Tools

Item: Tiller Money Rating
Rating: 4.6
Author: Rob Berger

12 Best Quicken Alternatives in 2022 (#1 is Free)

May 12, 2022 by Rob Berger

Some of the links in this article may be affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase or open an account. I only recommend products or services that I (1) believe in and (2) would recommend to my mom. Advertisers have had no control, influence, or input on this article, and they never will.

Quicken was once the go-to budgeting tool. I used it when it was first released in the 1980s. Today, it’s been eclipsed by apps that enable you to manage every aspect of your finances, often for free. Here are the best Quicken alternatives to consider in 2022.

Quicken alternatives — Options to replace Quicken

Editor’s Top Picks

Of all the options out there to replace Quicken (and Mint for that matter), three stand out among the rest:

Personal Capital–It’s both free and comes with the a robust set of features unmatched by other alternatives. It easily handles budgeting, net worth, cash flow, retirement investments and taxable investments. It also comes with excellent tools, including a retirement calculator, investment fee analyzer and investment portfolio analyzer. Personal Capital can now even track Bitcoin, Ethereum, Litecoin and thousands of other tokens. It’s the tool I use every day.

Limited Time Offer: From now until August 31, 2022, new Personal Capital dashboard users can enter to win a Tesla Model 3. Get all the details here.
Tiller–If you are a diehard spreadsheet fanatic, Tiller is the answer. It integrates with Google Sheets and can connect your bank accounts and credit cards. It also offers daily email updates to track your spending. You can try it free for 30 days, then it’s $79 a year.
YNAB (You Need a Budget): For those who want to focus exclusively on budgeting (no investments), then YNAB is an ideal choice. It does budgeting as well as any app available today, and its community is second to none.

Quicken Alternatives

Top Quicken Alternatives

1. Personal Capital–Editor’s Choice

Personal Capital is the clear winner when it comes to finding a substitute for Quicken. It’s free and it offers tools to manage every aspect of your finances. With Personal Capital, you can link just about every financial account you have–checking, savings, credit cards, retirement accounts, investments accounts, HSAs, and even your home (via Zillow).

Once linked, Personal Capital’s financial dashboard offers valuable insights into your finances. As an example, the tool enables you to–

Track your spending by category
Estimate when you can retire
Calculate the cost of your investments
Display the asset allocation of your portfolio
Generate a net worth statement
Get alerts when bills are due
Evaluate your investment portfolio
Save for emergencies
New: Track Bitcoin, Ethereum, Litecoin and thousands of other tokens without giving access to your crypto wallet.

I’ve used Personal Capital for years. It’s the only option that in my opinion can handle every aspect of my finances, from budgeting to investing to retirement planning.

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I’ve written a detailed review and guide of Personal Capital that you can check out.

2. Tiller Money–Best Spreadsheet Budget

I don’t know how they do it, but Tiller Money has figured out how to turn a Google Sheet into a dynamic budgeting tool. You link your bank accounts and credit cards to Tiller’s Google Sheet tool, and it automatically downloads all of your transactions. From there you can create budgets, categorize spending and generate reports.

I’ve been using Tiller for about one year for both my personal budget and my small business budget. Tiller is ideal for those who love working with spreadsheets. I will caution you that setting up Tiller can be a bit daunting. The good news is that they have videos to walk you through each step. If I can do it, you can do it.

One thing to keep in mind is that you must manually categorize each transaction. For some, this is a show-stopper. They want the convenience of tools like Personal Capital that automate this process. For others, they would prefer to categorize transactions themselves. It forces them to look at each entry, understand how they spent money, and then properly categorize the expense. Tiller does offer an auto-category tool that you can use to automatically categorize transactions based on the description.

There is no right or wrong here. It comes down to preference. You get a 30-day free trial. After that Tiller costs $79 a year.

3. You Need a Budget (YNAB)–Best for Budgeting

YNAB is ideal for those looking just for a budgeting tool. In my view, there is no better app when it comes to creating a budget. YNAB’s interface is similar to a spreadsheet. The tool makes it easy to budget by category based on the money you actually have in the bank.

One of YNAB’s core principles is to give every dollar a job. You do that by deciding how you’ll spend every dollar that enters your checking account. As with other tools, you can connect your bank accounts and credit cards to YNAB. This allows for real-time updates so that you can track your spending throughout the month.

YNAB doesn’t have the rich feature set offered by Personal Capital. That’s particularly clear when it comes to investing. For those who don’t want to track investments, however, YNAB is a good option.

It’s not free, however. You can try it free for 34 days. After that it costs $11.99 a month or $84 a year for the annual plan. The cost is the biggest downside to YNAB.

4. PocketSmith–Best for Calendar Budgeting

PocketSmith started out as a calendar to plan upcoming income and expenses. Today, it’s a full-fledged budgeting app. You can synch your accounts with PocketSmith. Once synced, you can track your budget and you’re net worth. You can also see your income and spending in a handy calendar view.

One stand-out feature is PocketSmith’s auto-budget tool. It can create a budget for you based on past spending. It also has a cash flow feature that maps income and spending by date range.

While there is a free version of PocketSmith, it requires manual data entry. To get automatic bank fees, you’ll need to pay at least $9.95 a month, or $7.50 a month when paid annually.

5. CountAbout–Imports from Quicken or Mint

If you have a lot of data in Quicken (or Mint), CountAbout may be the budgeting tool for you. It has a feature enabling you to import data from Quicken or Mint.

CountAbout enables you to download transactions from your bank and customize both income and expense categories. You can even attach receipt images to expense transactions. You can set up recurring transactions and generate financial reports.

For the features you get, the cost is very reasonable. The basic plan costs just $9.99 a year (not a month). If you want automatic downloading of bank transactions, the cost is $39.99 a year.

6. Moneydance–Traditional Budgeting Software

With so many apps going online, Moneydance takes a different approach. You download Moneydance software rather than use it online. Once downloaded, the software works much like you would expect.

