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Ready to get a better understanding of your finances? Personal finance software can be a great tool for building better money habits and learning how to budget in the long term.
If you'd like more guidance when making a budget, consider also downloading a budgeting app.
Featured Offer: Best for saving toward financial goals
Monarch Money
On Monarch Money's website
Perks
Get 30% off your first year with code WELCOME30 when you sign-up by 9/30/2024. Enjoy a free 7-day trial period.
Fees
Premium Plan with a 7-day free-trial, then $14.99 per month or $99.99 annually
Pros
- Link bank accounts
- Create unlimited budgets and make customizable categories
- Track individual savings goals
- Graphs and charts that track your spending and savings
Cons
- No free plan
Insider’s Take
Monarch Money is an overall solid option if you prioritize creating monthly budgets and saving for individual savings goals. The main downside of the app is that it doesn't offer a free plan. You'll have to a monthly or annual subscription fee.
Best Personal Finance Software for 2024
Here are four excellent options you might consider if you're searching for personal finance software. We've included the best free personal finance software for people on a budget.
Best for a Detailed Budget
Quicken Simplifi
On Quicken's website
Insider’s Rating
4/5
Perks
Free 30-day trial
Fees
$5.99 monthly subscription or $71.88 annual subscription
Annual Percentage Yield (APY)
N/A
Minimum Opening Deposit
N/A
Bonus
Free 30-day trial
Pros
- Connect all your bank accounts, investments accounts, and credit cards
- Help you save for individual savings goals
- Create a budget
- Track expenses
- 30-day money-back guarantee
Cons
- Must buy a subscription (no free option)
Insider’s Take
Quicken Simplifi is a great budgeting tool if you want to create a detailed monthly spending and savings plan and don't mind paying for a subscription. If you would rather get a budgeting app that doesn't have a subscription fee, you'll have to consider other options.
Quicken Simplifi review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Free 30-day trial
- Stay on top of your finances in under 5 minutes per week.
- Check your custom budgeting plan — anytime, anywhere!
- Track your spending
- See where your money is going and discover places to save.
- Keep your bills in check
- Find subscriptions you don't use and start saving from day one.
Cost:$5.99 monthly subscription or $71.88 annual subscription
Why it stands out:Quicken Deluxe is a desktop software program. It's available for download for Mac and Windows computers.
With this top personal finance software for budgeting, you'll be able to connect and keep track of bank accounts, investment accounts, loans, and credit cards. You'll also be able to create a 12-month budget. Usually personal finance software programs only have monthly budget plans.
Quicken Deluxe also has a "what-if" tool that lets you see potential scenarios when you make certain investments or loan decisions to help you build a financial plan.
What to look out for:Quicken Deluxe primarily focuses on basic finances and investments. If you have a business or prefer more robust features, like priority customer support, you may fare better with Quicken Premier or Quicken Home & Business.
Best for Tracking Investment Accounts
Empower Personal Dashboard
On Empower's website
Insider’s Rating
3.85/5
Account Minimum
$100,000
Fees
0.49% to 0.89%
Pros
- Free financial and wealth management tools; fees top that of traditional brick-and mortar-firms
- Investment selection includes stocks, ETFs, bonds, and private equities; portfolio management for employer-sponsored plans (e.g., 401(k)s or 403(b)s)
- Socially responsible investment strategies and tax optimization strategies
- One-on-one financial advisor guidance
Cons
- High management fees
Empower review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Promotion: None at this time.
Cost:Free
Why it stands out: The Empower Personal Dashboard is another software tool that's available through a mobile app or website. You might find the Empower Personal Dashboard appealing if you want to use a well-rounded platform that also helps monitor investment accounts and retirement plans. Keep in mind that there may be fees involved when investing with Empower.
With the Investment Checkup feature, you can check your current portfolio allocation alongside an ideal target allocation to minimize risk and reduce volatility. It also has a fee analyzer tool that reviews hidden fees for mutual funds, investment accounts, and retirement accounts.
What to look out for:Some tools are exclusively for Empower advisory clients. For example, clients will have access to a financial roadmap tool that can help them stick with major financial goals.
