Tech

Moneydance Review: The Easy Answer to Your Personal Finances

Managing your finances isn’t easy, even if you earn a healthy amount of money.

However, so many of us have poor money habits which discourage us from reaching our saving goals and properly investing. But, we’ve discovered a revolutionary personal finance software, called Moneydance, which is the answer to your money management and savings needs.

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Credit: Twitter


A Bit About Moneydance

Moneydance is a personal finance software which offers a wealth of features to help you manage your money. You can view your online banking, bill payments and investment tracking from the same space of software, and there’s plenty more it offers. The company created this finance package for those who are serious about understanding their finances, but currently have no clue. Its large range of features can easily monitor and analyze even complicated budgets. You can track investments and the programme is well designed for manufactured for importing data from your bank.

The company is renowned for its safe and secure system, and you can enter your financial information without worrying about your security. Its main value is supporting people who need financial assistance but don’t have any prior experience. As a result, it’s suitable for beginners to advanced users. Moneydance enables you to create an unlimited number of accounts and they can be opened at the same time in different windows. This is a great feature to use amongst multiple users. Alternatively, you can link several bank accounts to this software to get use of Moneydance.

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Credit: Moneydance

Who is Moneydance Great For?

Moneydance provides you with the option of syncing multiple account types, such as: loans, credit cards, checking and more. As a result, it’s a great personal finance system if you’re hoping to keep track of multiple payments. You can also sync to investment and asset accounts to track your portfolio and other investments. By syncing your bank to the account, you can easily check your budgeting records, track missed payments and prepare for scheduled payments. Consequently, it’s a great product for anyone who’s not always the best at managing their financial situation. However, we also recommend this software if you’re looking to improve how you handle, track and monitor your personal finances.   

Make the most of this software by downloading the mobile app. This provides access to your account when you’re on the go, so you can manually add transactions, check balances and adjust your budget, if necessary. As this feature is only suitable for people with a cell phone, naturally, we recommend Moneydance for anyone who’s technologically-minded. However, it’s worth pointing out that you can only sync this desktop program to your mobile device if you have a Dropbox account.

A large portion of Moneydance’s feature is how straightforward it makes managing, editing and creating your budget. You can incredible a variety of categories so you can see what you’ve already spent for each category. You can also filter out the displayed categories to remove any you don’t use as you go along. Therefore, if you’re conscious of your budgeting habits, Moneydance helps to make it possible.

What Are the Best Uses for Moneydance?

Moneydance offers an extremely helpful home page which contains a summary of your entire financial situation. We love this feature of this personal finance system because it reduces the amount of time you spend searching through your past transactions and summarizing the data yourself. From this section, you can see assets and liabilities at a glance, and even see your net worth. If you set up bill reminders and transactions you can view those in the handy calendar off to the side. You can also quickly compare your expenses to your income and look into the future to see what transactions are approaching.  

The buttons to the side of the dashboard instantly take you to any account that you’re interested in seeing. You can also see reports and graphs which help you better visualize your financial situation. Moneydance also allows you to connect to your financial institutions online, so it’s possible for you to have your ledger automatically updated. Enter your transactions manually and schedule automatic transactions in the calendar. However, as many banks are supported, it’s possible for Moneydance to automatically update. If you’re interested in visually seeing your spending and income, Moneydance creates a number of reports and graphs. You can even customize your information so that there’s a specific report or graph you can regularly check with a single click.

It’s also worth making the most of the variety of calculators. These are designed to help you plan your financial future. With extensions, they allow you to figure out debt payoff, investment profits, mortgages and a number of other financial items. These calculators enable you to effectively and accurately plan your future.


Features & Benefits of ​Moneydance 

Moneydance is an easy-to-use personal finance software which is loaded with all the features you could possibly need. It handles multiple currencies and virtually any financial task you could ever need without any hassle. Let’s take a look at its amazing features and why it’s worth investing in.

1. Online Banking

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Credit: Moneydance

Moneydance is an excellent personal finance system which can automatically download transactions. Also, it can send payments online from hundreds of financial institutions. The system learns how to automatically categorize and clean up downloaded transactions. This is one of the newest features brought to Moneydance and we’re excited about its capabilities. To set up the online banking feature, simply begin by opening your checking account. Next, you simply follow their seven-step programme.

Moneydance supports automatic connections via Direct Connect and you can view a list of their supported institutions. This personal finance system requires you to link to a supported financial institution in order to talk directly to a bank. Without Direct Connect, the best way to get your files into Moneydance is to use a web browser to download them from your bank’s web site. Also, you can open your bank’s download page direction to navigate through their system easier and quicker.

