Trusted by more than 17 million customers for over 30 years, Quicken is a leading personal finance management app. This simple product empowers Americans to manage their spending and improve their saving game.
Thanks to its robust set of features, Quicken is among the best tools for reaching your personal finance goals. User-friendly, simple, and easily accessible. That’s how satisfied users describe this affordable service.
If you need professional help with your personal finances, this is just the right product for you. Keep reading our expert Quicken review and learn all about the service. Discover how does the app work, how much it costs, and what are its pros and cons.
Table of Contents
- 1 What Is Quicken?
- 2 Quicken Features
- 3 Compatible Devices
- 4 Pricing
- 5 Quicken Tutorial – How To Sign Up And Get Started?
- 6 Quicken’s Synchronization
- 7 Quicken Benefits
- 8 Pros And Cons
- 9 Is Quicken Safe?
- 10 Customer Service And Support
- 11 Who Should Use Quicken?
- 12 Alternatives To Quicken
- 13 Quicken Software Review – Final Thoughts
What Is Quicken?
This service is a smart software solution that assists Americans who need help with their personal finances. Money experts with more than three decades of experience in the industry stand behind the company. So, it has a simple approach to tackling several complicated issues.
Quicken is available on desktops, mobile devices, and on the web. Meaning, this is an accessible tool for all types of users. Plus, it comes with a long list of functionalities that cover various areas of personal finances. We will go over each of them in detail below.
The main goal of Quicken is to ensure its customers achieve good financial health by using the robust capabilities of the platform. From paying bills and spending management to tracking investments, Quicken makes sure all critical sectors are covered. It can even help you with your Christmas saving plan.
Quicken used to be part of the reputable Intuit range of products. Intuit sold the brand to a private equity firm back in 2016.
What makes the service so unique when compared to competitors? Well, as this Quicken review highlights, the service doesn’t deal with your spending only. Instead, it covers all the cornerstones of personal finance. Hence, it leads to smarter money decisions.
Keep in mind that the exact features may vary depending on the release date of the product. So, these are all features from the latest 2020 edition.
Quicken will help you manage your spending by having all your expenses available within a few clicks. You get to see where your cash goes, thanks to the transaction’s lists. Search your spending history, review transactions, and check how much other family members spend.
The tool also categorizes and manages your expenses too. It will do this automatically, thus saving you precious time. You can use the offered categories or add custom ones.
Your financial future will never be a mystery with Quicken. The app will tell you how much cash you have and enable you to create scheduled transactions. Finally, the service will project your cash inflow and outflow, as well.
Budgeting plays a significant role in anyone’s personal finances. Quicken helps customers clearly see how much they spend versus how much they make. Besides, the budgeting feature discovers opportunities for saving cash as well as hidden regular expenses that lead to better money planning.
Another critical function of the budgeting tool is its capability to create personalized budgets. The app will scan your transactions and create a budget per your recurring expenses. Basic budgeting is included in the Quicken Starter Edition and all other plans.
No more forgotten bills and missed payments that hurt your credit and generate debt. Instead, have all your bills in one place, thanks to Quicken. With the app, simply enter your bills sections to monitor and view paid or due bills. Plus, Quicken enables you to store statements in PDF directly in the app.
Just select the account you want to make payment with. Quicken will do the rest. You can even schedule payments on due dates, making sure everything is paid on time. Set reminders and alerts as well as check expected cash flow to plan your expenses appropriately.
Quicken supports more than 14,000 financial institutions and provides a full overview of your accounts. With its retirement planning, the app empowers you to plan your financial future. Monitor your retirement funds alongside your investment portfolios. IRAs, 401(k)s, and 403(b)s are all supported.
With the service’s comprehensive breakdown of all your income and spending in all categories and across all your accounts you’ll know exactly where you stand. Probably the most important feature here is the net worth calculator. Instantly discover your net worth alongside your assets and liabilities.
Smart investments are the best way to grow your money. Monitor and tracking your investments is equally important. This is when Quicken enters the picture with its investment management capabilities. With the service, users can track liquid and retirement holdings, monitor investing accounts, and see all fees related to said investments.
Quicken will also help you take advantage of the market with its smart features. Set up a stock watch, analyze your portfolio, monitor target allocations, and run ROI & IRR performance reports. You can even compare your investment portfolio against market benchmarks and see how you’re doing.
Forget about tax planning and complicated calculations too. Quicken empowers you to see your unrealized and realized gains as well as specify lot assignments. You can even use the exclusive What-If analysis to discover how specific actions will affect your taxes.
With the unique Quicken Home and Business easily supersedes its competitors. Namely, the service provides an all-in-one solution for all expenses, invoices, taxes, investments, tenants, and everything money-related to your home and business.
Small Business Management
The last area of personal finance Quicken can tackle for you is actually related to your own business. With the small business management feature, the platform helps you run your business and monitor its balances without investing in a separate product.
