Budgeting is an art. It takes a lot of imagination and decision-making skills to create a budget for oneself. In the past all one had to budget was a pen and their balance sheets. It was left primarily to brain power to come up with solutions. The arrival of the new age has seen an advent of newer tools. Tools which have more computational power and is able to calculate a long set of numbers in a jiffy. There are quite a few of them in the market today. Each comes with its own set of unique propositions and one must understand his or her own personal needs before selecting one.
In this long list of budgeting tools stands out one name: Quicken. And it should not be mistaken with Kraken, the monster of Norwegian folklore.
The former is quite a smart tool and the latter, a legend.
Quicken has the following features:
- It saves every piece of financial transaction information and categorizes them
- It has a robust data visualization capability
- It helps you by comparing your investments with the other instruments currently available in the market
- It’s 128-bit and 256-bit encryption ensures your information is beyond the reach of any wrongdoer.
- The software creates separate heads for retail and small business and helps you put funds in the correct places.
- It tracks all expenses like rental, leases, rates and deposits all in one place to give you firsthand information.
- It also comes with a mobile app. Now, this would mean you can manage your money anywhere and at your convenience.
Hence, the question that now arises is why then Quicken is rarely suggested as a budgeting tool. With so many features to go for it, what pulls it back? We see the reasons are many.
The lack of a free trail especially for a budgeting tool is off-putting. When someone installs software to handle money, the trail period usually works like a charm. Quicken does not have one.
It has way more functionality than what a layman can handle and it does get intimidating for most while using it for the first time.
Over the past few years and versions, there have been complaining about the memory Quicken eats up. Also, reports of bugs causing trouble for the budgeting tool has been around for some time now
In spite of these shortcomings, Quicken does have its followers. However, to up the ante in the field of budgeting tools, it needs to get sharp.