Personal finance software: Best options in 2021

Panna Kemenes
03.24.21
6 minute read

Personal finance software can be a great help if you need to get on top of your finances. If you struggle to keep track of your spending habits or need to budget, it can be a valuable tool.

This type of software will simplify the process of dealing with your money, so you don’t have to stress about endless papers and spreadsheets. In this post, you’ll find a list of the top 10 apps for finances.

You'll also find information on how the Wise app can help you with savings and budget goals in multiple currencies.

Send and save money with Wise 💸

📝 Table of contents
  • Top 10 personal finance software options
  • Does Microsoft have personal finance software?
  • What is the best software for personal finances?
  • Key personal finance software features to consider
  • What is the best free personal finance software?
  • Save money on international transfers with Wise
  • What is the best software for personal finances?

    The best software for personal finance is the option that best fits your financial needs.

    Just because one software option might come with rave reviews and top ratings across the board, it doesn’t mean it’s right for you.

    To decide, you need to look at the key features of each option.

    Top 10 personal finance software options

    There are many finance software options out there, so choosing the best one for you can be tricky. While some offer user-friendly interfaces, others have powerful expense-tracking and budgeting tools.

    The following list presents ten of the best examples of bookkeeping software right now.

    Any one of them would be an excellent place to start, but it’s worth choosing the one that best fits your financial goals.

    Quicken

    PriceBest for
    Plans ranging from $35.99/year to 93.59/year¹Securely tracking all your finances in one place

    Quicken is one of the biggest names in budgeting software, and it’s easy to see why. The company has been around for a very long time, and to this day, it delivers a secure and reliable platform for managing money.

    The price plans allow you to pick the software option that best suits your needs. The inclusion of both a desktop and app version makes it easy to track your finances wherever you are.

    Mint

    PriceBest for
    FreeManaging finances and budgeting without spending a dime

    Mint is an innovative website that offers a host of top budgeting and spending features for free².

    Since the goal of personal finance management is to save as much as possible, Mint is a top option with its free and comprehensive software.

    You can receive personalized insights to help you budget better, and custom goals to keep you focused on your aim.

    YNAB

    PriceBest for
    $11.99/month or $84/year³Budgeting and cutting back on spending to pay off debts

    You Need a Budget (YNAB) lets you get to grips with the software with its generous 34-day free trial.

    YNAB’s software provides several valuable resources for reducing expenses and beginning to budget.

    The software not only helps you manage personal finances but aims to effectively teach you how to manage your money in the long-run.

    Personal Capital

    PriceBest for
    Free, with a premium option for financial management servicesKeeping track of investments

    Personal Capital is like a more investment-centric version of Mint. It offers free software to help you track your financial assets⁴.

    With this software, you can keep an eye on your investments in real-time, tracking them all in one place.

    The free tools can help you plan for your retirement, and track and manage your money. You can also use the Fee Analyzer to uncover hidden mutual funds fees, to save you money.

    Honeydue

    PriceBest for
    FreeCouples managing shared finances

    Honeydue⁵ offers financial management and planning options for couples, such as tracking joint bank accounts and splitting the payment of bills.

    You can communicate with your partner through the app, which will act as a financial assistant for you both.

    Honeydue can help reduce the headaches involved with who owes what and why - leaving you more time to enjoy the relationship.

    Money Dashboard

    PriceBest for
    FreeQuickly checking in on all your finances

    The Money Dashboard⁶ app offers easy-to-use tools and lets you connect all of your bank and credit card accounts in one place.

    It also has a high level of security and useful charts displaying your expenses at a glance.

    You can make use of the free budget app to keep track of where your money goes.

    Buxfer

    PriceBest for
    Plans ranging from $1.99/month to $9.99/month⁷Managing group finances and budgeting

    Buxfer offers the ability to manage both your personal and group finances.

    There are several competitively-priced plans to choose from and an excellent budgeting tool.

    BankTree

    PriceBest for
    $40⁸Simple money management

    BankTree has both a desktop downloaded version and an online browser version of its software.

    The online browser version works with any browser regardless of platform.

    With BankTree, you can track your accounts and investments. You can also use reports to help you understand where to budget better.

    Moneydance

    PriceBest for
    $49.99⁹Desktop finance management across various currencies

    With Moneydance, you can keep track of various currencies, including cryptocurrencies.

    You can do everything from online banking to budgeting and investment tracking with this desktop-based software.

