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Updated almost 7 years ago on . Most recent reply

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Eran G.
  • Dallas, TX
4
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20
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Recommendations on personal finance software for begginer

Eran G.
  • Dallas, TX
Posted

For someone who keeps their life quite tidy and neat, I am afraid to admit that I currently do use any budgeting software to keep track of income and expenses. I currently own one rental property (SFR) and I am in the educational stage of serious real estate investing (meaning I am not out making offers at this time). I know I need to have a better grasp of my finances if I really want to play this game.

Having absolutely no experience in formal accounting (but being smart with money), I am quite overwhelmed with which personal finance software I shoud go with.  There is Quicken (which I have read is for personal finance), there is Quickbooks (which has much more powerful features and is geared for businesses - which I do have one), and there are competing products.  To make things more complicated, both Quicken and Quickbooks have multiple versions (Starter, Delux, Premiere, etc. etc.).  

I wish to start at the beginning with understanding my personal finance picture as well as have the option to later include my investments into the fold.  With those needs and wishes stated - where should I start? An Excel spreadsheet, Quicken, Quickbooks, something else...

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61
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23
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Jurgis Kirsakmens
  • Investor
  • Riga, n/a
23
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61
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Jurgis Kirsakmens
  • Investor
  • Riga, n/a
Replied

I would start with something simple and very convenient like mobile app for budgeting- it's much more easy to turn tracking expenses into habit when you can do it immediately (and with benefit of taking photos as well) without need to "deal" with them later. Setting up you own way with Excel or Google Maps most probably will be more flexible but most probably will be far more time consuming (but it's worthy tradeoff if you really know what you need and how you want organize things). Some recommendations for budgeting mobile apps: https://www.imore.com/best-budgeting-apps-iphone. As for rental property management you can try Landlordy, DIY Landlord or Housters (to name a few).

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