7 Best Personal Finance Software for 2024 (2024)

9 Min. Read

February 29, 2024

When it comes to modern-day financial management, it’s always worth using all the tools you have at your disposal. One great example of tools is in the personal finance software category. Using such tools makes it easier to track profits and expenses, budget proactively, build your savings, and foster your overall financial security for the long term. But how do you choose the best personal finance software for you? In this guide, we’ll review the top 7 options for paid and free personal finance software, along with their pros, cons, pricing, and ideal use cases.

Table of Contents

• Top 7 Best Personal Finance Software
• What is Personal Finance Software?
• Personal Finance Apps Comparison Table
• Make Your Business Finances Easier with FreshBooks
• Frequently Asked Questions

Top 7 Best Personal Finance Software

Choosing the best software for personal finance comes down to factors like features, app integrations, pricing, and use cases. Here are the top 7 personal finance apps on the market.

1. FreshBooks (Best Overall)

Whether you’re tracking expenses for your monthly budget or looking for the best tax software for comprehensive tools to help you manage your business finances, FreshBooks has you covered. Our expense-tracking software is designed to give you all the insights you need on your personal financial management at a glance, helping you manage your money without the headache of endless spreadsheets or shoeboxes full of receipts. It integrates seamlessly with your bank and credit card accounts, making it simple to track expenses and profits in real time. It also supports mobile receipt scanning and cloud organization—everything is automatically categorized with your tax time needs.

Features

• Auto-expense tracking, thanks to bank and credit card account connections
• Auto-receipt scanning and organization to cut down on paper files
• Secure, cloud-based storage for receipt scans and expense information
• Automated tax prep expense categorization to make filing simpler
• Easy-to-use feature for marking billable expenses
• Project-specific expense tracking

Pricing

FreshBooks offers a free 30-day trial, after which you can access the expense tracking software with the Lite plan for just $19 a month.

2. Quicken

Quicken is one of the most popular online personal finance software options, especially for home use and small businesses. Quicken offers an intuitive, highly customizable platform with an impressive feature list. It also boasts the ability to manage multiple finance accounts (e.g., one for home and one for business) and good scalability as your needs change.

Advantages

• Regularly updated tax tables and regulation database
• Transactions are easy to enter and categorize
• Automated expense tracking and bill payments
• Useful budgeting tool

Drawbacks

• Expensive compared to competitors
• Can be difficult to learn at first
• No integration with other accounting software—you’ll need to re-enter data if using any other platforms
• Occasional UI bugs and glitches

Pricing

Quicken offers a free trial for 30 days. Home and business plans start at $5.99 a month when billed annually.

3. Empower

Empower (formerly Personal Capital) is a platform designed for investments and retirement planning. In addition to personalized financial advice, it offers one of the best free personal finance software programs. With a good mix of automated features and live, personalized financial planning, this is a great option for those looking to get proactive about wealth management and retirement planning.

Advantages

• One of the best platforms for retirement planning
• Impressive feature list for a free platform
• Ability to access live financial planning (with paid plans)
• Individual stock trading features

Drawbacks

• Limited use for budgeting and cost tracking
• Very high account minimum ($100,000) to access useful robo-adviser features
• High fees for account management services

Pricing

Empower allows you to use many of their investment management tools for free. For other services, you can access a 14-day free trial, after which the base plan starts at $8 a month.

4. YNAB

You Need a Budget (YNAB) is one of the longest-running and overall best software for personal finance. It centralizes your essential financial data to help you budget and make financial plans. It offers personalized budgeting tools, flexible data export options, good bank integrations, and other tools that many will find helpful in financial planning.

Advantages

• Easy to learn and use
• Ability to track multiple separate budgets and all your accounts simultaneously
• Easy sync with multiple devices
• Useful financial tracking features
• Can invite others to share a budget or create their own

Drawbacks

• No investing features
• Limited customer service
• Limited reporting features
• Can’t pay or track bills within the software

Pricing

YNAB offers a 34-day free trial, after which you’ll have to spend $8.25 per month (paid annually) to keep using it.

5. FutureAdvisor

FutureAdvisor can be a very useful, free tool for those looking for software focused mainly on retirement planning and investment management. It’s technically classified as a robo-advisor, offering automated guidance on investment strategy and overarching financial planning.

