Quicken vs. Personal Capital - Which Financial Management Tool is Better?
In the age of digital disruption, managing your finances has become easier thanks to financial management tools like Quicken and Personal Capital. These two tools are among the most popular in the market today. While both of them offer the ability to track your budgets, investments, and retirement plans, they differ in some ways. In this article, we’ll compare these two financial management tools to help you decide which one is better for you.
Quicken
Quicken has been around since 1983, and it is a well-known financial management tool that helps users manage their finances. Quicken offers several features such as budget tracking, investment tracking, and bill payment tracking.
One of the significant benefits of using Quicken is that it is available on both desktop and mobile devices. You can access your financial information from your computer or smartphone, making it easy to track your finances on-the-go. Additionally, Quicken has a robust budgeting feature that allows you to categorize your expenses automatically. Furthermore, it can also link to your bank accounts, credit cards, and investment accounts, and sync transaction data automatically.
Quicken is a paid financial management tool. The cost varies depending on the plan you choose, with prices ranging from $35.99 to $89.99 per year.
Personal Capital
Personal Capital is a newer financial management tool that was founded in 2009. Personal Capital has some unique features that set it apart from other financial management tools. Unlike Quicken, Personal Capital is free but provides a premium service that includes access to financial advisors.
One of the most significant benefits of using Personal Capital is that it is free to use. Personal Capital offers several features such as budget tracking, investment tracking, retirement planning tools, and bill payment tracking. Additionally, Personal Capital can also link to your bank accounts, credit cards, and investment accounts, and sync transaction data automatically.
Another benefit of using Personal Capital is that it provides a comprehensive view of your financial life in one place. Personal Capital can also analyze your investment accounts and provide suggestions on how to optimize your investment strategy.
However, the free version of Personal Capital does come with some limitations, and you will need to pay a fee to access some of the premium features.
Which one is better?
Now that we have explored the features of each tool, it’s time to decide which one is better. Ultimately, the answer will depend on your financial situation and goals. If you are looking for a tool that offers comprehensive budgeting features and can be accessed on both desktop and mobile devices, Quicken may be the better option. On the other hand, if you are looking for a free tool that provides investment advice and retirement planning tools, Personal Capital may be the better option.
Ultimately, you should choose a tool that fits your specific financial needs.