Sign up for Empower Personal Dashboard
Best for Taxes
TaxAct
On TaxAct's website
Insider’s Rating
4.7/5
Fees
$0.00 - $99.99 (+$39.99 or $59.99 for state return, depending on package)
Pros
- Expert help is available with every filing package
- Free federal and state filing covers student and child tax credits
- Pay less than H&R Block and TurboTax and get a comparable experience
- Efficient and streamlined interface
- Tax document upload and import for easy data entry
- Handy "double check" tool flags common errors
Cons
- State returns aren't free, even when you qualify for free federal filing
- Middle-of-the road option when it comes to cost
Insider’s Take
TaxAct gets the job done with fewer bells and whistles than H&R Block or TurboTax, though costs can still add up. It's best for someone who appreciates a simple, streamlined interface.
TaxAct review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- 4 plans, including a free federal option
- Simple, intuitive interface
- Free, instant access to a tax expert at all plan levels
- Good middle-of-the road option on price and efficiency
- Option to have a professional file your taxes at an additional cost
Cost:$0.00 - $99.99 (+$39.99 or $59.99 for state return, depending on package)
Why it stands out: TaxAct is one of our best tax software picks. TaxAct has four DIY online options: Free, Deluxe, Premier, and Self-Employed plans. You'll pay one price for a federal tax return, and if you have to file a state tax return you'll pay an additional fee.
TaxAct stands out from other tax software companies because it offers free expert support, regardless of which DIY plan you have. If you have questions while filing your tax returns, all you'll need to do is submit questions, and an expert will reach out to you over the phone.
What to look out for: Other tax software companies do not charge a fee for state returns, and they have lower fees for filing federal tax returns (although, their features may not be as robust).
File with TaxAct
Best for a Hands-On Approach
Google Sheets
Cost:Free
Why it stands out: Perhaps you don't want to link all of your bank accounts or credit cards, and you don't mind taking a more active approach to money management. Then, you might consider using Google Sheets for a straightforward way of analyzing your spending and savings goals.
Even those who aren't as tech-savvy will find that Google Sheets has a simple, no-fuss setup process. All you need to do is set up a Google account and open the Google Spreadsheets tab. Then, you can select a general template for budgets or investment tracking and follow the steps listed on the spreadsheet.
Keep in mind that you'll have to update your spreadsheet regularly to have an effective spreadsheet.
What to look out for: Creating and maintaining your budget fully depends on whether you're willing to manually input all your data. Some may like having a closer, more hands-on approach to tallying expenses or tracking changes. But if you're worried that it might become too overwhelming to make updates every month, consider one of our other options.
Top Personal Finance Software of 2024 Overview
- Best for a detailed budget: Quicken Deluxe
- Best for tracking investment accounts: Empower Personal Dashboard
- Best if you like filing your taxes independently: TaxAct
- Best for a hands-on approach: Google Spreadsheets
Introduction to Personal Finance Software
What Is Personal Finance Software?
Personal finance software is a tool you can access on your computer or phone that might help you make a budget, set savings goals, track your investments, monitor your spending, or some combination of all four. It can help you with anything from retirement plans, investments, tax payments, or just general budget planning, such as building an emergency fund.
Benefits of Using Personal Finance Software
It's hard to build toward savings goals you can't visualize, and limiting your spending is difficult when you're not sure where your money is going. The best software for managing personal finances helps you visualize your goals, whether they be short-term goals like saving for a vacation or long-term goals like retirement. It can also help you break down what you're earning and spending per paycheck, letting you spot if there's anything you're overspending on.
Key Features to Look for in Personal Finance Software
Personal Finance Software Budgeting Tools
Exactly what features you should look for in personal finance software will depend on your individual needs, and it's unlikely that one personal finance software will have every possible feature you could want. That being said, some form of budgeting help will be included in a majority of personal finance software. If you have a savings account with buckets, budgeting tools might even be worked into your bank account already, so that's an alternative option to consider as well.
Personal Finance Software Expense Tracking
Many pieces of personal finance software will also provide some form of express tracking, whether by manually entering your purchases or linking to your checking account. Express tracking will help you get a sense of what you're spending your money on each month, which makes it easier to reduce spending.
