Moneydance is a personal finance management software that provides numerous features to manage and track your finances. It was initially developed for Mac users, but now the software is available on Windows and Linux.
With its user-friendly interface and powerful features, Moneydance has become a popular alternative to other money management software on the market, such as Quicken . In this Moneydance Review, we’ll take a closer look at its features so you can determine whether it’s the right fit for you and your personal finance needs.
What Is Moneydance?
Moneydance is a personal finance software developed by The Infinite Kind. It aims to simplify the process of managing personal finances. Moneydance allows users to easily create budgets, track expenses, stay on top of bills, and view all their financial accounts, all from one central dashboard.
The interface resembles a ledger, and users can manually enter transactions, or import them using OFX, QIF, or QFX files. Users can also link their financial accounts for automatic updates. Moneydance also allows users to track their investments, making it a more comprehensive personal finance tool.
Moneydance comes with many powerful features, here are some of the most impactful features:
- Summary: Provides a quick overview of your financial situation, including bills, loans, net worth, and investment performance on a single page.
- Graphing tool: Allows you to generate different kinds of preset and customized graphs for different purposes in a user-friendly manner.
- Bill pay: Enables you to pay bills through Direct Connect, similar to Quickbooks.
- Payment reminders: Sends reminders of upcoming payments to help avoid late fees and damage to credit score.
- Budget reports: Offers the ability to create budget and investment reports, including account balances, cash flow, income and expenses, capital gains, and more.
- Track investments: Makes tracking investment performance easier than ever by allowing you to view your total portfolio value as well as the performance of individual investments and securities, including CDs, mutual funds, and other investments.
- Create budgets: Helps you stay on track with your spending by syncing with hundreds of different banks and financial institutions to download your transaction history and automatically categorize expenses.
- Bill reminders: Allows you to create reminders of upcoming payments to avoid missed payments.
- Investment support: Customizes options and tracks specific ID of shares for tax lot tracking, performs cost basis computations and stock splits computations, and automatically downloads current prices to keep you up to date on your investments.
- Graphs and reporting: Generates a number of reports to keep track of your spending in certain categories, including graphical representations of your cash flow report, income sources, and expenses.
- Moneydance mobile: Monitors your finances on the go with the iOS and Android app, which syncs your mobile and desktop almost immediately.
- Foreign currencies: Works with multiple currencies and can convert currencies automatically for easier record keeping, making it useful for those with banks with different currencies or freelancers who get paid in another currency.
Moneydance offers a one-time flat fee of $49.99 for its license, which is a one-time payment, unlike other personal finance software that charges an annual subscription fee. There are no upselling or in-app purchases with Moneydance.
If you’re not sure if the software is the right fit for you, there’s no need to worry, as Moneydance offers a 90-day money-back guarantee. The first 100 transactions are also free, giving you the opportunity to try the software before making a purchase.
Moneydance Review: Pros & Cons
- Comprehensive and intuitive platform
- Competitive pricing and one-time fee
- Free demo version
- Money-back guarantee (90 days)
- Supports multiple currencies and financial institutions
- The dashboard feels crowded to some
- No web access, requires local download
- No phone-based customer support
If the Moneydance dashboard is too much for you but you still want a solid personal finance software, you’re in luck, there are a few great options out there. One simple, yet effective financial planning software is Tiller Money. If you geek out on a nice, clean, spreadsheet, Tiller Money might deserve a look.
Read the full Tiller Money Review to learn more.
Is Moneydance Right For You?
If you’re in the market for personal finance software, Moneydance is a comprehensive and easy to use option that covers the needs of most people. The one time fee of $49.99, 100 transaction free trial, and 90-day money back guarantee make it a low risk option to try out.
To see if Moneydance is right for you, take advantage of the free trial and explore the software’s features. Click here to start your free trial and see if it meets your financial management needs.