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New Budgeting App Options for Microsoft Money Users

New Budgeting App Options for Microsoft Money Users

For almost 20 years, Microsoft Money was considered one of the leading personal finance software applications on the market. It enabled users to take charge of their personal finances from their PC desktop, including the ability to make budgets, track expenses, and view their bank account transactions in one place.

Microsoft Money Plus Sunset Deluxe

After the demise of Money in 2009, Microsoft released Money Plus Sunset Deluxe, a downloadable application that made it possible to upload and edit Microsoft Money files. While Sunset may hold some appeal to previous Money users looking to manage their budget, it can’t compete with the feature-laden, mobile-friendly personal finance apps of today. There is no available support and no access to automatic statement updates, online bill payments, or online investment quotes.

Whether you’re a former Microsoft Money desktop software user or you’re still hanging on with Sunset Deluxe, it’s time to step into 2020. Let’s take a closer look at some of the top budgeting apps available today.

Mint

Mint is one of the most popular personal apps available today, with millions of users in Canada and the U.S. Mint is free to use, and it’s packed with features designed to make managing your money easy. Because it syncs to your bank accounts, loans, and investments, it has the capability of updating transactions in real-time, so you always know what’s going on with your accounts. Mint also lets you access your credit score for free, a nice bonus.

What We Like:

  • It’s free!
  • Connects to your bank accounts, loans, and investments
  • Automatic transaction updates allow for hands-off control
  • Free Access to your credit score

You Need A Budget (YNAB)

Like Mint, You Need A Budget is another popular budgeting software, but it’s more hands-on. YNAB encourages users to be proactive with their money and to know where every dollar is going. YNAB follows the following four principles: Give Every Dollar a Job, Embrace Your True Expenses, Roll with the Punches, and Age Your Money. YNAB is a paid personal finance app, and it’ll set you back $11.99/month, although you get a bit of a discount if you choose annual billing ($84/year).

What We Like:

  • Try it free for 34 days.
  • Best suited for hands-on money management.
  • Allows you to adjust your budget in real-time to avoid overspending
  • Build an emergency fund with the Age Your Money concept

Quicken

Quicken is yet another top name in the world of budgeting software. The application works on both Windows and Mac desktops and features a mobile app available for Android and iOS devices. You can choose from two annual service plans, Starter and Deluxe, priced at $39.99/year and $62.99/year, respectively. Windows users also have the option of Quicken Home & Business, which keeps track of your personal and small business transactions in one place. The best value is the Quicken Deluxe plan, enabling you to keep track of your loan balances and your retirement accounts.

What We Like:

  • Comprehensive budgeting software that syncs to all of your accounts
  • Competitively priced (Deluxe Plan is less than $6/month)
  • Helpful goal-setting tools
  • Free telephone and chat support

PocketSmith

If you’re looking for a simple, low-cost budgeting app, PocketSmith has you covered. While their Super and Premium range anywhere between $7.50 and $19.95/month, PocketSmith Basic is 100% free. There is a catch, of course. You can’t connect your bank accounts, and you must do imports manually. That said, it allows you to create up to 12 budgets over two accounts and includes six month’s worth of projections.

What We Like:

  • Paid budgeting app with a free version
  • Ability to make projections up to 30 years (Deluxe)
  • Supports chequing, savings, credit card, and loan account updates
  • Mobile app is available on Android and iPhone devices.

Moka (formerly Mylo)

The Moka app, formerly known as Mylo, is a Canadian-based round-up savings app for your smartphone. It’s not a budgeting app per se; still, I’ve included it on this list because round-up savings tools not only help you improve your finances, they’ve become incredibly popular, especially among the Millennial and Gen Z population. By syncing to your debit and credit cards, Moka can round-up to the nearest dollar every time you make a purchase. Those tiny sums of money are added up and transferred into your Moka Investment account each week. Inside the Moka app, you can create customized savings goals and invest in various low-fee ETF investment portfolios. Oh, and when you need money, you can request a transfer to your bank account anytime.

What We Like:

  • Experience the benefits of round-up savings
  • Automates the savings process, which helps your budget
  • Built-in goal-setting features
  • Option to invest in low-cost ETFs

Wallet

Similar to PocketSmith Basic, Wallet offers a free budgeting app with manual imports. If you want access to automatic syncing, you’ll need to opt for the paid version. The good news is that it’s only $4.99/month and offers several features, including the ability to share your budget with family members and keep track of your cash flow. The app is available for download on Android and iPhone devices.

What We Like:

  • Free version available with basic features
  • Competitively priced at $4.99/month
  • Automatic syncing and cash flow tracking
  • Mobile app available on iPhone and Android devices

The Advantages of New Personal Finance Software

While software applications like Microsoft Money and Money Plus Sunset Deluxe were once considered cutting edge, they are obsolete in today’s online world. Modern budgeting apps are packed with features to help you budget, track expenses, pay bills, and manage debt, in real-time. They also make it easy to create goals and plan for your future. If you’re not currently using personal finance software to manage your money, check out the apps I’ve highlighted above, or read my review of the Best Budget Apps for 2020.

Comments

  1. Maple Money Reader

    Hi Tom,
    Does Mint offer credit scores in Canada? I’m just wondering if it does.
    -Maple Money Reader

  2. G. Dansereau

    Also worth mentioning is “Calendar Budget”. Online website and mobile app available.
    Reasonably priced and free trial period offered.
    https://calendarbudget.com/

  3. Ben Jay

    Hi Tom,

    Do you know when Money in Excel will be available in Canada? This looks like a great tool from a trusted brand that can make use of the power and customizability of Excel.

  4. Tim

    Are there any apps left that are not subscription based? I might possibly find an hour every few months to update my finances, so it doesn’t really feel worthwhile to pay a monthly fee.

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