The idea behind this feature is to enable tracking transactions from a single account. Personal and business transactions included. You get to store receipts, contracts, and all other essential documents. Track assets, detect liabilities and find deductions. All from your single Quicken app.
With this investment, you even get access to an invoicing tool. This specific tool allows you to customize invoices. Add your branding and weblinks in all invoices you send.
Users can now manage and track their finance anywhere and anytime. Thanks to Quicken and its flexible platform, Americans get to access the product using a wide range of devices.
Here are all compatible operating systems and browsers:
- Windows – Works with Windows 7, Windows 8 and 8.1, and Windows 10 (S mode excluded)
- Mac – Quicken for Mac supports El Captain, Sierra, High Sierra, Mojave, and later versions
- Android – Any Android device running on the 4.4 or newer version of the OS is compatible
- iOS – Works on all devices running on iOS 9 or later
- Web – Supports Firefox, Google Chrome, Safari, and Microsoft Edge
- Blackberry – Not compatible
- Windows Phone – Not compatible
You can choose from four Quicken Plans. These are created to suit everyone’s budget and needs. Read further to find the pricing for purchasing to a one-year subscription.
- Starter – $34.99
- Deluxe – $49.99
- Premier – $74.99
- Home & Business – $99.99
The starter pack enables you to see all accounts from a single device, plan a budget and stick to it, and manage bills. It supports desktop, mobile, and web access. Creating a custom budget, debt management, and saving goals come in the Deluxe Plan. Premier gets you access to priority customer support, simplified taxes, and free online bill payment. So, you need to compare Quicken Deluxe vs Premier to see whichever works for your specific needs.
Finally, the most advanced Home & Business Plan lets you categorize personal and business expenses. It supports creating custom invoices and tracking profit & loss. However, keep in mind that this package is available on Windows devices only.
Prepaying for more than one year may get you a discount. All plans come with a 30-day money-back guarantee.
Quicken Tutorial – How To Sign Up And Get Started?
Creating a Quicken account is easy and requires nothing more than an email address and password. However, to start using any of the products, you must first purchase them. Just click on the “Buy Now” button and complete the form.
Here, you will need to provide a first name, last name, address, phone number, and payment details. Once the purchase is processed, you can make the most out of the software by completing the two necessary steps. These are setting up bills and creating a budget. You get to choose between custom and an automatic budget.
With this, the platform will start doing its magic. In no time, you will get reports on where your cash goes, how much money you’ve got left, and the size of your debt.
One of the great things about the product is the flexibility it offers. Similar services that provide only a single type of synchronization. This product lets you choose between two options. These are bank synchronization and Quicken Cloud synchronization.
This step is optional, and that’s a massive plus here. Not everyone feels comfortable with connecting their bank account to personal finance tools. While other services will require this, Quicken doesn’t. Anyway, bank reconciliation is easy and straightforward. It ensures consistency between user-entered data and their actual bank statements.
Users can go two ways here. The first is Auto Reconcile, and the second is Manual Reconcile. For obvious reasons, we advise you to choose Auto Reconcile and let the platform do its magic. The service will automatically sync all transactions and detect any inconsistencies. Overviews of where your money goes are included too.
Quicken supports a long list of US banks and financial institutions. Just make sure you check if it supports yours before subscribing to the service.
If having multiple accounts on different devices sounds complicated – don’t worry! Thanks to Quicken Cloud, all your data is synced between all your devices. What you see on the web version is identical to what you see on the desktop software and the mobile app. The services will automatically download and sync all transactions, so you have them on all devices.
Just like bank reconciliation, this is an optional move. So, if you don’t want your information on the cloud, you can turn off the feature. There’s a step-by-step Quicken tutorial on how to do this. Basically, the functionality is automatically activated when a user creates their unique Quicken ID. To disable it, you need to uncheck the “Sync to Quicken Cloud” box in the One Step Update Settings.
Exclusive membership benefits make the product stand out from its main competitors. Everyone who will subscribe to any of the plans will get access to free phone and chat support and the latest updates. Plus, each membership comes with a 5 GB free online storage provided by Dropbox.
Besides these guaranteed benefits, there are optional Quicken perks for members.
- Quicken World Mastercard – Exclusive Mastercard, offered to Quicken members only. It comes with real-time notifications, 2X points, and cell phone protection insurance. Free wi-fi access and rideshare insurance are included too.
- Allstate Identity Protection – Protect yourself from identity theft. Monitor your bank accounts for possible fraud. Detect any frauds with real-time alerts. Depending on the chosen package, you get tax fraud refund advance, $1 million expense coverage, stolen fund reimbursements, and 401K reimbursement.
- Quicken Bill Pay – This benefit enables members to organize their bills, make secure payments in one place, and transfer funds. The service lets you pay from up to 10 different accounts and make payments to any person in the US.
