4 Best Software to Manage Personal Finances of 2021

4 Best Software to Manage Personal Finances of 2021

Last Updated on January 3, 2021 by The Soft Best

Here is the list of the best software to manage personal finances: In the current information society in which we live, we are increasingly accustomed to having software to carry out any management we need. The computer equipment or laptops and other devices we use daily have become mere appendages of our daily lives.

Software to Manage Personal Finances

Within this proliferation and technological expansion, users continue to suffer from various shortcomings in these aspects of computerized management, such as our own personal finances. This point is a point where the users of the banking and financial services themselves ignore and do not give all the attention we should.

best software to manage personal finances

Although the current is changing, without going any further, there we have the best personal finance apps of Your Accounts, where the number of users has exceeded the most optimistic forecasts, and this software has some impressive advantages and functionalities added.

But of course, this software is for the exclusive use of BBVA Net customers, so the rest of the potential Best Software to Manage Personal Finances has to cover their needs through other systems.

How to Choose Personal Finance Software?

Every domestic economy is a world, and first of all, we have to analyze what our basic financial needs are to cover. We can find ourselves from a situation in which we want to optimize and control all family spending with few sources of income and financial assets to a complex situation of family wealth management where we have many investments in different financial products.

Starting from the premises that not all software will cover in the same way, the first point I have to determine is the specific need for information about my finances that I need to process and analyze.

The second important point to decide is the possibility of remote storage and online access to my data or its local installation. This point is a thorny point if we opt for the online option since we have to start from a security software provider, by the nature of data that we are going to store on their servers and by the time stability of the environment that provides us,

It is also important to evaluate the mobility that I have and the number of users who are going to access that software. It is not the same to always work with the same PC a single person to need access from mobile devices or allow the entry of information and consultation to several users.

The Best Software to Manage Personal Finances for You

And as the last point, we must estimate the cost versus the benefit of our tool. Outside of deciding if we opt for a freeware or freemium system, we also have to evaluate the investment in time against the benefit that the investment in time can generate that will require the use of systematic processing of my financial information.

A simple example is it worth it to lose five hours a week processing household expenses to save? In my view, no, of course.

1. BBVA Bconomy

It is a functionality of the BBVA app. It allows clients to have a personalized diagnosis of the state of their financial health. This new tool measures for the first time the evolution of the income and expenses of the clients according to four variables.

Monthly savings of each client; economic freedom (how many months could you keep your pace of life without income); the expenditure allocated to housing and expenses for loans or deferred payments on card.

2. Moneytackin

An online tool focused mainly on the control of income and expenses and budgetary management of the domestic economy.

Totally free, with average power in graphics and an accounting area that allows the preparation of budgets over time and its temporal projection evaluating deviations.

3. Quicken 

An online version where it allows us to manage several bank accounts, a query from mobile devices, and the possibility of importing bank information files.

This version is a bit light and the versions of payment with download if they cover aspects such as projections to maximize the benefit of our savings, tax optimization calculations, or a luxe module for complete asset management. The cost of this version is 150 dollars, being the most complete.

4. GNUCash

Software that is its origin was created for Linux but now also works under windows. It is an open-source program that does not stop growing and incorporating functionalities.

Within the chapter of its power, we can match it to Quicken, since it covers almost all the financial fronts offered by the previous one.

The Logic Criteria

As we have stated before, we have two very important handicaps to manage the information provided by our personal finances properly. On the one hand, the cost/benefit ratio and on the other, the duration relationship over time. In both cases, these points can be carried out by partially attacking a part of our domestic economy.

Imagine that we just want to check our position in the securities portfolio or investment funds, as well as your daily quotes and changes in time in their value. These points can be perfectly covered by the portfolio simulation systems of our financial institution or the infinity of applications available to carry out this task.

If, on the other hand, we only want to take care of an exhaustive control on the expenses of the home, the vehicle, or our children. It is likely that we can cover our needs with a mere spreadsheet or any easily designed database through the multiple assistants that They have the data processing programs themselves.

In short, not all of us have to need exact control of our finances, and on many occasions, with the mere financial information that we extract from the different websites of our entities, it may be enough. This point is not an obstacle for us to want to improve some of the facets of spending or investment, and at those points, we must cover our lack.

Conclusion

On a personal basis, the best software to manage personal finances is carried out with pure and hard accounting software, which allows me to obtain information grouped by expenses and items, budgetary and documentary management and a specific module for the best software to manage personal finances. Still, of course, this system can also be considered that we are killing flies with cannon shots.