You can download banking transactions into the software and initiate bill pay. The software automatically categorizes expenses based on how you categorize them. In other words, it learns from your use of the program.

It offers a dashboard (shown above) that summarizes your finances all in one place. It can also generate reports and graphs to give you a visual perspective of your money. It comes with a mobile app, can track your finances, and can alert you when bills are due.

It costs $49.99 and is available for both Mac and Windows.

7. EveryDollar (now Ramsey+)–Best for Dave Ramsey Fans

For those Dave Ramsey founds out there, EveryDollar may be a good substitute for Intuit’s Quicken. Now the first thing to point out is that EveryDollar ain’t cheap. After a 14-day trial, you’ll pay $129.99 a year. If you want to try it for just 3 months, it will cost $59.99. For this reason, it’s not high on my list. Still, I know that some folks are passionate about Financial Peace University.

You can sync your bank accounts with the tool, set up budgets, and track spending. The budgeting app works on both computers, smartphones and tablets. It also comes with Dave’s educational materials, enabling you to take online course and join virtual groups.

8. Banktivity–Designed for Macs Only

Banktivity is the budgeting app specifically designed for Macs. It offers features that enable you to organize and track all of your finances. You can group accounts and reports, and organize the dashboard in a way that works best for you.

Banktivity enables you to follow an envelope budget. This can be ideal for those living paycheck-to-paycheck.

You can import transactions from your bank and sync data across all of your Mac devices. Banktivity also tracks investments and offers account-level reporting. You can try Banktivity for free for 30 days. After that they offer three plans ranging in price from $4.16 to $8.33 a month (billed annually).

9. GnuCash–Best for Small Businesses

For those who tracked business income and expenses with Quicken and a reluctant to move up to Quickbooks, GnuCash may be the answer. It uses double-entry accounting, ideal for businesses and accounting nerds, like me. It tracks investments, schedules transactions, and generates reports and graphs.

10. Mint–Best Mobile App

I used Mint when it first came out more than a decade ago. Today, many are looking for Mint alternatives, including several of the apps listed here. Still, Mint is a worth consideration if you are replacing Intuit’s Quicken. It’s free, for starters. It’s easy to link your accounts and track your spending. It includes a budget planner and credit score tracker. Of course, there are great Mint alternatives as well.

11. GoodBudget–Best for Envelope Budgeting

I’m old enough to remember the envelope method of budgeting. My mom used it. When the money in the grocery envelope ran out, we stopped going to the grocery story until payday (seriously). Today, the envelope budget is still a smart way to manage money for those living paycheck-to-paycheck. If you want a digital version of the time-tested budgeting system, give GoodBudget a try.

Goodudget is an app based on the envelope system. You can sync and share your budget, and set goals to save for big purchases. It also has tools that let you track and payoff your debt.

12. Monarch Money–Best for Couples

Monarch Money shares many of the features in the apps listed above. You can connect all your accounts, including investment and loan accounts. Once connected, Monarch syncs your accounts to generate your net worth. The app enables you to see all your transactions in one place, set financial goals, and customize your financial dashboard.

Monarch is ideal for couples because of its collaboration features. Invite someone to your Monarch account with a separate login. They can view your data and connect their own accounts. This feature is particularly useful for couples that keep separate accounts, but want to understand their combined financial picture.

Try Monarch Money for free for 7 days, then as little as $7.50 a month.

Quicken Alternatives FAQs

What is the best free alternative to Quicken?

Personal Capital is the best free Quicken replacement. It comes with nearly every feature Quicken offers, and money additional tools. It’s particularly well suited for those who want to manage all of their money in one place, including investments.

Is Quicken available without a subscription?

Sadly, no. Like so many other software packages and apps, Quicken is now only available as a subscription. As a result, you must pay for Quicken every year.

What is the best option to migrate Quicken data to new app?

If you want to migrate Quicken data to a new budgeting app, CountAbout is a solid option. It has features enabling users to migrate data from Quicken or Mint.

What is the best Quicken replacement for calendar budgeting?

PocketSmith is a good choice as it offers a calendar view of your budget.

Which Quicken alternatives allow you to schedule bill payments?

With both Tiller Money and YNAB, you can plan future bill payments. Tiller offers a Bill Payment Tracker template and YNAB enables you to allocate funds to bills you plan to pay in the future.

Whatever tool you choose, the key is to pick one that works for you. For me, that’s Personal Capital. One or more of the above Quicken alternatives, however, should suit the needs of most looking to better manage their money.

10 Ways to Protect Your Financial Accounts from Hackers

September 27, 2021 by Rob Berger

According to one study, cybercrime will cost the world $10.5 trillion a year by 2025. Today, every financial account from banks to credit cards to investments offer online access. For investors, the risk of loss from cybercrime ranks as the #1 concern.

Fortunately, there are steps we can all take to increase our online security. For very little money, we can significantly reduce the likelihood that a computer hacker will gain access to our financial accounts. Here are 10 steps you can take to help secure your online accounts.

10 Tips for Securing Your Online Accounts

1. Use a Password Manager

I have four rules when it comes to passwords:

Change passwords regularly
Never use the same password twice
Use 16 character passwords (or longer)
Passwords should contain upper case letters, lower case letters, numbers and symbols

LMG Security, a cybersecurity and digital forensics services company, notes that an 8-character password can be cracked in about 8 hours, while a 16-character password would take 6.5 trillion years.

The problem with the above rules is that it makes it impossible to memorize all of your passwords. The answer is to use a password manager. My tool of choice is LastPass.

With LastPass you can create widely complicated passwords for all of your online accounts. The passwords are never saved on the LastPass services (they encrypt and decrypt them at the local level–your computer). It can be used on mobile devices, and it even enables you to share sign-on credentials with friends and family (if you want to) without revealing your password.

