Top 5 Best Personal Finance Software of 2021: A Comprehensive Review

Introduction

Managing personal finances can be challenging and time-consuming. However, with the advent of personal finance software, managing finances has become easier than ever before. Personal finance software helps individuals take control of their finances by keeping track of their income and expenses, managing budgets, and offering financial planning and investment options. In this article, we will review the top 5 best personal finance software of 2021.

Mint

Mint is a free personal finance software that has been a popular choice for years. It allows users to connect their bank accounts, credit cards, and other financial accounts to get a complete overview of their financial status. Mint uses this data to create personalized budgets, track spending, and set financial goals. Additionally, Mint offers investment advice and financial planning suggestions, including retirement planning. One of the best features of Mint is its ability to provide alerts for unusual account activity, such as large transactions or bank fees.

Quicken

Quicken is a personal finance software that has been in the market for more than three decades. It offers a comprehensive set of features, including account tracking, bill payment, budgeting, investment tracking, and financial planning. One of the standout features of Quicken is its ability to generate custom reports, including tax reports. Additionally, Quicken can connect with all major financial institutions to quickly download transaction data and assist with bank reconciliations.

Personal Capital

Personal Capital is a personal finance software geared towards investors. It offers investment account linking, investment tracking, and portfolio analysis. Additionally, Personal Capital provides users with a comprehensive view of their financial status, including net worth and budgeting tools. Personal Capital also offers wealth management services, including retirement planning and investment advice, for users with high net worth.

You Need a Budget (YNAB)

You Need a Budget (YNAB) is a personal finance software that focuses strongly on budgeting. It uses a zero-based budgeting approach, which means that users must assign every dollar of their income to a specific category, such as groceries or rent. YNAB provides users with real-time updates on their budget, alerts for overspending, and financial planning tools. One of the standout features of YNAB is its active community of users who provide valuable insights and support.

PocketGuard

PocketGuard is a budgeting-focused personal finance software that provides users with a simple, easy-to-use interface. It connects to users’ bank accounts and automatically categorizes transactions into different budgets. Users can set spending limits for each category and receive alerts when they are approaching their limit. Additionally, PocketGuard offers savings suggestions, including ways to cut spending and maximize savings.

Conclusion

In conclusion, personal finance software is a valuable tool for managing finances and achieving financial goals. The top 5 best personal finance software of 2021 are Mint, Quicken, Personal Capital, You Need a Budget (YNAB), and PocketGuard. Each software offers unique features and benefits, and users should choose the software that best suits their needs and financial goals. By utilizing one of these top personal finance software options, individuals can take control of their finances and achieve financial success.