|
|
Best personal finance software
01-26-2014, 10:50 AM
|
#1
|
Dryer sheet wannabe
Join Date: Jul 2013
Posts: 24
|
Best personal finance software
Hello,
I just wanted to get some advice on which is the best software to use as I want to get serious about watching my spending. I plan to semi ER in the 2017-18 time frame.
The things that are most important are linking my accounts to the software with a great emphasis on security. Also, accuracy as far as where the money is spent (for example the software knows the difference between a gas station and a grocery store and properly categorizes it).
I am also wondering if there is a fee for linking accounts with the software.
While tracking investments would also be a cool feature, my biggest need is software that tracks spending and gives me a really clear picture of where my money has gone.
I would also like to be able to install on multiple devices (Ipad, laptop etc)
Thanks in advance for any recommendations!
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
01-26-2014, 11:04 AM
|
#2
|
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 759
|
If you can accept the security risks that are prevalent in the modern technological world, then Mint.com is a great resource for tracking your spending. Extremely easy to use and with it's drop-down menu widget you have all your information available in an instant. I've been a user for almost 2 years and find it very useful for tracking all account activity.
I also use Quicken to track cash flow through my checking account. All my financial transactions go through this account so it's a great way to keep long term records of spending.
Of course if security is an issue, there's always pencil and paper.
|
|
|
01-26-2014, 11:18 AM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,301
|
I like using spreadsheets to track spending and manually entering purchases. I think this makes me a dinosaur but I like that I can customize the spreadsheet exactly as I want it. I don't mind manual entry and I like seeing the individual purchases.
I personally would not trust mint, quicken, etc with my passwords to other accounts. Sharing passwords may also violate the ToS for the other accounts.
|
|
|
01-26-2014, 11:21 AM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
|
I like Quicken, and have used it for 10+ years. It does so much more than tracking spending, but that's a good place to start with it. It has lots of planning tools and you can hook up (via the Internet) to most banks and download transactions. I especially find this helpful for credit card spending so I can categorize those as the come in. It's eye-opening.
It's well worth the investment. And I only upgrade every 2 or 3 years - yearly just isn't necessary.
Good luck!
|
|
|
01-26-2014, 12:58 PM
|
#5
|
Recycles dryer sheets
Join Date: Jan 2014
Posts: 277
|
Yep Mint or Quicken are great for what you are seeking.
Sent from my HTC One using Early Retirement Forum mobile app
|
|
|
01-26-2014, 02:12 PM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,495
|
All my spending is driven off one spreadsheet (updated annually) containing lines for buckets for individual budgeted areas. As this spreadsheet drives spending and not the other way around, I don't need software to "track spending" as the budgeted amount for each area drives spending. IOW, I know where the money goes. More often than not under budget anyway.
|
|
|
01-26-2014, 02:16 PM
|
#7
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
|
It's really just personal preference, like what color your couch is. What's important is tracking the spending.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
Best personal finance software
01-26-2014, 02:29 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
|
Best personal finance software
Quote:
Originally Posted by photoguy
I personally would not trust mint, quicken, etc with my passwords to other accounts. Sharing passwords may also violate the ToS for the other accounts.
|
I have to agree. As one who has had his information stolen three times in the last year or two by firms I do business with, I find it hard to give away my passwords.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
|
|
|
01-26-2014, 03:03 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 3,165
|
Quote:
Originally Posted by Chuckanut
I have to agree. As one who has had his information stolen three times I the last year or two by firms I do business with, I find it hard to give away my passwords.
|
Quicken's Password Vault is stored locally on your computer. You don't have to put this out on the internet. You do have to put your passwords in the Vault in order to automatically download data from your accounts, but I think the Vault is adequately encrypted even if your computer is attacked or stolen.