2. Use VPN

VPN, short for Virtual Private Network, does two really important things to you secure when browsing the internet. First, it encrypts the data sent to and from your browser or app. Second, it hides your IP address. These two features allow you to surf the internet securely and anonymously.

Using a VPN is a must on any public network (coffee shop, hotel, etc.). I use it at home as well. There’s no need for my internet service provider to harvest my internet data. Internet service providers are allowed to sell data about our internet usage. A VPN blocks that data.

My VPN of choice is NordVPN. NordVPN can be used on any device, is easy to set up, and is reasonably priced.

NordVPN: Save 73% w/ 2-Year Plan

3. Set Up Two-Factor Authentication

Two-factor Authentication (2FA) adds an extra layer of protection to your username and password. To log into an account, you’ll need to enter a secure code, sometimes referred to as a one-time password (OTP). The OTP is sent via text or email, or through an app such as Google Authenticator, depending on how the financial institution has set up its 2FA.

I use 2FA on every online account that makes it available, including email accounts. While it adds an extra step to logging into an account, the security it provides is priceless. According to a 2019 Microsoft study, 2FA blocks 99.9% of the attacks on an account.

4. Change your Security Questions

Many websites use security questions to verify your identity. Many of these questions ask for information that in theory only you would know. Common examples include your mother’s maiden name and your place of birth. The problem is that hackers can get this information, too.

A good friend of mine recently had $150,000 taken from his line of credit. The hackers called the bank and “verified” their identity by correctly answering his security questions. They found the information online. The only thing that saved him was a call from the bank when the hackers tried to wire the money out of his account.

For this reason, I no longer use common security questions. I make sure that the question and answer include information that cannot be found online. If need be, I make up the answers and keep the information stored securely at home (LastPass can store this information for you as well).

5. Set up Alerts

Financial accounts allow you to set up text or email alerts. I use this for any transactions on bank accounts and investment accounts. In this way, I get an instant alert any time money is transferred from an account. On investment accounts, I get notice of a transaction before it’s completed. This gives me time to contact the brokerage firm if I didn’t authorize the transaction.

6. Don’t Click Links in Emails

Be very suspicious of links in emails. If I receive an email purportedly from a financial institution, I rarely click the link. Instead, I’ll log into my account to deal with whatever the issue is. And if need be, I’ll call the bank or brokerage firm.

7. Don’t Call Phone Numbers in Emails

Speaking of calling a financial institution, I never call the number in an email. Instead, I call the number on the bank of my credit or debit card. For brokerage firms, I call the number on my statement or the firm’s website. A phone number in an email may not be legitimate.

8. Only Download Apps from App Stores

For apps on a smartphone or tablet, only download them from the Apple or Android app stores. This insures you are downloading legitimate apps that have been approved by the respective platforms.

9. Set up Ability to Track and Wipe Your Phone

Make sure you have the ability to locate your phone and wipe the data from it. This is important if your phone is ever lost or stolen. I had my phone stolen at a chess tournament of all places many years ago. Fortunately, I was able to wipe the data from the phone. It’s also important to password protect your phone, too.

10. Use Antivirus Software

Finally, it’s important to use antivirus software on your PC and, yes, even your Mac. These tools help detect and remove any malicious code on your computer.

For PCs, my favorite is NortonLifeLock. You can purchase just the Norton Antivirus software, or add LifeLock protection as well. For Macs, Norton also offers an antivirus solution. There are other options, some free. Whatever you choose, it’s important to project your computers with antivirus software.

Bonus Tip: Consider keeping your investments in more than one brokerage. If you have a 401k, it’s likely at a different financial institution than your IRA, although not always. And when you retire, it’s common to consolidate all of your assets at one place. While this is convenient, I’m much more comfortable splitting our assets among two or more brokerage firms.

Final Thoughts

Computer hacking is a reality we all confront. By tacking a few simple steps, however, we can significantly increase the protection of our online accounts, making it much harder for hackers to gain access. A password manager and VPN are a must, as is setting up 2FA. These steps along can prevent the vast majority of problems.

Personal Capital Review and User’s Guide (Update for 2022)

June 14, 2021 by Rob Berger

Personal Capital is a financial tool that enables you to manage 100% of your finances from a single dashboard. I’ve used the app for years. In this Personal Capital review and user’s guide, I’ll walk through all of its features and how to leverage them to help you make the most of your money.

This article contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. The opinions and views expressed, however, are our own.

Limited Time Offer: From now until August 31, 2022, new Personal Capital dashboard users can enter to win a Tesla Model 3. Get all the details here.

Getting Started with Personal Capital

The first step is to sign up for a free account. Then you want to connect all of your financial accounts. While Personal Capital is perhaps best known for analyzing and tracking investments, I also connect all of my bank accounts, credit cards, loans, mortgage, and even my home. You can add your home and Personal Capital will pull in the value from Zillow.

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Linking Your Accounts

Over the years I’ve linked may of the following types of accounts to Personal Capital:

Bank Accounts (checking, savings, CDs, money market accounts)
Retirement Accounts (401k, 403b, TSP, IRA, among others)
Non-Retirement Investment Accounts
HSA
Credit Cards
Mortgage
Student Loans
Personal Loans

You can link just about any financial account for which you have online access. You’ll need your username and password for each account. To link an account, you’ll search for the name of your financial institution in the “Link Your Account” dialog box on Personal Capital (you get to it by clicking the “+” icon near the top left of the Dashboard):

Tip: You can search by the name of your financial institution or by its website address (url). In the unlikely event you have a financial account that can’t be linked to Personal Capital, you can enter it manually.

So why bother to connect all of your accounts? As you’ll see below, Personal Capital does a lot more than keep an eye on your investments. By connecting all of your financial accounts, you can track your net worth, budget, cash flow and even your bills. And all of this information is pulled together in a Dashboard.

Settings & Profile

Once you’ve linked your accounts, it’s critical that you complete your Settings and Profile. Both can be found by clicking on your name in the top right corner of the screen.

