Updated
Mar 01, 2022 When it comes to budgeting software, Quicken remains one of the most popular products on the market. However, many people (particularly Mac users) have started to look for an alternative to Quicken. This is where Moneydance comes in.
Moneydance is financial software that lets you manage your budget, bills, debts, and investments on one platform. It’s ideal for Apple users and many people find it to be a great alternative to Quicken.
This article will review Moneydance and talk about how you can get started with this software yourself.
In this review:
About Moneydance
Moneydance is a personal finance software that will let you track your budget, manage your debt, and pay your bills online. You can also track your credit cards, investment accounts, and all of your bank accounts.
Moneydance syncs to your online banking and will automatically download all your transactions. From there, you can track your spending so you always know where you’re at with your budget. The software is easy to use and has a number of helpful reporting options.
The software also comes with a free mobile app so you can keep an eye on your account balances on the go. The app is available for both iPhone and Android users.
How to Use Moneydance
It costs $49.99 to purchase Moneydance and you can use the software for as long as you choose. There’s no monthly subscription fee and your software won’t stop working after a year.
However, there will be periodic upgrades you might want to pay for. You can get started with a free trial of Moneydance, but it will be limited to 100 manually entered transactions.
Once you’ve paid for Moneydance, you can download the software and begin uploading your transactions right away. You can import your information from Quicken, although some users have reported that being a difficult process.
With Moneydance, you can take advantage of these features:
- Budgeting: Moneydance will show you how you’re doing throughout the month with colored graphs. If you haven’t spent anything from a particular category, the category will stay green. Once you start getting closer to the end of your budgeted amount, the graph will turn yellow; if you overspend in any area, the graph will turn red. This is a great way for you to get a quick view of where you’re at with your spending.
- Online Bill Payment: At the beginning of the month, you can schedule automatic bill pay so you know your bills will be paid on time. You can also make one-time payments with the software.
- Reports: Moneydance creates customized reports that help you track your spending. That way you can see exactly where your money is going every month.
- Account registers: The account register in Moneydance kind of looks like a giant checkbook. Fortunately, this system is much more automated than that. The software updates everything for you automatically, although you can edit and delete line items in your register.
- Track your investments: You can track all your investments in Moneydance and get a bird’s eye view of your total net worth.
Pros of Using Moneydance
One of the most attractive things about Moneydance is that it’s much more compatible with Mac than Quicken. Many individuals new to budgeting find Moneydance easier to use than Quicken.
Moneydance makes it easy to keep track of your financial situation and transactions over time. It provides graphs, reports, and other features which make it possible to visually monitor changes to your spending. It also helps with investment tracking.
When you log into Moneydance, you’ll see an overview of all your accounts on one dashboard. Moneydance will give you alerts about upcoming bills that are due, thereby limiting your chances of getting hit with late fees.
Plus, the app automatically syncs with the desktop version. This means you can keep track of your finances on your mobile device even if don’t have access to a desktop computer.
Moneydance also offers a 90-day money-back guarantee if you aren’t satisfied with the software for any reason.
Cons of Using Moneydance
Moneydance is not as comprehensive as many alternatives like Quicken. It really only offers budgeting tools and won’t let you set goals for your savings. And if you use Moneydance for your business, you may need to pay for multiple licenses.
Unlike Quicken, Moneydance doesn’t offer the option to download your data to TurboTax. This could cost you a lot of time come tax season, especially if you run a business.
Don’t forget, you still need to pay $49.99 for the software which is pricier than some of the alternatives.
Bottom Line
Moneydance offers many of the features you would want in budgeting software. It lets you track your bills, spending, and investments so you can always stay on top of your finances.
Ultimately, the product that is right for you will depend on your personal preferences and how you intend to use it. Moneydance is a pretty good product overall, but depending on your money management needs, you should compare it to Quicken and other alternatives before making your final decision.