Moneydance vs. Quicken is a duel between two personal financial software programs that are remarkably similar.
For a good reason, Quicken is well-known, but Moneydance offers robust features that function well for Mac users, which Quicken has traditionally battled with.
Budgeting, investment monitoring, bill payment choices, transaction categorization, and more are available in Moneydance and Quicken. And each has a unique set of characteristics that set them apart.
Today, I’ll compare Quicken vs. Moneydance to help you determine which personal finance software is right for you.
What Do They Offer
Moneydance has been operating for more than 20 years, and it was established by Infinite Kind, a company located in Scotland.
It’s undergone several upgrades and software releases to make financial tracking and analysis even more functional and thorough.
One of the most crucial things to remember about Moneydance is that it is not cloud-based but rather local software.
Data is saved on your server, but you may still link and sync your accounts.
Moneydance also stands out since it is not subscription-based software, which sets it apart from many other personal financial applications.
After paying a one-time charge, you’ll get free access to the next upgraded version and a discount on future software updates.
Updates are entirely optional, and you can continue to use the software without them. The following are some of Moneydance’s features:
The Moneydance Summary
This tool gives you a quick overview of what’s going on with all of your financial accounts. Account balances, payment reminders, and even late transactions are all available.
You may navigate straight to an account by clicking on it from a single page. This gives you the option of entering transactions or reconciling your account.
This tool allows you to set up regular payments and transactions. You’ll be notified when they’re due, ensuring that you never miss a payment.
You may use these to add or delete transactions, as well as make other changes. It’s set up similarly to a traditional checkbook, except it has an auto-complete option for recurring transactions.
Moneydance makes extensive use of graphing tools. You may use this tool to create reports to track your income and spending, and you can even personalize them to suit your needs. You may, for example, create graphs with any date range or other settings.
Moneydance allows you to track stocks, bonds, mutual funds, exchange-traded funds (ETFs), certificates of deposit, and just about any other form of investment.
You can examine the performance of individual assets and update the value of your portfolio regularly.
Foreign Currency Transactions
Moneydance stands out from other budgeting software solutions since it can handle foreign currency transactions.
If you have a foreign-based financial account or deal in foreign currency, it can be pretty beneficial. The program can also handle different currencies and convert them automatically.
Quicken is regarded as the original personal financial software that was initially published in 1983.
Regular upgrades and releases provide features and handle customer concerns, which is one of the reasons why Quicken is so popular.
Quicken has software for Mac and PC users, but Mac users frequently complain about restricted capabilities and problems, making it a less-than-stellar personal finance tool.
Despite this, Quicken continues to reduce and resolve these flaws, ensuring that it remains a valuable tool for all users.
Quicken, unlike Moneydance, is subscription-based, which is a feature of its most recent edition. That implies you’ll have to pay for access every year. It has also just made the transition to a cloud-based approach.
Quicken allows you to create realistic home budgets based on your previous spending habits. You may set up personalized goals, as well as payment plans and reminders for existing expenses.
Quicken also forecasts even balances, and all data is updated in real-time on the platform.
Quicken Bill Pay
With Quicken, you can pay your bills straight from your checking account, eliminating the need to do so from separate accounts. Only the Premier and Home & Business plans provide this functionality.
Free Credit Score
Quicken gives you your Vantage Score from Equifax for free. This is an educational score, not your actual FICO score, but it will allow you to follow your credit score’s relative level.
However, this score is only available quarterly, not monthly, so don’t abandon your free credit score provider just yet.
Quicken data may be instantly exported into TurboTax at the push of a button using the TurboTax connection.
This alone will justify the expense of whichever plan version you pick because it will significantly ease your tax preparation.
However, if you have significant investments, operate a business, or own investment real estate, you will benefit.
Moneydance costs a one-time $49.99 fixed fee. Not only will you save a monthly service fee, but you will also be able to use the program indefinitely.
The service may be paid for using MasterCard, American Express, Discover, or PayPal. You may even use Amazon gift cards to pay.
They provide a 90-day money-back guarantee when you sign up for the program. You can return the program for a full refund if you are unhappy with it for any reason.
While Moneydance has a single program with a one-time fee that gives you access to the program for life, Quicken offers three different plan levels, each with an annual fee.
Pricing for each of the three plans is as follows:
- Starter $34.99/year
- Deluxe $49.99/year
- Premier $74.99/year
If you’re not happy with the product for any reason, Quicken offers a 30-day money-back guarantee. However, you can move from one plan to another within that time limit if you believe it would better suit your needs.
Ease Of Use
Moneydance allows you to manage your whole financial life from one place.
It also allows you to automatically download financial transactions from several institutions after you link your accounts.
It then arranges the transactions by classifying them into their appropriate categories automatically.
Moneydance is compatible with Windows (32-bit and 64-bit), Mac OS X, and Linux. It’s also compatible with iPhone, iPad, iPod touch, and Android smartphones and tablets. Google Play offers a free download of the mobile app.
Quicken’s capacity to synchronize with more than 14,500 financial institutions is unsurprising, given how broadly it is used.
Any financial institution with whom you now conduct business is likely to be compatible with the platform.
Simply provide your login and password for each financial institution you want to link. Quicken will download and arrange financial data from each account safely, as well as automatically categorize costs.
You have the choice of having the information downloaded automatically or manually entering it.
Quicken is accessible for desktop computers, but it now has a mobile app that works just as well. It may be downloaded from either the App Store or Google Play for iPhone, iPad, and Android handsets.
Moneydance does not provide phone or live chat assistance. They do, however, provide email communication through the website.
Your contact will be with Infinite Kind, the parent business, and can be public or private. (Because the firm is headquartered in Edinburgh, Scotland, there may be a slight time difference in communication.)
Quicken, like Moneydance, does not provide phone assistance. They do, however, provide live chat, which may be nearly as nice.
They also offer a FAQ page, Common Help Topics, and the Quicken Community, where you can usually get most of your queries addressed, frequently by other users, for more routine questions.
Both personal finance applications include valuable features that can help you manage your money more effectively.
Both include budgeting features that are simple to use and have support networks that will take you through any unclear stages.
Quicken provides many more investing capabilities, such as Morningstar tools and comparing purchase and hold choices, but you’ll have to pay for them.
Moneydance may appear a little old-fashioned, but it’s quickly becoming a favorite among Mac users since its powerful features are compatible with the Mac OS.
Another reason it stands out is that you just have to pay once to have access for the rest of your life. What matters in the Moneydance vs. Quicken argument is which features are essential to you?