Whether you have a lot or a little, everyone needs to manage their money. Like so many areas of life, you can do things entirely by hand, or you can turn to software to make your life easier. There's a wealth – if you'll pardon the pun – of personal finance tools out there, but many of them involve having to put your hand into your pocket, dig deep and part with some hard-earned cash.
You could, of course, pay an accountant to take care of your money for you, but this involves and outlay that you might well prefer to avoid. Take a look through the selection of free tools we've collected together, and you should find something that suits your personal finance needs, making it easier to keep track of your money. This free personal finance software could hopefully save you some money too or, at the very least, see where you're currently spending it.
1. GnuCash
Flexible enough for home users and small businesses Pass the message game sentence.
Payroll for small businesses
GnuCash is simple enough to be used for home finances, but flexible enough to be put to use by small businesses as well. While the software is easy to use, the fact that it's suitable for small business accounting is thanks to the inclusion of a number of extra features that you would not necessarily expect to find – support for payroll management and double-entry accounting, for instance.
Although relatively easy to use, this free personal finance software does really require some familiarity with accounting software, and it's simple to migrate from another program because you can import data in QIF and dOFX formats. Support for expense tracking makes this ideal software for preparing for tax season, and there are a huge number of reporting options to help you to make sense of your cashflow. The software is available for macOS, Windows and Linux, as well as Android, and it's highly recommended that you try out this great tool before you consider any of the paid-for alternatives.
2. Buddi
Clear and well designed – ideal if you're new to finance software
Excellent budgeting tools
Proving that free personal finance software doesn’t have to be complicated, Buddi keeps things about as simple as they can be. In a matter of minutes, you can set up all of the accounts you need and start keeping track of your incomings and outgoings.
Money can be easily pulled from and moved between different accounts, and Buddi can generate all sort of reports about your spending and earnings broken down in a variety of ways. If you're looking to save money, the program can help you to stick to a budget and for anyone who is completely new to the concept of accounting, the Buddi website has a number of helpful guides to help get you started.
On the downside, Buddi requires you to have Java installed which is not going to be to everyone's liking, and the software itself has not been updated for a little while. Neither of these two factors are enough to stop us from recommending that you take a look at the program – it could well be just what you've been looking for.
3. AceMoney Lite
A great choice if your financial affairs are relatively straightforward
Available for Windows and macOS
Doesn't link to online accounts
Billing itself as an alternative to Quicken sets a high bar for AceMoney, but it's a target it manages to reach, even in its free, cut-down iteration. There's only support for two accounts in AceMoney Lite, but this should be enough for many people – and the full edition of the program is only $40 (around £30, AU$50) anyway. You can even use the program to keep track of your PayPal account.
Managing accounts in different currencies is no problem, but you'll have to enter data into this free personal finance software rather than having your transactions pulled in from your bank account. That said, if you download statements from your online bank account, these can then be imported to saved time with manual entry. AceMoney Lite also makes it easy to track your spending and investments, making it a great financial tool for anyone looking to take control of their finances.
4. HomeBank
Powerful finance software with handy reports to keep you on track
Imports data from other apps
HomeBank will appeal if you work on multiple platforms, or don't use Windows by default. Available for Windows, macOS and Linux (there's also an Android app in development) HomeBank can be installed normally or as a portable app, and it makes the topic of personal finance easily accessible. If you've been using another program – such as Quicken or Microsoft Money – to manage your finances, you can import data to save having to start from scratch.
You can add an unlimited number of accounts to the program, and they can be linked to each other to allow for easy money transfers – it is all entirely dependent on manual editing, though. With enough data entered, it's possible to generate all manner of reports, including helpful predictive reports for car ownership and the like. Very much designed with the average person in mind, this is a personal finance app for people who hate personal finance apps.
5. Buxfer
An online-only tool that imports data directly from your bank
Manages up to five accounts
Buxfer is an online tool that makes it easy to manage all of your accounts in one place – although there is also an Android app available. There's support for over 15,000 online bank accounts from all over the world, so you should find that yours is there, and then you can pull in all of your transactions without the need for manual entry.
Buxfer can also pull in data in from the likes of Quicken and Mint, help you manage budgets and forecast costs and earnings, and track investments with ease. You will have to spend time categorizing transactions manually if you upload them from your statements, but this isn't too much of a chore. You can set up alerts, track bills, and predict spending patterns; it's a highly versatile tool.
There is a free version of service available, but there are also three paid-for tiers ranging in price from $1.99 to $4.99 per month. It's worth taking the free version for a spin to see if it could do the job for you – this will let you work with up to five accounts, which is likely to be enough for most people.
Managing your money isn’t easy, so it’s no wonder that only 41% of Americans have a budget, according to the National Foundation for Credit Counseling.
A budget is the most fundamental financial planning tool out there, and with one, you’ll have a better chance of reaching your short- and long-term financial goals. And if the “b word” makes you bristle, don’t worry: The best personal finance software can make it surprisingly painless.
“Online banking is a great tool to pay bills and reduce paper statements,” says Dan Crimmins, New Jersey-based financial coach at Crimmins Wealth Management. “However, it cannot establish a budget or categorize your expenses. A financial tracking software gives you the ability to review how you are spending your money.”