With Settings, you have control over email subscriptions (you can get daily or weekly updates of all your income, spending and investments), whether to include investment income and dividends in cash flow (I do), and any accounts to exclude from the advice Personal Capital offers (I don’t exclude any).

Settings also include important security features. It’s here that you can configure multi-factor authentication (highly recommended) and an alert anytime a login is attempted from a foreign country (also highly recommended).

Personal Capital also shows you a list of the devices you’ve authorized to access your account and when the last sign-on from that device occurred. I’ll often delete old devices I no longer use from this list.

The Profile is where you can set information about you and your spouse, your savings, income sources, and investment objectives. These are important settings that Personal Capital uses in its planning tools, such as its free Retirement Planner.

Dashboard

Once you’ve linked all of your accounts, Personal Capital aggregates it in the Dashboard. The Dashboard gives you a snapshot of your entire financial picture. Here’s what the dashboard looks like:

As you can see, it gives you a snapshot of your net worth, your monthly budget, your cash flow, your investments, and even where you are on your retirement and emergency savings goals.

Net Worth

There’s nothing more important to your financial freedom than racking your net worth. While I’m a big believer in keeping tabs on it in a spreadsheet (which I’ve done for years), I also track it in Personal Capital. If you connect all of your financial accounts, it’s tracked automatically.

Here’s what the Net Worth screen looks like in Personal Capital:

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Personal Capital Banking

I’m surprised at how much I use the banking features of Personal Capital. The primary features that I rely on are the Cash Flow and Budgeting functions. Specifically, the tool shows me how much investment income we generate each month (interest and dividends). The budget tool shows me how much we spent and on what by category.

Cash Flow

Cash flow shows both your income and expenses at a transaction level. Expenses are automatically categorized. You can easily drill down into income or expenses to look at the details.

You can also select which accounts to include in the report. I use this account selection feature to look at just my business expenses (I’ve connected by business checking and credit card accounts). I also use it to look at income just from my investment accounts. This allows me to quickly see all dividends and interest earned in my portfolio.

Budgeting

The budgeting feature is not a traditional budgeting app. You can set an overall monthly spending goal, but you can’t set goals by category. If that’s what you need, I highly recommend YNAB (You Need a Budget).

What Personal Capital does well is give you visibility into how you’ve spent your money by category. It automatically imports all spending from each linked account and categorizes the spending. You can customize the categories. I’ve found Personal Capital to do a reasonably good job of getting the categories right, although I do spend about 5 minutes a month correcting some transactions.

Tip: In addition to categories, you can tag transactions, too. I use a limited number of categories, and than tag transactions as needed. For example, we have a home maintenance category. For work on our pool, I tag those transactions as “pool” so I can see how much we spend on the pool without need to create a separate categori.

Bills

The bills feature is another reason to link your credit cards, mortgage, and other loans. Personal Capital keeps track of when bills are due with your linked accounts. This helps you avoid missed or late payments, and it helps with planning throughout the month.

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Personal Capital Investing

Here’s where Personal Capital really shines. Once you’ve connected your retirement and non-retirement accounts, it tracks your investments automatically. It updates prices throughout the trading day and keeps tabs on mutual fund expenses. It also shows you your asset allocation and offers a number of tools to help you evaluate your portfolio

Holdings

You get an overview of each of your holdings. The tool shows the following for each investment you own:

The name of each investment
Its ticker
How many shares you own
The current price
The days change (in both dollars and as a percentage)
The total value

It also gives you an overview of your performance. Here’s mine in the middle of the 2020 bear market (Yikes!):

Personal Capital Portfolio performance Graph

Allocation

Personal Capital also shows you your asset allocation. It automatically evaluates your investments and reports on your stock/bond allocation. For each it breaks down asset classes further, showing U.S. and International stocks and bonds, as well as alternatives.

The tool also provides a useful interactive graphic representation of your portfolio allocation. With the click of a mouse, you can explore what investments make up each of these asset classes. One interesting item is cash. The asset allocation tool not only shows you the cash in say money market accounts, but it also sees the cash held by stock mutual funds.

Tracking Bitcoin & Crypto

In big news for those who invest in Bitcoin, Ethereum, Litecoin and other cryptocurrencies, Personal Capital can now track these investments. Best of all, investors do not need to grant access to their crypto wallets or turn over passwords.

Instead, investors can add a manual account in Personal Capital. For each token owned, you simply indicate the symbol, exchange and amount. Personal Capital is now able to track thousands of tokens across hundreds of exchanges.

Personal Capital Planning

So far the dashboard has simply shown you your accounts and investments from various perspectives. It’s the planning tools that really take the tool to the next level.

Retirement Planner

Personal Capital’s retirement planner is both robust and easy to use. Because you’ve connected all of your investment accounts, Personal Capital can use this data to determine your retirement readiness. The screenshot below shows you want the calculator looks like once you’ve linked your accounts.

There’s a lot going on here, so let’s break it down:

Profile: In the bottom right of the above screenshot is the “Edit Profile” button. It’s here that you can set your marital status, tax filing status, you and your spouse’s name and dates of birth, how much you each earn per year, and any children you have.
Assumptions: The “Edit Assumptions” button enables you to set an estimate of your effective tax rate, inflation rate, and your life expectancy.
Income Events: You can add ongoing or one-time income events. These may include your yearly savings, a planned sale of a business or other asset, pension income you’ll receive in retirement, and even an estimate of your social security.
Spending Goals: Spending goals can include an estimate of your yearly spending in retirement as well as one-time expenses. For example, you could include the cost of a planned vacation in retirement or the cost of a future wedding for your children.
Retirement Score: Your retirement score shows a percentage representing the likelihood that your money will last through retirement. According to Personal Capital, a score of 50% to 80% “suggests you are on track, but it is important to understand and acknowledge that the portfolio does deplete in a meaningful amount of the projected scenarios.” A score above 90% means “there is relatively little to worry about and, most likely, you could afford greater spending now or it will be possible to increase spending over time.”
Graph Views: The graph above shows the portfolio based on an analysis of thousands of potential market returns. You can also view your accounts by asset location (i.e., Taxable, Tax Deferred and Tax Free.

