Simplifi’s aim is right in its name – a personal finance tool that helps you simplify the complexity of managing your money!
Unlike other tools that tack on unnecessary advanced features and a confusing interface, Simplifi is a platform focused on clear functionality and ease of use. In fact, the company says it can help you stay on top of your finances in under 5 minutes a week!
Simplifi is a great choice for busy professionals looking to get a handle on their spending and budgeting.
While some personal finance platforms require you to review hours of documentation to understand them, Simplifi’s mobile-first platform is intuitive and simple, meaning you can get started on building good money habits right away.
Best of all, Simplifi offers a great mobile app that lets you track your finances on the go.
While Simplifi has the design of a startup, it is actually an offering from Quicken, one of the most popular and reputable personal finance platforms! With Quicken’s strong security and ad-free business model, users can rest easy about their data privacy on Simplifi.
Simplifi is low-cost, at $2.99/month when billed annually. Additionally, a 30-day free trial is available so you can decide if the platform is right for you.
We’ll begin by diving into a platform overview to highlight the best features of Simplifi, followed by answering the most important questions you might have. Let’s get started!
Overview
Simplifi’s general aim is to help you achieve your financial goals by consolidating your accounts into a single platform with automated tools. This can save you a tremendous amount of stress when compared to manually updating your accounts and calculations in a program like Excel.
However, Simplifi is not without some drawbacks. Its simple nature also means it might be missing some important tools that people with a complex financial picture need.
To decide whether Simplifi offers enough for you, we’ll review the platform’s key features, detailed below.
Pro Tip:
Simplifi has some of the best personal finance tools out there, including savings, budgeting, and even portfolio analysis tools for only $2.99 a month. Plus, you can get started with Simplifi with a 30-day free trial!
Savings Goals
Do you have trouble setting aside enough money to make big purchases? Do you need help making a plan to fund a dream vacation or buying a house? Simplifi might just be able to help you.
Simplifi has a savings interface built right into the platform, which includes a savings goal, a timeframe, and contribution tracking.
For people with multiple bank and savings accounts, you can break down the amount in each account that should go towards a specific saving goal. Additionally, savings targets are built right into your budget, so you don’t forget to contribute to your long-term goals.
Budgeting
Simplifi has a straightforward budgeting method to ensure you don’t live beyond your means.
Starting with your income, Simplifi subtracts your bills and regular expenses to arrive at the amount you can spend each day for the rest of the month. By linking your accounts and calculating this figure automatically and on a rolling basis, Simplifi can save users hours each week!
Simplifi also gives you the option to ignore one-time expenses that you don’t want to be included in your budget. We all need to indulge every once in a while, after all.
Reports
One of Simplifi’s unique features is its reporting functionality. Users who prefer visualizations will get a lot of value from this new presentation of their financial picture.
Reports can be broken down by spending, income, savings, and more. In addition, for users who do a lot of online shopping, Simplifi can track refund status so you don’t forget to check on items that were returned.
To improve your financial situation, you must first understand it. Simplifi’s reports can help you do just that!
Investments
Achieving your financial goals, of course, is not just about the day-to-day. You need a long-term plan.
That’s where Simplifi’s investment tracking comes in.
Simplifi lets you automatically link your investment accounts in one place, so you can get a complete overview of your financial picture. That includes 401(k)s, IRAs, individual accounts, and other investment accounts.
Want to stay up to date on your investments? Simplifi offers a personalized news feed, so you never miss a critical headline.
Just made an investment in your friend’s startup? You can add private investments manually to ensure every aspect of your net worth is considered.
Alerts
Simplifi has a strong mobile app, ideal for users on the go.
Even better, Simplifi will alert you about important updates to your financial situation. Unusual transaction? Nearing a spending limit? Just got your direct deposit? Simplifi’s alerts have you covered.
These alerts are like having a personal assistant in your pocket, tracking your finances even when you’re not. They’ll also serve as important reminders to keep your financial picture in mind as you go throughout your day.
Pro Tip:
Simplifi has some of the best personal finance tools out there, including savings, budgeting, and even portfolio analysis tools for only $2.99 a month. Plus, you can get started with Simplifi with a 30-day free trial!
FAQ
There are a lot of personal finance tools out there, so it’s important to choose the right one for your needs.
If you’re busy, and looking for a simple tool to get your finances in order, Simplifi could be right for you. But let’s take a look at answers to some frequently asked questions to really understand the platform.
