Natasha Munson rightly said, “Money, like emotions, is something you must control to keep your life on the right track.” Human beings are constantly pulling strings to improve their financial situation to lead a stress-free and comfortable life.
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Personal finance management is not straightforward and that is where finance software and applications step in.
Technology has made its presence felt in all aspects of our lives and personal finance management is no exception. Personal finance is booming due to which, a number of personal finance software are available in the market today.
Did you know that around 29.2% of Americans do not save any share of their income?  Heading into the COVID-19 pandemic in 2020, a study revealed that approximately 40% of households did not have enough liquid savings to pay household expenses for the next 3 months .
These figures tell us why the adoption of personal finance software is witnessing a year-on-year growth.
Even before the pandemic hit us, the demand for finance software around the world was on the rise. According to a recent report published by Allied Market Research, the personal finance software market is expected to surpass the $ 1.5 billion mark by 2027, expanding at a CAGR of 5.7% from 2020 .
This blog will throw light on some of the best personal finance software you should consider using to improve your budgeting and so on.
Before we start, let’s understand what the term personal finance means and address some of the frequently asked questions.
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Frequently asked Questions (FAQs)
What does personal finance mean?
Personal finance primarily refers to financial activities or decisions related to an individual or a household. These activities include insurance, budgeting, retirement planning, mortgage, and savings.
What is personal finance management software?
Personal finance software is an application that enables you to manage the different areas of your personal finances. You can opt for a software that caters to your short-term as well as long-term goals.
While some platforms are ideal for budgeting, others are resourceful for accounting and investing. As the name suggests, personal money management software is primarily designed to simplify financial management at the personal level.
What is the cost of personal finance management software?
The cost of a personal finance platform can vary based on features, integrations, functionality, and other parameters. Typically, businesses of all sizes lean toward using software solutions to streamline their finances.
Today, tech-savvy individuals are also using personal finance software for different purposes such as investment management, budgeting, and more.
While finance software for businesses may come with a heavy price tag, personal finance platforms are affordable.
On average, a personal finance solution can cost anywhere between $ 6 to $ 12 per month.
Tip: There are plenty of free personal finance tools in the market. Although these tools may not come with all the features offered by the paid counterparts, they are very handy.
Is investing in personal finance management software worth it?
Of course! Investing in money management software is absolutely worth it if your personal financial goals are being met. These tools play an important role in influencing how you invest, budget, and spend your money.
How does personal finance management software work?
Most personal finance management software works by gathering personal data and linking it with your investment accounts, financial institutions, and credit cards. Once the finance solution has access to your accounts, it can perform a range of tasks for you. Tasks can range from evaluating your spending/saving habits, creating a budget, providing investment advice, and more.
How to choose personal finance management software?
We would suggest that you should start by defining your financial goals and going through the different features, prices and functions of different tools in the market.
You can compare different financial reporting tools on ToolsMetric which will simplify the process of choosing a tool for you. You can read in-depth tool reviews of a wide range of financial management platforms and gauge which solution fits your requirements.
What are the best personal finance management software in 2021?
Today, a number of personal money management software are available. Choosing the right software will depend on your requirements and financial goals.
Here is a list of some of the best personal finance software in 2021.
Quicken is one of the most popular personal finance software in the market. Although the tool made its reputation due to its desktop version, today, Quicken has a mobile application for both Android as well as iOS users.
It is a personal finance platform that comes with a plethora of resourceful financial reporting tools. These tools are specifically designed to simplify different aspects of personal finance such as accounts, bills, budgeting, and investments to some extent.
The budgeting tool is extremely useful if you want to compare your earnings with your spendings. It provides a clear understanding of how you are spending in comparison to how you are earning.
Users can consolidate their debit and credit card bills in one place to gauge how much they are paying out. This is really helpful for individuals who undermine how recurring small purchases can add to costs in the long run.
With Quicken, users can easily track the different types of investments they have made. The tool allows users to evaluate how much their savings and investments are worth.
Why should you consider buying Quicken?
- Secured online backup
- Fairly priced
- Can be used on desktop and mobile device
If you are dealing with different types of currencies, BankTree is the software for you. BankTree comes with just the right features that support currencies from around the world.
BankTree also allows users to scan receipts with a mobile app and import them.
When it comes to visuals, aesthetics, and ease of use, BankTree lags behind its competitors. However, what BankTree can brag about is the neat and tidy reports that can be broken down by payee and time.
It would be wise to play around with the software before actually purchasing it. BankTree offers a 30-day free trial for all the versions.
Why should you consider buying BankTree?
