Quicken was established in 1983. They have been operating for a long time and thus have gained recognition in the personal finance world. The first edition was running on DOS! So among budgeting devices, that’s something really old. With that said, Quicken still has a lot to do with it, but it is not everybody’s right financial management tool.
What Is Quicken?
Quicken is an accounting program developed to work for the requirements of personal finance. The app makes it simple in one location for its user to monitor their savings, retirement, pension, and credit card accounts. The method comes into use when the finances are being tracked. It can also categorize, document sales, build comprehensive budgets etc.
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Being in the market for a long time, It has grown over the years significantly. For some, it can still be a daunting tool, but it is becoming more intuitive and user-friendly, meaning it can meet the needs of comprehensive budgeters as well as simple budgeters.
One can access Quicken these days via the conventional downloadable program which is manually modified. But you can use the product completely online too.
Features Of Quicken:
With all the product upgrades on your Desktop or smartphone, Quicken users will automatically get regular updates. They don’t need to update again and again.
The users can get the investment functionality to be three times faster than before on Quicken for Windows.
Quicken provides better access to brokerages and banks as well as the most effective if you equate it to all its contemporaries.
Mac users can view their system’s financial graphs and charts and take backups faster than the previous version, etc.
Pricing:
Quicken moved on to a membership-based pricing platform a few years ago. The pricing for the various Quicken versions is as follows:
STARTER- $34.99
It is for the simple budgeting of your bills and their management. You can sync automatic budgeting to your bank accounts.
DELUXE- $44.99
In the Starter edition, this has everything plus you can completely configure your budget and control and track your debt. Savings targets can also be established.
PREMIERE- $67.99
This edition provides free online bill pay, access to priority customer service, and tools to help you with your taxes and investments.
HOME AND BUSINESS- $89.99
If you’re a small business owner, you can use this edition to track both personal and corporate expenses, email custom invoices with Quicken payment links, and monitor the profit and loss of your company so you’re ready at the time of taxes.
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How Does Quicken Work?
Quicken works by tracking the balance of your account, purchases, savings, personal budgeting, loans, and every other aspect of your financial life. In addition to your personal details, the top end edition provides the capability to monitor rental properties and small businesses.
To make quicken work you need to do the followings:
Purchase Quicken
Create an Intuit ID to Connect
Create and Sync Your Accounts
Set Up Bills and Statements
Create a Budget
Advantages Of Quicken:
Bank synchronization is optional: If you don’t like the idea of a budgeting tool that directly connects to your bank accounts, you don’t have to. You can always enter the transactions manually.
Easy-to-use graphics: I don’t see Quicken’s graphics as being the most compelling in the budgeting software community. Yet they are not appalling.
Power over data relating to both budgeting and investment: Many other devices, such as Mint and Personal Capital, are more oriented on either budgeting (Mint) or investment (Personal Capital). You can get a robust management solution for both, with the right version of Quicken.
Built-in debt management software: Quicken has built-in software to reduce debt. This will help you estimate the effect of future debt payments and how much interest you can earn.
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Projected balances based on upcoming bills: One of the good things about putting Quicken in your bills is that it lets you find out how much money you’re going to have in the future, depending on your coming bills.
Mobile app notification: Quicken also has a smartphone app. It is not the most smooth in the set. But it will let you in on transactions and check out on the go your accounts.
Automatic net worth tracking: If it’s necessary for you to track your net worth (and should be!), Quicken makes it simple. In the sidebar, you will actually get a net worth calculation that updates whenever you make changes or import new transactions.
Disadvantages Of Quicken:
It is kind of expensive.
It has a reputation for inconsistent user experience.
The option of electronic bill payment through biller websites is not available.
Conclusion:
Quicken essentially does everything you’d like to do with a financial management tool, like controlling both budgets and investment. With that said, since it’s so complex it can have a steep learning curve, so if you don’t want to spend a lot of time handling your finances at first, you could opt for a more streamlined, simpler program.
Krishna Murthy is the senior publisher at Trickyfinance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.
