Quicken vs. YNAB

Daniel Penzing
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Looking for personal finance software? Here's how Quicken and YNAB compare.

Before I started working at the Better Basics Network, I was a certified personal finance counselor. That meant I helped people find one of the best personal finance software programs that would help them get in control of their money.

When folks came to me for advice, I would evaluate their current situation and needs and recommend the software that would work best.

For instance, I would talk to those who made a lot of money, and I would tell them about YNAB; I would talk to those who made very little money and I would suggest Mvelopes; and I would talk to those who were trying to manage multiple income streams and I would tell them about Personal Capital. I even had clients work with all 4!

The key amongst these software solutions is that each one is highly customizable and highly targeted to the individual consumer. While the software is the backbone of the concept, you need the proper education and tools to best leverage these programs. If you aren't getting those tools, you will not get the most out of the software. Boilerplate fills their needs if you are looking for a quick solution.

The results of my efforts were impressive and helped hundreds of people effect real, positive changes in their lives. Now as I move on to something new, I still make use of what I learned and often recommend to my friends what has worked best for me.

YNAB vs. Quicken Overview

When it comes to personal finance, it’s hard to compete with Quicken. Not only is it easy to set up and use, but it comes with a ton of tracking tools and features. You can track your money from a single bank account, credit card, or loan to an investment portfolio with ease.

It also comes with some exciting features, including the Quicken Mobile app, which lets you stay on top of your finances on the go. With Quicken, you’ll never have to guess how much money is in your bank account or how much you’ve spent in the past month.

You can track everything with the press of a button.

However, if you want the flexibility to use your money in a variety of ways (like using it for a business loan), you’re going to need to open up multiple checking accounts and credit cards. This can get really complicated really fast. What if you have a checking account that’s set up to automatically deposit many of your other accounts? Or you have a checking account with the same company as your credit card? How do you track that?

YNAB

Vs. Quicken

If you were to run into ancient history, you’ll find out that Quicken and YNAB have been on the market for several years now. Both are widely popular and are supported by a growing number of users.

But can we really say that Quicken is the best money management software?

Well to answer that question, I’ve created a comparison of these two top financial softwares below. Are you ready for a showdown?

Quicken Vs. YNAB: The Main Differentiator

The first and the foremost difference between YNAB and Quicken is in their approach. YNAB tries to help you understand your money management system by asking you simple questions. By doing so, it becomes easier to budget your money and keep track of how your money will flow throughout the month.

Whereas Quicken is a bit more advanced when it comes to its user interface. Quicken’s user interface is still quite user-friendly and all its features are very easy to get used to. But the one thing I’ve noticed after using Quicken is that it can’t analyze your spending behavior and hence it doesn’t recommend any budgeting plans for you.

How Good Are They In Helping You Keep Track Of Your Money Management?

Quicken

Vs. YNAB Comparison

If you are new to budgeting, the challenge can be daunting. Using a software program to manage your budget can make it easier.

Quicken is one of the best-known and most popular financial software programs for budgeting. It is designed for everyone, from the occasional budgeter to the professional financial planner. Quicken offers many different versions and price points. The latest version is Quicken 2015.

You Need A Budget has a more rudimentary approach to budgeting, complete with a very user-friendly interface. YNAB (which stands for You Need a Budget) was designed to help people become more efficient with their cash flow.

The program is easy to learn, so if you are not too tech savvy, you will be able to familiarize yourself quickly with the interface. When you first open the program, you are given credit for any cash you have in existing bank accounts. This works well for those who are already budgeting but not so well for first-time users.

Then, you are asked to input your budgeted categories, and you can save each category to your own subcategory. This is where most software programs end; both YNAB and Quicken offer extra features. YNAB is relatively more robust in this department.

How Are Quicken and YNAB the Same?

Quicken and YNAB are both personal financial management (PFM) software solutions. Both are designed to help you keep track of your finances, so you can see where your money goes and how to improve your budget planning. Both are available on the desktop and can be accessed through mobile devices, so you can see your budget from anywhere.

How Are YNAB and Quicken Different?

If you're looking for Quicken alternatives, you're probably realizing that this is a difficult task. After all, Quicken is the ultimate desktop personal finance software and it's available on several platforms.

However, we recommend that you take a look at YNAB and give it a try. Unlike Quicken, it's a web-based application.

Here's why we like YNAB better:

It Adapts To Your Lifestyle

One of the key attributes of YNAB is that it's completely customizable. If you're an active person, you can spend more money because you're actively using that money throughout the month. On the other hand, if you're not spending money, you can budget a lower amount. This is a system that is constantly adapting to your needs and your lifestyle. It can be used for credit cards or your bank accounts.

You'Ll Avoid the Bigger Problems

If you have problems paying off your credit cards, you'll have a hard time with Quicken as well. The software doesn't allow you to alter your level of spending, so you have to adhere to your preset budget. With YNAB, you can use it for paying off your debt. This is similar to the debt snowball method, which helps you pay off your debts at a quicker pace.

Tools and Features: YNAB vs. Quicken

There are many different financial software packages available for more than one type of platform. If you are interested in using a software program for your home budget, there are two popular software programs that can be used for personal finance management and easy money management. The first is Quicken, and the second is YNAB. The two systems have many different pros and cons. This article will compare the two to see which is the better choice.

Quicken

Quicken is a program that can be used on a Mac computer, Windows computer, or, as a browser program. Quicken allows the user to enter all their financial information into the program and then it can be used to create budgets, monitor transactions, make estimates and forecasts for the future, and more. Quicken can be used on a monthly basis or for multiple years, depending on how long you need in order to track finances.

