Managing personal finances can be a challenge, especially with so many expenses, accounts, and investments to keep track of. For over three decades, Quicken has been a go-to personal finance tool for millions looking to streamline their money management. But with newer tools available today, is Quicken still worth it?
In this Quicken review, we’ll explore its features, pricing, pros, and cons to help you decide if it fits your financial goals.
What Is Quicken?
Quicken is a comprehensive personal finance management software that provides tools for budgeting, tracking expenses, managing bills, and more. First launched in the 1980s, Quicken has evolved significantly and now includes features for household budgeting, investment tracking, retirement planning, and business finances. It’s available across platforms like Windows, Mac, and mobile, making it accessible wherever you are.
Total control of your finances, budgeting, spending, savings, credit, debt, investments, net worth, refunds, subscriptions, retirement & more.
Quicken Review: Why Quicken?
Quicken is Your Financial Partner For Life. It has everything you need and the customization you want, all in one place.
Key Features of Quicken
One of Quicken’s main strengths is its range of features that cater to various financial needs:
1. Budgeting and Expense Tracking
Quicken allows users to create detailed budgets, set spending goals, and categorize expenses. The ability to sync bank accounts means users get a real-time view of their spending, which can help with monthly budgeting and identifying areas to cut back.
2. Bill Tracking and Payment Reminders
This feature helps users stay on top of their bills with automatic reminders, so you never miss a payment. Quicken can even track due dates and send alerts when bills are approaching. This can be particularly useful for managing utility bills, credit card payments, and loan installments.
3. Investment Tracking
Quicken’s investment tracking feature might catch your interest if you’re an investor. It provides detailed analysis and performance tracking of your stocks, bonds, and other investments, allowing you to see your portfolio’s growth and adjust strategies accordingly.
4. Debt Reduction Planner
For those looking to pay off debt, Quicken’s Debt Reduction Planner helps create a realistic payoff strategy. By inputting your debts, interest rates, and payments, Quicken calculates an optimal repayment plan to help you save on interest and get debt-free faster.
5. Property and Rental Management
Quicken is also ideal for small-scale landlords or those managing rental properties. Its property and rental management tool lets you track rental income, handle maintenance costs, and keep tabs on lease agreements.
Quicken Pricing Plans
Quicken offers several plans with different features:
- Quicken Starter – Basic budgeting and expense tracking, starting at around $41.88/year.
- Quicken Deluxe – Adds debt reduction and bill tracking, starting at $59.88/year.
- Quicken Premier – Includes investment tracking, starting at $83.88/year.
- Quicken Home & Business – Adds property management tools, available for Windows users only, starting at $119.88/year.
Quicken often runs promotions, so you might be able to grab it at a discount. However, if you’re on a tight budget, the annual subscription cost might be something to consider.
Pros and Cons of Using Quicken
Pros
- Comprehensive Features: From budgeting to investment tracking, Quicken covers nearly all aspects of personal finance.
- Cross-Platform Access: Available on both desktop and mobile, making it accessible anytime, anywhere.
- Robust Security: Quicken uses bank-level encryption to keep your data safe.
- Trusted Brand: With decades in the market, Quicken has a strong reputation for reliability.
Cons
- Subscription Cost: Unlike many free finance apps, Quicken has a yearly subscription fee that might not fit everyone’s budget.
- Learning Curve: Quicken’s extensive features can be overwhelming for new users.
- Outdated Design: While functional, Quicken’s interface isn’t as modern as some newer finance apps.
How to Get the Most Out of Quicken
If you’ve decided to give Quicken a try, here are a few tips to help you make the most of its features:
1. Automate Your Data Entry
Quicken allows you to sync your bank accounts, credit cards, and investment accounts. Automating data imports saves time and ensures accurate records without manual entry.
2. Set Realistic Budgets
Quicken makes it easy to create and monitor budgets. Take advantage of this by setting categories for your expenses—housing, groceries, utilities, entertainment, etc. Having clear, category-based budgets makes it easier to spot any unnecessary spending.
