YNAB vs Quicken 2024: Which financial tool is perfect for you?

YNAB vs Quicken Video

YNAB: Envelope-Style Budgeting

With YNAB, you can plan for every dollar. It follows the envelope-style budgeting system, where you assign each dollar a job. This allows you to gain control over your spending habits and work toward your financial goals.

Quicken: Track Personal and Business Expenses

Quicken enables you to track both personal and business expenses, including medical expenses, alongside your bank accounts and credit card transactions. For users who seek advanced features, Quicken’s premium plans offer investment tracking and other financial management tools.

YNAB: Achieve Your Savings Goals

YNAB promotes setting and tracking savings goals. This tool not only helps you save for short-term goals but also helps you plan for your future financial needs, making saving an integral part of your monthly budget.

Quicken: Track Your Investments

On the other hand, Quicken offers a suite of tools for tracking your investment portfolio, including your retirement accounts. If you have diverse investment accounts and want to manage them alongside your daily expenses –– Quicken provides the functionality you need.

YNAB: Helpful Resources

YNAB provides a robust help center filled with useful resources. If you need more assistance, their team can be reached via email.

Quicken: Real-Time Support

Quicken stands out by offering phone and live chat support. If you encounter issues or have questions, real-time assistance is just a call or chat away.

Factor 4: External Customer Reviews & Ratings

External YNAB Reviews & Ratings

Site	Rating
PC World	5
Google Play	4.8 from 15,059 votes
Apple App Store	4.8 from 46,308 reviews
Trustpilot
G2	4.6 from 28 reviews

External Seeking Alpha Reviews & Ratings

Who is YNAB Best For?

YNAB (You Need A Budget) is particularly suited for individuals who have historically struggled with their finances or are managing joint financial responsibilities, such as in a marriage. It is an invaluable tool for those looking to make informed decisions and track expenses rigorously. YNAB doesn’t just facilitate basic budgeting; it educates users on effective money management, helping them adhere to their budget goals and potentially saving substantial amounts.

For those who prefer a straightforward, user-friendly approach, YNAB shines with its zero-based budgeting system and seamless bank account synchronization. It’s designed to be intuitive and easy to start, encouraging users to break the cycle of living paycheck-to-paycheck. If your aim is to follow simple financial rules, have mobile access, and employ budgeting tools to realign your financial path, YNAB stands out as an excellent choice.

Who is Quicken Best For?

Quicken is the go-to choice for individuals with intricate money management requirements looking for a reasonably priced, comprehensive tool. It offers a wide range of functionalities, including detailed reports, primarily accessible through its desktop version, catering to those who need more than just basic tracking. While it does have a steeper learning curve due to its complexity, users prepared to navigate through its advanced features will find it invaluable.

Quicken is particularly beneficial for users who want to incorporate investment tracking and long-term tax planning into their financial strategies. It’s a robust choice for people seeking to manage personal and business expenses efficiently and those who require sophisticated tools for monitoring their investment and retirement accounts. If you’re ready to delve into a more elaborate financial planning tool, Quicken could be the ideal solution.

Alternatives to YNAB and Quicken

If after reading this far in my YNAB vs Quicken comparison you are unconvinced that either is right for you, some other personal finance apps might better align with your needs. One popular budgeting tool that deserves mention is Monarch Money. From basic budgets to detailed budgets, Monarch Money’s budgeting features have been a savior to the financial life of many.

The comprehensive financial dashboard and expert investment tracking are some of the standout features that have helped users make better financial decisions and achieve better financial health. To dive down into the details and see how they compare, check out my Monarch Money vs YNAB article.

The Verdict: YNAB vs Quicken

Though both YNAB and Quicken offer a wealth of features and tools to help you manage your personal finances, they cater to different needs.

Quicken’s extensive features, including personal and business expense tracking and investment management tools, make it an excellent all-in-one financial management tool. On the other hand, YNAB’s focus on teaching you how to budget and save effectively makes it a perfect tool for those seeking a disciplined approach to budgeting.

However, I give a slight edge to YNAB, mainly because of its commitment to teaching financial literacy and its effective envelope-style budgeting system. Its focus on creating a budgeting habit that helps you achieve your financial goals makes it an excellent choice for personal finance management.

If you’re ready to take control of your financial future with YNAB –– click here to start your free 34-day trial today.

If Quicken sounds more like your speed, then you can go here to get started.
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FAQs

Does Quicken Have a Budget App?

Yes, Quicken provides a simplified version ideal for budgeting. Quicken Simplifi serves as an effective budgeting application and financial management resource, assisting you in budget planning, monitoring your expenses, and offering insights into your financial activities.

Can I Run a Business on Quicken?

Quicken equips users to handle not just personal financial management but also the running of small freelance enterprises and property portfolios. It allows you to create customer estimates, generate invoices and statements, monitor outstanding receivables, and manage your bills effectively. Quicken is instrumental in offering a clear perspective of your business’s financial inflow and outflow. If you operate multiple businesses, Quicken is capable of providing detailed financial insights for each entity separately.

While Quicken and QuickBooks are owned by the same company, they cater to different needs. Quicken focuses on personal finance management and can support small business activities. In contrast, QuickBooks is designed for the more complex accounting requirements of small to medium businesses and larger enterprises. Therefore, while Quicken can be used for managing small scale business finances, those with more extensive or specialized business needs might consider QuickBooks or another dedicated business financial management tool.

Can I Keep Using Quicken Without A Subscription?

Even if your Quicken subscription expires, you retain full access and ownership of your data thanks to the Quicken Data Access Guarantee. This means you can continue to view, edit, export, and manually enter transactions and accounts, specifically for Deluxe and higher versions, without an active subscription.

If your subscription expired before a new update was released, you will not be able to open your Quicken file with that latest update. However, you can still use the version of Quicken you had when your membership expired. This allows you to open your data files and, for Quicken Deluxe and above, keep using Quicken in a manual mode.

What Are The 4 Rules of YNAB?

The 4 rules of YNAB are: Rule 1: Give every dollar a job. Rule 2: Embrace your true expenses.  Rule 3: Roll with the punches  4: Age your money.