Quicken for Mac 2019 Review – A Big Improvement With The Mobile App

(gentle instrumental music) – Hey guys, it’s Robert from
The College Investor here and today I am excited to go through Quicken for Mac 2019. Now, I have been playing
with Quicken for Mac, now for, I don’t know, about two weeks. And I have to tell you that I
really like the improvements. Now, these improvements are not
huge compared to past years, but, there are enough of them that make me want to use this more than
Personal Capital or Mint, or many of the other free
online tools that are out there. So, that’s kind of a big deal. One of the big game changers
for me was the mobile app. And, they’ve had their mobile
app now for a couple of years but the incremental
improvements they’ve been making on their mobile app and
the way it seamlessly syncs across both the desktop and the mobile app version make it really a great tool to use. So, I’m gonna spend a
lot of time going through Quicken for Mac 2019. I’m gonna show you the desktop here and honestly, tell me what you
think when you’re all done. I know this was really
controversial last year, so I really wanna break it down for you and see if it’s worthwhile this year. So, let’s dive in. This is the home screen
that you’re gonna see in Quicken for Mac. It’s got your spending
by category, a budget, and any upcoming bills and reminders right here on the home screen. You have all your transactions
listed down the left side. If you have a blue dot right
here, that means that you have a transaction that needs
to be checked and updated. So if we click this, you can see all the different charges here, the categories that are there, you can do the payments, so on, so forth. Very simple, totally what you expect when it comes to Quicken and I really like the way they do this. The only drawback that
I’ve found as I go through categorizing these things, is that for whatever reason,
if I change this to shopping, it doesn’t always update in the future. So, like these ones have
been changed to groceries. Well, if I get another
one of these tomorrow, well, what happens is it might
default back to shopping. For whatever reason, the logic
is not saving it in there, which is a little
frustrating because I have a lot of recurring transactions. I shop at the same places all the time and you’d think it would
know to categorize it and carry those forward. So, that’s one thing that has
been a little bit annoying. The other thing that’s
a little annoying is, it’s hard to find stuff. The navigation is still kinda clunky. They don’t let you do
a lot of customization. Like, you’d think that they’d make this like a widgetized dashboard
where I could choose what I want to see on the homepage, but that’s not the case. The big screen that I use
a lot is the banking tab because what it does is
that it allows you to have your spending, and it breaks it down into a little bit more detail, it has all your transactions
down here below it so it makes it easy to categorize. Especially when you’re
trying to categorize against a bunch of different
credit cards, and you know, this is the main screen. I hang out here the most ’cause I think this is the most useful. Just like anything else
you can click on this and you can dive in on
the different categories, you can break it down a little bit more, whether you’re shopping
clothing, electronics. Any returns, which is so
handy compared to what you see with Mint or Personal Capital, that don’t handle returns
or cash very well. It’s one of the big things that I hate about Personal Capital, that it categorizes returns as income so it screws up everything, where Quicken, handles returns in the spending categories very well. And then you have your income breakdown. The only thing that I wish they had here, and I wrote about it in
the review on the blog, is that I wish they
had income and expenses right next to each other. The only way to get it is you have to go to this reports tab, and it’s on the account summary page and you can see… Oh that’s not even income and
expenses, that’s net worth. Is it spending over time? Maybe it’s category summary? I don’t even remember where I found it. I just randomly found it
when I was clicking through. And also just net worth,
it’s so hard to find. So their navigation, their
stuff is very clunky. Which is funny, because their mobile app is actually really seamless. And if you go to the blog, you can see, I took some screenshots of my mobile app. It’s really, really easy to find. I’ll put some of the screenshots right here in the video too, so like, you can see all this stuff really easily. So, it’s just frustrating
that they don’t have that all just built right into their app. The other area is investing, right? Investing is super important, but as you can see, it’s
still got a lot of drawbacks. So I left a lot of this
stuff here just to show you, on some of these things
it imports the cost basis, on other ones, it doesn’t
have the cost basis there. So that’s a little frustrating. You have to go back to your
broker, find your cost basis, enter it right there automatically. As you could see here by
the big, white space too, it doesn’t pull any historical data. This has been one of the
biggest complaints over time because it only pulls
the most recent data. So you can see when I start testing this, I got a free trial here, I started testing it in September, and I inputted all my data, seeing how everything was going, and yeah, it just really doesn’t give
you great, accurate data. Then, you know, when you
try to do this over time, the one thing that we’ve
learned with Quicken is that it does all the
calculations within the software. So if you wanna get
these historical returns, the historical returns
aren’t necessarily accurate, because it’s just pulling
random data over time. So see, like it’s just 4%. It’s all the same numbers
all across the whole board because it thinks you’re at
zero, so it’s kinda moot. It doesn’t do anything for you and tell you how you’ve been performing. But if you have Quicken
and you start today, it’ll start building this
out into the future for you. So, after 12 months, you’ll
have a correct one year return, after three years you’ll
have a correct return, but you have to use their
software in order to do it. So, that’s one of the big
drawbacks that I think is really detrimental when it comes to Quicken for Mac 2019. The last thing that is really gonna hold Quicken for Mac back is
