Despite the many advancements in personal finance technology, I'll admit that I often fall back on my old-school budgeting notebook to figure out where my household stands. In fact, as I write this, my notebook sits less than two feet away. While handwriting our budget feels comforting to me (and forces me to concentrate on what I'm writing), it's my least efficient method of budgeting.
I have two distinct budgets now. One tracks our current spending so I can more accurately gauge how much we'll need in retirement to be comfortable. The other is a post-retirement budget that estimates what our expenses will be then, including healthcare costs and taxes.
While I previously made use of an online and mobile budgeting program that was perfectly sufficient for my day-to-day needs at the time, it didn't have the tools I needed for my retirement planning.
I came to realize that I needed a new tool, one that not only helps me plan for retirement, but that will keep up with my needs later, when we'll need to track an array of income sources like Social Security, my husband's pension, and our retirement account withdrawals.
Oh, and I want a tool that's easy to use. Some of the programs I looked at were so complex that I felt myself going cross-eyed after a while.
After weeding through a bunch of them, these were the four best budgeting tools I came across.
Image source: Getty Images.
1. Boldin (formerly NewRetirement)
I initially turned to Boldin because I wanted to check out its calculators. I was particularly interested in the calculator that illustrates how long our retirement savings are likely to last.
After spending so much time investigating financial software, I was surprised to find how much I liked Boldin. For one thing, some of the reviews I'd read mentioned a steep learning curve.
While it may take a bit of time to become comfortable with all the tools the app offers, introducing one at a time until you're comfortable with each seems more than worth the effort.
What else Boldin offers
Here are some of the other ways Boldin helps you figure out where you stand:
- Determines your ideal retirement age based on your current trajectory. In addition, it allows you to learn what you can expect if you retire earlier or later than that point.
- Helps you maximize the growth of your retirement accounts.
- Walks you through preparations for the unexpected, such as healthcare and uncertain retirement expenses.
- Incorporates estate planning into your overall strategy.
Cost
- Free basic plan.
- $144 per year for its most comprehensive plan.
2. Monarch Money
Monarch Money can simplify your life by connecting all your financial accounts and giving you access to them through a single dashboard. It provides a broad but comprehensive view of your finances, as well as a quick snapshot of where you stand.
What else Monarch offers
If you're looking for a flexible, everyday budgeting tool, Monarch Money is worth exploring. In addition to tracking your monthly budget and spending, Monarch also tracks recurring expenses that one might otherwise overlook (such as subscription services). It even offers a feature called "Flex Budgeting" that tracks expenses that fluctuate month to month.
And if you're looking for software that lets you track your investments, monitor your cash flow, and share with your partner, Monarch may be the program for you.
Monarch makes budgeting easy and can be accessed from your computer or smartphone. If you're a snowbird or otherwise love to travel, this software lets you stay on top of your budget while on the go.
Cost
- 7-day free trial.
- $14.99 per month or $99.99 per year (an $80 savings).
3. Quicken Simplifi
The Quicken brand has been around for decades, and in that time, it has become trusted accounting software. Quicken Simplifi is not a mobile app for Quicken, but a new app built from scratch. Its purpose is to help you manage your money throughout your life.
What else Quickin Simplifi offers
It not only analyzes your income and expenses, but also creates a spending plan tailored to you. A calendar showing upcoming expenses helps you keep track of what's due without having to dig.
Simplifi also tracks recurring bills and subscriptions so you can cancel any you no longer need. One of the program's most popular features is its ability to track your savings goals, even if you have many of them.
Cost
- $2.99 per month (billed annually).
4. PocketGuard
If you're on a tight budget, PocketGuard is the financial program you're looking for. The "In My Pocket" feature shows how much money you'll have left to spend after you pay your bills and set aside money for your goals.
What else PocketGuard offers
While its attractive interface isn't its most important feature, it's a nice perk. Another useful feature for those working to get out of debt is its debt payoff tool, which allows you to pick between the "avalanche" and "snowball" methods, depending on whether you'd prefer to focus on paying off your highest-interest debts first, or eliminating your debts in order of lowest balance to highest.
PocketGuard also allows you to split transactions when needed and helps you set savings goals.
Cost
- 7-day free trial period.
- $12.99 per month, or $74.99 per year (an $81 savings).
Whether you're planning ahead or already making strategic withdrawals as you enjoy retirement, the right software can help you keep your finances straight.
