UK Free Personal Finance Software Uk is a must-have if you are new to personal finance or if you just want to learn the best ways of managing your money. It’s important to use UK free personal finance software so that you can manage your finances more effectively.
Free software are always a good deal, but they hold a special place in our hearts when it can help us with something as important as personal finance. So how do you go about choosing the best free personal finance software UK? Read on to find out the top five personal finance programs for your desktop or phone.
Do you want to manage your personal finances and accounts? If you do, there are two ways of doing it — with personal finance software or manually. While the personal finance software offers a more convenient way of managing your finances, if you don’t have a good version, it might be counterproductive instead of helpful. To save you the trouble of finding out if free personal finance software can help you gain control over your finances by comparing different programs yourself, I’ve created this guide. It describes different free personal finance software packages in detail so that each user can pick something suitable for them.
A good personal finance software program can make a huge difference. Not only can it help you track your spending, but it can also make investing easier. In this article, we’ll take a look at some of the best available options for free personal finance software in the UK. The best personal finance software lets you manage and keep track of your finances quickly and easily, from receipts and payments to income and outgoings.
What is financial planning?
Financial planning is a step-by-step approach to meet one’s life goals. A financial plan acts as a guide as you go through life’s journey. Essentially, it helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals.
If you take a closer look at the above examples, you’ll find that there is one factor that connects all of them: money. You need to have an adequate amount of money to fulfil your goals and desires. More importantly, you need to have money at the right point in time.
Basic financial planning software simply provides an easy portal for managing your finances, but some of the more advanced packages can help with reducing debt, managing budgets, or even providing financial advice as an additional service.
We’ll therefore look at the best personal finance software out there and show you the standout features of each one, so that you can get a better idea of which would be best for you.
If you’re looking to keep your business books with a bit more detail, check out our guides to the best accounting software for small business (opens in new tab) and best tax software (opens in new tab).
Here then are the best personal finance software platforms currently available and, underneath those, the best free personal finance software.
What to consider with the best personal finance software
If you’re in need of some organisational clout, especially if you’re running a small business, picking a personal finance software package can help a great deal. Depending on your needs you’ll find that the best personal finance packages allow you to keep on top of things like receipt logging and managing expenses, all from within one program.
The other bonus is that most of the personal finance software packages allow you to share your data with your preferred tax and accounting software. That means you’ll be much better placed when it comes to tax filing time. There are personal finance packages tailored to both online and offline needs, with many having apps that let you track spending day today. Cloud-based personal finance packages let you keep all of your data in a safe place too, so all bases are covered.
Personal finance features to look for
Desktop or mobile?
Have a think about where and how you’ll use your personal finance package. Most of us tend to spend money on the go, so having a software package that allows you to log and track outgoings means a mobile and app-based solution makes a lot of sense. Most packages offer both desktop and mobile solutions however.
Reporting capability
While personal finance package are great at helping you manage money and track spending, they’re also vital for producing reports. This data can subsequently be used for tasks such as filing your taxes or for sharing with an accounts person who does the job for you.
Easy integration
You’ll want to check that any personal finance software you’re considering will ideally work in tandem with other packages. This is crucial when it comes to logging items like expenses. Check your package can be used to move figures from one place to another for much more efficient tax filing purposes.
Help and support
As is the case with any software package, it’s always good to check there will be help at hand should you need it. Some personal finance packages come with free support, while others have it as part of a paid-for plan. How much help you will need depends on your confidence with the software.
The best personal finance software is Quicken
Get 10% off the normal price for Quicken, the best personal finance software when it comes to keeping your money in order. Manage budgeting, bills, and investments from a single desktop or mobile app.
Best personal finance software of 2021
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1. Quicken (opens in new tab)
Best all-round personal finance package
Specifications
Best for: All-round use platform: Windows, macOS, iOS, and AndroidPricing: TieredExcel/Accounts integration: YesToday’s Best DealsVISIT SITE
Reasons to buy
+Fair pricing+Secure online backup+Desktop and app
Reasons to avoid
-Slender app versions-Rivals come cheaper
Quicken (opens in new tab) is a long-established tool for managing personal accounts, and while its reputation was built on a desktop version, it’s now available to run as an app on your mobile devices.