The Retirement Planner also enables you to create multiple scenarios and then compare them. For example, one scenario may have you retiring at a traditional age, while another one has you retiring early. In one, you may include an estimate of social security, while in another one you exclude it. You could also change the assumptions on one scenario related to your effective tax rate, future inflation, or your life expectancy.

Once you’ve created a new scenario, you can then compare them side-by-side.

Savings Planner

The Savings Planner is three tools in one: Retirement Savings, Emergency Fund Savings, and Debt Paydown. Each enables you to set and track goals.

Retirement Savings Planner

Here you can set an annual retirement savings goal. The planner tracks your actual savings throughout the year, including your contributions to retirement accounts like 401k and IRAs. It will also track any savings you have in taxable accounts.

Keep in mind that this planner and your Retirement Planner are connected. If you change your savings goal in one, it automatically updates the other.

Emergency Fund Savings Planner

For the Emergency Fund, Personal Capital totals the value of all of your linked bank accounts. It then recommends an Emergency Fund of 3 to 6 months worth of expenses based on the budget amount that you set. As with the retirement planner, any changes in your monthly budgeted amount here automatically updates your Budget in the Banking section of Personal Capital.

Debt Paydown Planner

Any debts, including car loans, mortgages and personal loans, will show up in the Debt Paydown planner. Note that credit card debt will also show up in the planner if there have been at least two interest transactions within the last 90 days. In other words, your credit cards will not show up here if you pay them off in full each month, thereby avoiding interest charges.

The planner will show each debt, along with its interest rate (APR), change in balance year to date, and current balance. It also displays a graph of the changing in debt balances in the current year.

Retirement Fee Analyzer

The retirement fee analyzer is, I must confess, my favorite part of Personal Capital. It’s easy to dismiss relatively “small” investment fees as unimportant. The problem, of course, is the effect fees have on your wealth over decades of time. A 1% advisor or mutual fund fee may seem small, but over time it can literally cost you hundreds of thousands of dollars.

Personal Capital calculates a weighted average expense ratio for all of your linked accounts. Mine comes in at just 6 basis points–0.06%. That’s well below the average, and yet it will still cost me $17,865 over the next seven years according to the Fee Analyzer!

Fees matter–a lot. This tool by itself makes Personal Capital a must.

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Investment Fee Checkup

The investment checkup evaluates your asset allocation and compares it to what Personal Capital recommends. Based on your investment profile, Personal Capital recommends an asset allocation. Here’s what it recommends for me, given my age, years to retirement and risk tolerance:

Personal Capital target asset allocation — Recommended Asset Allocation

My actual allocation has about 5% more bonds than what the above graphic shows. What’s interesting about this tool is that Personal Capital also shows you the historical performance of its recommended portfolio, future projections, risk & return and a comparison with your actual allocation.

If you want to follow the recommendation, Personal Capital provides a listing of those asset classes that need to increased, decreased and by how much.

Personal Capital FAQs

Is Personal Capital safe?

Yes. Personal Capital encrypts data with AES-256 with multi-layer key management, including rotating user-specific keys and salts. Further, no individual at Personal Capital has access to your credentials.
In addition, you must authenticate each device that accesses your account. You’ll receive an automated phone call, email or text message to confirm your identity. You can learn more about Personal Capital’s security here.

Is Personal Capital really free?

Yep. Its investment services are not, but its financial tools are completely free.

Will Personal Capital call me?

Yes. They use the financial dashboard as a marketing tool. I’ve spoken with their advisors in the past, although I’ve never used the investment services. If you don’t want them to call you, just tell them. They honored my request.

Do I have to invest with Personal Capital to use the dashboard?

No.

How much does Personal Capital cost?

The financial dashboard is free. If you do want to use their investment advisory services, the fees start at 0.89% for the first $1 million and go down to 0.49% for amounts over $10 million.

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Tiller Money Review and User’s Guide (2022)

March 2, 2021 by Rob Berger

Tiller Money enables you to manage your financial life in spreadsheets that are automatically updated every day. The tools make it easy to create budgets, track net worth, and even manage your Investments. We’ll take a deep dive into the tool in this 2022 Tiller Money review and user guide.

In this review

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I met the Tiller Money team several years ago at Fincon, a personal finance bloggers conference. They were kind enough to give me a demo of their software. At the time, I’ll be honest, I didn’t really understand how Tiller Money worked. I found it confusing at first.

Once I understood the basic concept, however, it became clear just how powerful and easy it is to use. More recently, I’ve spent a lot of time with the tool and absolutely love it. It’s become my primary budgeting tool, which I use in conjunction with Personal Capital to track my investments.

In this review and user’s guide, I’ll walk through the main features of Tiller Money, how I use the tool, and how it can help you manage your money.

How Tiller Money Works

Many people, myself included, love working with spreadsheets. They are easy to use and give us complete control over our data. When it comes to budgeting and managing money with a spreadsheet, however, there are three key problems:

We have to manually enter our income and expenses;
We have to spend time designing the spreadsheet if we want it to look good; and
We don’t have basic tools available with must budgeting apps

Tiller Money solves each of these problems.

Tiller Money enables you to link your financial accounts to a Google or Excel spreadsheet. Once linked, transaction data and balances are automatically downloaded into the spreadsheet. That solves the first problem.

Tiller also provides a robust template that can enable you to track your budget, net worth, investments, and even your business income and expenses. Problem number two solved.

Finally, Tiller gives you a robust and growing set of tools to analyze your finances. We’ll look at several in just a minute. Problem number three solved. In fact, Tiller solves these issues so well that it made my list of the best Quicken alternatives.

