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You can track the cost basis of your each investment purchase and verify that your brokerage firm got it right when you sell. For example you can track how much of your mortgage payment this month is interest and how much is principal as opposed to just lumping them as housing expense. If you are also interested in projecting into the future, tracking things not held at a financial institution, or making more fine-grained entries, then use Quicken or Microsoft Money. Personal Capital emphasizes more on investments and net worth. Mint emphasizes more on bank and credit card accounts, spending, and budget. They tell you what you have now, how much you spent on what last month, your current portfolio allocation, how your net worth grew over time, etc. If you are more interested in the current snapshot and history, Mint and Personal Capital work very well. Which one to use ultimately depends on how you want to use it. You can make entries ahead of time and you can project your account balances.
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They see those financial institutions as the source of truth.Īlthough Quicken and Microsoft Money can also download your transactions, they maintain the philosophy in who’s the source of truth. They show you the transactions as reported by your bank, your credit cards, and your investment accounts. Mint and Personal Capital sync with your accounts online. If you only get your bank statement once a month, you would enter your transactions during the month. Quicken and Microsoft Money began in the era before constant connectivity and updates. Who is the source of truth is perhaps the biggest difference between the desktop software Quicken and Microsoft Money and the new generation applications Mint and Personal Capital. David Michaels, then VP of Engineering at, received a patent for the encryption system he set up ( US Patent 8,566,952).Īlthough I don’t use Mint or Personal Capital right now, I would be comfortable with using them. See How do and similar websites avoid storing passwords in plain text? on Quora.
They encrypt your passwords and make them secure with special hardware and procedures. You have to give them the passwords to your online banking, credit cards, and investment accounts.
Mint and Personal Capital on the other hand are always online. There is no mobile app for Microsoft Money.
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Microsoft Money and Quicken keep your data local on the installed computer, which can be a plus or a minus depending on how you see it.
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If you upgrade every three years it’s pretty minimal, and it works out of the box. You need some add-on workarounds to make downloading transactions and security prices work. Other people have the same history with Quicken.Īfter Microsoft discontinued development, Microsoft Money became a free download for everyone. I started using it when it was Money ’98. History is a big reason why I use Microsoft Money. I’m only looking at its financial tracking tools, not its investment advice or portfolio management service. Second, Personal Capital also offers investment consultation and portfolio management service.
My comments are based on the desktop, web, and mobile financial management applications as they are implemented today, not their theoretical capabilities. In many ways a web interface looks better. With the way computer applications are written these days, you can do pretty much the same with a native interface or a web interface. So here it is, for Andrew, and everybody else.įirst of all I want to say desktop versus web or mobile isn’t the critical factor.
He asked me why I use a desktop application such as Microsoft Money or Quicken as opposed to a new generation web and mobile tool such as Mint or Personal Capital.
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Reader Andrew read my series on looking for alternatives to Microsoft Money (I ended up staying with Microsoft Money after all).
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