If you are looking for good personal finance software, you will find it in Quicken. Quicken has been around for decades, and it’s one of the most famous personal finance apps. The Quicken credit review will furnish you with detail about how it works.
When considering which personal finance software is best for your needs, it is important to explore your options. So don’t forget to consider Quicken (and Quicken for Mac) when assessing which personal finance app is right for you.
Here we will go through Quicken’s reviews, general pros and cons, which it is best for, cost, new features, add-ons, and an introduction to what Quicken does.
Table of contents
You might be new to budgeting if you’ve never heard of Quicken. As mentioned, Quicken is one of the oldest budgeting products.
And it has developed seriously over the years. It may still be an overwhelming platform for some, but it’s gotten more intuitive and easy to use, meaning it can meet the needs of detailed budgeters and simple budgeters alike.
What is Quicken?
Quicken is the most popular personal finance software. Quicken is one of the big names in the world of personal finance, partly because it’s been around for so long.
Quicken was released in 1983. Its first version ran under DOS! So it’s something of a dinosaur among budgeting apps.
Even so, Quicken still has a lot going for it, even though it isn’t the right financial management tool for everyone. There are many options for personal finance software these days as Personal Capital is our number one choice
These days, Quicken can be accessed through its traditional downloadable software that is updated manually. You can also use the product completely online.
What are the Quicken Features?
Quicken comes out with a new version every year. For example, the biggest change in 2018 was expanded options for Mac users. You can upgrade your older version or just start with the latest version.
Quicken new features and costs
The biggest new feature of Quicken is web access from any browser. This is great news for those looking to manage their finances from multiple computers, as previously you could only access Quicken on the computer where you actually downloaded the desktop software.
The web version of Quicken doesn’t have all the features, but you can view balances and transactions, view budgets and accounts, and check your current investments and spending trends online.
You can also navigate the streamlined web dashboard, which has much of the same information as the desktop version but is easier to navigate.
Other fixes and additions include:
- Several customers requested bug fixes and improvements with a particular focus on reliability
- Faster startup and loading times for Quicken for Mac
- A better and faster user experience for managing investments
- Monthly releases with bug fixes to allow the platform to evolve faster
- The ability to email reports directly from Quicken
These are the newer features from Quicken, but here’s an overview of the basics to expect from this popular platform:
Home
The first tab on your Quicken user interface is the Home tab. This gives you a quick overview of your current financial situation.
The good news is that you can customize this screen. You can view your expenses first or prioritize your investments. It’s all up to you.
When you start Quicken, the home screen gives you several quick-start options, as you will see below. You can see that Quicken wants me to set up my invoices in the system.
And when you get started, you can use the built-in wizards to step through these processes. The Customize button allows you to choose exactly what is shown on your home screen and in what order:
On the home screen and any other screen, you’ll see the navigation bar at the top and one on the left. The bar on the left shows your current net worth at the bottom.
Spending
The second tab is where you can track your expenses. Quicken automatically divides imported transactions into categories.
However, you can re-categorize transactions at any time. Depending on the budget allocation, you can also change the categories here.
One of the nice things about this screen is that you can see the expenses in different parts. The drop-down menus at the top allow you to view expenses for specific accounts only or for specific time periods.
For example, you can see which categories you are spending on from your checking account compared to your credit card.
Remember that this data can be completely inaccurate when received. Quicken will notify you if there are uncategorized transactions.
However, you may want to check the categories of each transaction as it is imported. Sometimes Quicken just guesses wrong, which can mislead your percentages.
Billings and receipts
This is probably the feature I like the most about Quicken compared to other budgeting options. You can sync it with your billers like Verizon or AT&T. It will take some time for all of your invoices to be synced.
But once you do, Quicken will put them in a calendar view. Then it will tell you what your balance should be based on your upcoming bills.
You can do the same with the planned income. If you have a regular paycheck job, let the system know when and how much you will be paid. Again, this data is used to project your account balances.
You can enter your bills manually if you want or your billing provider is unavailable. For example, I can state how much we must pay for daycare and when it is due each month.
These future invoices will also be displayed on your calendar, and you will receive a forecast balance based on your invoices.
