You’ve used the same money tool for years. Perhaps it keeps track of your bills, your budget, and all of your accounts in one place. Something else happens. The cost rises, a feature is removed, or you decide that you just don’t need that anymore. Now you have a search box in front of you, and you have no idea where to begin.
If you’re looking for an alternative to Quicken, this guide is for you. I’m not going to name other software or rank them because features and prices are always changing and I haven’t personally used any of them. And I’m not going to tell you how to spend your money. Instead, I’ll help you compare your options, switch your data, and avoid some common pitfalls. Information from official sources will be cited, everything else will be my opinion. “Quicken” is a trademark of its owner, and this post is unrelated to that company.
Start with why you want an alternative to quicken.
Before you do any comparison, note down your rationale behind the comparison in one sentence only. Your rationale can be an expensive cost, absence of a feature, bad design, or changing computer/mobile phone. Your reason shapes the search for any alternative to quicken.
If it is cost, consider easy alternatives, such as a spreadsheet. If it is a feature, make a list of the necessary features. If it is a new gadget, investigate what is successful elsewhere. Skip this step and every option looks equally good, which is how people buy the wrong tool.
What does your money tool need to do?
Make two short lists: must-haves and nice-to-haves. These are my own ideas, not an official checklist.
Tracking spending. Do you want transactions to show up on their own, or are you fine adding them by hand?
Budgeting. Do you want simple monthly limits, or a detailed plan with categories?
Bills. Do you need reminders so nothing gets paid late?
Investments. Do you want them next to your daily money or kept separate?
Reports and devices. Do you need charts or tax-time summaries? Phone, laptop, or both?
Most people don’t need everything. With only three must-haves, any alternative to quicken can be much simpler than what you use now.
The main kinds of alternatives to quicken
Here are the broad groups. Names and features vary, so read the details of anything you look at.
A spreadsheet is the do-it-yourself route. It’s very flexible and you have ownership of the file but you do the work yourself. Budgeting apps are designed to manage money and set limits for spending and they’re usually on phones. Personal finance software is designed to handle all these tasks in one single place.And your bank’s own tools may already show spending summaries, which costs nothing extra.
None of these is the best. If you only want to see where your money goes each month, a bank’s built-in view or a simple spreadsheet might be plenty. For more on how fees affect your accounts, see our guide on overdraft fees.
Be careful when you link your accounts.
Many tools can connect to your bank and pull in your transactions. That’s handy, but it means you’re sharing your data with another company.
The Consumer Financial Protection Bureau (CFPB) has an article on what to consider when sharing your financial data. It was published in July 2020, so keep that date in mind. It says to “make sure only the data you want to share is being shared” and to “check whether the data you’d be sharing may be shared with third parties.” It also suggests asking how often the service will access your accounts, what data it stores, and for how long.
Two more points matter when you switch. It says you should know how to tell the service to stop accessing your accounts and that “just deleting an app from your phone doesn’t stop your data from being shared.” It also says to use “a separate, strong password for each of your financial accounts” and to read the terms carefully, since there’s no standard way companies explain data use.
When you leave an old tool, take the extra step. Cancel the access you gave it; don’t just delete the app.
Watch the subscription.
A lot of money tools charge a subscription, so know what you’re signing up for. The Federal Trade Commission (FTC) has a webpage dealing with free trials, automatic renewals, and subscription offers. It advises checking the terms of agreement, the duration of the trial period, and the cancellation procedure to avoid any charges. It warns that after a trial you “might see higher charges than expected.”
Its advice is practical. Note the trial end date in your calendar, review the statements for any charges, and keep the cancellation request letter. If you cannot cancel the trial period, call the credit card company and ask them to stop the payment.I’d add one thing of my own: write down the price after the trial before you start.
How to move your data to an alternative to quicken
Switching is where people get nervous, and that’s fair. Go slowly. These are general tips, not instructions for any one product.
Back up your current data file before you touch anything. Then check what you can export. Several methods exist for downloading transactions in the same file format, although they are all unique, so refer to their respective help sections for both the old and the new tools. Start by uploading a couple of months into the new system and run the two in parallel for a month or two. If you plan to cancel the old tool, download everything first, because access may end with the subscription. For tax records, ask a tax professional what to save.
Common mistakes when picking an alternative to quicken
Selection based only on appearance is one such mistake. The others include not having a backup plan, neglecting to end account access, overlooking the consequences of using a product after its trial period, and opting for all the bells and whistles when the bare essentials will do.
Your next step
Write down your reason and your top three requirements. Select two possibilities that suit you and evaluate each on the same data set before signing up.
For more plain guides, browse our personal finance posts. The best alternative to quicken is the one that fits your needs, protects your data, and doesn’t surprise you on your card statement.
FAQ
What should I look for in an alternative to Quicken?
First of all, start with the reasons why and your requirements. Compare costs, account connection, data export and compatibility with your devices.
Is it safe to connect my bank accounts?
Yes, it is, however, before doing that, read the terms carefully. The CFPB recommends sharing only the information you plan to, checking if there is any third-party sharing and learning how to revoke access.
How do I protect myself from additional fees?
Make sure you know the price after the trial period and put the date of its ending in your calendar. You might also want to save your request to cancel the subscription according to the FTC recommendations.