment accounts and link them to the software, but you need thorough knowledge of the trades and adjustments to be made within the software.

User Interface and Compatibility

Quicken is compatible with Windows and Mac desktop operating systems, while Personal Capital can be accessed via desktop, iOS and Android apps, and the web. The Personal Capital user interface has a modern and clean design, while Quicken is more traditional and may not appeal to everyone.

Which App is Right for You?

Both apps have their strengths and limitations, and it might come down to what you’re looking for in a budgeting app.

If you’re looking for an advanced budgeting tool capable of managing loans, credit card balances, and offer customized categories, Quicken is the right fit for you. Besides, Quicken offers a one-time purchase option that is friendly on your wallet.

If you’re looking for in-depth investment tracking and portfolio analysis, with a preference for managing your investments and getting hands-on, Personal Capital might be the best option for you. Besides, Personal Capital’s paid option offers hands-on management of your investments and a digital advisor.

In conclusion, Personal Capital and Quicken are both great budgeting apps but have different approaches. Consider your investment and budgeting needs, interface preferences, and financial goals to determine which one best suits you.

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