Once you’ve entered the invoices, you can mark them as paid off. This happens automatically when you are synchronized with the biller.
Financial planning
Quicken’s robust financial planning tool includes multiple options such as budgeting, tax planning, and long-term planning.
You must first create the budget and then use the Budget Actions tab to decide which categories to add.
But they do offer several categories, so you can have a pretty detailed budget.
After adding the categories, you must edit them individually to change their amounts. It really is a pain. This is a great option if you like to plan well in advance.
Not many online budgeting tools allow you to plan an annual budget or plan that far into the future.
Quicken also has the debt reduction calculator on this tab. This will help you keep track of your current debts and create a repayment plan.
It helps you forecast how much you will have to pay on your debt to get it paid off, and it shows you how much interest you can expect over time.
You can do the same thing in the Savings Goals tab except to save. You can save for certain goals, such as an upcoming vacation or a new car. This section is intended for short and medium-term goals.
The investment tracking option is more intended for long-term goals like retirement and general financial freedom.
Quicken also has a tax centre. You will be able to fill in your tax information, and it will tell you your expected tax return or the taxes that will be due. You can also assign expenses to different tax categories.
This is helpful if you are a small business owner or have a side job with tax-deductible expenses. You can also use it to keep track of things like charitable donations.
The Lifetime Planner, as you can imagine, is a great overview of your entire financial life. You need to answer a few questions first, and then Quicken will help you plan your finances over years and decades.
It’s a high-level tool that can help gain additional insight into your financial life.
Add-Ons
If you’re already using Quicken, consider adding some of its additional services. Probably the most rewarding are the bill-paying services.
This service is free for Premier users and above and costs $ 9.95 monthly for others. You can pay your bills directly through Quicken. This can make it easier to keep track of your bills.
Other services to consider are Quicken’s Social Security Optimizer and its premium support for Windows users.
However, there may be other online tools that can replace these, so be sure to make your purchases.
You can also purchase the Quicken WillMaker tool through the program. I’ve checked this elsewhere and think it is a reasonable service for those with simple wills.
Other features
Probably the best newer feature for Quicken is the ability to set up mobile accounts and receive notifications. For example, you can set up notifications for various account changes or upcoming bills.
Most bank and investment accounts these days also let you set up notifications. But putting them all in one place can be helpful when organizing your financial life.
And of course, Quicken offers a lot of documentation and tutorials. It’s one of the longest-running financial management tools out there. So you’d expect it to have a lot to say about managing your finances.
In particular, the Tips & Tutorials section provides information on Quicken or more comprehensive information on reducing debt, setting savings goals, and more.
Quicken prices
A few years ago, Quicken switched to a membership-based pricing model. In the past, you could buy the software from a specific year and then upgrade when you felt like it.
The new model means that you will automatically receive updates when you renew your membership and will have to pay every year.
In 2020 the prices for different models of Quicken are as follows:
- Quick Starter: $34.99
- Quicken Deluxe: $44.99
- Quicken Premier: $67.99
- Quicken Home & Business: $89.99
What’s the difference between these subscriptions? Here are the basic features that each version includes:
- Starter: This is for basic budgeting and managing your bills. You can synchronize your bank accounts for automated budgeting.
- Deluxe: Has it all in the Starter version, but you can fully customize your budget and manage and track your debt. You can also create savings goals.
- Premier: This version includes free online billing, access to priority customer support, and options to help you with your taxes and investments.
- Home & Business: If you are a small business owner, you can use this version to keep track of both personal and business expenses, email custom invoices with payment links from Quicken, and track your company’s profits and losses with it you are armed with taxes time.
Sign up and get started with Quicken
To log into Quicken, you only need to create an account at Quicken.com, choose a version, and download the desktop version.
You should download the desktop version even if you plan to use Quicken primarily on the web. The two are synced, so the latest version of the desktop ensures that everything works properly online.
Once in, you can go through each tab to set up Quicken, including syncing with your bank accounts if you choose to.
Quicken’s synchronization
Quicken actually has a couple of different types of synchronization. One is with your bank in case you want to use it, and one is with the Quicken Cloud.
