Best Personal Finance Software Based on In-Depth Reviews
- 200+Hours of research
- 50+Sources used
- 21Companies vetted
- 4Features reviewed
- 7Top
Picks
- Many free personal finance apps are excellent for simple budgeting and saving.
- Before choosing a personal finance app, you should first determine your financial goals and needs.
- Stay away from software that does not provide strong data protection.
- There is no “one-size-fits-all” personal finance software, meaning that you might need more than one.
How We Found The Best Personal Finance Software
Our Top Picks: Personal Finance Software Reviews
The best news for people looking to take care of their finances in 2020 is that they no longer have to manually log every single transaction in a paper spreadsheet, a process that’s cumbersome, complex, time-consuming, and, worst of all, very prone to error. These days, with the arrival of personal finance software, keeping a budget and managing every penny is as easy as downloading an app, submitting your financial information with a few clicks, and letting the automated tools do the rest. In short, there’s no need to be proficient in math or accounting. Even better, some of the top personal finance software are free of charge, meaning that you won’t have to spend money to save money.
However, one thing to keep in mind is that there is no such thing as a “one-size-fits-all” solution when it comes to personal finance software. The best options on the market are usually designed for a specific purpose—budgeting, saving, tracking, or investing—which is why you should first analyze your financial goals and needs before deciding on a software. This being the case, we decided to forgo a “best overall” option. Instead, we created several categories according to software specialization and, after careful deliberation, chose the personal finance software that best fits each category.
Mint review
Best Free App for Beginners
Screenshot Mint.com, November 2020
The most popular personal finance software is also one of the most comprehensive and easy-to-use free apps on the market. While it does not stand out in any of the categories mentioned earlier—budgeting, saving, bill payments, or debt management— it does offer well-rounded services that will simplify the way you handle your finances.
A product of Intuit—the software company responsible for QuickBooks and TurboTax—Mint syncs your accounts, bills, and credit cards into a customizable dashboard so you can track your expenses and stay on budget. The app includes bill reminders, access to unlimited free credit scores (without harming your credit), low balance warnings, a daily budget planner, unusual spending alerts, and recommendations on lowering your expenses.
Mint uses multiple safety measures to protect your data, including data encryption, VeriSign security scanning, and 4-digit code and password authentication. Chat support is available seven days a week from 8am to 6pm, and you can also contact them via email.
The app is available via any web browser or device (iOS or Android).
You Need a Budget review
Best for Budgeting
Screenshot Youneedabudget.com, November 2020
Based on the true-and-tried “envelope method,” You Need a Budget (YNAB) is one of the most user-friendly and comprehensive software for people looking to create—and live within—a budget.
Launched in September 2004, what makes YNAB unique is that it gives every dollar a “job.” Before you spend a single dollar, you’ll be required to sort your money among several categories—mortgage, medical, utilities, groceries, gas, leisure, etc., so that you know exactly how much you can spend per period for any category. For example, if you assign $100 per month for clothing and spend $95, the app will let you know that you only have $5 left; if you try to buy more than the remaining $5 for that month, the app will issue a warning that you are going overboard on your spending.
What stands out about this app is that, should any unforeseen spending happen, the software will recalibrate your budget to account for this new reality.
You Need a Budget has all the tools to budget successfully, such as seamless syncing between your bank account(s) and the app, direct import of transactions, real-time updates, goal tracking, reports, 24/7 support, and a vast library of resources to give you budget tips, including 100+ free online workshops.
The service is available for web (Chrome, Explorer, Edge, Firefox, Safari, and Android), iPhone, iPad, Android, Apple Watch, and Alexa, and features bank-grade transactional security, data encryption, and password protection.
You Need a Budget is subscription based, at $11.99 per month or a one-time annual payment of $84. If you think this software might be for you, we recommend you take advantage of its 34-day free trial.
Prism review
Best for Paying Bills
Screenshot Prismmoney.com, November 2020
Forget about late fees. If you’re having trouble keeping track of your bills, Prism will automatically pull the most important bill statements into a calendar or list and make all payments by their due date. This way, you’ll never be late on a payment, which will in turn improve your credit score.
