The best personal finance managing software makes it possible for you to manage and organize your finances, from income to outcome, and from receipts to payments.
The basic personal finance software provides a simple portal to manage your finances, whilst the other ones that come with more advanced features can help you out with decreasing debt, managing budgets, and even providing some additional advice if required.
The personal finance software also lets you track all your expenses, reminds you of your payments, and also shows you the balance after deducting the bills and payments. The complete package helps you to manage and organize your finances.
Using personal finance managing software, you can stay on top of your taxes as well.
Here, in this article, we are going to wrap up the 10 best personal finance software in the UK for managing your finances. This list is highly reliable and researched.
What is personal finance software?
Personal finance software is an application program that can keep track of your finances in real time.
With this software, you can make a budget, keep track of your budget, and provide you with an overview of your financial status. This platform shows you an in-depth picture of your financial position.
It enables you to monitor your bank accounts, loans, investment balances, and credit cards in one place. This personal finance software provides more security to your data.
There are several personal finance software, so you can choose the right one according to your financial goals.
Some are good for budgeting, some are right for debt tracking and savings goals, and some help you to stay at the top of your taxes.
The benefits of using personal finance software
Personal finance software provides several benefits to manage your finances; such as:
- · Quick and easy bank account reconciliation
- · No late payments
- · Easy tax return on time
- · Track and analyze investments
- · Monitoring credit scores
- · Pay bills on time
Key Features to Look for in Personal Finance Software
While you look for the best personal finance software then you can consider these key features, such as:
- · Mobile app
- · Tracking the expenses and goals
- · Balance forecast
- · Real-time updated information
- · Set the goal
- · Reports on your financial achievement
- · All the financial accounts in one place
Different types of personal finance software
#1. Mint:
Mint is our top pick as the budgeting software because it allows you to easily link all your investments, and accounts, track your spending, and create a budget for free.
Overview:
Mint is one of the most popular budgeting software in the UK and comes with various powerful tools.
You can get this software to pull in all your bank and credit card information altogether. Thus, you can realize the poor areas that you need to improve your finances.
Mint enables you to set up alarms for payment dues and poor balances to keep you on track. These features help you to eliminate the expensive fees on late payments as well as bank overdrafts.
When you build set up for budget categories, Mint shows you how much you can spend on things such as gas and food.
Mint is available to download for free and is compatible with iOS, Android, and desktops.
Pros:
- Several features available
- Available free to download
- Ease of use
- Compatible with iOS and Android
Cons:
- Problems with account synchronization
- Lack of investing features
Pricing:
- Mint is completely free software to download
#2. Personal capital:
Personal capital, now Empower, is one of the most popular personal finance management software in the UK.
The main objective of this software is to provide smooth cutting-edge technology with a financial guide that includes retirement and budgeting tools.
Overview:
One of the best features of this software is the financial tracking tool. This enables you to keep tracking your expenses, bank, and credit cards, and investment accounts in one go.
It also provides crypto BETA tools by which you can track your cryptocurrency investments.
With the personal capital dashboard, you can see all the accounts in one place. You can check your income and expenses in a bar graph.
Plus, you can monitor weekly, monthly, and annually your income and expense habits with its cash flow analyzer spending tool.
Pros:
- It is an easy-to-use personal finance software
- It enables two-factor authentication, so your data is fully protected and secured.
- This software comes with free
Cons:
- To enable its wealth management tool, you need to pay
Pricing:
This software is available free to download. But you can access the personalised investment and wealth management services by paying 0.89% of your investment assets.
#3. Quicken:
Quicken is a complete package of advanced tools that you require to manage your finances at a relatively low cost.
Overview:
Quicken is one of the most reputed personal finance management software in the UK. You can use this software to handle various aspects of your finances.
This software helps you out from budget creation to tracking your income and expenses, saving goals, debt tracking, and so on.
One of the most advanced features of Quicken is bill pay which helps you to build the payments for the bills right from the software.
You can also calculate your total assets to get the exact calculation of your total net worth.