gonna be the pricing, right? So, pricing of this has
always been the concern, with Quicken for Mac. The reason is, is that they switched to a subscription
model two years ago and that really made a
lot of customers upset. Now, I don’t think the
subscription model is a bad thing, because what the subscription model does is it allows them to keep
their software updated. You see, when you connect
to an online service, Quicken has to pay about a
dollar per user, per service. So like, you know, if you’re connected to 10 different banks, like you know, your brokerage, your
bank, your credit cards, each one of those costs
Quicken a dollar a year, and that’s expensive. And if they’re not charging
you on an ongoing basis but you’re using it on an ongoing basis, that can really add up. So, I hope with this new pricing model, they’re able to continue to be profitable so that they can innovate and
add new features over time. The big thing is, is
it’s expensive though. The Starter package, is
34.99 a year at full price. The Deluxe, which I think most
people are gonna wanna use, is 49.99 per year. And the Premier is, people who want Bill Pay and premium
support, is 74.99 per year. That’s crazy! I think most people are
gonna be extremely happy with the Deluxe package. And the trick is, for their
pricing, to go onto Amazon. I’ll put the link below in the comments, but Amazon is running a 30% off deal which basically makes the price of the deluxe $2.75 per month. Which, that makes it a better
deal than other paid software like You Need A Budget,
which is extremely popular. So, Quicken, when you
get the 30% off deal, makes it a really good
price and I do like it. And based on their improvements, I’m comfortable paying $2.75
a month with that discount. I don’t know if I’d pay full price. You know, it’s funny,
it’s like an extra $1.50, like, it’s not a ton of money but like, it’s just a psychological thing that I don’t know where
the value lies for me, but I feel good at $2.75 per month, I feel good with that 30% off savings. And so, that’s where I’m at with Quicken. So Quicken also launched a credit card, which I think is a very random approach. But they have this
Quicken World MasterCard, which they just announced. This card gives you Quicken
Deluxe for free for one year if you spend $500 or more
in the first three months. Now, I would never get a credit card just to get Quicken for free. I think that’s so silly to do. But hey, I just wanna report this to you so that you know that option’s out there. I think the big drawback
with this credit card though, is it only gives you one year free. Now, one year free is silly because if you’re gonna
use this credit card, you’d think that you
would get Quicken for free as long as you use the credit card. Right? So, I don’t know why they just do one year but that’s what they decided to do and that option’s out there. It’s brand new. You’re not going to see a lot of information out there about it yet, but you can get a Quicken MasterCard. And this Quicken MasterCard also has everything go into their mobile app. So with their app, you
can approve transactions, categorize them instantly, which is pretty handy. Their app is becoming
more and more useful. So their app is the reason
why I love Quicken 2019. So, let’s break it down. What are my pro’s and
con’s of Quicken 2019? Well, number one, I love their mobile app. We just talked a lot about
that app and it’s great. It seamlessly integrates
with the desktop version, you can see it on the go. I actually think it’s more user friendly than their desktop version, which, their desktop version’s
improved quite a bit though. Number two, they have
improved loan tracking. We didn’t cover a lot about this but when you have student
loans, you have mortgage, the loans are finally tracking really well inside of Quicken 2019, and that’s great. That’s a huge improvement. And number three, their spending
and budgeting categories, and spending tracking,
is the best out there. Hands down, it’s better
than what you’re gonna find at Mint, Personal Capital. You Need A Budget’s close but you have to like their system of, you know, assigning every dollar a task. That’s not my style, so that’s
why I really do like Quicken. The big cons with Quicken though, are the navigation and how
intuitive it is on Mac. I really wish they would
focus on this in 2020, because I think that’s a big gap. It’s not easy to find
things, it’s not easy to use, some commons sense things
that should just be like, boom right in front of you, they’re not. So, I don’t know. And it’s still lacking these
key investment features that you find in the Windows version. I don’t know why they
didn’t make any improvements in the investment tools
going from 2018 to 2019. Maybe they did. I didn’t see any on the
user interface side, but like, where’s the
asset allocation stuff? Come on. I mean, that’s been in Quicken for Windows since 2007 or ’06, or even earlier. Like, I wanna be able to see
how to rebalance my portfolio. I wanna see the historical data. Like, you should be able to
pull the prices from the past, put it in a portfolio,
give me a better return, at least with historical data. And I get the cost basis
stuff, but come on, I think there might be a
way to solve these problems if you’d invest some time and resources into getting it fixed. And finally, that subscription pricing, it’s still a hang up for me. I’m so used to the free stuff
that you find out there. The Mint’s, The Personal Capital’s. But I think if you can get a
great sale on Quicken for Mac, I think it really is worth it. It is really stable, I
like the budgeting stuff. It’s the most functional
software I’ve found. And I find myself using it
more than the free stuff, and so at that $2.75, I
think it really is worth it if you get that Amazon sale, which I’m gonna link to in the bottom. So, if you like this review, if you like what we’re talking about here at The College Investor, please hit that subscribe button. Like us. Share this review. If you think that you’re gonna be looking at Quicken for Mac, I’d love to know your thoughts. If you try it out and
you love it, you hate it, leave a comment below so
that other people can see what is going on with Quicken for Mac, and not just take my word for it. All right, guys, thank you very much, and I will see you next time.

