As you grow up, you get more responsibilities to handle. Your financial transactions and obligations may become more complicated, and hence budgeting becomes a lot harder. That’s why budgeting apps like Personal Capital and Quicken become very popular nowadays. They can help you control your money flow more easily. So, between Personal Capital vs Quicken, which one is better?
Continue reading below to find out more about
– The features and capabilities of Personal Capital and Quicken,
– The pros and cons of Personal Capital vs Quicken, and
– Which budgeting tool that is better and more recommended.
About Personal Capital
Personal Capital is a budgeting tool designed to help you invest more wisely and monitor your investments. It is indeed able to track your personal cash, but it is mainly optimized for monitoring your investments. It comes with resources and features that can help you understand your portfolio performance. Also, it can give ideas and tips for improving your portfolio performance, either for reducing fees or for rebalancing your assets. See also: YNAB vs Personal Capital.
Personal Capital is aimed primarily for high-balance investors. It is free to use, but it has a fee which charges 0.89% of the balance if the user invests $1 million or less. Nevertheless, Personal Capital remains a popular budgeting tool and investment service used by millions of users due to the practicality and reliability. There is an optional service with an additional fee for assistance in managing your investments.
Just like other apps, Personal Capital allows you to link various types of accounts, including credit cards, bank accounts, mortgages, loans, investment accounts, and retirement accounts. It can show your spending on a weekly, monthly, or yearly basis as well as your cash flow. You can sign-up for free on the official Personal Capital website.
Personal Capital: The Pros
Personal Capital vs Quicken is a great choice for investors who want to keep track of their investments while also getting help in budgeting. The investment-related features are great. And unlike many brokers, Personal Capital is perfectly fiduciary. It does not charge hidden fees or sell under-performing products due to higher commissions. The tips given are objective for improving your portfolio.
Personal Capital is also a great choice for those who want to see their full financial picture in one place. It is easy to set up, and it can give detailed reports and analysis. The graphs and charts are straightforward and easy to understand. It has been built from the ground as a hybrid digital wealth adviser that can give excellent wealth management experience.
Personal Capital: The Cons
First of all, although Personal Capital is compatible with most financial accounts, there are still several accounts and individual investments that require manual inputs through the dashboard. This is a little inconvenient, as the input process needs to be regularly repeated.
Second, the fees on Personal Capital vs Quicken are pretty high compared to its competitors. This is because Personal Capital has human financial advisors that can give guidance and answer your questions. However, most of the features are available for free without additional fees.
Quicken is one of the older products in the market, as it was first launched in 1985 for the DOS operating system. Today, it has become one of the most comprehensive financial software products. However, unlike Personal Capital which comes with a free version, Quicken has an initial cost to purchase. The prices range from $40 to $100, depending on the version.
Quicken is primarily focused on the desktop. It does have mobile apps available, but most of the activities that you will perform with Quicken require you to use the desktop app. This isn’t a problem for desktop-oriented users, but not so great for mobile-oriented users.
Quicken can do a wide range of things, from creating and managing your budget to seeing all active bills and paying then all. You can pay all your bills through Quicken, which is very convenient. It can track due dates for bills, so you will not miss any payment. It can also provide the details of your spending, investments, and assets. Through a partnership with Zillow, it can give an estimation value of your home.
Quicken: The Pros
Quicken has a simple and easy-to-use interface. The visuals are not exactly the most appealing, but you definitely can use the app in an efficient way. Quicken doesn’t need to sync directly with your bank accounts; it can connect to your bank accounts, but it also allows you to download your transaction files manually and upload them to Quicken within a few seconds.
Quicken is available in several versions which come with different feature sets. While Personal Capital is more focused on investments, you can get a version of Quicken with robust capabilities in both personal budgeting and investing.
The personal budgeting features of Quicken are great. It has automatic net worth tracking, bill tracking with reminders, and debt reduction tools. If you are currently trying to get out of a debt, Quicken can help you by projecting your balances after upcoming bills and projecting the impacts of extra debt payments.
Quicken: The Cons
Nothing is perfect, said a wise old man, so Quicken has some weaknesses as well. First of all, the initial cost is quite high compared to other competitors. You need to make sure that you can actually benefit from all or most of the features before purchasing a version of Quicken.
Second, the interface is too plain without attractive visuals. Not many people enjoy the budgeting process, but nice visuals can help to refresh the mind a little bit. By the way, Quicken also does not sync smoothly with all bank accounts, so you may need to resort to manual uploads of transaction files. Finally, the lack of full-featured mobile apps is also a problem for modern mobile users.
Personal Capital vs Quicken
|- More focused on investments with some budgeting features||- Has a version with robust capabilities for both personal budgeting and investment management|
|- Has additional features and services for investment management||- Has built-in tools for debt reduction|
|- Has free basic features||- Doesn’t have any free version|
|- Useful mobile apps||- Desktop-oriented, the mobile apps have very limited capabilities|
If you need a financial tool that is focused on investments with some budgeting features, Personal Capital is more recommended. Personal Capital is also better if you prefer to use mobile apps. Personal Capital has free basic features. On the other hand, Quicken can be a great choice if you need a comprehensive tool with robust capabilities in personal budgeting and investing, but it has significant drawbacks with the high initial cost and the lack of a full-featured mobile app.