Several personal finance apps and websites can help you plan and keep track of your spending. No one service is best for everyone, though, so it’s important to compare several options to find the one that works best for you.
To help, we’ve put together a list of the top three personal finance software options and how they can help you achieve your goals.
Best Personal Finance Software: The Simple Dollar’s Top Picks
Mint
Mint has more than 20 million users, and it’s easy to see why. For starters, the software is free to use, and it automatically syncs your financial accounts so you can budget and track your spending all in one place.
Budgeting isn’t the only service Mint offers, though. You can also:
For budgeters, Mint’s most valuable feature is its automatic syncing. Just sign into your bank and credit card accounts through Mint’s platform, and you’ll get updates on each account every time you make a transaction.
When transactions come through, Mint will automatically categorize them based on their details. If the assigned category is wrong, you can update it and even split transactions into more than one category online or on the mobile app.
Based on your spending, Mint will also create a budget for you. But as with the transactions, you can customize your budget based on your needs and spending habits.
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If you want a bird’s eye view of your spending habits, Mint has a Trends feature that shows you how you’ve spent your money by category over a set period. You can also compare two periods to see how your current spending compares with spending in the past.
While the service is free to use, Mint makes its money by recommending targeted financial products to its users. Depending on your tolerance for such ads, it can be frustrating to feel bombarded with the unsolicited advice.
“Most free financial softwares make money by providing product recommendations or having advertisements within the software or app,” says Dominique Broadway, CEO and personal finance expert at Finances Demystified.
Mint is a great option for:
You Need a Budget
You Need a Budget, or YNAB for short, is an intensive budgeting software with the goal of giving every dollar a job. The software is also designed to help users get out of the paycheck-to-paycheck cycle and live off of the previous month’s income.
When you first sign up, YNAB provides you with some general budgeting categories to start with, like Rent/Mortgage, Electric, Groceries, and other essential expenses. You can add or change categories based on your spending habits.
As you continue setting up your budget — either online or with the mobile app — you can add individual accounts and clarify whether each is a budget account or just an account you’re tracking, such as an investment account or auto loan.
While YNAB allows you to connect your financial accounts for automatic transaction importing, it doesn’t require it, allowing you to choose how hands-on you want to be.
Bookkeeping Software For Home Free
As you use YNAB over time, you’ll have access to a few reports to help you make better financial decisions:
If you have a specific financial goal you’re working toward, you can monitor your progress using YNAB’s goal tracking feature. Choose a target balance or a monthly funding goal, and the software will track your progress and give you some tips along the way.
In addition to giving you a platform to budget, YNAB also offers free, live workshops to give you advice on budgeting, paying off debt, saving and more.
The biggest drawback to YNAB is that it’s not free. When you first sign up, you’ll get a 34-day free trial. But after that, you’ll pay $83.99 per year, which comes out to about $6.99 per month.
YNAB is a great option for:
Albert
If you prefer mobile over using your computer, both Mint and YNAB have mobile apps. But with Albert, all you get is a mobile app.
Like the other software we’ve listed, Albert allows you to connect your financial accounts when you first get started. From there, though, it does most of the work for you.
For starters, the app will automatically create a budget for you based on your spending, bills, and income. You’ll also get a personalized financial plan, which can help you spot ways to save more and meet other financial goals. If it spots something out of the ordinary, you’ll get an alert.
If you opt in, Albert will automatically set aside a portion of your money into a savings account each week based on what it thinks you won’t miss. Albert even helps you negotiate your bills, which can save you money on ongoing monthly expenses like your phone, cable, security, or other bills.
If you want more personalized service, you can sign up for Albert Genius, which allows you to text the app’s human financial experts and get advice. There’s a fee for this service, but Albert allows you to choose how much to pay. According to its website, most customers pay $6 per month or more for the Genius service, while the minimum cost to operate it is $4 per month.
Albert is a great option for:
How to Pick the Best Personal Finance Software For You
The best personal finance software is easy to use and helps you improve your money management. But with so many options out there, no single app or website is best for everyone.
As a result, it’s important for you to research these and other options and pick one that best serves your needs. Specifically, ask yourself how hands-on you want to be with the process and what kinds of tools and resources you’d need to make better decisions and stick with the program.
If you’re new to budgeting and feel overwhelmed by the process, it may be better to pick software that does a lot of the work for you. On the flip side, if you’re an experienced budgeter and enjoy getting into the weeds, choose an option that gives you more control.
Whatever you choose, expect to put in a bit of time at the outset to get yourself up and running. “Investing time in the initial setup is crucial to having the system work for you,” says Crimmins.
After you get started, you may think your work is done. But the real challenge becomes checking in with your budget software regularly, even if the app does most of the work for you. “Once you’re all set up, make sure you actually look at the software,” Broadway explains. “Many people will take the time to set it up and never look at it again.”
Most importantly, it’s crucial to understand that while the best personal finance software can help you make better decisions, it won’t, by itself, change your habits. As you take advantage of the different tools and resources available to you, use them to help you develop better spending and savings habits — so that eventually, making wise spending choices and sticking to a budget becomes second nature. It can take some time, but it’s time well spent.
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