Best Personal Finance Software For Mac

Personal finance software for Mac provides the tools you need to manage your personal finances, organize your bills and expenses, and track your investments over time. With so many options available, it can be difficult to choose the perfect program for your needs. In this blog post, we’ll take a look at some of our favorites.

Best Personal Finance Software For Mac

1. Personal Capital

Personal Capital is available for both Windows and Mac. And it’s one of the very best personal finance software ever created. This is because Personal Capital excels in both budgeting and investing.

Budgeting software is available through their Free Personal Software. You can add a variety of different accounts to the platform, including investments, loans, and bank accounts. It offers investment tracking, a retirement planner, a 401(k) fee analyzer, and an investment check-up tool that monitors the health of your investment allocation.

But if you decide you want more specific investment services, such as direct investment management, that’s available through Personal Capital Wealth Management. It provides full management services of your investments in various accounts.

But the downsides of the Wealth Management Service are that it does require a minimum of $100,000 to participate, and it has a high annual management fee 0.89% of funds under management, which is well above the typical range for robo-advisors.

2. Quicken Premier

Quicken Premier offers both budgeting and investing, but it has a strong emphasis in favor of investing. It charges a flat annual fee of $67.49, and it packs a whole lot of investment services in that fee.

Quicken Premier provides an incredible line up of investment tools including:

• Informed buy/sell decisions
• Unrealized gains
• Continuous quotes
• Printable and exportable portfolios
• Investment performance displays

On the budgeting side, Quicken Premier enables you to view balances, budgets, accounts and transactions, track spending trends, and search your transaction history. You can also sync your data across your desktop, web, and mobile devices.

3. YNAB

YNAB is one of the most popular budgeting software programs available, and for good reason. They provide you with a simple four step process to manage your money:

1. Give Every Dollar a Job: Here you decide what every dollar in your budget will do between now and your next paycheck.
2. Embrace Your True Expenses: This step encourages you to prepare for large, future expenses, that way you’re ready before they arrive and they won’t upset your budget.
3. Roll With the Punches: This step helps you to prepare for the unexpected. If one budget item will be high, you simply move funds from other envelopes into that one. It enables you to deal with a higher expense category, without upsetting your overall budget.
4. Age Your Money: This is one of the features makes YNAB unique in the budgeting software world. This step moves you towards spending money today that you earned last month. That is, it enables you to put your income/checking account one month ahead of your expenses.

YNAB charges $14.99 per month for the service, which is pricey, but you do get a 34-day free trial. The company claims new budgeters save $600 by the second month, and more than $6,000 the first year by using the service.

4. Mvelopes

Mvelopes is primarily a budgeting software. It enables you to connect unlimited accounts, and provides real time budgeting, with automatic transaction syncing so you’ll stay up to date on your spending activity.

But the stand out feature of this software is that you get access to financial coaching.

Every three months, you’ll get a session with a personal finance trainer, who will provide guidance and up-to-the-minute feedback on your progress. This will provide you with live support, which may be exactly the motivation you need.

Mvelopes offers three different plans:

• Basic – $5.97 per month
• Premier – $9.97 per month
• Plus – $19.97 per month

For most people, the Basic service will be sufficient. It provides unlimited envelopes and financial institution accounts, automatic transaction importing and account balance monitoring, live chat and knowledge base, and interactive reports. But if you need help specifically with debt issues, you can sign up for the Premier plan, which has specific debt reduction features.

If you want to maximize direct personal assistance, the Complete plan offers a dedicated personal coach, as well as a personalized financial plan and a quarterly meeting with a financial coach.

5. TurboTax

TurboTax is a bit different than the other software on this list, in that it doesn’t get involved in budgeting or investing. But it does focus on one critical aspect of personal finance, and that’s preparation of your income tax return. And that’s what TurboTax does better than any other software available.

TurboTax is available for both Windows and Mac, and it’s a service well worth having. Not only does it cost a fraction of what you will pay a professional tax preparer, like a CPA, but it also gives you access to a tax expert, if you reach a point in the preparation process where you’re having difficulty.

TurboTax even gives you the option to purchase its Audit Defense Package to help you in case you’re audited. But should you decide – halfway through the preparation process – that you can’t complete your return, you can turn it over to a tax expert, who will complete the return by remotely accessing your computer.