Quicken Bank synchronization
Quicken can securely sync with your bank and investment accounts when you set this up. It can automatically pull up balances, transactions, and investment results.
Many people are more likely to stick to monthly budgeting when they don’t have to manually enter transactions. Quicken has several ways to connect with your financial institution.
Note, however, that you don’t need to set up Quicken to sync with your bank accounts. You can do all transactions manually if this is your jam.
Quicken cloud
The Quicken Cloud keeps your data in sync between the desktop version, Quicken Mobile, and Quicken on the web. If you want to keep your data on the desktop, you can turn it off if necessary.
But it’s a convenient option to ensure you have access to your financial information wherever you are.
Quicken’s safety
As with many financial products, Quicken uses 256-bit bank-level encryption to protect your information.
It also uses multiple firewalls and audits to make sure your data stays safe as it goes into Quicken. You can also choose to password-protect your data files in Quicken for an extra layer of security.
Quicken for mobile devices
Quicken has a mobile app that works with Apple and Android phones. The app is similar to the web service. You get access to your most important financial dashboards and data.
You can save receipts through your phone’s camera and enter transactions as you spend on mobile devices. You can also check your budget to ensure you are not overspending when on the go.
As with the desktop and web versions, the mobile app is protected by a passcode and 256-bit encryption. You can also add more protection with Face ID or Touch ID.
You can’t run and set up Quicken entirely from your mobile app. However, once you have everything set up in the desktop version, you can do the most important financial data entry and management on the go.
Customer service and support
Quicken offers a variety of customer service and support options. It has a robust community where you can often find quick answers to frequently asked questions.
You can also send an email, call, or chat with support. They generally have decent customer support ratings too.
Also, remember that with a Premier or higher membership, you will also get access to priority support.
What are the advantages and disadvantages of Quicken Credit?
With a tool that has been around since the 80s, there is a lot to love and a lot to dislike. Quicken definitely has its quirks and is not for everyone. But it also has some great things that longtime users absolutely love. Here is a quick list of pros and cons to consider.
What are the advantages of Quicken?
- Bank syncing is optional: If you don’t like the idea of a budgeting tool tied directly to your bank accounts, Quicken doesn’t have to. It can. You can also enter transactions manually. Or you can download a Quicken or CSV file of transactions from your bank. Then you can upload them to Quicken in a few seconds.
- User-friendly graphics: Quicken’s graphics is considered to be the most appealing in the world of budgeting tools. But they’re not terrible. You can get a quick breakdown of where you are in your monthly budget categories, where you are spending the most money, and more.
- Control over budgeting and investment data: Many other tools, such as Mint and Personal Capital, tend to focus more on budgeting (Mint) or investing (Personal Capital). With the right version of Quicken, you get a robust management option for both.
- Built-in Debt Reduction Tools: Are You Trying to Get Out of Debt? Quicken has built-in tools to help you reduce your debt. It enables you to forecast the impact of additional debt payments, including the amount of interest savings.
- Billing Tracking and Reminders: You are likely to receive billing reminders from many of your credit card and utility companies. But you can move them all into the same interface with Quicken. It also helps you find your bills when you set up your account.
- Estimated Balances Based on Upcoming Bills: One of the cool things about submitting your bills with Quicken is that you can use your upcoming bills to find out how much money you will have in the future.
- Automatic Net Worth Tracking: If tracking your net worth is important (and it should be!), Quicken makes it easy for you. You actually get a net worth calculation in the sidebar that updates every time you make changes or import new transactions.
- Mobile app with warnings: Quicken also offers a mobile app. It’s not the fanciest of the bunch. But you can use it to enter transactions and check your accounts on the go.
- Accessible online: This was previously listed in the Drawbacks section because until recently you could not access Quicken from the Internet. But now you can, making managing your financial data across devices even better and easier.
What are the disadvantages of Quicken?
- Quite expensive: Quicken is quite similar to Intuit’s free tool, Mint.com. It’s basically a more robust version. But it costs anywhere from $40 to $80 a year depending on which version you buy and whether or not you get a discount.
