Overall, the best money management software should enable you to automate and save time with managing your money. You should be able to budget, view spending transactions (downloaded from your financial institution(s)), and assign them to budget categories while using your smart phone, tablet or laptop from any location.
Some people still love managing their money with pencil and paper, or a handy spreadsheet. I say continue to do what works best for your situation! In fact, we still plan out our monthly budget using a spreadsheet and then update our budgeting software with our spending decisions.
However, for those of you interested in the value money management software can bring to your finances, you’ll be interested in checking out this list of what I believe is a very good representation of the best money management software available (not in ranking order).
Best Money Management Software
You Need a Budget – YNAB is budgeting software based on a “proven method” to manage your money using 4 rules: 1) Give every dollar a job; 2) Embrace your true expenses; 3) Roll with punches; 4) Age your money. You can proactively plan your spending, easily split transactions, automatically import transactions from your bank accounts and schedule spending or bills that occur regularly. YNAB is online with smart phone and tablet versions. The cost is $4.99 per month which is a great deal for envelope budgeting software that links to your bank account. And there is a 34 day free trial. Read my YNAB review to learn more.
Quicken – Quicken is long standing money management software that has been around since 1983. There are 6 different products to choose from: 1) Starter Edition (bank and credit card accounts); 2) Deluxe (all personal finance accounts); 3) Premier (investing accounts); 4) Home and Business; 5) Rental Property Manager; and 6) Quicken for Mac. You can also include Bill Pay as an addition service. Quicken runs on both PC and Mac and stays in sync with iOS and Android apps. Cost: Starts at $29.99 for the Starter Edition.
Mvelopes Personal – Mvelopes provides the ability to create electronic envelopes that work like the classic envelope budgeting system. You fund your envelopes each month with income. Transactions are downloaded from your banks and assigned to envelopes, decreasing the balance as you spend. Mvelopes is a web based application and has iOS and Android apps. It provides a free version with limited account integration and spending envelopes and a premier version with unlimited accounts and spending envelopes for $95 per year.
Everydollar – Dave Ramsey’s new online budgeting software has become extremely popular in a short amount of time. The software is based on Dave Ramsey’s envelope budgeting method of using your debit card. You can also track your progress on Dave Ramsey’s Baby Steps. The software is free to use, but there is a $99 per year charge if you want to link it to your bank accounts. There is a free trial of Plus you can redeem once you sign up for an account. The iOS app is free to use with an account and Android is coming soon.
Personal Capital is both financial software and wealth management. You can link all of your financial accounts and see them in one place, the Personal Capital Dashboard. The software provides you the ability to analyze your cash flow, view by transactions, category, merchant and more to learn where your money is going. You can set target spending budgets and drill into categories to see how you’re doing overall. The ability to see all of your financial accounts as well as track investments in one place is powerful. Try Personal Capital for Free
Mint – Mint is well-known personal finance software and is owned by Intuit, the makers of Quicken. Mint brings all your financial information into one place which often includes savings, checking, investments, auto and mortgage and other financial accounts. You can set up a budget and track spending against your financial goals and know how much money is left for each of your budget categories. Mint helps you save money by reviewing your spending and making recommendations for financial products. Mint offers mobile versions that are just as user friendly and well-designed as the web-based application.
More Money Management Software
The above money management software is likely more well-known to you but I also wanted you to see that there is a lot more software out there to consider and I would be remiss not to mention it. I’ll continue to update this list as I find more products that provide strong features.
- PowerWallet – PowerWallet provides a combination of personal finance software, bill management, online offers and deals all in one product. This online application is completely free to users and only takes a few minutes to get set up and begin.
- PocketSmith – PocketSmith has a unique approach of helping you budget while utilizing a calendar to forecast your cash flow. You can schedule all your financial events such as income, bill pay, other expenses and make them recur throughout each month as often as needed.
- Moneydance, is desktop personal finance software for a variety of platforms including Windows and Mac. This product keeps it simple and straight forward with functionality that includes budgeting, online banking integration, nice graphing to look at your money from a visual perspective and much more.
- PearBudget – PearBudget was born out of a budgeting and spending tracking spreadsheet created by husband and wife. It hit the internet and was an instant download success that led to the development of the web-based version.
- Yodlee Money Center – Behind the scenes, Yodlee software is the engine for many financial institutions and account aggregation. Mint used them before being sold to Intuit so you know it has a solid foundation. It is an online budget tool that lets you view your expenses and income all in one place.
- AceMoney – AceMoney is a comprehensive personal finance manager that provides features for personal or small business finances. They brand themselves as a Quicken alternative because of the simplicity of the product.
- MoneyStrands – Online personal finance software, MoneyStrands gathers data for all your financial accounts including checking, savings, loans and credit cards. Key features include tracking your spending, consolidated view of all your financial accounts, bill tracking, automated budgeting and spending categorization and alerts.
- Budgetpulse – Budgetpulse has an excellent user interface that makes it easy to understand and use the software. It includes a money management dashboard, budgeting capabilities, extensive transaction management and splitting transactions, tagging transactions and scheduling recurring transactions.
- Buxfer –Buxfer is another product that is easy to use and has a nice user interface with excellent graphics. Functionality includes the ability to create a budget, manually enter transactions and allocate them to your budget using spending tags.
- NeoBudget– NeoBudget provides the ability to see all your envelope balances at a glance. You can import spending transactions, set up a funding plan and balance your bank statement with your envelopes.
- BudgetFocus – This product provides basic functionality to allow you to set up an envelope for each budget category, create a funding plan, enter spending transactions and see your balances from one page.
- MoneyWell has a twist on envelope budgeting by using buckets to store your money and spending. You can look in a bucket to see what you’ve spent, schedule recurring transactions, track credit card spending and more.
- Snowmint – Along with envelope budgeting with virtual envelopes, Snowmint allows you to set up budget reminders, perform investment tracking, record transactions, create a funding plan for your paychecks, import transactions from your financial institution.
- BudgetSimple offers an affordable budget solution with both a free version and advanced version that links to your bank account and uses a mobile app. The website analyzes your finances and helps you create a plan based on your spending history. It also makes recommendations on where you can reduce spending.
Technology continues to change and there will always be new innovative products to consider. The most important thing to keep in mind is to find a product that isn’t overly complicated and is easy for you to use. Basic features of budgeting and tracking spending are at the core of most products and are the most important. Some products provide free versions, but expect to either get fewer features or advertisements. Neither is necessarily bad, but just know what to expect.