It’s the closest thing to having a CPA prepare your tax return, but at a much lower price. And speaking of price, TurboTax offers five different packages, so you can match the service that’s appropriate for the complexity of your return.

open source personal finance software

1. GnuCash

GnuCash is a free accounting software offering some basic yet essential accounting features. It’s ideal for small businesses, startups, and individuals who like to track their finances effectively. Unfortunately, GnuCash continues to be a single-user tool, which means you won’t be able to add any more users to your account.

Given this constraint, this product is an ideal addition to a sole proprietor’s financial kitty, but not capable of supporting a growing business. Despite being open-source software, its features are pretty extensive for a free offering.

Here’s what you can look out for with GnuCash:

• Double-entry
• Accounting functionality
• A checkbook-style register to track both income and expenses
• Multi-currency conversion standards
• Automatic banking transactions download and reconciliation
• Bill payment reminders

While small businesses and individual users can use the aforementioned features, medium-sized and large companies can make use of these exclusive features:

• Accounts payable (A/P)
• Accounts receivable (A/R)
• Customer and vendor management
• Budgeting and reporting

2. HomeBank

HomeBank, being a personal finance software, houses some user-friendly reports to help people figure out where they’re spending their money. It also helps individuals set up rules for importing transactions. Probably the best part is that it supports almost all modern formats for importing reports into the platform.

Some widely used reporting formats include, but are not limited to, OFX/QFX, QIF, and CSV. This is not all, for this open-source tool is equipped to handle multiple currencies too. HomeBank is available on most Linux distributions by default, so you can rest assured the installation is not going to be too complex.

When you log in, you need to create an account, especially if you are accessing the portal for the first time. Once you create an account, you can either import compatible files or start entering transactions.

Unlike some of the other options available in the market, you don’t have to master double-entry bookkeeping to manage your expenses with HomeBank.

Some additional features include:

• Pre-applied categories to segregate and analyze your daily transactions
• Excellent budgeting features allow you to plan for your future
• Exhaustive reporting features, like bar charts, pies, budget spending, trend reports, and a balance report, amongst others.

3. KMyMoney

What makes KMyMoney stand out is its widespread usability, along with its familiar user interface. If you have been a Windows user before moving to Linux, there is a high possibility you might have used Quicken and MSMoney for balancing your checkbook and tracking finances.

If yes, then KMyMoney will be a cinch to master and access. Transfer your existing records gracefully or start with a fresh slate. This tool’s clean interface proves to be an effective personal finance management tool with a flat learning curve.

One size doesn’t fit all; and for this reason, KMyMoney is not best suited for business transactions. On the contrary, it is an ideal solution for individuals and SMBs.

Setting up the software is relatively straightforward; define your banks and transaction centers, followed by your most commonly used accounts. Each of these groups into savings, current, and credit cards.

Some features worth reckoning:

• KMyMoney supports different account types, along with income and expense categories.
• Reconcile your bank accounts with the help of online banking support and statement downloads within the OFX and HBCI protocols.
• Align brokerage accounts with their respective investment accounts.
• KMyMoney scheduler’s feature offers numerous options for handling recurring transactions.

4. Money Manager Ex (MMEX)

A finance software may not sound like one of the most exciting software you can install on your computer, but it’s undoubtedly one of the best. Money Manager Ex (MMEX) aims to try and be simple enough for a layman, yet, it continues to be powerful enough to keep demanding users happy.

If you’ve been using a spreadsheet to manage your money until now, then rest assured, Money Manager Ex’s import feature will get you up and running in no time at all.

Some plus points of this software are its approachable interface, easy-to-access SQLite database with AES encryption, and unending support for various currencies, which is ideal for overseas transactions.

Unlike some of the other software, Money Manager Ex is an entirely offline application. You can’t pull in bank statements automatically or make online payments.

Once you have all the basic setup directions out of the way, you might be able to get around to using the tool for managing your finances. The program provides you with a raft of tools to analyze your spending and make future predictions, all with simple maintenance.

5. Skrooge

Skrooge is an excellent tool for devising budgets, tracking income/expenses, and running simulations drawn from different decisions despite its uncanny name. For a layman used to using spreadsheets, Skrooge is an enticing alternative towards managing personal finances.

Skrooge comes with its dashboard and separate tabs, which include the following:

• Managing accounts
• Operations
• Scheduled operations
• Trackers
• Payees
• Categories
• Budget
• Search and progress
• Report
• Monthly report
• Units
• Simulations

Unfortunately, using this tool is not as easy as one would like it to be. The interface is a little clunky; there are many tabs and an ‘n‘ number of fields to navigate through.

Nevertheless, its dynamic database allows you to categorize multiple transactions in one go, all with custom tags.

Conclusion

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