Connecting Financial Accounts to Tiller Money

The first step to using Tiller Money is to connect your financial accounts. Tiller enables you to connect checking accounts, savings accounts, credit cards, and even investment accounts. Tiller uses bank level security through Yodlee, which nine out of the 15 largest banks in the country also use.

Once logged in to Tiller, you simply click the Add Accounts button.

A pop-up box will prompt you to search for your financial institution. I’ve yet to encounter a bank account, credit card or investment account that Tiller can’t handle. You’ll enter your login credentials for your financial institution to connect it. Tiller money will never have access to your login credentials or to any of your financial institutions (more about security below).

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Creating Spreadsheets with Tiller’s Foundation Template

The heart and soul of Tiller is the Tiller Foundation Template. While you can create your own spreadsheet from scratch, I highly recommend you start with the Tiller template. You simply launch the Google Sheet and walk through a number of easy steps to authorize the template in your Google account (see video below for a walk-thru of the process).

Here’s where one thing tripped me up. Having connected my accounts, I launched the Tiller Foundation Template. When I opened it, there were no transactions. What it took me some time to understand is that connecting my accounts to Tiller does not automatically connect them to the spreadsheet. That’s actually good news.

It allows me to connect those accounts that I want to in up to five spreadsheets. For example, I connect our personal accounts to our personal budget spreadsheet. I connect my business checking account and credit card to a separate Tiller spreadsheet I use to track my business. And I connect our investment accounts to yet a third Tiller spreadsheet to track our net worth.

Of course, you decided how to set up Tiller. You could track everything in one spreadsheet if that’s what you wanted to do. For each of up to five spreadsheets, you can connect any or all of the financial accounts you’ve connected to Tiller. Once you have the spreadsheet set up and connected the financial accounts, Tiller offers a host of tools and templates to manage virtually every aspect of your financial life.

Using Tiller’s Tools to Manage your Finances

Once you’ve launched the Tiller Foundation Template and connected your accounts to the spreadsheet, you’ll notice a number of tabs in the Google Sheet. These include the Insights tab, which is a financial dashboard that gives you a high level summary of your financial data. There’s a Transactions tab that lists all of the transactions from all of the accounts you’ve connected to the spreadsheet. A Categories tab enables you to define your income and expense categories and set a monthly budget for each expense.

There’s a monthly budget tab that summarizes your income and expense data by month. There’s also a yearly budget tab, that shows you all of your income and expenses for an entire year.

Tiller Google Sheet Add-ons

There are two really important add-ons to Google Sheets that you’ll want to use with Tiller. One is called Tiller Money Feeds, and the other is called Tiller Money Labs.

Tiller Money Feeds

Tiller Money Feeds provides the tools you need to connect your financial accounts to each spreadsheet. We’ve already covered it above, and it gets added to your spreadsheet as part of the process of using the template.

It includes a feature called AutoCat, which allows you to automatically categorize income and expenses based on the transaction description. More about this feature in a moment.

Tiller Money Labs

The Tiller Money Labs add-on provides additional tools that are incredibly useful. You can add it to Google Sheets by going to the Add-ons menu, select Get Add-ons, and then searching for Tiller Money Labs. This Add-on gives you access to a number of extremely useful tools that are far too numerous to cover in one review. But I’ll highlight a few of the more important ones.

Split transactions: As the name suggests, it makes it very easy to split a transaction across multiple categories.

Net worth dashboard: A template focusing on balances and how they change over time. It includes a net worth chart and trends table for up to 12 months of net worth data. A similar tool, called the Net Worth Snapshot, enables you to compare your net worth over two different years.

Debt planner: A streamlined debt-planning tool to build and manage your debt payoff plan and achieve debt freedom.

Bill payment tracker: The Bill Payment Tracker is designed to keep you informed about your upcoming bill payments.

Tiller also offers a number of dashboards for small businesses. I use a separate Google Sheet to track the income and expenses of my business. While I have a bookkeeper and use QuickBooks, I like Tiller as the better way to actually budget my expenses and to track them, day to day. It’s just much easier than QuickBooks.

There are even tools for those pursuing FIRE (financial independence / retire early). Specifically, it offers a Retirement Planner that estimates the total value of your investments into the future. You can experiment with different growth rate scenarios and project outcomes in real time.

Budgeting with Tiller Money

Budgeting is the core Tiller feature. Once you’ve connected your financial accounts to the spreadsheet, the first thing you should do, in my opinion, is set up your categories in the Tiller Foundation Template. Here’s what the categories tab looks like in the template:

Tiller Money Category Sheet — *Tiller Categories Sheet*

You can and should customize the categories and groups. The groups organize the categories when viewed on a monthly or yearly basis. If you love the 50/30/20 budget, you could use just three groups that map to Needs (50%), Wants (30%) and Freedom (20%–savings, investing and debt paydown). You can also set your budget for the year. Any budget amounts you enter in the Jan 2022 column will automatically populate for the rest of the year.

Once you’ve created your categories, you can go to the transaction tab and begin giving each income and expense transaction a category. Here it’s important to know that Tiller offers what it calls an automatic category tool (AutoCat). What this allows you to do is to automatically set the category of a transaction based on the contents of the transaction description.

For example, you could set all transactions with a description that includes “Starbucks” to a coffee category or perhaps a restaurant category. Once these AutoCat categories are set up, the vast majority of your transactions will be automatically and correctly categorized. It’s a very cool feature.

Is Tiller Safe?

One important question is whether Tiller Money is safe. The short answer is yes. Tiller supports two factor authentication. When you connect a financial account with two factor authentication enabled the pop-up box will ask you for the code that either gets texted to you or that is generated from an authentication app if that’s what you use. The data is protected with bank grade 256 bit AES encryption.