YNAB

Vs. Quicken

If you were to run into ancient history, you’ll find out that Quicken and YNAB have been on the market for several years now. Both are widely popular and are supported by a growing number of users.

But can we really say that Quicken is the best money management software?

Well to answer that question, I’ve created a comparison of these two top financial softwares below. Are you ready for a showdown?

Quicken Vs. YNAB: The Main Differentiator

The first and the foremost difference between YNAB and Quicken is in their approach. YNAB tries to help you understand your money management system by asking you simple questions. By doing so, it becomes easier to budget your money and keep track of how your money will flow throughout the month.

Whereas Quicken is a bit more advanced when it comes to its user interface. Quicken’s user interface is still quite user-friendly and all its features are very easy to get used to. But the one thing I’ve noticed after using Quicken is that it can’t analyze your spending behavior and hence it doesn’t recommend any budgeting plans for you.

How Good Are They In Helping You Keep Track Of Your Money Management?

Quicken

Vs. YNAB Comparison

If you are new to budgeting, the challenge can be daunting. Using a software program to manage your budget can make it easier.

Quicken is one of the best-known and most popular financial software programs for budgeting. It is designed for everyone, from the occasional budgeter to the professional financial planner. Quicken offers many different versions and price points. The latest version is Quicken 2015.

You Need A Budget has a more rudimentary approach to budgeting, complete with a very user-friendly interface. YNAB (which stands for You Need a Budget) was designed to help people become more efficient with their cash flow.

The program is easy to learn, so if you are not too tech savvy, you will be able to familiarize yourself quickly with the interface. When you first open the program, you are given credit for any cash you have in existing bank accounts. This works well for those who are already budgeting but not so well for first-time users.

Then, you are asked to input your budgeted categories, and you can save each category to your own subcategory. This is where most software programs end; both YNAB and Quicken offer extra features. YNAB is relatively more robust in this department.

Quicken vs. YNAB: Annual Fees

If you’ve ever had a nasty crash on your computer, you most likely know what it’s like to lose your work. It’s a horrible feeling. You can’t help but wonder how to prevent that from happening again …

The solution is simple – back up your files regularly and make periodic copies of your work. Here are a few tips to help you protect your investment and keep your data safe.

Back up Your Files Regularly

This seems like a no-brainer, but so many people don’t do it. Learn from their mistakes and back up your data at least once a week and often daily. Quicken and YNAB both have backup features. You will lose your work if you don’t backup your files regularly.

Standout Features: YNAB vs. Quicken

Young & YNAB or Quicken? Which budgeting software is the best?

Quicken vs. YNAB: Whom Are They Better For?

Quicken and YNAB are online products designed to help you manage your budget. Both of these acclaimed programs make it easier to develop good habits and meet your financial goals.

Both Quicken and YNAB offer tutorials and walk you step-by-step through getting started and the setup process. But beyond that, how do they compare? Here’s a comparison of the two programs that shows where they overlap and where each stands out.

Audience

Quicken is for the casual budgeter. It’s the equivalent of an automatic transmission: easy to use, but not particularly flexible. Quicken wants to make things easy for you, and for this group, the menu-driven interface works just fine.

You won’t get alerts or warnings from Quicken, there aren’t complex reoccurring transactions, and you won’t have a chance to input data in advance. If you’re doing anything on the computer more complicated than email, Quicken will be too basic for you to use.

YNAB appeals to those who want to track all their accounts in one place. YNAB also caters to the core budgeting market, but doesn’t scrimp on giving you choices. There’s a balance between automation and control.

Customer Service: YNAB vs. Quicken

For some, customer service is a key deciding factor when deciding which financial program to purchase. At Quicken, you’ll find an easy-to-navigate online forum where you can easily find answers to your questions from the Quicken Community.

Customer Support: YNAB

YNAB … another good example of a company that is passionate about getting the support right, their customer service is second to none. They are fast, efficient, friendly, and they follow up. They are available for both paid and trial customers and are available via email, through Twitter and FaceBook and over the phone.

Security: Quicken vs. YNAB

Quicken is considered to be the leader when it comes to personal finance software. It’s been around for a very long time, and it’s been tried and tested. With the recent tightening of security surrounding online apps, Quicken took the step to protect your data to verify its identity.

When you first download and install Quicken, you are asked to type in your phone number. The application will then text (and sometimes call) you a 5-digit code to type in. Entering the code verifies that you are the owner of the software, not some type of new phishing software trying to steal your credentials.

The double verification is convenient because it doesn’t make you wait around to access your application. However, if you want to login from a new computer or device, you will need to verify via text message.

YNAB has opted to go with the traditional email address and password security. Not only is this a step down when it comes to security, but it also means that if you have an account problem, you don’t need to call anyone. As long as you have an email address, you can just log in and fix the issue.

So, Which Is Better?

Quicken vs. YNAB?

Quickbooks and You Need a Budget (YNAB) are the two most popular personal finance management solutions available for individuals and small businesses. It’s pretty much a given that you are going to compare these two in-depth before making a decision as to which is the right choice for your company.

Comparison of the programs is the most important thing to do before you finalize your selection, but even that won’t be enough to ensure that you are going with the best product.

This can be a problem, especially in a field that has a limited amount of good products on the market.

To that end, we have created a guide below to help you go through the process of deciding between Quicken and YNAB. Doing so can help ensure that you are making the right decision that will serve your company for years.

Development History

The history of these two products doesn’t give you much of an indication regarding which is the better product. While both products have undergone multiple re-writes, they both date back to the 1980s.

However, Quicken has been through more recent changes, so they more closely align with modern users. It’s also worth noting that Quicken has undergone three rounds of funding from investors that have allowed the product to further mature.