Is Simplifi safe?
Yes, Simplifi is safe.
Simplifi does not hold your money, so you don’t have to worry about their solvency. But as a personal finance platform, you might be concerned about their data security.
Simplifi is run by the same team as Quicken, which is a very popular tool trusted by more than 20 million customers. Simplifi uses the same 256-bit security as Quicken, and runs an ad-free business model, meaning they don’t sell your data.
In addition, Simplifi has been recommended by some of the most reputable news outlets in the world, including The New York Times.
Is Simplifi better than Quicken?
Whether Simplifi or Quicken is better will depend on how complex your needs are.
Simplifi is, as the name suggests, a very simple tool to use and understand. Quicken offers more advanced features for business owners and entrepreneurs, but it is more expensive.
The good news is that Simplifi offers a 30-day free trial so you can decide if it’s right for you.
Is Simplifi better than YNAB?
YNAB, or YouNeedABudget, is a popular personal finance tool that competes with Simplifi.
YNAB takes a unique zero-based approach to budgeting. Some people find this very helpful, but others will prefer the flexibility of Simplifi.
YNAB is also more expensive than Simplifi. Luckily, both platforms offer a free trial.
Can Simplifi help me invest?
Simplifi can help you track your investments, but you cannot make new investments through Simplifi.
Additionally, the platform has limited analytical tools to support your investment decisions.
Simplifi does include a newsfeed for your personal investments, but users interested in doing in-depth investment research should find a supporting platform. Check out our Seeking Alpha Review for one investment research service you should consider!
Does Simplifi have a desktop app?
No, Simplifi does not have a desktop app. Instead, everything is managed through the platform’s online web app.
Thankfully, this means users will not have to spend time fiddling with updates or dealing with login difficulties. Everything is managed right in the user’s browser.
Pricing
Simplifi is cheaper than other personal finance tools, including Quicken and YNAB. However, it is not free, like Mint.
Luckily, the platform offers a 30-day free trial so you can decide whether or not it is the right personal finance tool for you.
Simplifi only offers one tier, but users can save money by choosing an annual subscription.
Here are some of the features included with Simplifi, to help you decide if the cost is worth it:
Automatic categorization of income and expenses
Create custom savings goals
Suggestions based on spending history
Checking, savings, credit card, brokerage, and tax-advantaged accounts can be linked
Automatically separate bills & subscriptions
Projected cash flow analysis
Track complete portfolio across financial institutions
Banking, net worth, comparison, and spending reports
Pro Tip:
Simplifi has some of the best personal finance tools out there, including savings, budgeting, and even portfolio analysis tools for only $2.99 a month. Plus, you can get started with Simplifi with a 30-day free trial!
Pros and Cons
We’ve covered a lot of information about Simplifi, including its key features and some of the most important questions you might have. Let’s quickly summarize the platform’s pros and cons!
Pros
Simple and easy-to-use interface will have you up and running immediately. Excellent mobile app will help you track your budget on the go.
Strong budgeting and saving functionality. Ideal for users with medium-term and long-term goals they want to achieve.
Made by the team behind one of the most popular financial tools of all time, Quicken, which features strong data security and a highly reputable brand.
A 30-day free trial will help you decide if Simplifi is right for you. A low monthly price means users will likely find a lot of value in the platform given the time it will save them.
Cons
Simple app also means advanced functionality is missing. No business reporting tools are available and there is limited tax functionality.
Users looking for a strong investment platform should look elsewhere. Simplifi offers a portfolio overview, changes in value over time, and a personalized news feed, but not much else. This is disappointing because investments are an important part of a long-term financial plan.
While the monthly price is low, there are free apps like Mint which offer similarly strong functionality.
Final Verdict: Is Simplifi worth it?
If you are a busy professional with a limited amount of time, then Simplifi is definitely worth it!
The platform will save you hours of fiddling with Excel formulas and manually updating account values. The easy-to-use interface will be a refreshing change from apps with very complicated dashboards.
However, if you are a business owner or an entrepreneur, you will probably not find Simplifi worth it. The platform will likely be too simple to provide the type of functionality you need.
Simplifi’s low price is attractive, and its ad-free business model and strong data security should alleviate privacy concerns.
But the only way to know for sure if Simplifi is worth it is to try it yourself – luckily there is a 30-day free trial just waiting for you!
The post Simplifi Review: Is Simplifi Better than Quicken? appeared first on Wall Street Survivor.