Best Accounting Software for Managing Household Expenses

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We live in tumultuous times where it’s difficult to foresee our financial futures. Never has managing your money correctly been more important, which is why it’s fortunate there is so much accounting software at our disposal.

Personal finance software can make money management more efficient while enabling you to meet both long and short-term financial goals. You’ll need to choose accounting software which suits your current financial needs, understanding your objectives prior to selection.

Some pieces of software will facilitate budgeting, whereas others cater to those who need help with investment portfolio management. By establishing what you need the software for, you can better decide which is most suitable given your current situation.

So what accounting software should you take advantage of? Well, there are many to consider, both paid and unpaid. Fortunately, we have devised a list of some of the best options at your disposal. You’d be wise to choose one based on your unique financial goals, so be certain to evaluate the different software below before making the right decision.

Quicken

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Quicken has built a reputation as one of the most established pieces of personal accounting software for managing household expenses. It was started several decades ago, since developing some impressive features from budget creation to debt tracking.

If you’re looking to personally manage your financial life, Quicken has just about everything covered, even allowing you to explore investment coaching. One of its key features is Excel exporting, where you can perform advanced calculations on your data. You can also pay bills directly through the software while calculating your total net worth by calibrating the value of your assets.

What’s great about Quicken is its robust nature, which enables you to work well in both business and personal contexts. The software costs just $34.99 to purchase and is available for iOS, MacOS, Android and Windows.

Mint

Mint is undoubtedly one of the best tools for tracking expenses and budgeting. The software conveniently drags in information from your credit card and bank, before analyzing your spending habits to pinpoint areas you can reduce expenditure.

Mint offers more accountability to improve your finances, allowing you to set up alerts for due dates to keep you on track. These alerts will help you avoid having to cough up expensive fees for late payments while preventing you from going into your overdraft unnecessarily. Receive real-time information on the amount you can afford to spend on everyday purchases.

YNAB

YNAB is the perfect tool for habit building, where you can heighten your financial literacy while managing your monthly budget. What’s great about YNAB is it offers tutorials to help tackle various financial topics, including how to budget and manage your daily finances.

If you’ve started to develop some bad habits, YNAB will do everything it can to help you break these, promoting a few basic financial rules. It conveniently links to your bank account, analyzing your spending information to offer unique insight. You can set up a monthly budget and the software will track your spending to indicate whether you’re overspending.

YNAB offers consumers a free trial, giving you the opportunity to sample the software to determine whether it fits your individual requirements. If it’s right for your personal financial goals you can purchase the full version for just $6.99 per month.

Mvelopes

Mvelopes cater to zero-based budgeting, utilizing a traditional envelope budgeting system to help you live within your financial means. Once you’ve worked out your budget for various items, Mvelopes allocates cash to different envelopes based on your financial commitments.

For example, if you’ve worked out you’re going to spend $100 per week on shopping, you’d place $100 in an envelope. Once you’ve spent this money that’s it, meaning it utilizes a continual approach which applies to multiple facets of life.

Mvelope takes a similar approach to budgeting, using digital envelopes as opposed to physical cash. What’s great is you can elect the finances which are most important to you, before adding bank accounts and setting your income.

Usefully you can track your spending, where the software will show you what you’ve spent from each of your envelopes. Mvelopes will steer you in the right direction, keeping you on budget throughout the month. Choose from one of a few versions, including higher-priced options with additional features.

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TurboTax

As the name probably suggests, this piece of software pays dividends when it’s tax time. Though it’s unlikely you’ll use it throughout the year, TurboTax is great when it comes to filing your taxes. You can’t go wrong with this consumer-friendly technology. It will help you tackle complex procedures without feeling out of your depth, systematically walking you through tax preparation.

Simply import your W-2 information from your employer and the software will transfer this information into your form. TurboTax will remember your personal information, inquiring whether there have been any major personal changes to your circumstances.

Take advantage of either the free version or at a slightly higher-end TurboTax Live. The latter connects you with a CPA or Enrolled Agent to offer personalized advice, tackling critical questions relating to your tax return. Paid versions of the app will serve your exact accounting needs, helping you maximize deductions by highlighting areas you were unaware of.

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