Best personal finance software for your needs

personalfinancesoftwareWhat does the best personal finance software look like?

The best personal finance software is the one that you use. Most people have access to a computer and many of them come ready to use with personal finance software. But large numbers of people never look at it or look at it with the intention to use it but then revert to previous money management tools.

Personal money management programs are nothing more than tools and as the old adage goes a bad workman always blames his tools while a good workman makes the best of the tools he has on hand. You can have the best personal finance software, such as Quicken Starter edition on your PC but if you don’t use it on a daily basis to track your income and expenses it is useless.

The best personal finance software can make modern financial management easier and less stressful. There are seven things to consider when seeking the best personal finance software that you will use.

* User friendliness and ease of installation. Quicken comes out top of a user survey on this criteria but Moneydance and AceMoney are not significantly less rated.
* Quicken also comes top in the same survey when it comes to banking and bills. It is way ahead of the competition such as Home Bookkeeping or 3click Budget. The best personal finance software has a great online banking section that lets you do all of your banking for multiple accounts.
* Reporting. The best personal finance software gives you cash flow reports, tax reports and net worth reports, so that you can track where your money is at all times. These reports are essential when planning your future. BankTree personal and RichOrPoor to do this as well as any software and often this comes down to personal style preference.
* If you are into personal investing, say with your 401K IRA then Quicken will not be the best personal finance software for you. It focuses on the other criteria and you are well advised to look at Moneydance or AceMoney.
* Tax options are always going to be something you need to be on top of. Quicken is reported by users to be well ahead of the competition in this regard.
* Only the best personal finance software will include financial calculators in the package. While you may only take out a loan every few years or one or two mortgages in your lifetime it is very important to analyze and understand them before committing to them.

In summary, remember that personal finance software can be a great tool but only if you use it.