The Quicken Deluxe personal finance software is designed to make it easy to budget and manage your money. In this respect, it sounds very similar to the You Need a Budget (YNAB) software, but it has some additional features that aren’t present in YNAB, such as investment tracking and tax preparation. This review focuses on the Quicken Deluxe 2010 software but you can also buy various other Quicken 2010 software, such as Quicken Premier, Quicken Home & Business and Quicken Home Inventory Manager.
Import financial data from banks and credit unions
When you’re creating your accounts, you can choose your bank(s) or credit union(s) from Quicken’s list. This list is comprehensive so you should be able to find yours and import your recent financial data.
Import investment data
If you’ve got investments like a 401(k), an IRA, a 529 College Savings plan or a mutual funds account, you can use Quicken Deluxe to keep track of your investment portfolio. This isn’t something that I’d personally use Quicken for but according to other reviewers, the Premier version of Quicken is top notch in this area. This particular piece of Quicken software may be a good option if you’re looking for personal finance software that is largely geared towards investments as well as budgeting.
Debt Reduction Planner
This tool helps you to keep track of your debt, suggests which debt to pay off first and when you can expect to be debt-free based on your current payments.
Export data to TurboTax
You can export your financial data to TurboTax at tax time to make things less of a hassle.
Find coupons and discount offers.
The Quicken Picks service finds you the best coupons and discount offers so that you can save money.
Import from Microsoft Money
If you were previously using Microsoft Money, you can import data from there using the Data Converter tool. See the Disadvantages section for more on this.
Spending Planner tracks your spending
The Spending Planner tool provides a summary of your spending and compares it to what you intended to spend that month so that you can easily see if you’re going over budget (and in which areas you’re doing this overspending).
Avoid late fees and penalties
You can choose to receive alerts before payments are due to avoid late fees and set up reminders to pay bills before they’re due. You can also easily check which bills have already been paid, which still need to be paid and whether there is definitely enough money left over to pay them. This avoids the need to log into different accounts to check your balances. If you have an overdraft facility, you can easily see how much money will be left in your account until payday to give you prior notice if you’re likely to go overdrawn. This feature is new for 2010.
Installation results in multiple desktop icons
Once you’ve installed the software, you’re left with icons that clutter up the desktop. Not all of these have much use, so this can be annoying.
Importing from MS Money can be problematic
I didn’t do this personally, but other reviews have suggested that there can be issues attached to importing data from Microsoft Money. Some people have complained that Quicken repeatedly crashes after the import is complete and that the process needs to be repeated when the program is reopened or the computer is restarted.
Phone support is expensive
If you have problems during the installation process or when converting data, you can call support for help. Before you reach for the phone, be aware that it’s not cheap. This can actually cost you a whopping $24.95 per call. In comparison, email and chat support is free so you’re better off using those options.
How Much It Costs
Quicken Deluxe is available to buy on the Quicken website for $39.99, reduced from the original price of $59.99.
Quicken Deluxe simplifies money management with the ability to manage your accounts in one place and keep track of bill payments. This can be useful if you’ve got checking accounts, savings accounts and credit cards to manage. Because it’s all too easy to slip up on when bills are due, I like the concept of sending alerts before payments need to be made in case you’ve forgotten. I haven’t used previous versions of Quicken, but judging from reviews and expert offerings, it seems that the usability has improved significantly for the 2010 version. If you’re starting from scratch, it’s a good money management option and should definitely help you get your finances in order!