How Quicken Paved The Way For App Based Personal Finance Tools

Jul 21, 2019

quicken Quicken was a great system that paved the way for other personal financial tools. It was one of the first financial management systems and was particularly great when it came to the budgeting software market. Quicken had plenty of features that make your financial life easier.

So, what makes personal app-based finance tools financially attractive?  The initial concept of financial management software from Quicken paved the way for app-based personal budgeting.  When looking for the right app, it should provide you with the following:

  1. Everything you require for basic budgeting
  2. The ability to create your own spending and saving plans
  3. Options to reduce any form of debt through an increase in investments and savings.

Quicken alternatives provide similar functionality and more. While quicken was one of the first personal finance tools, it is not necessarily the best.

Some specific features to look for in financial tools include:

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The digital payment channels

While banks prioritize traditional financial systems, online banking services sometimes have a platform that allows them to partner with new products and services. This is especially convenient to have an integrated system that will work with a budgeting app.

While micropayments and mobile payments have been a big part of Quicken and other financial systems, they cannot compare to the services and payment solutions offered by more modern personal financial tools.

Quicken has been in business for quite some time; this has given others the opportunity to study the web-based financial system and create better tools.

Their mobile tech

The best apps should allow for mobile payments from all your accounts and be accessible on any device.  It should be noted that Quicken is only available on a mobile device after syncing it with desktop software; this is not ideal for such a mobile society.

Most personal financial tools are now accessible through your mobile phone.  Bank accounts, credit cards, and investments can all be connected through financial tools.  This allows for snapshots and analytics all under one convenient platform.

Free credit score check-up

Some apps will provide the consumer with the ability to track their overall credit score. While Quicken provides the scores on a quarterly basis, you can get monthly scores from other tools. The monthly information is more helpful in improving your credit score in the long run.

Budgeting

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Look for a tool that enables you to set budgets in accordance with daily expenditures and needs. This should be based on how much and what has been spent in the past.  Goals, plans, and reminders to make payments are all customizable. Keeping an eye on balances is easy because all the information is provided in real-time in one place.

The synchronization

The right financial tool should be able to be linked to your financial institutions.  Today, most financial institution platforms are compatible with many of the major Quicken alternatives.

To link the financial institutions, you will need your username and passwords. Many of the systems in their own variation securely download the financial information from your different accounts and organizes them then automatically. You can choose to enter the information manually if you please.

Reconcile bank statements and retirement planning

Personal finance tools allow users to check the recorded transactions against all the bank statements. This is akin to balancing the checkbook.

Want to meet your retirement saving goals? You can use a simple feature on most financial tools.

Tax reporting

This feature, now a basic in personal financial tools, allows you to export all your data with just a touch of one button. The process makes tax preparation easy, especially for business owners, real estate investors and people with a substantial investment.

The customer service

There is no phone support with Quicken and you can only communicate to customer service through email directly from their website.  To say Quicken’s customer service is lacking would be an understatement.  Most people prefer a one on one or immediate phone conversation, which you can get from other financial services in the market.

Final word

With any financial application, consumers are urged to practice safe protocol, and keep well-guarded their personal financial information. To keep your data secure you can store it locally instead of in the cloud, but there are obviously better ways to keep your information safe. Choose whichever personal finance app you feel will work best for you, but remember, there’s no perfect tool for everyone.  The alternatives to Quicken today are quite attractive compared to the single option that once was.