Seven Solid Alternatives for Microsoft Money Users

On June 30, 2009 Microsoft Money became yet another casualty of changing consumer tastes.  From the Money website:

With banks, brokerage firms and Web sites now providing a range of options for managing personal finances, the consumer need for Microsoft Money Plus has changed. After suspending annual updates of Money Plus in 2008, Microsoft ended sales of Money Plus on June 30, 2009.

Additional information about the change and how it impacts Microsoft Money users is available in this extensive FAQ, including this interesting tidbit:

The category of personal financial-management software has changed considerably in the 17 years since Money was first established. As more users shift their attention to full-service offerings provided by banks and brokerages, demand for a comprehensive personal finance toolset has declined.

Exactly what does this mean for current Microsoft Money users?

The good news is that your copy of Money will continue to work.  Microsoft is phasing out the online update portion of the software over the next two years.  The FAQ contains details about the expiration dates and is a worthwhile read for all Money users.

At some point all Money users will need to migrate to different financial software to receive online updates for their accounts.  This point hit home this morning when a Money dialogue box revealed that my online updates will expire in 22 days (see screenshot at top of post)!  Time to do some research!

Fortunately the competition that drove Microsoft to stop selling Money benefits stranded Money users by giving them a wide array of choices.  In fact, there are so many financial management software solutions out there I can’t possibly fit them into one article!

During the next few months I plan to investigate the many financial management software options that are available.  In the meantime here are seven excellent candidates to replace Microsoft Money:

GnuCash – This is a popular open-source (free) accounting software package that can be used to track personal finance accounts too.  Open-source programs are developed and supported by the very community that uses them.  Firefox web browser is probably the open-source example most people would be familiar with.  GnuCash has an excellent reputation and a strong base of users.

Mint – Mint is quite possibly the most popular financial software website you have never heard of!  With over 1 million registered users, Mint is currently the #1 online personal financial service.  Better yet, it is free!  Mint is constantly adding new features and tools and is well worth a look.

Quicken – In terms of familiarity Quicken will be a popular choice for Money users.  Quicken is probably the best-known and most popular personal finance software solution available.  It is computer-based, so you don’t need an active internet connection to check on your finances.  Quicken provides a convenient page with details about switching from Money.

Quicken Online — This is the free online version of Quicken.  It offers the functionality of software-based Quicken minus some of the more advanced features.  There is even an iPhone app available!  Quicken Online is a good choice for those who want free, easy money management.

Wesabe – Wesabe has been around for years.  Wesabe offers some excellent financial tools for budgeting and money management.  Possibly the best “feature” of Wesabe is the community that has sprung up around it offering support, tips and advice.

YNAB – You Need a Budget (YNAB) is a popular choice for people who need to take control of their finances.  YNAB allows you to import bank accounts, pay bills and develop budgets.  It is an excellent choice for those who are looking to pay off debt.  YNAB offers a 15 day free trial.

Yodlee – Yodlee powers many of the most popular personal finance websites.  In addition Yodlee offers their own online financial management solution called MoneyCenter.  The strength of MoneyCenter lies in account tracking, but not so much in budgeting.

I encourage you to test-drive one of more of these choices to determine which is the best for YOUR particular needs.  In the weeks and months ahead I will continue to explore and report on this ever-changing software category.

Update from Microsoft (8/5/09): Later this year, Microsoft will release versions of Money Plus Deluxe and Money Plus Home & Business that will not require online activation. This version will allow you to keep your Money files and transactional history but will not allow access to online services or premium services.