Quicken, a popular personal finance software, has long been a staple for managing money. But in the age of online banking and budgeting apps, many wonders: is Quicken still worth it? Let's dive into its features and alternatives to determine if Quicken is still your best bet in 2021.
Quicken combats complexity with simplicity. It compiles your financial information from various sources, offering a unified view of your money. But is this convenience worth the cost?
Quicken's Key Features
Quicken simplifies financial management with features like:
- Bank and credit card account aggregation
- Budget tracking and goal setting
- Investment tracking and advice
- Mortgage and loan management
- Tax planning tools
However, many of these features are offered by free and cheaper alternatives. So, what sets Quicken apart?
Investment Tracking and Advice
Quicken offers robust investment tracking, including real-time market data, customizable reports, and tax reporting. It also provides investment advice through Quicken WillMaker & Probate and Quicken's Quicken Premier and Home & Business plans.
Competitors like Personal Capital offer similar investment tools, but Quicken's breadth and depth may make it worth the extra cost for some users.
Tax Planning Tools
Quicken's tax tools let you track deductible transactions, prepare for tax season, and even file your taxes with TurboTax. While competitors offer tax planning, few match Quicken's integration with TurboTax.
Quicken's 2021 tax planning features also include self-employed and small business-related tools, making it an attractive option for freelancers and entrepreneurs.
Alternatives to Quicken
Quicken's competitors offer compelling features. For instance, Mint is a free, web-based alternative that offers account aggregation, budget tracking, and alerts. However, it lacks Quicken's investment tools and tax planning features.
You Need A Budget (YNAB) is another popular alternative. It focuses on zero-based budgeting, encourages users to be proactive with their money, and offers free workshops. But it doesn't offer investment or tax tools.
Mint vs. Quicken
Mint offers many features for free, making it an attractive alternative. However, it lacks Quicken's customizable reports, goal-setting features, and investment tools. Mint also doesn't offer phone support, which Quicken does.
Ultimately, if you're looking for comprehensive, advanced features, Quicken may still be worth it. But if basic budgeting tools suffice, Mint might be your best bet.
YNAB vs. Quicken
YNAB's proactive approach to budgeting appeals to many users. But it lacks Quicken's investment tools, customizable reports, and tax planning features. If prioritizing your money is your primary concern, YNAB could be your best pick. But if you need a broader range of features, Quicken might be more suitable.
In conclusion, while Quicken still packs a punch with robust features like investment tracking and tax planning, it's essential to assess your needs. If you're looking for a robust, comprehensive personal finance solution, Quicken is still worth considering. But if your budgeting needs are simpler, free or cheaper alternatives might serve you just as well. Try out a few options, explore their free trials, and see which one feels like the best fit for you.