2. Clear Overview of Your Finances

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Credit: Moneydance

We love that Moneydance makes it easy to view your finances without any fuss. On their dashboard section, you can view an overview of your finances. This information shows an upcoming and overdue transactions, as well as reminders, and information about exchange rates.

By clicking on an account or choosing an account from the drop-down account list, it’ll take you to the register for that account. From there, you can enter transactions or reconcile the account against a statement. As a result, you can view suspicious accounts, as well as look at information of past transactions and savings. If you click on a transaction reminder, it’ll display a window where you can automatically record the transaction.

The graphic tool generates visual reports of your income and expenses. Set the graph type, the date range and any specific settings for the type of graph you desire. Pop-up balloons will then display with information about the data graphed as you move the pointer. We love that you can print or save this PNG image files to later review or keep them for your records at any point you need them.

3. Investments

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Credit: Moneydance

Moneydance enables you to follow your investments and bring your portfolio into focus with support for stocks, bonds, CDs, mutual funds, and more. You can easily view the total value of your investment accounts or the performance of individual stocks and mutual funds over time. Another feature of this investments category is stock splits and cost basis computations which you can download automatically whenever you require.

4. Set up Reminders

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Credit: Moneydance

Moneydance enables you to set up a payment schedule for single or recurring transactions. As a result, you’ll never miss a payment, and it’ll help you to stay on track annually, monthly, weekly and daily. If you have direct debits regularly leaving your account, Moneydance helps you to stay on top of your payments by knowing when they’ll leave your account. Transactions and notes can easily be scheduled to remind you when they’re coming up or past due using moneydance reminders. Examples include: rent, utility bills, loan payments and more.

This system spoils you with two different types of reminders: General and Transaction reminders. If you choose General reminders, these will appear in the calendar and on the home page to set a schedule. Transaction reminders will simply appear in the calendar and on the home page according to a set schedule. To add, modify or delete a reminder, select the Tools and Reminder menu. A window will pop up with a large calendar which shows the dates on which reminders are scheduled to occur. Upcoming and overdue reminders will appear on the home page. To view a reminder from the home page, select it and click on the reminder where you’ll have the choice to acknowledge or defer the reminder. By deferring a reminder, you’ll avoid performing an action at the current time and leave the reminder in the overdue or upcoming list.

5. Mobile App

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Credit: Moneydance

Moneydance’s mobile app enables you to enter or edit transactions and view balances whilst you’re on the go. If you make any changes via the app or desktop version, changes are instantly synced to each device. This app is meant to allow entry and modification of transactions whilst you’re on the go. It’s a useful feature if you’re busy and don’t always have access to your desktop. Accounts, categories and recent transactions are synced to your mobile device, and transactions entered or modified on your device are also synched to your data file. This means that you don’t have to spend time manually saving and downloading information, because it’ll automatically save and transfer.

It’s important to mention that this app protects your information using 128 bit AES encryption. You can also secure the app on your mobile device using a four-digit PIN by enabling ‘Use Passcode’ within the mobile app settings. This also offers remote syncing via Dropbox. As a result, it allows you to sync all your devices remotely anywhere you have Internet access. Transactions entered without Internet access will be automatically synced the next time you connect, so you don’t have to manually do anything. The mobile app includes annually transactions for each account shown. The app will display credit card accounts, asset accounts, liability accounts and bank accounts. This extensive versatility is useful if you utilize all of these features.


What Users Have to Say About Moneydance

Users of Moneydance celebrate how it helps you to put your entire financial life and goals in a single platform. Once you link your accounts, Moneydance automatically downloads financial transactions from different accounts. By automatically sorting them into different categories, you can organize your transactions to make it easier to monitor and track your expenditure.

There are many ways to use Moneydance, such as: Windows, Mac and Linux devices. In addition, it’s also available for iPhone, iPad and iPod touch, as well as Android mobile devices. This makes it a versatile choice for an array of people to reduce your limitations. Moneydance users centralize your personal finance information in a single window to make financial commitments less daunting. A sidebar on the left provides links to all your accounts and budgets, plus a list of reports. The toolbar at the top allows you to select and display budget information, which makes it easy to navigate around this personal finance system.

PROS:

  • plus
    Makes managing and monitoring your money possible
  • plus
    Easy to collect reports and data entry whenever you require
  • plus
    Centralized access to your financial information

CONS:

  • close
    No phone support or live chat, only e-mail communication
  • Easy to customize and navigate around the dashboard

Many users speak highly of the interface which will be familiar to anyone who’s used a computer-based financial app. You can add and edit your banking data as and when you like. This makes your information more presentable to you. People celebrate that you can download your banking data at a fee. Setting up online banking is simple and you can connect your banks and download transactions in a few minutes. However, this feature does come with some limitations, such as the option to download information about your mortgage accounts.