Personal Finance Software Investment Management
Investment management is less common in personal finance software, so if you want personal finance software with investment tracking, check ahead of time whether the software you want to use offers it. You might also find what you need with an investment app if none of the personal finance software you've researched has what you're looking for.
Personal Finance Software Bill Payment and Alerts
You might be able to handle bill payment or tax payments through your personal finance software. The best personal finance software with bill pay features will let you set up bill- or spending-based alerts. These can let you know if you've missed a bill, if you're overspending, or if your checking account balance is going under a certain amount. Some of these features might also be offered in your bank's mobile banking app, though.
Personal Finance Software Security and Privacy
No matter what personal finance software you're interested in, you should make sure you're choosing software that handles your personal information safely and appropriately, especially if you'll be entering in your bank information. Make sure to read your software's terms of service, privacy statements, and security policies thoroughly so you know exactly how your information will be used and protected. Also consider researching the company's past lawsuits and controversies to see if it's had issues with data breaches or improperly using customer's private information before.
How to Choose the Right Personal Finance Software
Assessing Your Financial Goals
Make sure you have a solid financial grasp on what your financial goals are and what you need to do to accomplish them. For example, if you don't have experience planning your finances, you might want to look for personal finance software for beginners.
Depending on your computer's operating system, you might also want to look for personal finance software for Windows or personal finance software for Macs. And if you're a freelancer, you might want to consider personal finance software which helps you plan how to pay your quarterly taxes.
Comparing Personal Finance Software Features and Pricing
The more features your personal finance software has, the more likely you'll have to pay monthly fees to use it. Decide how much you want to spend on personal finance software, consider what features you need versus what features you want, and compare the prices of each piece of personal finance software with those features to determine which software is best for you.
Tips for Getting the Most Out of Your Personal Finance Software
Regularly Updating Your Financial Information
If the information in your personal finance software isn't accurate, it won't be able to help you with your finances. If your software is hooked up to one of your bank accounts, it may update automatically, but if it isn't, then make sure to periodically update your information to make sure the help your software gives you is accurate.
Setting Realistic Financial Goals
It's easier to save for goals you know you can reach. For example, if you make $50,000 a year, you can probably eliminate $30 of extra spending a month using personal finance software, but it's unlikely you'll be able to eliminate $1,000 of extra spending each month. Another example is that it's easier to save for a down payment on a house if you look for homes squarely in your budget rather than a more expensive, aspirational home.
Utilizing All Available Personal Finance Software Features
It's important to use all of the features your personal finance software offers, especially if you're paying for it. If you find yourself struggling to use all of its features, consider switching to a less expensive personal finance software that has the features you want without the features you're not using.
Personal Finance Software FAQs
What is personal finance software?
Personal finance software is a tool you can access on your computer or phone that helps you keep track of and plan your finances. This can take the form of budget building and tracking, investment help, and more.
How does personal finance software work?
Personal finance software varies greatly depending on what you use, so there isn't just one way personal finance software works. Generally, though, you'll access your software from your phone or computer, and you'll connect or enter your financial information into it so you can budget, plan, and/or invest.
Is personal finance software secure?
Whether your personal finance software is secure will depend on what personal finance software you use. If you're concerned about security, make sure to carefully read over the software's terms of service and security policies to see what it does with your financial information and how it protects it.
Can personal finance software help with investment tracking?
Yes, some personal finance software can help with investment tracking. An example of this is the Empower Personal Dashboard, which lets you monitor and analyze your investment and retirement accounts.
Is there free personal finance software available?
There are free personal finance tools that you may use online. For example, Empower, GNU Cash, and Google Spreadsheets are free. Rocket Money is a budgeting app and it also also has a free option.
Why You Should Trust Us: How We Chose the Best Personal Finance Software
Research is an important part of choosing a personal finance software program that fits your needs. First, we compiled a list of 13 personal finance software programs. Then, we compared each program by analyzing the following criteria: platform accessibility, pricing, money management features, and user experience. With tax software programs, we only considered the DIY online filing options. We did not consider full-service packages where an expert helps with taxes.
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Lifeseries with Business Insider.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
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