Personal Finance Software: Advantage or Disadvantage?

Kimberly Watson, Editor in Chief
May 10, 2012 /

Since Microsoft stopped actively supporting “Money”, there have been some changes in the outlook concerning the availability of effective personal finances track software programs. Investors have been forced into considering various and alternative options. Although the Microsoft software is still available, as a free download, it has limited capabilities. This relates to information relating to bank accounts or stock quotes.

Among the options available that are still actively supported, is software from “Intuits Quicken” who produced the first widely accepted personal finance track software package. This program features advanced asset allocation, tax and a variety of planning assets, which only a few rivals are able to compete with. However, investors have expressed disappointment regarding the lack of ability on the part of the software, in downloading transactions from some financial institutions, among others.

Apart from “Quicken”, the competition regarding a personal finance track software package could be regarded as not having a great selection to choose from. Although “Money Dance” has the capacity of track checking and savings accounts, and investment accounts, this is reputedly not to the sophisticated level of “Quicken”.

Most of the primary banking institutions and brokerage firms, have improved their websites somewhat that may be acceptable to many basic users. Due to new rulings, brokerages must maintain the cost for most individual stocks. A personal finance track software package is a primary requirement, regarding the amount paid for stocks and your basis. Although there are financial institutions that permit you to maintain track of your accounts at other financial facilities; should you end your account, your historical transactions could be lost.

Another outlet to consider is related to consumers and their increasing use of phones. In many ways, this facility is now duplicating their computer usage. A personal finance track software package is feasibly provided by available tools, for stocks and portfolios. There are brokerages and other independent companies, offer applications for a variety of tablets and Smartphone’s.

 

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