Quicken offers a good range of financial reporting tools. These are set around a few different areas, namely budgeting, bills, accounts, and even investments. For budgeting, it offers you a chance to input your purchases and income so you can compare them both together to get a better idea of how much you are spending compared to how much you are earning.
In terms of bills, you can also see which utilities and similar you are constantly paying out to, and see both the amounts to be paid and how much money you have left over. For accounting purposes you can even bring your banking and credit card bills together in one place so that you have a very clear idea indeed of how much you’re paying out. This is especially handy as people easily underestimate how much regular small purchases can add to costs.
For investments it also offers the ability to track these, whether as part of your savings, investment portfolio, or 401k pension plan. This means you have a clear idea of how much your savings and investments are worth, though it’s fair to say you shouldn’t panic about short-term fluctuations in the stock market.
Altogether, Quicken brings together your budgeting, banking, and investment reporting into a single dashboard, which you can view from your desktop or even via your cell phone from the mobile app.
Quicken – Try it for 30 days risk-free!
Start taking control of your money with the Starter package at $35.99/yr, manage your money and save with the Deluxe option at $46.79/yr down from $51.99/yr, maximize your investments with Premier for $70.19/yr, down from $77.99/yr or manage personal and business finances all in one place with Home & Business at $93.59/yr, reduced from $103.99/yr.View Deal
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2. YNAB (opens in new tab)
Best for personal and business money management
Specifications
Best for: Regular money managementPlatform: Windows, MacOS, iOS, and AndroidPricing: Monthly/annuallyExcel/Accounts integration: YesToday’s Best DealsYNABUS$6.99/mthVisit Siteat YNAB
Reasons to buy
+Free trial+Easy installation
Reasons to avoid
-Limited features-Patchy useability
Just in case you need to be told explicitly what to do, along comes YNAB (opens in new tab) – short for You Need A Budget. Because, hey, if you don’t want to spend every single penny you have and more, you absolutely do need one. And perhaps you have more money than you thought?
YNAB’s primary mission, as you might expect, is to help you curb overspending and avoid living from paycheck to paycheck. Stick to the program, temper your spending appropriately, and eventually YNAB will see you spending last month’s money rather than that which you’ve just earned.
It’s quick to install, supports the majority of transaction information downloadable from banks, and appropriately configures itself for personal or small business use by changing its monetary categories depending on your needs.
If you get off track, YNAB – which is reasonably forgiving and understanding for a bit of software – will tell you what you need to do to get back to where you need to be. You’ll have to make sacrifices, but if it’s guidance you need, this sets itself apart from the likes of Quicken.
YNAB – Get a free 34-day trial
If you’re keen to get a better grip on your finances then YNAB makes an ideal option to consider. There’s a free 34-day trial available currently, which will let you explore all of the features and functions, without any cash outlay.View Deal
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3. Banktree (opens in new tab)
Best for tracking in multiple currencies
Specifications
Best for: Multiple currenciesPlatform: Windows, MacOS, iOS, and AndroidPricing: Set feeExcel/Accounts: YesToday’s Best DealsView at BankTree
Reasons to buy
+30-day free trial+Supports multiple currencies
Reasons to avoid
-Can be a bit tricky to navigate-Needs their online banking subscription for syncing
BankTree (opens in new tab) is more than happy to support worldwide currencies, and in fact does a solid job if you’re working simultaneously with more than one, offering balances in multiple currencies rather than rounding them off into a single total. It’s also good for keeping track of everything, allowing you to scan receipts with its mobile app and import them later on.
It’s not the prettiest software around, and it’s slightly more awkward to use than many of its more refined cousins, although BankTree does produce very neat reports which you can break down by time, or by payee. It may be worth experimenting with the free trial before you choose to invest in this one.
The desktop software comes with one year of updates and support, though you are restricted to one PC and there is a charge for any additional PC you want to run the software on. There’s also a browser-based version available.
Whichever version you opt for, there’s a 30 day free trial available, so you can try before you buy to get an idea if BankTree will work for you.