Prism works with over 11,000 billers across the country—more than any of its bill-paying competitors—and, if your biller is not on the software’s list, you can request it be added. With Prism, you’ll get a thorough overview of all your bills under one roof.
Founded in 2011, Prism uses 256-bit AES encryption, PIN/biometric authentication settings, and never sells or shares your private information. What’s more, your data is stored in the cloud rather than on your device; if you lose your smartphone, for example, your data will be safe.
Best of all, Prism is completely free to use and does not display any ads. The software is currently available for iOS, Android, Windows Phone (7 and 8), Windows (8 and 10), and Kindle Fire. Customer support is available 24/7 via email and the app.
Albert review
Best for Saving
Screenshot Albert.com, November 2020
People looking for a “set it and forget it” solution for saving money should seriously consider Albert. The app’s Smart Savings feature will aggregate all your accounts and set aside up to $100 per week, according to its algorithm.
Once all your information is in the app, it will automatically track your expenses to estimate a safe amount to save per week. This “extra” money will be placed in an FDIC-insured savings account that you can access anytime you want without paying any fees. This savings account accrues an annual bonus of 0.10% per year (for the free version) and 0.25% (for the paid version).
If you don’t want the software to automatically set aside money, you can opt to customize how much and/or how often you wish to deposit money in the savings account.
Should you be strapped for money, Albert’s Instant Cash service will loan you up to $100 in advance cash to be repaid from your next paycheck (to use this service, you must have a W-2 job). This advance carries no fees and interest (though same-day delivery has a cost) and does not require a credit check.
Albert’s Smart Savings is completely free to use and is available for Android (5.1 and up) and iOS (10.0 and later). If you also want unlimited access to a financial expert, you can subscribe to the Albert Genius program, available at $4 per month. Albert is currently offering up to $20 for each friend you refer. To get this bonus, your friend must subscribe and remain active for at least 90 days.
Regarding security, you should know that Albert uses bank-grade SSL encryption, so that you can be sure your money won’t fall into the wrong hands.
Zeta review
Best for Couples and Households
Screenshot Askzeta.com, November 2020
If finances are creating friction in your household or relationship, or you’re just looking for a better, simpler way to manage shared expenses, you should consider Zeta.
One of the few personal finance apps designed specifically for couples, Zeta will sync all your accounts and break down your finances across your individual and “shared” pools. Furthermore, it lets you customize the information you want the other person to see and get access to, which is great for strictly personal expenses or in case you wish to purchase a “surprise gift” for your special someone. In short, you can determine exactly what the other person sees.
Zeta lets you create categories and goals for your spending, track your expenses, split transactions, and even send messages to your partner via the app so that you are both on the same page. It also features bill reminders and monthly insights to help you improve your finances. Zeta uses AWS security infrastructure—the same protocol used by the CIA—and your data will never be stored in any device.
The app is completely free to use—the company only makes money when you click on an offer within the app—and is available for web, iOS, and Android.
Trim review
Best for Managing Debt and Subscriptions
Screenshot Asktrim.com, November 2020
If your debts and subscriptions have gotten out of control, Trim offers a simple way for you to lower and/or manage them.
Launched in 2015, Trim reduces your spending by actively renegotiating your bill rates and cancelling any unwanted or unused subscriptions. After syncing your accounts with the app, it will automatically identify recurring transactions and recommend bills/subscriptions that can be lowered or cancelled.
While Trim’s basic features are completely free to use, if you agree to renegotiation and Trim is able to lower your bills, the app will ask you to pay 33% of the annual savings. For example, if Trim reduces $10 per month on your cable bill ($120 per year), you will have to pay the app a total of $40.
Trim uses bank-level security with 256-bit encryption and two-factor authentication and is available only through its website. You can sign up via email, phone, or Facebook, and will be required to provide the information regarding your bank account.
TurboTax Free Edition review
Best for Simple Taxes
Screenshot Turbotax.intuit.com, November 2020
The second Intuit product to make our “Best of 2020” list, TurboTax is one of the most popular and trusted personal finance software for people looking to do their taxes at home. While there are several TurboTax paid options available for complex tax situations, we’ve chosen their free edition for its comprehensive features that let you estimate and file your taxes electronically for $0.
