Moneydance vs Quicken 2024: Which budgeting app is better?
In the world of personal finance management, it’s crucial to have a reliable software solution that caters to your unique financial needs. Moneydance and Quicken are two popular software applications designed to help users track their income, expenses, and investments. In this Moneydance vs Quicken review, I’ll compare these platforms, evaluating their strengths and weaknesses concerning functionality, user experience, and pricing.
|Moneydance is Better for:
|Quicken is Better for:
|Manual transaction entry and categorization
|Comprehensive personal finance management
|Investment tracking and analysis
|Integration with TurboTax and other tax software
|Bill payment and reminder services
By the end of this review, you’ll have a clear understanding of each platform and be able to determine which is the better fit for your financial goals, Moneydance vs Quicken.
|Personal finance management software
|Personal finance management software
|One-time purchase: $65
|Subscription-based: Multiple pricing tiers
|Email, knowledge base, forums
|Phone, chat, online community, knowledge base
|Budgeting, investment tracking, bill management
|Comprehensive financial management, tax planning
|Modest Money Overall Rating
Factor 1: Functionality
Moneydance: Comprehensive Personal Finance Management
- Quicken: Robust Feature Set with Investment Focus
- Both platforms offer budgeting and bill management features
Moneydance is a comprehensive personal finance management software that offers a wide range of features, including online banking, bill payment, account management, budgeting, and investment tracking. The platform supports multiple currencies and allows users to set up reminders for recurring transactions, such as mortgage payments or utility bills.
Moneydance also offers robust reporting features, making it easy for users to analyze their spending habits, identify trends, and make informed financial decisions. Additionally, the platform provides seamless integration with third-party applications, such as TaxAct and TurboTax, making tax preparation more manageable.
Quicken is a well-known personal finance management software that offers a robust feature set, including budgeting, bill management, investment tracking, and financial planning tools. The platform is designed for both novice and experienced users, providing an extensive library of pre-built reports and customizable templates.
With a focus on investment management, Quicken offers powerful tools to help users track their investment performance, monitor asset allocation, and conduct research on individual securities. Additionally, the platform offers a built-in tax planner, helping users estimate their tax liabilities and plan for potential deductions and credits.
Factor 2: User Experience
Moneydance: Intuitive Interface with Customization Options
- Quicken: Steeper Learning Curve
- Both platforms offer mobile apps for on-the-go access
Moneydance boasts an intuitive interface that is easy to navigate, even for users who are new to personal finance management software. The platform’s customizable dashboard allows users to tailor the layout to their preferences, ensuring they have quick access to essential features and information. Moneydance also offers responsive customer support, with a comprehensive knowledge base and responsive email support.
The platform’s mobile app, available for iOS and Android devices, enables users to manage their finances on-the-go. The app syncs with the desktop version, ensuring users have access to their financial information whenever and wherever they need it.
While Quicken offers a wealth of features and tools, its interface can be overwhelming for some users, particularly those new to personal finance management software. The platform has a steeper learning curve, and users may need to invest time in learning how to navigate the software and utilize its various tools effectively.
Quicken also offers a mobile app for iOS and Android devices, allowing users to access their financial information while on-the-go. However, I must report that some users have reported syncing issues between the desktop and mobile versions, which can be frustrating and time-consuming to resolve.
Factor 3: Pricing
Moneydance: One-time Purchase with Free Updates
- Quicken: Subscription-based Pricing Model
- Both platforms offer a money-back guarantee
Moneydance utilizes a one-time purchase pricing model, meaning users pay a flat fee for the software and receive free updates for life. The software costs $65.00, and there are no additional subscription fees or hidden charges. This pricing model makes Moneydance an attractive option for users looking for a cost-effective solution for managing their finances without ongoing expenses. Additionally, Moneydance offers a 90-day money-back guarantee, providing users with peace of mind when making their purchase.
Quicken, on the other hand, operates on a subscription-based pricing model, with multiple tiers offering varying features. The Starter plan costs $35.88 per year, while the Deluxe and Premier plans are priced at $59.64 and $71.88 per year, respectively. The platform also offers a Home & Business plan for $119.88 per year, catering to users who need to manage both personal and business finances.
While Quicken’s subscription model ensures users always have access to the latest features and updates, it also means ongoing costs for users. However, Quicken does offer a 30-day money-back guarantee, allowing users to test the platform and determine if it meets their needs before committing to a subscription.