    HomeBank

    PriceBest for
    FreeCross-platform access

    HomeBank¹⁰ works across several platforms, including GNU/Linux, Microsoft Windows, and Mac OS X.

    The HomeBank software is also available translated in around 56 languages.

    You can manage your money in this software with different account types and multiple currencies.

    💡 If you need to keep your money in several currencies, then you’ll already know how expensive it can be. With the Wise account, you can hold 56 currencies, completely free.

    Microsoft Excel Money

    PriceBest for
    Free with Microsoft 365 Personal and Family subscribersUsers of Excel who want to manage their finances in one place

    Many people use Excel in their daily work, but does Microsoft have personal finance software?

    Yes, Money in Excel¹¹ is Microsoft’s own personal finance software embedded in the spreadsheet application in the form of a template.

    Excel is a brilliant tool for creating your budgets and taking care of your personal finances. Money can help you streamline your financial management systems and consolidate everything in one place.

    In the Money template of Excel, you will be able to securely connect your major banking and credit card accounts and import the necessary information.

    To gain access to the template, you’ll need to be a Microsoft 365 Personal or Family subscriber.

    Wise app - For international transfers

    PriceBest for
    FreeManaging multiple currencies, converting and transferring money all in one place

    If you need to make transfers abroad, and saving money is important to you, then you’ll love Wise. With a Wise account, you can hold up to 56 currencies, and easily manage them all within the app.

    Wise is not specifically for budgeting, but when you sign up for a free Wise account, you can also download the Wise app for free. In the app, you can set categories for your spending, to keep an eye on where you may need to budget more.

    You can also make use of the 'Jars' feature, where you can put aside money you want to save. This can help maximize your savings.

    Best personal finance software

    Key personal finance software features to consider

    The key is to identify what you want from personal finance software, so you can check these criteria against each option.

    For example, if you want to be able to see visual breakdowns of your expenses in the form of charts and graphs, don’t go for an option with a minimalist interface.

    To get the ball rolling, here are some of the essential features to consider, though their particular significance will largely depend on your needs:

    Visual Reports

    For many, the idea of number-crunching is enough to send a shiver down their spine. Walls of numbers aren’t visually appealing to everyone and might dissuade you from staying on top of your finances.

    Visual reports like charts and graphs can give you useful forecasts and real-time tracking that’s eye-catching and motivates you to stick with the software.

    Online Banking

    If you want to do all your online banking in one place, you’ll need to find software that allows you to connect your bank accounts.

    This is useful if you have several bank accounts you need to keep track of.

    Security

    The security of your money should, of course, be a priority with any software you use.

    Look out for features such as two-factor authentication and data encryption to make sure your money is for your eyes only.

    Payment Schedules

    With payment schedules, you can set up automatic transactions to come out of one of your accounts, streamlining your financial commitments.

    One of the best aspects of any personal finance software system is automating processes and cutting down on the work you need to do to stay on top of your money.

    Personal finance software key features

    What is the best free personal finance software?

    Money is precious, so it makes sense to use personal finance software that doesn’t cost anything. Deciding between the large number of free budgeting software options though isn’t an easy task.

    Out of the software options this post covered, Mint, Personal Capital, and Honeydue are all standout selections for different reasons.

    • Mint is easy to use if you are new to personal finance software.

    • Personal Capital is a free option for keeping track of your investments.

    • Finally, if you’re in a relationship, Honeydue can help split bills and manage shared finances.

    By far, the most critical factor in your decision-making process should be finding software that works for you. You may not need to splash out on a premium option to get what you need, as there are many free options.

    Save money on international transfers with Wise

    Setting yourself budgets and using personal finance software will help you save money and take control of your finances.

    You will soon realize that there are many areas where you can save money, and international transfers are one of them.

    When you send money abroad with your bank, you won’t always get the best deal. With Wise, you can be sure to avoid sneaky hidden fees and exchange rate markups.

    You’ll be amazed at how much you can save, by simply using the real exchange rate and a transparent, low-cost fee.

    Get a Wise account in minutes

    You can register for free, and it only takes a few seconds to open a new balance in the currency you need.

    Sources

    1. Quicken
    2. Mint
    3. YNAB
    4. Personal Capital
    5. Honeydue
    6. Money Dashboard
    7. Buxfer
    8. BankTree
    9. Moneydance
    10. HomeBank
    11. Money in Excel

    All sources checked 24 March 2021


    This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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