Once you open your free TurboTax account, the software will ask you simple questions regarding income, assets, donations, dependents, and any other information that will let the program handle your taxes. You’ll then be able to upload your W-2 form to the software by simply snapping a photo, and the W-2 information will be automatically transferred to your tax form.
TurboTax Free Edition offers a 100% accuracy guarantee, meaning that they do taxes according to current IRS and State regulation, and searches over 350 possible deductions so that you can get the biggest return possible. Every TurboTax return includes free one-on-one guidance and support in case of an audit.
Further Insight Into Our Methodology
To find the best personal finance software for 2020, we spent dozens of hours researching the most popular mobile and desktop options, interviewed several personal finance experts, and read hundreds of online reviews and testimonials. During this process, we discovered that cost, features, security, and customer service are essential factors when it comes to personal finance software. Let’s take a brief look at each:
Ease of Use
It’s likely that one of the main reasons you’re looking into personal finance software is because you want a simple, quick, automated way to manage your finances. You want an alternative to the cluttered paperwork that comes with traditional personal finance, an option that takes care of your finances while you take care of everything else. After all, why get personal finance software if it’s going to be complicated to use?
For this review, we favored personal financial software that is intuitive, user friendly, and takes very little time and mental effort to use. We always kept in mind that this software won’t be used by financial experts, but rather by everyday people looking to take control of their finances.
Whether you’re looking to save, create a budget, track your bills and spending, or estimate your taxes, you’ll see that the software included on this list makes every process as seamless and effortless as is possible in 2020.
Features
While each personal finance software specializes in a certain aspect of personal finance, the best options are similar in that they:
1) Include the digital tools necessary for having all your accounts in one place, setting goals, automatically updating your account balances, tracking and syncing transactions between credit cards and banks, importing data from your accounts, generating reports, and any other feature you might need, such as bank reconciliation or the option to input your transactions manually. To make our list, we required that these features were present in the software, and that it ran smoothly, with as few glitches as possible.
2) Are compatible with the most popular digital operating systems and web browsers—such as Windows, Mac, iOS, Android, Internet Explorer, Chrome, Firefox, Linux, and Safari—so that your information is always available, whether you’re at your home computer or outside using your smartphone.
3) Provide comprehensive customer support that includes services such as live assistance for technical issues, answers to commonly asked questions, expert financial guidance, and varied notifications and alerts so that you don’t miss a payment or transaction.
Data Protection
For personal finance software to work as designed, it’s required that you input sensitive information regarding credit cards, bank accounts, and the like. For this reason, it’s paramount that this type of software provides the same level of data protection as financial institutions do.
For this review, we only included personal finance software that uses SSL encryption and secure firewalls to prevent theft, fraud, and other malicious attacks.
Cost
While cost is essential for any product or service we review, in this case, it’s even more important. Why? Because you should not spend lots of money when you’re looking to save money. Fortunately, we discovered that some of the best personal finance software in the market is either free of charge—though ad-supported—or relatively affordable.
While there are paid options in this review, we made sure of two things before including them: 1) were affordable when compared to similar competitors, and; 2) provided premium services beyond the basic features usually available for free, such as personal consultants and customized accounting.
Helpful Information on Personal Finance Software
Today, all a person needs to handle their basic personal finances is a smartphone or computer and an internet connection.
Since the arrival of personal finance software, customers and businesses have been able to simplify the way they go about their finances in two very important ways. On the one hand, there’s no longer the need to do the math with a pencil and paper, a process that, as we mentioned above, was not only seriously time-consuming but also very prone to mathematical and accounting errors. On the other hand, hiring the services of a professional financial planner—which can be very costly—is no longer necessary except for complex finances, or for business purposes.
Whether for mobile, desktop, or both, these are some of the most important types of services you can expect from personal finance software:
- Online banking: This feature lets you do most of the transactions related to your bank account, such as electronic bill payments, deposits and withdrawals, and bank reconciliation.
- Account Syncing: This is one of the most important—and popular—aspects of personal finance software, as it lets you synchronize all your inputted cards and accounts so that you always get an accurate overview of all your transactions and balances. In short, it’s the tool that allows all your financial information to live under one digital roof.
