Ten years ago, there were no solid money apps out there. In fact, apps weren't really a thing yet and the first iPhone wouldn't be released until January of 2007.
Personal finance software consisted of Intuit's Quicken, or the business alternatives of Quickbooks, and not much else.
Mint wouldn't become a thing until 2006 and even then its initial version wasn't that great. But it was free.
Today, you have free personal finance apps that are better than what you had to pay for years ago. Personal Capital, SigFig, Mint, YNAB, Mvelopes, … the list is long and distinguished.
Money apps have taken over and we all can benefit.
That's why earlier this year I polled the readers of Wallet Hacks for their “must-have, can't live without” money apps and here are the results.
If you see a list of “best apps” and it doesn't list a spreadsheet like Microsoft Excel at #1 — they didn't actually survey. They made it up. 🙂
That being said – Microsoft Excel is all about finding a template and customizing something that fits your exact needs. It can be a lot of work but that hands-on interaction means you know the data is pristine. You can rely on tools like Tiller to pull the transaction data too so you get the automation (it works with Google Docs).
The apps on this list are pre-built, faster to get into, and free. If you're starting from scratch, these apps will get you there faster but will not fit you like a glove. Excel is like a custom tailored suit, these are off the rack.
Personal Capital (My Favorite)
A financial dashboard is a place where you can see everything involving your money in one place. Your assets, your liabilities, your net worth – all your financial accounts visible on one convenient page.
This is important because when that information is easily accessible, it's easily remembered and understood. We use it to pull in all of our data, though we ignore the credit card debt piece because we pay off our bills every month in full.
What's easier – logging into one account or logging into a dozen?
When it comes to a financial dashboard, the clear leader is Personal Capital. It has a rich suite of tools built around investments, with a nod towards expense tracking similar to Mint, so you can get a sense of where everything is at a moment's notice. If you're interested in a consultation with a financial advisor, they have that built in as well and it's something that helps them stand out from other similar services. It's how Personal Capital makes the money that supports the free tool.
For tracking a budget, Mint is one of the most popular budgeting tools out there.
If you don't have sizable investments, Mint is a very powerful tool that is better for budgeting but less effective for investments. Personally, I felt like Mint was fantastic up to a point. Once you focus more about investing than budgeting, Personal Capital has far more tools to help you succeed.
If you want to change your budget, You Need a Budget (YNAB) is one of the most powerful tools you can use because it does more than track your expenses – it actually helps you build and stick to a budget.
One of the biggest challenges in money management is in near-term planning. What are you going to do next week and next month?
Retirement can be decades away but you are spending money today and tomorrow. By getting the next month right, you go a long way towards getting your money situation under control.
YNAB has a four rule methodology that has worked well for its users.
- Give Every Dollar A Job
- Embrace Your True Expenses
- Roll With The Punches
- Age Your Money
Another reason why YNAB is powerful has to do with its educational tools and community. You will not find this with financial tools like Mint. There are no Whiteboard Wednesdays to help you understand your money a little better. This is what separates them from the pack in many ways.
It's this methodology around the tool that really makes it powerful.
Tiller is a service that will connect with your bank and credits card to pull daily transaction data into a sheet on Google Docs. No other service out there offers this. You can choose to start from half a dozen templates or roll your own, but Tiller will update it automatically from 100,000+ financial institutions.
Tiller is a monthly subscription but it won't inundate you with advertisements or pitch you on their financial planning services as an upsell. (to be fair, other companies need to do that because they are free – the bills have to be paid!)
You get the customization of a financial spreadsheet but the automation piece so you don't need to login to all of your accounts and update everything manually. Removing that hurdle makes money management that much easier. They offer a free 30-day trial.
LearnVest is very similar to Personal Capital in that there is a suite of investing and budgeting tools to help you dashboard your finances. It's more than Quicken and Mint in that it offers more investing and financial planning, which is how they earn their money. When you upgrade to a Premium plan, which costs $299 up front with a $19 per month subscription, you get a financial plan, an advisor, and access to more tools.
I have not personally used LearnVest so I can't speak from first-hand experience, but I know plenty of people rely on it for financial tracking of their net worth so I wanted to include it.
The grandfather of personal finance tools, Quicken has been around for ages (since 1983!).
Unlike many of the other apps on this list, Quicken is not an internet-based tool and it used to be software that you buy once and install on your computer, PC or Mac. Nowadays, the latest versions are on a subscription model which gives you access to updates. It's a change a lot of folks absolutely hated, which led them to look for Quicken alternatives. Quicken was originally owned by Intuit but Intuit sold the business to H.I.G. Capital, a private equity firm in Florida. Intuit acquired Mint in late 2009 and shuttered Quicken Online, which was Quicken's online version, in mid-2010.
CountAbout was built to solve all the problems Quicken users kept having (but Quicken didn't solve fast enough). CountAbout is often cited as a great Mint.com alternative because it's one of the few that can pull your information from Quicken and Mint so you don't lose it – which is a big pain point for long time users of both financial software packages.
It's not free though, $9.99/year for the Basic and $39.99/year for Premium. Premium supports automatic downloading of financial transactions.
More financial apps will be added as they are mentioned.