I think you can move your passwords/data to the Cloud so you can access your data while away from home. I don't think I would want to do that. I'm not sure how this all works because I've never used it.
|
|
|
01-29-2014, 11:58 AM
|
#10
|
gone traveling
Join Date: Feb 2008
Posts: 510
|
If tracking investments, I keep hearing PersonalCapital is great and it's free, I believe. However, like some others, I am afraid to link our 401k's, IRA's, and taxable accounts. I would love to know which funds in 401k's are pulling the buggy (cost/share vs. appreciation), but if I have to deal with risks to learn it, I'd rather not know it. I evaluate our AA manually once a year on Vanguard and then again on M* just to compare them both.
I do expense tracking on my Excell. I don't go into anal details, only a few major categories (transportation contains gas, auto insurances, maintenance; daycare/camps/child related activities, utilities, house related expenses, food, entertainment/restaurants, vacation, miscellaneous).
|
|
|
02-08-2014, 05:39 PM
|
#11
|
Confused about dryer sheets
Join Date: Feb 2014
Location: San Francisco
Posts: 2
|
It sounds like you are looking for software that will automatically categorize spending for you. I can recommend Mint, as others have done.
But I switched to using YNAB ( Personal Budget Software - Finance Software for Windows & Mac) several months ago and find that compared to Mint, I now have a much better handle on my finances. YNAB forces you to make spending trade-offs in a strict way, which was very helpful for me.
|
|
|
02-09-2014, 07:14 AM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,519
|
I've used Quicken since the early 90s and it works for me. If I was to start now, I'd probably use an online service like mint.
Ensure that you can download your information from the online service in some standard format (csv or similar) so that if it shuts down, you can migrate your data to another service.
|
|
|
02-09-2014, 07:53 AM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 1,225
|
I recommend using a spreadsheet. No, I'm not kidding.
|
|
|
02-09-2014, 08:33 AM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,303
|
Nothing against the commercially available packages, but I prefer my own spreadsheets. I have one to track spending, budget & results, and another to track investments/AA, net worth, taxes, etc. - both with multiple worksheets. I can modify as I please, I know exactly what assumptions underlie every result and security isn't an issue. YMMV
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
|
|
|
02-09-2014, 08:48 AM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
|
Quicken for decades. Entering and categorizing expenditures is a good way to really get a handle on what you are spending where. My thought is that having software report that you spent $200 on gas (because you have a Big Gulp addiction and the convenience store is categorized as gasoline) isn't as useful as you entering $5 every day for 7-11 soda and realizing that you are hooked on bubbles and sugar.
|
|
|
02-09-2014, 09:52 AM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 2,873
|
MoneyDance. No forced upgrades, which is a big plus for me.
If I wanted to only track expenses, I'd consider using something like mint.
__________________
Eat, Drink and Be Merry.
|
|
|
02-09-2014, 09:56 AM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,146
|
For budgeting, I use a program called Budget Advisor (Windows version only).
For investments I just rely on Vanguard's statements and website. For AA, my own spreadsheet.
IMO, whatever works for you is the best program. A cliche... I know
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
|
|
|
02-09-2014, 10:08 AM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,180
|
I've used Quicken for close to 20 years and am fine with it. It is not perfect so I supplement it with spreadsheets that use data exported from Quicken to for some of my more complex custom calculations.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
|
|
|
02-09-2014, 10:23 AM
|
#19
|
Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: The Bay Area
Posts: 2,736
|
I'm a fidelity customer so, my investments are all tracked there. I also use Mint to track expenses. However fidelity now has an expense tracking app which would allow me to track it all in one place and fidelity is very secure. So you might try fidelity if you're more worried about security or Mint if not a fidelity customer.
__________________
You may be whatever you resolve to be.
100% x 10% > 10% x 100%
Small pensions & SS cover essentials
|
|
|
02-09-2014, 10:48 AM
|
#20
|
Confused about dryer sheets
Join Date: Jan 2014
Posts: 9
|
I'm a member of Bank of America and they have a similar software for free use online. It works well and you can link any account info you want to. Also has several tools for net worth tracking, budgets, spending etc... Works out nice for me and have been using for over a year now.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|