- Multiple currency support
- 30-day free trial
YNAB stands for You Need a Budget. It is a well-designed finance software that enhances your financial literacy while simultaneously managing your budget.
This software is highly recommended for individuals who are willing to learn more about the financial world. It comes with a bunch of tutorials that help you stay afloat with complex financial topics as you manage and budget your finances.
It is one of the best personal finance software available if you are desperately trying to get rid of your poor financial habits.
YNAB can be linked to your bank accounts and integrates your spending data to enable seamless budgeting and analysis. Users can evaluate how they are faring in regards to their monthly budget and take the required measures in case they are overspending.
YNAB offers a 34-day free trial which allows you to experiment with it and then decide if it is the right match for you.
Why should you consider buying YNAB?
- Free trial
- Ease of installation
Although Moneydance was primarily designed for Mac users, it is available on Linux and Windows. The single-window interface makes it one of the easiest finance management software out there.
When you fire up this personal money management software, you can instantly view your finances, recent expenses, and upcoming bills among others.
Moneydance banks on its set of robust reporting features and its most resourceful section, its account register. Moneydance has its iOS app that can be used to log transactions, which later sync with the desktop version of the software.
The downside of Moneydance? It does not really support the connection protocols that are used by banks in the UK, which means that users are required to manually download their transaction history and use their bank’s primary app to float money around.
Why should you consider buying Moneydance?
- Powerful reporting features
- 90-day money-back guarantee
Mint uses your credit card and bank information to assess your spending trends and highlight areas where spending can be reduced.
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The finance software also helps you set up alerts for low balances and due dates to ensure you do not drift apart from your financial goals.
The best part about Mint is that it allows you to create budget categories. When budget categories are set, the software provides you with real-time data pertaining to the amount you can spend on each category.
Why should you consider buying Mint?
- Alerts can be set up for due dates and low balances
- You can set up budget categories.
It is important to understand that personal money management is not a short-term commitment.
While keeping that in mind, it is essential to ask yourself a few questions such as:
- How much money do I spend on eating out?
- How long will it take to repay my credit card bill if I increase my monthly payment by “X” amount?
- How much money should I be saving to be able to afford a new house by 2030?
These are just a few examples of how you should go about while choosing personal finance management software. Many products come with a free trial that allows you to use these tools at zero costs.
It is safe to say that a lot of people seek financial freedom, but are clueless about how to attain it. The inability to manage personal finances is one of the primary reasons why debts around the world are rising exponentially.
A finance management software helps you manage your finances and give you a clear picture of how and where you are spending your money. When you start using these tools, you will gradually become more financial-savvy and get closer to the financial goals you have set for yourself.
SEE ALSO:Top Financial Technology Trends to Keep in Mind for 2020
Image Source:Business photo created by pch.vector – www.freepik.com
Image 2 Source: https://collegelearners.com/budgeting-and-forecasting-free-online-courses/ used under the license Attribution-ShareAlike 3.0 Unported
 (2020) “40 Financial Statistics for 2020” Mint [online] Available from:
https://mint.intuit.com/blog/financial-literacy/financial-statistics/ [accessed March 2021}
 Fox. J (2020) “Household finances, financial planning, and COVID‐19” Wiley Online Library [online] Available from:
https://onlinelibrary.wiley.com/doi/10.1002/cfp2.1103 [accessed March 2021]
Moneydance can automatically download transactions and send payments online from hundreds of financial institutions. It learns how to automatically categorize and clean up downloaded transactions.
This is an overview of your finances. The information shown includes account balances, upcoming and overdue transactions and reminders, and exchange rate information. Clicking on an account or choosing an account from the drop-down account list will take you to the register for that account, where you can enter transactions or reconcile the account against a statement. Clicking on a transaction reminder will display a window where you can automatically record the transaction.
Graphs & Reports
Use the graphing tool to generate visual reports of your income and expenses. Set the graph type, the date range, and any specific settings for the type of graph you desire. Pop-up balloons display more information about the data being graphed as you move the mouse pointer over different regions of the screen. Graphs can also be printed or saved to PNG image files.
The account register is used to enter, edit, and delete transactions in an account. It is visually similar to a paper checkbook register, but the calculation of balances and sorting of transactions is all done automatically. The payee auto-complete feature makes it easier to enter and categorize your transactions.
You can set up a payment schedule for single or recurring transactions so you'll never miss a payment.
Follow your investments and bring your portfolio into focus with support for stocks, bonds, CDs, mutual funds, and more. View the total value of your investment accounts or the performance of individual stocks and mutual funds over time. Stock splits and cost basis computations are a snap, and current prices can be downloaded automatically.
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