Pros:
- Relatively low cost
- Several advanced features are available
- Free money-back guarantee
Cons:
- It can be overwhelming if you look for simple budgeting software
Pricing:
Quicken offers a 30-day money-back guarantee. This software is available for iOS, Android, and Windows and the paid version starts at £34.99
#4. YNAB:
If you are not so familiar with budget or finance, YNAB offers tools and tutorials that will enhance your knowledge regarding financial and budgeting practice.
Overview:
YNAB is a personal finance management software that is designed to improve your financial and budgeting literacy.
So, you can effectively manage your monthly and yearly budget. As you start to manage your monthly finances, the software guides you by providing lessons regarding various financial topics.
Thus, you can handle all the tougher financial situations too.
This software comes with various features such as automatically linking to your bank accounts, tracking the budget, and integrating your spending practice to savings goals. But, this software can’t handle any investment tracking.
Pros:
- Provides helpful tutorials to keep you updated
- Detailed spending and budgeting reports.
Cons:
- Comparatively expensive
- No investment tracking
Pricing:
This software offers a 34-day free trial, thus you can understand whether YNAB is appropriate for you or not. YNAB charges monthly subscription fees of £12.70 and an annual charge of about £84.
#5. Tiller Money:
If you are an innovative person and appreciate well-crafted spreadsheets, then Tiller Money is the appropriate finance management software for you.
Overview:
Tiller Money automatically lets you see your entire money in one place by updating your credit card, checking, investments, loans, and other accounts into a customizable Spreadsheet or Google sheet, or Excel template.
You can choose a template that suits your needs perfectly. You can get daily alarms regarding your current transactions and balances.
Pros:
- A high-level view of your accounts
- Relatively low costs
Cons:
- Some users can find it too complicated to track the spreadsheet
Pricing:
Tiller Money costs per month £5.28 and about £63.40 per year.
# 6. PocketGuard:
PocketGuard is one of the best personal finance budgeting software that provides a holistic view of your money and expenses to have an overview of your financial status.
Overview:
PocketGuard is designed for people to get better control over their spending and can save more money each month.
Pocketguard comes with various excellent money management features that establish your saving goals to ensure that you are on the right financial track.
The most distinguishable feature of the software is its pie chart report. This pie chart provides an amazing view of your expenses and shows exactly how much each spending represents.
Besides, it provides you with a complete overview of your money by keeping your entire money in one place.
PocketGuard updates your monthly cash flow, links to the bank accounts, pays all the transactions and shows the remaining balance. So, you can understand where money is going out each month.
Pros:
- Ability to link all the bank accounts
- Helps to reach the saving goals
- Create customizable budget
Cons:
- Some features are limited to paid users
- The website is challenging to navigate
Pricing:
PocketGuard comes in two versions; one is free and another one is a paid subscription.
Pocketguard Plus has three pricing options such as about £6.41 per month, about £64.21 per year, and about £80.26 for full-time membership.
# 7. TurboTax:
Everybody finds it difficult to submit tax returns, but TurboTax software makes it easier for you.
Overview:
You may not opt for TurboTax for the entire year, but when it comes time to file your tax return, this software takes the headache out of the procedure.
This tax preparation tool is very effective and it is also very user-friendly. It will take you all the way appropriately to file your return.
This software also connects you with a tax expert who gives you personalized advice regarding tax filing. Besides, TurboTax comes with powerful features that you require to manage your finances.
This software is great for cryptocurrency, stock, and bonds; also compatible with various platforms such as mobile, web, etc.
Pros:
- Step-by-step tax preparation
- Great for stocks, bonds, crypto, and ESPPs
Cons:
- Expensive
Pricing:
This software is available with a few tier plans, ranging from £0,0 to £95.39 for federal tax filing. Filing the state tax will incur an additional cost.
#8. Moneydance:
Moneydance is a desktop-based personal finance management software in the UK that has been almost around as a powerful finance management software.