So, next time you wonder “is Quicken worth it,” just remember all these fantastic benefits.
Pros And Cons
When it comes to the advantages and drawbacks of using Quicken, the first overpower the latter. After all, this is a popular and reliable solution that has been on the market for years. Scroll down and discover the main strengths and weaknesses of the service.
The product comes with numerous benefits for users. Here are the most significant ones.
- All-in-one solution – Quicken is a robust platform that handles several areas of personal finances at once. It’s among the best solutions on the market.
- Many features – Expense categorization, budget creation, cost tracking, and market comparisons. These are some of the functionalities included here. The service comes with many more useful tools that lead to smarter financial decisions and improved savings.
- Exclusive benefits – Besides being rich in features, this finance management platform comes with exclusive benefits too. We already went over them earlier in the article. These are the Quicken World Mastercard, Bill Pay, and Allstate Identity Theft Protection.
- Optional bank reconciliation – All Quicken reviews 2020 agree that the app leads the way in terms of synchronization. Similar products will work if you allow bank reconciliation. In contrast, bank reconciliation is optional for users of this app. Plus, you get to choose between bank and cloud synchronization too.
- Reasonable pricing – With a starting price of $34.99 for an entire year, this is an affordable solution for anyone. The value for your money is high because the benefits of the app will quickly overcome the investment.
- Money-back guarantee – There’s no demo to test the product before buying it. However, Quicken offers a 30-day money-back guarantee, which serves the same function. Not many companies are confident enough to offer money-back guarantees.
Even though affordable and efficient, the software does have some drawbacks too. Scroll down to discover the most pressing issues of the service.
- Slow support – Users who will purchase the Premium Support add-on won’t face this issue ever. However, standard customers may get frustrated with slow support. The lack of 24/7 phone care is a serious part of the problem because it creates a long waiting time for the live chat.
- Reported synchronization issues – We didn’t have any problems syncing our bank account with the system. Yet, there are Quicken online reviews where users claim that they couldn’t complete this procedure without help from customer care.
- Overwhelming for new users – The service comes with tons of different functionalities and capabilities. While that’s great news for Americans who need a powerful tool, it can be bad news to first-time users. Namely, understanding how everything works can be overwhelming to new customers.
Is Quicken Safe?
Yes, absolutely. The company employs the latest encryption technologies to protect your sensitive data. You can use the product carefree thanks to its powerful 256-bit encryption and additional safeguards.
- Integrity checks – guarantee messages haven’t been altered after sending;
- Servers protected with Firewall – prevents unauthorized access to third parties;
- Unique passwords and a Password Vault – ensure your passwords are always safe;
- Mac Keychain – unique security system for Mac devices only;
- Files password protect – even your data files are secured with extra layers of protection;
- Mobile device protection – all data on Quicken mobile is encrypted, while passwords are never saved there.
Customer Service And Support
Those who need help understanding their Quicken account can find tons of useful articles in the Help Section. If you can’t find what you’re looking for there, don’t worry. The company provides customer care via live chat and phone.
Live chat is available 24/7 and has an average waiting time of 5-10 minutes. Phone support doesn’t work around the clock. For an extra $49.99 per month, you can purchase Premium Support and skip the waiting lines altogether.
Who Should Use Quicken?
Anyone who wants to obtain control over their finances will find the service useful. Thanks to the product’s several plans, it can meet the needs of all people.
For example, those who want a simple money management tool can go for the Quicken Starter Edition. Americans who want to track their investments and loans too can upgrade to the Deluxe Plan.
Even business owners will find this app incredibly useful. Namely, the software empowers them to track both personal and business finances from a single account.
Alternatives To Quicken
Our Quicken software review didn’t convince you this is the right product for you? We have some other great options too. These three leading 2020 alternatives have similar features and high customer satisfaction rates.
This is a free alternative that comes with a budgeting goal tracker, bill payment tracker, and free credit score. Mint also helps Americans to manage their finances from a single app, which is available for iOS and Android devices.
Wealth management, investment checkup, retirement planner, and personal strategy. These are some of the financial tools Personal Capital users gain access to. This brand serves more than 2 million customers, who trust it with their financial planning.
There are both freemium and premium plans of PocketSmith. This personal finance app for pc and mobile empowers users to synchronize their bank account, loans, credit cards, and investment accounts. By doing this, consumers get a real-time overview of their financial health and net worth.
Quicken Software Review – Final Thoughts
As all Quicken online reviews agree, this is an excellent solution for anyone who wants to improve their personal finance game. Instead of investing in multiple tools, the app will cover the essentials with a single product. As an all-in-one solution with several pricing levels, this service can meet the needs and budgets of all Americans.
Besides using services like Quicken, there are other ways to grow your bank account. Here, at ProMoneySavings, we know the fastest ways to save money effortlessly. So, make sure to subscribe to our Newsletter and get the latest expert advice right into your inbox.