3. Use Reports to Gain Insights
One of Quicken’s strengths is its detailed reports, which include spending breakdowns, income vs. expenses, and investment performance. Regularly reviewing these reports gives you a bird’s-eye view of your financial health and helps you adjust goals as needed.
4. Take Advantage of Alerts and Notifications
Enable alerts and notifications to stay on top of bill payments, bank transactions, and investment updates. These notifications are especially useful for avoiding late fees and monitoring suspicious activity in real time.
5. Back Up Your Data Regularly
Quicken allows you to back up your financial data to prevent loss in case of technical issues. You can also use cloud backups for extra peace of mind.
Quicken Mobile App
Quicken’s mobile app is available for both iOS and Android, making it easy to stay connected to your finances on the go. While the mobile app doesn’t have all the desktop features, it includes essential tools like expense tracking, budgeting, and account viewing.
The app syncs seamlessly with the desktop version, so any changes made on your mobile device will automatically update on your desktop. This real-time synchronization makes it easier to track expenses immediately after purchases and stay on top of your budget wherever you are.
Is Quicken Worth It?
Quicken is a great fit for users who want a comprehensive financial management tool and are comfortable with a yearly subscription. It’s especially useful if you have a mix of accounts, investments, and rental properties. However, if your needs are simpler, or you’re looking for a more budget-friendly option, there are plenty of good alternatives available.
Ultimately, Quicken remains one of the most powerful personal finance tools on the market, especially for those who need extensive features. Consider your specific needs, financial goals, and budget to decide if Quicken aligns with your personal finance strategy.
Quicken Alternatives
If you’re unsure about committing to Quicken, here are a few alternatives:
- Mint: A free budgeting tool by Intuit, ideal for basic budgeting and expense tracking.
- YNAB (You Need a Budget): Popular for budgeting and financial planning, though it has a subscription fee.
- Personal Capital: Free tool focusing on investment and net worth tracking.
These options can provide similar functionality but may be better suited for users who want free or lower-cost alternatives.
Who Should Consider Quicken?
Quicken is ideal for users who need a centralized solution for various financial tasks. It’s well-suited for:
- Budget-conscious families: Those managing household budgets will find Quicken’s categorization tools helpful for tracking every dollar and setting realistic spending goals.
- Investors: For users with stock portfolios or mutual funds, Quicken’s investment tracking and performance tools offer valuable insights into gains, losses, and tax implications.
- Property managers and landlords: Quicken’s property management feature allows users to handle rent, maintenance expenses, and tenant agreements all in one place. This is especially helpful for landlords managing multiple properties.
- Self-employed and small business owners: The Home & Business version of Quicken includes tools for tracking business expenses, invoicing clients, and managing both personal and professional finances seamlessly.
Customer Support and Resources
Quicken offers several customer support options:
- Phone Support: Available for active subscribers, which can be helpful for technical issues.
- Online Community and Forums: An active community of Quicken users shares insights, answers questions, and provides solutions.
- Webinars and Tutorials: Quicken offers training webinars and detailed tutorials to help users make the most of its features.
Having access to these resources makes Quicken more approachable, especially for beginners who might be overwhelmed by its many features.
Final Thoughts: Is Quicken Right for You?
Quicken is a powerful financial management tool with a broad feature set that caters to diverse user needs, from budgeting and bill tracking to investment management and property tracking. However, it comes with a learning curve and a yearly subscription fee that may not suit everyone.
For those who need an all-in-one platform with deep functionality and customization, Quicken remains a top choice. If you’re more interested in simpler, free tools or only need basic budgeting, other options like Mint or Personal Capital might be more appropriate.
Ultimately, Quicken is best for users looking for a robust solution to manage complex finances efficiently. If you’re ready to take your financial organization to the next level, Quicken is definitely worth considering!
