Early in 2010, I embarked on a journey to find the best personal finance software. That journey led me to a product that some months ago I had never heard of – Moneydance.
Moneydance Review: 2010 Moneydance Edition
Subtitle: Why I selected Moneydance out of the sea of personal finance software:
In my research on products, I tend to focus on the feedback and reviews of actual users. Those who used Moneydance had very good things to say about the product.
The software has two features that are very important to me – it is a desktop program, and it allows you to budget in multiple currencies.
It offers a free download and the ability to use the product for up to 100 transactions before you buy it. Why not try out a product when you can do it for free?
After my research and trial, I purchased a personal copy of Moneydance. I should note that my money was subsequently refunded and I was offered a free product when they found out I was a personal finance blogger. This, however, is not a paid post and the opinions are 100% mine.
Review Moneydance Software Features:
Here is a screenshot of the homepage
This product is supported by Windows, Mac, and Linux operating systems.
Online banking and bill payment
This personal finance software can synchronize your records with transactions downloaded from your bank (using OFX, QFX, or QIF files). This makes reconciling your bank statements and paying your bills a breeze. Unlike other products, the bill pay feature is offered free of charge.
How to make a budget in Moneydance: Easy budget management
Setting up a budget is easy. My wife and I have always used Excel for our budgeting, but my wife really likes the way this product is organized and how clean everything looks. This personal finance software tracks your spending in real time so you can see if you’re meeting your budget. Don’t worry – when you start to get close to spending your money in a certain category, it shows that category in orange – proceed with caution.
Schedule all things financial
A common complaint about finances is that people simply forget to pay bills or they are not organized enough to remember everything. Simply ender recurring bills, loan payments, and income, and this product will remind you when your payment is upcoming.
Investment portfolio information
If you own stocks, bonds, CDs, mutual funds, or other types of similar investments, you can track the performance.
Customize with extensions
This product allows you to add on certain extensions according to your need. You can get a credit card payoff calculator, debt payoff calculator, an investment profit calculator, or other important tools.
Reports and Graphs
A picture is worth a 1000 words. There is no better way to get an overall look at your financial situation than through a visual report. Built-in reports and graphs include: Budget, Missing Checks, Net Worth, Account Balances, Cash Flow, Transactions, Cost Basis, Income vs. Expenses, and VAT/GST.
Protect your privacy – and your peace of mind
You can save this product with a password for safety and privacy. Depending on your comfort level, you can locally store password information on your own computer or manually enter it each time you want to update your accounts.
If you live overseas or travel overseas with any frequency, then Moneydance will be hard to beat. They offer multi-currency support and translations into eight different language. On the homepage, you can automatically track the latest exchange rates.
What Do I Like About Moneydance?
- Clean interface. From the very first time, this product was easy to use. Things are where you would expect them to be and everything looks clean and crisp.
- Foreign currency features – since we live overseas, this was a big one for us.
- Easy graphs and charts
- The price. The $49.99 cost with no required upgrades is much less than what we paid for Quicken.
- Budgeting feature. For some time, my wife has been less than satisfied with the Excel documents I worked up. She claims they are confusing and hard to navigate. The primary features we use are the transaction registers and budgeting.
What Don’t I Like About Moneydance?
My biggest problem with it was that it was not really a smooth transfer from Quicken. They have just recently come out with a user guide that will help make the transition easier. When I exported and imported files, I had to adjust and doctor it up. However, I did want to learn a new program and I did want to get away from Quicken, so I went through the learning curve.
I wish it was better able to sync with some sort of tax program. However, to be honest, I had that feature with Quicken, but never used it. For accuracy, I always manually calculated and reviewed everything myself.
Get Moneydance today …
The free trial is the best feature of this product. You download a fully functional version of the software and you have the opportunity to enter up to 100 manual transactions into the software. Once you enter your 100th transaction, you can visit the Moneydance website and purchase a license key. Simply enter the license key into your existing software (under help), and you now have unlimited future use of the software – you don’t even need to download the software again.
All product links in this post are affiliate links.
Anyone else use Moneydance? What do you think?