8 comments on “Quicken for Mac 2019 Review – A Big Improvement With The Mobile App”

  1. MrTonycnyc says:

    Hi there. Thanks for review. I’m wandering what you too pick for Freelancers and personal finance would be. I use Mac. Is there a good dual software or do I have to use quicken for personal and Quickbooks for business. Thanks in advance. Also why doesn’t quicken have home/business for Mac. Thanks again

  2. Amba Guerguerian says:

    I have used quicken for a long time. However, I have not updated since 2007 as it has been very investment and online banking leaning and I don't want it for that. I do need all the reports and categories that the old quickens offer. SO my question is, aside from online banking and investing, and as a regular, lightweight sort of quickbooks- do you recommend any of the Quicken for Mac programs after 2007?

  3. Mark silvester says:

    I’ve been running Quicken as my financial software program ever since Microsoft stopped supporting Microsoft Money. When Quicken was owned by Intuit problems were few if any.

    Since it was spun off as its own company without Intuit’s support I’ve had nothing but problems with automatic downloads from my banks. Customer support, which is based in

    Guatemala is spotty at best. Many reps are not sufficiently trained and have caused more damage than I had. I gave Quicken 2019 one last try and after an initial install problem, that

    was resolved by a very competent rep it has been running well with just one problem. I'm going to take a chance and call customer support to see if this issue can be fixed. https://bit.ly/2OCK214

  4. VideoGuyAlan says:

    Thank you for the review. I just switched from the Windows version to the Mac version. So far, it is fine for what it is, but the Windows version is way more versatile. But I will stick with the Mac version.

  5. Joseph Campos says:

    Windows quicken is 100% better but I have a MacBook. It sucks ass. I have the last license version and not the membership version witch is now the only option and stops working once it expires. Features where removed from the license version and added to the membership version. The app is a joke and never works. I will consider upgrading to the membership version if it innovates sufficiently

  6. goalie204 says:

    are there any tutorials for quicken mac? ive never used financial planning / budget software, and its a bit confusing, trying to add my bills, income, mortgage and property asset value, i'm frustrated but really want to use this

  7. David Lehman says:

    Wish they'd have a full on web based option. That would be enough for me to switch from YNAB.

  8. Chris Austin says:

    So I own a perpetual Quicken 2016 Premier license. In the transition to the new Quicken 2019 software, I understand requiring an update to continue using Easy Update – I don't understand requiring the upgrade to use the MANUAL TRANSACTION IMPORT capability. QFX hasn't changed in years – it's an artificially manufactured need for upgrade. Nope. Not gonna do it! Time to say goodbye to Quicken.

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