- Not syncing with all banks: The problem with Quicken, however, is that you have to purchase it before you can try syncing it with an account. So if transactional synchronization is important to you, you should look around online to ensure it works with your bank.
- Can be overwhelming: Probably the biggest problem for new Quicken users is being overwhelmed. It contains a lot of different tools and information. It can take a while to set up and even longer to learn how to use it efficiently.
If you want a complete picture of your finances, this can be well worth your time. But if you only want to spend ten minutes a week tracking your budget, this is probably not the best choice. - Not as smoothly as some interfaces: I think Quicken always left something to be desired with its interface. It’s not as beautiful or intuitive as some budget tool interfaces.
Even so, it has gotten better since the first time I checked. It’s cleaner and more intuitive now than it used to be.
Should I be using Quicken?
Quicken for Windows is one of the most robust personal finance software applications out there. If you’re looking for something that can do pretty much anything, Quicken can be a great choice.
Quicken for Mac can be a good choice too, but you may be paying a little more than you’d like – especially since the Mac version lacks some features.
However, if you’re looking for something more cloud-based or more accessible on your mobile device, you may want to look elsewhere.
Other services also cost less but still do a lot of what most people need for their money – even if the apps aren’t as robust.
What are the alternatives to Quicken?
The internet is currently full of budgeting solutions. Many are cheaper and easier to use than Quicken, although they don’t often combine that many powerful features in one product. Let’s highlight some of them;
Personal Capital: This option is primarily useful for managing investments, although you can use it on some basic budgets. It has a great user interface and a great retirement planning tool.
Mint: It’s a bit like Quicken’s little brother. It’s made by the same company, Intuit, and is a free product that offers many of the same features as Quicken, including budget and savings goals.
Who is Quicken for?
Now that you know Quicken’s basic pros and cons, you may have already figured out whether or not it is for you. But here are some people who could benefit the most from Quicken.
The detail-oriented
If you really want to see all aspects of your financial life in one place, Quicken may be the best tool for you. Other budget and investment tracking tools have similar functionality.
But few have the available debt settlement, balance sheet projections, and long-term planning tools that Quicken offers.
As a detail-minded person, you will likely spend time studying what Quicken has to offer. And that can be worthwhile for you.
Once you have your systems in place and use this tool, you will be given details on your entire financial life.
Entrepreneur
Of course, Quicken is still a one-stop-shop for business owners. Even larger companies and nonprofits are using their robust business budget management tools.
It is the ideal tool for small business owners and entrepreneurs. That’s because it can keep track of your business finances and personal finances at the same time.
It keeps things separate for you, but you can use the same tool to do both. And that could save you time and headaches in the long run.
Investors who budget
As mentioned in this review, many other tools either focus on investing or budgeting. Personal Capital is an excellent tool for a detailed view of your investments and an overview of your expenses.
You can use it on a more detailed budget, but that’s not what it’s designed for. Mint, on the other hand, tracks your investments.
But it does give you a detailed budget and an overview of your investments.
Quicken combines detailed budgeting and detailed investments so you get both in one tool. So, if you’re an investor but prefer to work on a detailed budget, Quicken might be your tool.
People with safety concerns
Budgeting and investment tools are increasingly synchronized directly with bank and investment accounts and store data in the cloud. Quicken can be set up to do both. It can only live on your desktop.
And you can get data from your bank manually or with downloaded transaction logs.
If you are concerned about the security of other systems, Quicken can provide you with the financial management tools you need while addressing some of your security concerns.
Conclusion
Quicken is an old hand at the budget and financial management game and seems to have been doing a better job in recent years at keeping up with its newer competitors.
It basically does everything that you could need in a financial management tool, including managing budgets and investments.
Even so, it can have a steep learning curve because it’s so robust. So if you don’t want to spend much time managing your finances at first, you can go for a simpler learner system.
Ultimately, compare Quicken to other apps to decide if it best suits your needs or if you can use something else.
References
- Quicken Loans Mortgage Review– NerdWallet
- Quicken Review : Should You Purchase it? – Investorjunkie
- Quicken Customer Reviews
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