Furthermore, Tiller connects to your financial institutions using Yodlee. It’s an industry standard tool used by nine of the 15 largest U.S. banks. As noted earlier, Tiller does not see or store your login credentials to your financial accounts. In addition, no one at Tiller will see your data unless you specifically choose to share it with a Tiller analyst or support team member. Tiller’s access to your accounts is strictly read only, and it has no ability to move any of your money.

How Much Does Tiller Cost?

You can use Tiller for free for 30 days without any obligation. If you like it and want to continue using it, it’s $79 a year.

Tiller Rating

Tiller Money Rating

Rob Berger

Features

Ease of Use

Budgeting

Cost

Community

Summary

Tiller Money is one of the best budgeting tools available today. It gives you the power, flexibility and simplicity of a spreadsheet, with the tools and templates that compete with the best budgeting apps available today.

4.6

Tiller Money Video

Tiller Money–Budgeting Spreadsheet

Morningstar User’s Guide

May 10, 2020 by Rob Berger

Welcome to the Morningstar User’s Guide. We’re going to cover everything you need to know about using and getting the most advantage out of Morningstar. In this first article and video, we’ll cover an overview of Morningstar. We will also look at some resources you’ll need as we work through this guide.

It’s my hope that this will help you become a better, more confident investor.

Table Of Contents

Morningstar User’s Guide Video
Morningstar Overview
Issues with Morningstar’s New Website
This Morningstar User’s Guide
Morningstar Resources You Need Handy for this User’s Guide

Morningstar User’s Guide Video

Morningstar Overview

Morningstar was founded in 1984. Before the internet as we know it, by Joe Mansueto. The story is that he started it in his apartment in Chicago with about $80,000. I don’t know if that’s true, but regardless, he started Morningstar in 1984. Today, it’s a publicly traded company trading under the ticker MORN. It went public in 2005.

Last year, Morningstar generated about $1.2 billion in revenue. By my calculations, individual investors who pay for the premium version of Morningstar accounted for only about $22 million. Most of the revenue comes from tools designed for professional money managers and investment advisors. Some of these tools can cost tens of thousands of dollars a year.

The good news is that Morningstar made a lot of its data available for free to individual investors. And its premium version, which offers additional tools, is only $199. So that’s the good news.

Issues with Morningstar’s New Website

Now, there is some bad news. Last year Morningstar made some substantial changes to its website. They launched the new website in July 2019. The look of the new site is an improvement, sort of.

Here’s what the old site looked like:

And here’s the current website design:

The problem is that the functionality took a big hit for several reasons.

First of all, they took away a lot of the tools and data that were available in the old version of the site. For example, the removed the after-tax returns of mutual funds, which I thought was a very helpful data point. There are ways to get at that information, and we will cover that when we get to it in the series. That’s the good news, we can still get back to this old version, for now.

Second, they haven’t bothered to update the user guide. The Premium User Guide for paid members still reflects the old website design and functionality. I reached out to Morningstar support, thinking I just couldn’t find the new guide. Nope. They haven’t updated it. I guess that makes this User’s Guide all the more important!

Finally, many of the tools that still exist are really hard to find. In the old version they had a menu item called “Tools.” Seems simple enough. That page now no longer exists. So there’s no one page to go to to see all of the tools Morningstar offers investors.

This Morningstar User’s Guide

This guide will be divided into four parts.

Part 1: The Data

The first part is going to be simply understanding the data. It’ll be creating a number of videos that walk through all of the data about mutual funds, ETFs an stocks that Morningstar offers.

Part 2: Using The Data

Now that we have all this data from Part 1, how do we actually use it to make important investment decisions? That’s what we will cover in Part 2. First, we’ll figure out of all of the data you get from Morningstar, what pieces of it are really important. And then once we know that, we’ll cover how to use the data.

How do we use it to pick a mutual fund in our 401k? How do we compare two mutual funds? So we’ll be looking at that in part two.

Part 3: Portfolio Manager

In Part 3, we’re going to be looking at the portfolio manager in Morningstar.
We will walk through the Portfolio Manager, showing you how to set up your own portfolio, how to add new holdings, and then the different ways you can use the tool to evaluate your investments.

Part 4: Morningstar Tools

In Part 4 we will look at Morningstar Tools. These include fund and stock screeners, calculators, and the X-Ray tool.

Morningstar Resources You Need Handy for this User’s Guide

To finish out this brief overview, I want to talk about some things that that you want to keep in mind that are important as we move through the series.

Membership

The first is the Morningstar membership options. For individual investors like you and me, there’s are two options. At a minimum, you’ll want the Morningstar basic membership. It’s free, and you will need it to create and monitor your portfolio. If you want the premium version, it costs $199 per year.

Here’s what the two options cover:

Try Morningstar for Free

While I’m a Premium member, it’s not necessary for most people.

Snapshot and Glossary

Two more things briefly, that I think you should focus on, or at least have handy. The first is Morningstar Snapshot definitions.This gives you the definitions of key terms and concepts that we will encounter throughout this series.

For example, Morningstar categorizes mutual funds as a stock, bond or balanced fund. One might think that a bond mutual fund invests in bonds. Well, it does, but Morningstar categorizes a fund as a bond fund if at least 80% of its assets are on bonds. As a result, a “bond” mutual fund could also have a not insignificant amount invested in equities.

As another example, consider Morningstar’s definition of an international stock fund. According to Snapshot, it’s a stock fund that has invested 40% or more of its equity holdings in foreign stocks. So don’t assume you know Morningstar’s definition of these terms.

A similar tool is the Morningstar Glossary. It offers a wider range of investing terms.

Morningstar Search Tool

The last thing I want to show you in this overview is the search box on Morningstar. This really is the door through which you’ll find a lot of the things that you need on Morningstar. For example, you can you the search box in several ways to find key information on Morningstar:

Ticker: Search an investment by its ticker symbol
Name: Search a mutual fund or stock by name
Screener: Search the term “Screener” to find Morningstar’s stock and fund screeners
Tool: Search the term “Tool” to find Morningstar’s calculators and other investment tools

12 Personal Finance, Investing and Retirement Tools

May 9, 2020 by Rob Berger

Personal finance, investing and retirement planning tools can help you make the most of your money. From budgeting to investing, saving to improving your credit, the resources below will empower you to take back control of your finances.