- Budgeting and Saving: The personal finance software that specializes in budgeting and saving usually offer all the tools you need for this purpose, the most important of which is the ability to categorize all your expenses—food, utilities, loans, health, leisure, etc.,—and set limits for each category so that you never go overboard. If you want to save, personal finance software will periodically and automatically set apart a certain amount—you set the terms—to help you get closer to your savings goals.
- Taxes: Software that specializes in tax preparation allows taxpayers to estimate, prepare, and file their taxes according to the laws and regulations of the IRS. You’ll be guided throughout the whole process, including how many deductions (if any) you can make.
- Investing: This type of personal finance software lets customers create a portfolio, make trades, and diversify your investments so that you can make your money work for you. If you think this solution might be for you, we recommend our review of the Best Personal Investing Software of 2020.
- Credit Score: Many personal finance software offer credit score tracking and updating, including tips on how your actual spending habits affect your score and what you can do to improve it.
Before we go any further, you should know that, because most personal finance software specializes in a specific area of personal finance, very few options offer all the services listed above. For example, personal finance software designed for investing will most likely not include any budgeting and savings features, and vice-versa.
What To Watch Out For With Personal Finance Software
After thoroughly researching the personal finance software landscape for 2020, we discovered that there are three essential things that you should watch out for when using these tools:
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Aside from making sure the software includes bank-quality data encryption and protection—all the software included in this review meet this criteria—you should also have a strong password and keep it concealed from any third parties. If you lose your phone or computer, you don’t want anyone to be able to access all your finances. To find out more on how to correctly manage your passwords, check out our review of the Best Password Managers of 2020.
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For subscription-based personal finance software, you should remember to cancel your subscription if you decide to stop using the service. Otherwise, you’ll be charged for software that’s no longer useful to you.
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Last but not least, there’s the issue of discipline. Even though personal finance software automates some of the most complex aspects of personal financing, that doesn’t mean that these tools will prevent you from splurging or engaging in less-than-ideal spending habits. These tools help make the process easier, but strict discipline is always required of people looking to manage their money successfully.
FAQs About Personal Finance Software
For this review, we spoke with Dr. Sean Stein Smith, DBA, CPA, CMA, CGMA, CFE, who is a professor of finance at CUNY and one of the “Top 100 Most Influential People in Accounting” according to Accounting Today, to get his opinion on some the most frequently asked questions regarding personal finance. This is what he had to say:
When and why should someone start saving?
Given the continuing economic uncertainty that exists, I would suggest that individuals start saving and setting a financial plan for whatever goals are most timely and important to them. This can be something like having funds for emergency savings, saving for college, or saving for a down payment on a car or home. In any case, setting a consistent plan that you know you can stick to - and possibly building up from there - is my recommended way to start this process.
What does a realistic budget look like?
The only realistic budget is one that 1) makes sense for your personal financial situation, and 2) is something that you can actually stick to even during weeks where the motivation might be less than when you started. One technique that I have used to great effect is to start with an "easy" goal such as $25 a week and increase the savings rate and sophistication from there. This helps build a positive association with saving, several "winning" weeks in a row, and reinforces the savings habits that are so integral to a healthy personal financial plan.
What items should be included in a personal financial plan?
Every personal financial plan should include a budget for fixed costs (power, rent, etc), variable costs (gas, college tuition), and optional costs (recreation). Additionally, it is always a good idea to establish a savings plan for different term or timeline goals. Short, medium and longer terms goals all require different mindsets and approaches, and different strategies and tools might work better for some savings versus others; the only way to know is to research and begin the process.
What is the biggest obstacle to creating, implementing, and following through with a personal financial plan?
Several of the top obstacles that stand in the way of consistent savings are 1) not establishing a realistic enough plan at first and becoming frustrated when unable to "hit" savings goals due to unexpected forces, 2) unforeseen events such as COVID-19, which can derail or at least put on pause even the best laid plans, and 3) not having a budget buddy or friend with a similar mindset and goal to speak to when obstacles do pop up.
What is the best way to pay off debt?
The "best" way to pay off debt is the way that works with your budget and personal financial plan. That said, several options that are popular include the "snowball method," paying off smaller debts first and moving onto larger ones, paying off the debts with the highest interest rates first, or focusing on the largest debt to reduce overall credit card utilization. It really is dependent on your other financial goals and which method will reinforce positive financial habits.