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7 Best Personal Finance Software Options of 2020

Can you benefit from personal software solutions? If you are keen to manage your finances better this may be an excellent option. You can not only manage what you have efficiently but you can also figure out ways to achieve your long-term financial goals. But the choice of software depends entirely on your monetary needs. For instance, you can get finance software to help you with budgeting or tracking your expenses while you can also get software to assist you with your investment portfolio.

Top Personal Finance Software for 2020:

  1. Mint: This is one of the leading budgeting tools that can also help you keep a tab on your expenses. The software will work on your credit card information and banking data to identify places where you can cut down expenses. You can even install alerts for due dates t avoid late payments. Mint also offers real-time data regarding your expenditure on utilities like food and gas. You can download this software for free on both Android and iOS devices and even have it on your personal computer.
  2. Quicken: This is a highly recommended tool for managing individual finances. It was originally launched as a desktop app and now runs as a mobile app on smartphones. You can access various financial tools through Quicken to handle bills, budgets, accounting, and investments. For instance, you can submit your income and expenses details to compare these in order to see how much you spend compared to how much your earn. Quicken can track investments, savings and even the 401k plan.
  3. YNAB: It stands for You Need A Budget and this software focuses on preventing overspending. If you can stick to this program you can monitor your expenses properly. It is easy to install and supports most transaction data that can be got from banks; it can also be suitably configured for small businesses. In case your plans get derailed for some reason, this app will show you how to get back on track.
  4. Mvelopes: Earlier people would use the enveloping system to stick to their monthly budget. Cash would be put into different envelopes to stay on track. This app also builds up on the same system except that here the cash management is done digitally and not manually. You may use this software for identifying your financial goals, creating a budget and setting up envelopes.
  5. TurboTax: This is recommended primarily for tax-related purposes. The app is consumer-friendly and will guide you through the entire process of tax preparation so that you can file returns accurately. You can get data from your employer and then submit this to the software; it is also likely to remember your financial details unless there have been major changes recently. You can use this app to file your state and federal returns free of cost.
  6. Personal Capital: This allows you to handle your accounts through one platform; so, you may add your bank accounts, credit accounts, mortgages, etc to get the big picture. This helps when you have more than one account as you do not have to keep switching between screens. When you have a large portfolio you are entitled to get financial advice against a nominal fee.
  7. Banktree: This will help you track multiple currencies if you work with many at a time. It is useful for tracking all expenses and lets you scan receipts using the app. It is capable of offering neat reports that you can further sort according to time or payee.