Factor 4: Accessibility
Moneydance is Offered on More Platforms With Full Functionality
- The full version of Moneydance is offered on all popular devices
- Quicken was originally made for desktop. They do offer a mobile app, but with mixed fanfare
Moneydance is compatible with Windows (32-bit and 64-bit versions), Mac, and Linux operating systems, and it supports mobile devices including iPhone, iPad, iPod touch, as well as Android smartphones and tablets. The mobile application is freely available on Google Play.
On the other hand, Quicken is designed for desktop use and has a mobile application that works with iPhone, iPad, and Android devices. The app can be accessed and downloaded from the App Store or Google Play.
Factor 5: Customer Service
Evaluating Customer Service Options: Moneydance vs Quicken
- Moneydance: Limited to email support with potential time zone delays
- Quicken: Offers live chat and a comprehensive help community
Moneydance provides customer support exclusively through email, with the option for public or private inquiries. This service is managed by their parent company, Infinite Kind, based in Edinburgh, Scotland. Users may need to account for response delays due to the difference in time zones.
In contrast to Moneydance, Quicken does not offer phone support but compensates with live chat functionality. Additionally, it provides a wealth of self-service resources, including an FAQ page, Common Help Topics, and an active Quicken Community, where users often find answers from fellow users.
Alternatives to Moneydance and Quicken
If you have read this entire Moneydance vs Quicken comparison and aren’t impressed by either financial tool, don’t worry, there are plenty of other options for your investment monitoring needs. Another major player in the personal finance software space is Monarch Money.
Monarch Money goes way beyond basic budgeting, it is an all-encompassing personal finance app. Its advanced budgeting tools, investment features, and transaction management features are reasons it’s one of the most popular personal finance tools available.
To see how it stacks up, my Monarch Money vs Quicken review is a good starting point.
Users of Mint, that are looking for a replacement, should give my Monarch Money vs Mint comparison a read. Like Moneydance and Quicken, Monarch Money offers many of the same features that users have come to enjoy with Mint.
Moneydance vs Quicken: My Summary
In the battle between Moneydance vs Quicken for the best personal finance management software, Moneydance emerges as the winner due to its comprehensive feature set, intuitive user experience, and cost-effective pricing model.
Moneydance’s one-time purchase pricing model is a significant advantage, offering users lifetime access to the software without recurring subscription fees. This makes it an attractive choice for those looking for a budget-friendly solution. Additionally, Moneydance’s interface is user-friendly and customizable, making it easier for users to navigate and tailor the platform to their preferences.
While Quicken does provide a wealth of features, particularly in investment management, its subscription-based pricing model and steeper learning curve might deter some users. Furthermore, syncing issues between the desktop and mobile versions can be frustrating for those who require seamless access to their financial information across devices.
Click here to get started with Moneydance today.
In my opinion, Moneydance is the better choice for users seeking a comprehensive, easy-to-use, and cost-effective personal finance management solution. With its robust features, customizable interface, and one-time purchase model, Moneydance offers a more accessible and budget-friendly option for managing your finances effectively.
How Do I Import Financial Data to Moneydance?
Moneydance offers data synchronization from a wide range of major and smaller financial institutions, covering various account types including checking, savings, investments, loans, and credit cards. To initiate this process, you simply create a new account within Moneydance, locate it on the left sidebar, and initiate the ‘Set Up Online Banking’ option. A step-by-step guide helps you complete the setup.
For most connections, you’ll authenticate your banking credentials, usually a username and password, followed by identity verification through Plaid, which involves entering a code received via text or call (applicable for Moneydance+ users).
During account creation, you have the option to input specific details for each account, such as the initial balance, account number, and routing number.
Can I Track Investments With Moneydance?
Yes, you can track investments with Moneydance. With Moneydance, you have the ability to establish various investment accounts, designate securities like stocks, bonds, and mutual funds, and maintain records of your assets in each. This software is adept at fetching market values from several online platforms to ensure your portfolio remains current. It effectively manages stock splits and calculates the cost basis.
Is Moneydance a one-time Purchase?
Moneydance is available for a one-time payment of $49.99. This license fee not only allows you unlimited use of the program but also includes one major upgrade. If you have previously purchased Moneydance 2022 or 2023, you are eligible for a free upgrade to the latest version using your existing license. However, if you own an earlier version, you can still upgrade to the latest one at half the regular price.
Can Moneydance Import Quicken Files?
Directly importing of Quicken files into Moneydance is not possible. To move financial data from Quicken to Moneydance, one must first export the data into a QIF file using the file->Export… menu option in Quicken.
Who Owns Quicken?
Quicken has revealed its acquisition by Aquiline Capital Partners. Throughout its 40+ year history, Quicken has operated under the ownership of various entities, including its initial parent company, Intuit Inc.