Overview:
This software comes with a wide range of advanced features such as income and expense management, investment managing, online banking and bill pay, budgeting, and reports.
It also supports various international currencies including cryptocurrencies.
This software is great for the people who will use its extensions. One extension enables financial forecasting whereas another allows you to import transactions from PayPal business accounts.
Moneydance is also useful for people who make an online transaction using their personal finance app without paying any charge. It is also compatible with Mac, Windows, or Linux.
Pros:
- Flexible dashboard
- The capability of transaction management
- Enables online bill pay
Cons:
- Won’t let you set goals for your savings
Pricing
A Monerydance license costs about £40.06 and it is free for the first 100 transaction
#9. WalletHub:
Unlike other personal finance software, WalletHub has a singular focus on offering a variety of advanced tools and resources.
Overview:
The mission of this software is all about your credit score; what is it, and how you can improve your credit score.
A credit score is another aspect of managing your finances, you can immediately pop in and get the information without wading through toolbars.
WalletHub is the only personal finance software package that offers 100% credit scores and it updates the score daily.
It also provides a personalized plan to save your money, and manage loans, and insurance to manage your finances.
Pros:
- Track all your credit reports and score
- Shows you ways to improve your credit score
Cons:
- Don’t connect bank accounts for transaction
- No goal-setting or budgeting tool
Pricing:
WalletHub is free software to use, but this software asks for your personal information such as your address, email address, date of birth, etc.
#10. FutureAdvisor:
If you are desiring personal finance management software that will provide you with investment advice then FutureAdvisor could be great for you.
Overview:
If you are eagerly looking for a low-cost financial advisor then you can go forward with FutureAdvisor. This investment guiding software provides personalized opinions to help you diversify your portfolio.
But, you can follow or not follow as you see fit. To sign up for this software you might require of having $5,000 in investible assets.
FutureAdvisor is a robotic advisor that allows users to get retirement analysis, link their accounts and get some effective recommendation that suits their portfolio and financial goals.
Pros:
- Require relatively low investment
- Powerful and effective recommendation
Cons:
- The website doesn’t offer much information
Pricing:
FutureAdvisors claim a flat annual fee of 0.5% of your managed assets.
FAQs-
How Does Personal Finance Software Function?
Ans: Typically, personal finance software collects all your financial data, and links the software to your various financial organizations, credit cards, and investment accounts. This software enables you to provide an appropriate financial plan and set your savings goal. It helps you to reach your financial objective.
Do I need to have a lot of financial knowledge to use personal finance software?
Ans: No, basically you need to acquire some basic financial knowledge to access the software. There are various financial software that provide some lessons regarding how to manage your finances. So, you can enrich your skillset. You can look for this software.
Can personal finance software help me save money?
Ans: Personal finance software provides you with the following benefits such as budgeting, tracking your expenses, easy account reconciliation, no late payments, monitoring credit scores, and avoiding financial mistakes. So, if every aspect of your finances gets organized and planned then you can surely save your money.
Is personal finance software safe to use?
Ans: If you choose the right product then definitely it is safe to access. A good program will use strong authentication and encryption to secure your data. Most of the software will not have access to your financial accounts.
For what reason do bankers use Excel?
Ans: The financial area is huge. Moreover, client information maintenance turns into an errand. Therefore, giving a consistent financial encounter requires coordinated information, and Microsoft Succeed makes it more open. Hence, most bankers prefer to use the advanced tools of Excel.
Conclusion:
Every personal finance software has a dashboard when you log in. The overview of the software tells you what they do behind the screen. Research plays an important role when choosing a personal finance management software that fits you well.
Here, we have compiled the 10 best personal finance managing software. Then we compared each program providing the pros and cons, and the pricing criteria.
Managing your money is an essential skill set. So when you hit a certain point in your life when money starts to come in, you need to manage finances very carefully.
You can opt for the best one that seems to be perfect for you to manage a budget, set savings goals, tracking your expenses. Improve your credit scores, and stay on top of your taxes.