BankTree – Personal Finance
BankTree Desktop Personal Finance software is available now for just £35.00. We will provide you with free email support, and free updates, and bug fixes to the current version of BankTree Desktop Personal Finance version 3.0. You can install the software on one computer. Any additional installations are charged at just £5.00 per computer.View Deal
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4. Money Dashboard (opens in new tab)
Best for personalized tags that make budgeting easier
Specifications
Best for: Practical tools Platform: iOS and AndroidPricing: FreeExcel/Accounts integration: YesToday’s Best DealsVISIT SITE
Reasons to buy
+Free+High security+Easy to use
The Money Dashboard (opens in new tab) iOS/Android app doesn’t try to reinvent the banking world or offer anything truly ground-breaking, but it is perhaps one of the most useful money management tools out there. Hook up every one of your UK bank and credit card accounts and you’ll be able to see each of your balances in a single place with a single login. That in itself is enough for us to recommend it.
But there’s more – Money Dashboard will track your spending, offering you an overall pie chart depicting your spending on loans, consumables, transport and the like. There’s an at-a-glance overall balance, showing exactly how much money you have available across all of your accounts, and you can compare this to the previous month’s figure to show how well you’ve been managing your funds. That’s a great motivator.
It’s super-safe, too: Money Dashboard locks down your login with an equivalent level of security to that of your bank, and it’s completely read-only – your money isn’t going anywhere.
There are apps available for Android and iOS, and surprisingly both are free to use.
Money Dashboard – Popular money management
Over half a million people use the award-winning Money Dashboard app, which makes it one of the most popular personal finance choices out there. It’s quick and easy to sign-up for free, which will allow you to explore all of the features and functions.View Deal
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5. Moneydance (opens in new tab)
Best money management for investors
Specifications
Best for: InvestorsPlatform: Windows, MacOS, iOSPricing: Per householdExcel/Accounts integration: YesToday’s Best DealsVISIT SITE
Reasons to buy
+90-day money-back guarantee+Strong reporting features
Reasons to avoid
-No Android app-Lacking budget alerts
Made primarily for Mac users (but also out on Windows and Linux), Moneydance (opens in new tab) is a desktop money management package with a very neat single-window interface. Load it up and you’ll get an instant view of your finances, upcoming bills, recent expenses and more. Click an item in the left hand sidebar and the main content changes to reflect it.
Its reporting features are quite strong if not spectacular to look at, and one of Moneydance’s most useful sections is its account register. If you’re old-school and once managed a checkbook, this operates on a very similar principle. There’s also an iOS app for logging transactions on the go, which later syncs with the software on your desktop.
Unfortunately for UK users, Moneydance doesn’t support the connection protocols used by UK banks, so you’ll need to download your transaction history manually to keep on top of it and revert to your bank’s own app to move money around. US users, however, are well covered.
The plan offered applies per household rather than per computer, which means that you are licensed to run it on multiple desktops at home. While no free trial is advertised, a 90-day money-back guarantee is.
Moneydance – Buy now for just £44.41
For personal use, people who use Moneydance should buy one license per household, no matter how many computers you install it on, operating systems you use, people who use Moneydance, or data files you create. For business use, please buy one license per computer Moneydance is installed on, or per data file (on a shared network), whichever is smaller.View Deal
How to choose personal finance software
Picking which personal finance software package to use is pretty straightforward. The main thing is to consider what you’ll need it for, and how much you’ll be using it. After all, there’s little point in purchasing a premium personal finance package if it has got lots of features you’ll never use.
If you have reasonably basic budgeting needs to cater for, such as managing personal finances along with tracking your spending, then keep it simple. the great thing with many packages is that they can be configured to work as much or as little as you need them to.
For example, you may be a little disorganised when it comes to budgeting, so having software that can help with setting goals can be really useful. Setting up your personal finance package to assist with reach goals, and ensuring it lets you know if you’re slipping behind schedule can be invaluable.
If you’re fairly good with your money and feel confident about how you manage cash then it may be that you’ll want a more sophisticated personal finance package. Some of the more advanced options allow you to take on investments, offering a sophisticated range of tools for making your money work more efficiently.
Conclusion
Free personal finance software UK is an important aspect of financial management. Proper understanding and application of the use of this software can help you get a good grasp on your finances, allowing you to make informed decisions regarding your money.
Your personal finances are like a garden – they require regular attention and care to ensure that you keep your money growing. For years, people have used pen and paper to plan their finances but this approach is not only time-consuming but also inaccurate. There are plenty of free personal finance software UK available to help anyone who wants to take control of their spending, save money and stay on top of their debt.