Battle of the Top 3 Best-Rated Personal Finance Software – Quicken Premier vs MoneyDance vs Buxfer

Battle of the Top 3 Best-Rated Personal Finance Software - Quicken Premier vs MoneyDance vs Buxfer

 

Top 10 Reviews awarded Quicken Premier as the best personal finance software in 2016. The second and third spot are claimed by MoneyDance and Buxfer, respectively. The comparison website used a comprehensive matrix to finalise the ranking, including sub-categories under connectivity, budgeting, reporting, and personal investing.

However, we see one flaw in this matrix: user experience. After all, the best personal finance software is only as good as the satisfaction by the average consumer. With similar price points ($49.99-$59.88), how do you know which of these personal finance software’s will work best for your own personal use?

Here is a quick and easy way to find out, based on reviews and data collected from various online sources. Please note that user complaints including double entries, syncing problems, and similar ‘tech support’ issues are common among all personal finance software’s, and will not be included in this article.

No 1: Quicken Premier

Reviews are taken from here.

Quicken Premier is arguably the most popular personal finance software out there. They are popular with US Citizens, as its makers Inuit also develop the popular tax preparation/ submission software Turbo Tax.

In order to install Quicken Premier, you need an above average computer, preferably with a large memory (1 GB and higher) and large hard disk space (from 450MB to 1.5GB).

Many Quicken users don’t like that the software forces them to upgrade at least once every three years (if they don’t they will lose some functionality). This personal finance software is available on both Mac and Android devices, however will require separate licenses for them – something to think about if you own devices in multiple platforms.

Quicken has accumulated a big following over the 30-odd years, however some long-time users hate the new Quicken Premier 2016 – many reported problems during initial installation and operation stages. To make matters worse, Quicken did not appear to apply effective customer service to alleviate users’ concerns. Users also need to install patch(es) to experience smoother installation and usage. Based on reviews, the newest version seems to be sluggish – but that could be contributed to low-performance computers using this feature-rich personal finance software.




No 2: MoneyDance

Reviews are taken from here.

Some of MoneyDance users seem to be ex-Quicken users and who find it less intuitive but, overall smoother to run than Quicken.

MoneyDance’s application is run on Java, which means that it can be used cross-platform – people who use two or more platforms (Mac, Linux and Windows) reported high satisfaction in this personal finance software. Users also highly praise the support team, who appears to be very responsive. The interface was criticised as less sophisticated than Quicken, however MoneyDance’s assurance of ‘no sunset policy’ (they will not force users to upgrade, which means a one-time purchase can theoretically last forever) is a big appeal among its users.

No 3: Buxfer

Reviews are taken from here.

Buxfer appeals as an online software – there is no need to download large files into your computer, therefore there are no compatibility issues. Users are assured of its strong encryption and ‘bank-level security’. Buxfer also boasts syncing capabilities with more than 10,000 financial institution worldwide – a lot more than  MoneyDance (‘hundreds’, according to its website) – and offline syncing.

Out of all 3 personal finance software’s, Buxfer seems to be most Millennial-friendly. For example, you can report transactions or check balances via SMS through Twitter, personalise own ‘tags’ on transactions, and open ‘IOU’ (shared expenses) accounts with family and friends.

Conclusion

So which personal finance software should you choose? Bear in mind that Top 10 Reviews is only one comparison website – you should definitely shop around for the best personal finance software that will work the best for you.

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