Advantages

• Free financial planning and portfolio analysis tools and advice
• Makes use of reputable online brokers
• Useful support from live financial advisors
• Great for a hands-off investing strategy

Drawbacks

• Limited tracking and budgeting features
• High management fee compared to similar robo-advisors
• Higher account minimum ($5,000)

Pricing

FutureAdvisor offers a free portfolio analysis service, as well as a Premium Plan, which includes investment accounts management, which will run you an ongoing 0.5% management fee.

6. TurboTax

When it comes to personal finance software, reviews are in: TurboTax remains one of the best options for tax filing software for business owners and individuals. It’s unique in that it’s all about filing your taxes—so it’s not the right choice for those looking for other budgeting tools. But when it comes to tax prep, TurboTax is a great option.

Advantages

• Very intuitive user interface
• Comprehensive tax filing features, even on free plans
• Flexible platform allows for many filing scenarios
• Plans specifically designed for small businesses and individual filers
• Useful mobile app for filing on the go

Drawbacks

• Live human support is mostly locked behind paywalls
• Free version is less feature-rich than some competitors
• Overwhelming amount of plans and price points

Pricing

TurboTax offers a free filing service for simple tax returns. The price can range from $39 to $109.99 per return for more complex filing needs.

7. Buddy

Buddy is an open-source personal finance software. It’s designed to simplify financial planning for individuals. It’s a lightweight option, making it suitable for people looking for a simpler solution to their personal finances and money management. It offers a solid features list, a semi-customizable interface, and good functionality overall.

Advantages

• Simple but effective interface
• Flexible platform with an option to add budget categories, various finance accounts, and transaction receipts
• Some third-party integrations
• Budget sharing with others

Drawbacks

• The interface can be tricky to learn at first
• Missing cloud-based support that you might expect from personal finance software
• Clunky software can make it easy to miss details at times

Pricing

Buddy offers a free option, with premium functionality unlocked for $4.99 a month or $34.99 a year.

What is Personal Finance Software?

Finance software refers to any kind of finance platform that helps you track spending, manage budgets, handle your investment portfolio, and other aspects of your financial life. Features lists can vary greatly from platform to platform—some have automation features, credit score monitoring, integration with your bank accounts or other financial accounts, robo-advisors, or automatic receipt scanning. It’ll be easiest to choose the right one for you when you have a sense of the features you need.

Personal Finance Apps Comparison Table

Sometimes, it’s easiest to compare the best personal finance software at a glance. Here’s everything you need to know about the top software options.

Make Your Business Finances Easier with FreshBooks

As you can see, there’s no shortage of finance apps, tools, and software on the market. Choosing the right one begins by identifying your needs—do you need cost-tracking capabilities? Income management? Investment support? Identifying these required features, along with thinking about your budget, will help narrow things down. If you’re an entrepreneur looking for a comprehensive solution with a great features list, useful integrations, and an affordable price, FreshBooks has you covered with our accounting software. Try FreshBooks free today.

FAQs about Personal Finance Software

More questions about choosing from the many personal finance apps? Here are a few frequently asked questions to help.

How do I keep track of my expenses with FreshBooks?

FreshBooks makes it simple to track expenses for all your financial accounts. It uses receipt auto-capture and integrates with your bank accounts for always-updated account statements and financial updates. This makes it easy to balance expenses with income for a more in-depth budgeting and financial planning process.

Can I use FreshBooks to keep track of receipts?

Yes! FreshBooks makes it very simple to scan receipts, log the transaction details, and categorize expenses for your business. Receipt records are securely stored on the cloud, making them easy to access without the need for a box of receipts.

Can FreshBooks help me track expenses on the go?

Yes, our mobile app offers all the functionality to track expenses from both receipt scans and bank/credit card account information. Using the FreshBooks app, you can access reporting features and scan your receipts directly from your mobile device.

Can Excel be used to track personal finances?

Microsoft Excel can be used as a finance tracking tool, provided you know how to use it. However, it will require a fair amount of manual work to enter everything and keep track of figures, so it’s not recommended for those looking to save time on this important process.

What is the best way to keep track of personal finances?

The best way to track your finances is with a dedicated personal finance app or software. FreshBooks is one great example, best suited for both individuals and entrepreneurs. Look for something with expenditure tracking, receipt capture, bank integration, and solid reporting tools.

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