Alternative Personal Finance Software to Consider

We appreciate that there is many personal finance software available on the Internet, which might offer different/additional features to Moneydance. Should you be looking for a software which is more advanced, or perhaps easier to sync to multiple devices, we’ve provided three alternative ideas to consider.

1. Moneyspire

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Credit: Moneyspire

Moneyspire enables you to have control over monitoring and tracking your personal finances. You’re not forced to put your data online or use online features, but they give you the option. Unlike Moneydance, this software supports all regions and world currencies. As a result, it makes it easier for you to manage your money no matter where you live. If you already have an existing personal finance software (such as Quicken, Mint and more), Moneyspire lets you to easily move your data over with its extensive importing options.

Similar to Moneydance, it also offers use of unlimited number of accounts, as well as forecast balances into the future (whilst appreciating future deposits, withdrawals and uncleared transactions). You can easily reconcile this data with your bank statement too. If you like that Moneydance offers reminders to its users, but would like to customize and extend this feature more, you’ll appreciate that Moneyspire offers an extensive amount of reminder features. For example, you can set up a reminder calendar with days due and past due to keep you on track with your finances. With advanced occurrence options, you can even set up specific reminders, such as ‘every third Wednesday’. This is a useful feature if you have a mixture of regular and irregular payments.  

Another great feature of this system is that it offers an unlimited number of categories. You can even specify categories as income, expense and tax-related. Plus, you can easily generate reports by category whenever you require. In addition, the search bar enables you to search for transactions by date, amount, number, payee, memory, category and tags. Alternatively, register for full-text searches when you set up your account.

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Credit: Qapital

Qapital is another excellent alternative personal finance software to Moneydance. We appreciate that Qapital isn’t as broad as Moneydance. Instead, it requires you to pick a specific goal, such as: budgeting, saving, investments and more. As a result, it helps you to stay motivated to your goals and achieve them easier, rather than simply monitoring and tracking your finances. Consequently, this is a great option if you’re looking for support and guidance – which Moneydance is restricted to. By helping people to manage their money to achieve their goals which matter most, Qapital is a tool designed to help you grow your money and reach goals you didn’t know you were capable of.

You don’t need experience or a degree to benefit from Qapital – simply a phone and a goal in mind. This software can handle everything else. It helps you to save each time you spend money, which is great if you’re a big spender and struggling to reduce your shopping habits. Each time you make a purchase, the card saves the change towards one of your savings goals. Consequently, you can save without even knowing it.

Their main philosophy is to help people better turn their money into happiness without having to really overthink it. They work to create innovative tools that help people become masters of their financial lives. By creating tools which are useful to everyone whilst remaining accessible, it gives people control when they want it. Also, it provides automation assistance when you don’t need it too. This helps people put their money towards what really matters most.

3. Banktree

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Credit: Banktree

Banktree takes the hassle out of managing your money and provides you with more time to focus on other areas of your life. Manage your money on the go, and use their personal finance software on your desktop, mobile app and tablet. Similar to Moneydance, you can connect to your bank and download live transactions. With a more secure connection, you can manually import your statements whenever you require. Their easy-to-use import facility enables you to use this personal finance software whenever you require. Set up budgets easily, and check how you’re doing with your goals in any understandable dashboard format. Forecast ongoing budgets with this easy-to-use personal finance software.

Although this is designed specifically for personal use, it offers a handy feature where you can scan receipts with your cellphone using their app. Simply sync with the desktop to have all your receipts on your computer. Alternatively, sync with their online application to store your receipts on the cloud. Banktree has pretty much everything you could need to organize and manage your finances. Download checking, credit card and other transactions from your bank automatically for up-to-date information. View and access information from multiple financial institutions in one place, so you can always keep on top of your financial situation.

This software puts you back in control of your finances and handles regular payments such as bills and income on auto-pilot. If you’re not experienced with managing your finances, you’ll appreciate that Banktree comes with free e-mail support, no monthly fees and free updates. For a small, upfront free, you can get started easily and quickly.


Will You Invest in Moneydance?

We hope you enjoyed reading the benefits of Moneydance, as it’s certainly a personal finance software aimed at anyone who wants to improve their money habits. When considering which software to use, ensure you can check purchases and payments whenever you require. A personal finance programme can help you schedule payment reminders for deposits, fund transfers, paychecks and more. This might be an important feature to help you avoid late payment interests and fees.

Are you interested in investing in Moneydance? Let us know your thoughts and advice in the comments to keep this conversation going.

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