Which Personal Finance Software to use?

gsmh

I think Apple has done pretty well.

I'm not sure many people would identify the 'problems' they were having with Windows smartphones before the iPhone came along since most couldn't imagine what was possible. I doubt many said they would rather be using their finger than a thin stylus as was the norm back then. I doubt that many people even saw the value of a smartphone at all, let alone envisage the possibility that it could replace a desktop computer. Most people didn't have a clue about what was possible so they couldn't say - if you don't know about something, you can't miss it or express a need for it. The table below shows worldwide sales:

jbuchanangb

I I used MS Money until was announced that was unsupported, but I still have it and can open archived data files. I migrated to Moneydance when it was available branded as Tesco Personal Finance, but eventually paid for a supported licensed copy. I am running the latest 32bit version with Windows 10. There is a newer version but only for 64 bit version of Windows 10. No problem handling my bank accounts, credit cards, stocks & shares ISA and investment bond. Accepts downloads in Quicken format from credit card accounts.

F1001

blue.peter said:

F1001 said: -

Separately, it would be really nice to hear about how people manage / decide on number of accounts and banks they use etc and what works for them - never really had anyone show me a good way to manage PF and seems like there are many different preferences - still trying to figure out what works for me... is there a post on this subject where people have discussed their different approaches?

OK, what follows is a combination of some suggested rules of thumb and what I do. It is, of course, entirely for you to decide how this fits with your circumstances and attitudes.

1. Don't open an account unless it either (a) meets a defined need, or (b) offers a defined benefit.
2. The more money you have, the more accounts you'll find you can benefit from. At one end of the scale, you might only need a single current account. At the other (or somewhere near to it), you might find a use for 132. I'm somewhere in between, and think that my 17 (IIRC) is a lot. The more accounts you have, the more you need to track. But a lot of the movement of money between them can be automated by standing orders and direct debits. (For example, my credit cards are paid in full each month by DD and my regular savings accounts are funded by standing orders.)
3. Current accounts: I have two, and reckon that this is worthwhile for resilience - one bank might have an IT meltdown, or lock me out for some unknown reason. Both pay me interest at a rate higher than I can obtain on an easy-access saver on a certain amount of cash retained in the account. I could, possibly, benefit from the perks and/or additional resilience offered by one or two more, but don't want the added minor hassle. YMMV.
   
4. Always weigh the benefits of a current account (interest, cashback or whatever) against the obligations (monthly fee, minimum monthly deposit or whatever) and ensure that you can meet the obligations. Minimum monthly deposits can usually be met by inter-account transfers. In my case, I have two sources of income and have one paid into each current account. Outgoing payments are divided between the two accounts on a more or less arbitrary basis. There are some DDs and some standing orders set up on each. Even so, I have to transfer some money from one to the other to meet the minimum deposit requirements.
5. A very personal one: don't bank with RBS unless you can withstand the Chinese water torture that they'll give you (without breaching their Ts & Cs or policies). I had an account with them from July 2019 to May 2020, and found it a horrible experience. YMMV.
   
6. PayPal is useful if you sell on eBay, or for buying online. For example, my local Indian takeaway gives a discount for online orders and accepts PayPal. Using PayPal allows me to pay by AmEx - and so get cashback - when the takeaway doesn't accept AmEx over the counter. So I win twice by using PayPal there.
   
7. Credit cards. Always have at least two, one of which should be either MasterCard or Visa and the other should be different. Ideally, these should be not issued by the banks that hold your current account. This is for added resilience. If your main credit card is AmEx (as mine is - it offers a useful amount of cashback), a Visa or MasterCard is a necessity for the few places that don't accept AmEx. (I actually have two MasterCards and two Visas in addition to my AmEx. I don't need five cards, but a couple exist for historical reasons and I have minor reasons to keep them all ticking over.)
8. Easy-access savings. One account should be enough. Keep an eye on the MSE best buys. Don't be afraid to dump an account in favour of another as interest rates fluctuate. In practice, you might want to do this as frequently as six-monthly. I have two, because they are both linked to a single current account each. One is my main savings account, while the other just holds a bit of cash to tide me over if I have problems elsewhere.
9. Regular savings. These often offer better interest rates than easy-access accounts. But only use them if you can meet the commitment. If you've got the money sitting in an easy-access account, you can gradually shift it to one or more of these over the course of a year, and then send it back at the end of the year. Rinse and repeat. (I currently have half a dozen, with different start and maturity dates.)
10. ISAs. Cash ISAs are generally not worth having at the moment because (a) interest rates, and hence potential tax charges, are very low, and (b) interest rates on ISAs are even lower than for easy-access savings. (Nonetheless, I have a couple for short-term and very personal reasons.) S&S ISAs are great if (a) you have enough money to make use of them and (b) are willing to accept the associated risks.

HTH.

Thank you so much Blue Peter! This is really helpful adivce - I went through a phase of opening lots of accounts to make the most of introductory rate offers (transfer in a certain amount each month or using it for a number of DDs) but got stuck with numerous accounts, expired offers and cannot keep up with what I am using each for anymore. Need to simplify and focus   

tracey29

I work in accountancy and use QuickBooks Pro for my personal finances. 

I’m looking for something cloud based that runs on Windows 10 and iOS and syncs with my bank accounts and credit cards. I’m happy to pay but I can’t justify the £12 per month I could get QB online for 

Lumiona

I've tried a few and MoneyDashboard was my favourite but I've been tinkering with my own excel spreadsheet for the last few years which has become a complex monster that works for me so much better than any of the finance systems have. 
My sheets include an itemised cashbook, a cashflow forecast, mortgage overpayment forecast, a monthly incomings Vs outgoings (p&l), pension forecast, monthly net worth, soa, and more. I love the versatility of it and use it all the time.