Unless noted otherwise, I use each of the tools listed below:

Tools I Use

Personal Capital

Personal Capital is a comprehensive free financial management tool. It can do just about everything. You can connect your bank accounts, credit cards and investment accounts. Once you link your accounts, Personal Capital can track your budget, cash flow and upcoming bills. But it’s much more than a budgeting app.

The app tracks your net worth over time. It also tracks all of your investments, including retirement and brokerage accounts. Personal Capital then provides automated analysis of your asset allocation, investment fees, and retirement planning.

Personal Capital also offers a high-yield cash account. It’s FDIC-insured and offers a competitive rate.

I’ve used Personal Capital for years. Based on my experience, I created a Personal Capital Review and User’s Guide if you want more details.

Limited Time Offer: From now until the end of August, new Personal Capital users have a chance to win a Tesla Model 3. Get all the details here.

New Retirement

Unlike Personal Capital, New Retirement is a paid tool. It’s worth every penny. In my opinion, it is the most robust retirement planning software available directly to consumers. You can use the tool to model everything from retirement spending to Roth conversions to social security and medicare premiums.

There is a learning curve to New Retirement, but it’s worth the time and effort. They also give you a free 14-day trial to check it out.

You can also check out this Q&A session I held where we walked through many features of the software.

Wealthfront

Wealthfront is an automated investing service often referred to as a robo-advisor. It’s similar in theory to a target date retirement fund, however, it gives you more control over your asset allocation. It also offers excellent tools to understand your investments.

Wealthfront also offers a high-yield cash account, which is what I use Wealthfront for. I don’t use its robo-advisor services (see Betterment below).

I should add, however, that Wealthfront doesn’t offer the absolute best rates. Today, the best deposit rate I can find is through SaveBetter. This company partners with FDIC-insured banks to allow its customers to pick and choose from multiple banks all through one account.

Currently, the best rate is from Sallie Mae Bank’s 14-month no-penalty CD, which pays 2.20% APY (as of July 14, 2022).

Vanguard

Vanguard is a mutual fund company that popularized index fund investing. You can set up just about any type of account, including IRAs and taxable accounts. From there, you can invest in target date retirement funds and low-cost index funds. I’ve used Vanguard’s funds and brokerage services for years.

Fidelity

Fidelity also offers low-cost index funds and any account type you’d need. If I had to pick one broker to use, it would be Fidelity. There are several reasons for this:

Technology: Fidelity’s website and app are easy to use and provide a wealth of information about your accounts and the markets.
Full View: Powered by eMoneyAdvisor, Full View is a free tool that enables you to track all of your accounts, including those held outside of Fidelity. While it doesn’t compare to Personal Capital, in my opinion, it’s still a useful tool.
Customer Service: I’ve never had a bad experience with Fidelity. No company is perfect, but Fidelity offers some of the best customer service I’ve experience with any investment platform.

Betterment

Betterment is a robo-advisor, similar to Wealthfront. They both offer a simple way to start investing, but they both do charge a fee. While the fee is modest, we know from Retire Before Mom and Dad that every basis point in fees costs us a lot of money over our lifetimes. Still, I think robo-advisors are a reasonable choice for those who want a service that can handle your asset allocation and rebalancing.

I use Betterment to invest our credit card rewards. You can check out my video on Betterment, which shows you my account and some of Betterment’s features.

Portfolio Visualizer

This free tool is one of the best I’ve found at evaluating the historical performance of a portfolio. You can add specific investments (stocks, ETFs or mutual funds) and Portfolio Visualizer will return the historical returns of the portfolio along with a wealth of data (e.g., CAGR, standard deviation, worst drawdown). You can also evaluate portfolios using asset classes rather than specific investments.

Another feature I use is its Monte Carlo simulation. It’s particularly useful for modeling retirement spending scenarios, like the 4% Rule.

Here’s a video guide to Portfolio Visualizer.

FI Calc App

FI Calc is a free tool that models retirement spending based on a specific drawdown strategy. You can easily set your years in retirement, nest egg balance, first-year spending, and select one of several drawdown strategies. The tool also allows you to model other retirement income and one-time large expenditures.

The results, based on historical data, show by year (from 1926 to the present) whether your money would have lasted through retirement. Importantly, it also shows those years when you would have almost run out of money.

Morningstar

Morningstar is arguably the best source of information on stocks, mutual funds and ETFs. Enter a ticker and Morningstar returns a wealth of information including a fund’s expense ratio, investing style, historical performance and volatility, and top investments.

Morningstar Investor is its new portfolio tracking tool. I’m still testing it, but my initial impression is that it is a step in the right direction but still needs a lot of work.

Tiller Money

Tiller Money combines an automated budgeting app with the power of a spreadsheet. Once you connect your bank and credit card accounts to Tiller, it downloads your transaction data and balances into either Google Sheets or Microsoft Excel. From there you can evaluate and categorize your spending.

Other Tools Worth Considering

YNAB

YNAB, short for You Need a Budget, is the budgeting tool I use every day. It automatically downloads all of your transactions from bank accounts (checking and savings), as well as credit cards. You can categorize your expenses, run reports, and understand where your money is going.

It is a subscription model, but the cost is reasonable. I’ve found it to be the best tool to manage your money.

Mint.com

I used Mint for many years. It’s a free online money management tool. You connect your financial accounts to Mint. The app then downloads your transactions and categorizes them for you. It’s not perfect, but it’s right more often than not. You can then see where your money has gone and plan your budget going forward.

While Mint offers a decent product, there are some really good Mint alternatives worth checking out.