You have probably heard of Quicken before. In fact, it is the go to program when someone needs comprehensive financial management software. But, do you need it? Taking the time to learn a little bit about the program and what it does can help you decide whether Quicken is worth the price tag.
The Pros of Quicken
- Quicken has a very wide variety of features, and there are four different program options (and prices). This means that you can choose the program that best fits your needs. The prices range from around $30 to around $80 for the different versions. The Starter Edition is primarily to organize your finances, and the Deluxe and Premier Editions are for more accounts, financial growth, and more in depth financial management. The Home and Business Edition is best suited for small business owners.
- With Quicken you can create budgets and financial goals, and it will track your projected income. In fact, this is one of the only programs that shows future spending.
- You can set up online bill pay with Quicken, and you can pay invoices, which is especially useful if you have employees or contractors.
- Quicken has multiple currency support, which is especially useful in this globalized age. Some people might have employers or employees in other countries.
- Quicken is compatible with Turbo Tax.
- Quicken provides comprehensive help with tutorials, phone, chat and email support.
- Quicken features debt reduction planning, and many other features.
The Cons of Quicken
- You will have to pay for the program, and this program is not cheap.
- Still, the major “con” with Quicken is not the price. In some cases, the amount of available features might be overwhelming for someone looking for a relatively simple way to organize and view their funds. Many people purchase Quicken and quickly realize that it is much more than they would ever need.
- Finally, Quicken does not have a mobile app.
Do I need Quicken?
If you are a small business, self employed, manage a lot of investments, or are gung-ho about your finances, you might want to try using Quicken, especially if you want future spending options. Quicken is perfect for small business owners or self employed individuals or contractors. For example, someone who is freelancing or contracting and who has twelve employers can easily use this program to create and manage separate invoices.
However, if you are just interested in tracking your finances, such as how much you make, owe, and spend, you really do not need the wealth of features that Quicken offers. In this case, you might want to stick to a free (or less expensive) online program like Pageonce, Mint, Yodlee, or Hello Wallet.
If you are unsure of whether you want to use Quicken or not, you might want to start out with an online program. For example, Yodlee (free) and Hello Wallet ($8.95/month) are both very comprehensive, and they might be a good place to start. If, after a few months, you are still not satisfied, you can try using Quicken.
Bottom Line – Quicken is the best when it comes to financial management software, but it is complicated, and may be more program than some people need.
Call to Action!
Do you use or have you used Quicken? What do you think? Is it what you needed or is it simply too much? Do you use another account aggregation or financial management program? What do you think of that program?