A budget is often the key to managing your finances successfully. If you want to hit your financial goals, tracking your budget and handling other money tasks in the same place is helpful.
Simplifi by Quicken is an app that offers a seamless way to monitor your finances and your budget in one place. The easy-to-use experience might make sense for your finances if you are willing to pay a fee.
If you are looking for a complete guide on what the app offers, this Simplifi review will help.
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What is Simplifi by Quicken?
Simplifi by Quicken is a personal finance app designed to help you monitor day-to-day budgeting and big-picture financial goals. Instead of being a time-consuming chore, Simplifi claims to help you stay on top of your finances in just five minutes per week.
The app does this by aggregating your finances into one location. This lets you quickly assess your spending and income to help you make informed decisions.
Many people feel that budgeting is overwhelming or don’t know where to start. A financial app like Simplifi streamlines much of the process for you so you can focus on your long-term goals.
How Does the Simplifi App Work?
The Simplifi app gives you a one-stop shop for managing your budget and monitoring your financial situation. It pulls your financial information from bank accounts that you connect to the app.
After you provide the information required for a secure connection, Simplifi gathers your spending details in one place. From there, you can look through the app for reports on your spending, net worth, and progress toward savings goals.
However, the app is only as useful as the information you provide. It’s best to connect all of your financial accounts to get the most comprehensive experience.
How Much Does Simplifi Cost?
Simplifi isn’t a free budgeting app, but it is ad-free. You can read our guide on the best free budget software tools if you want to minimize costs.
The app costs $5.99 per month. If you want to save money, you can pay $35.99 for the year. You can pay with a credit card, PayPal account, or debit card. Keep in mind that the subscription will renew automatically.
If you want to give Simplifi a test drive, you can snag a 30-day free trial. It’s easy to cancel at any time.
While you must pay to use the app, it’s important to note it provides an ad-free experience. This is not something offered by similar budgeting tools.
Who Can Use Simplifi?
Simplifi is designed for U.S. members. Currently, the platform only supports U.S. financial institutions.
With over 14,000 supported financial institutions, most U.S.-based households can work with Simplifi. Nevertheless, only people who want to monitor their financial situation will benefit from the app.
How to Create a Simplifi by Quicken Account
It is relatively easy to use Simplifi by Quicken. Here’s how to create an account:
- Download the app or head to the Simplifi website
- Select ‘start a free trial’
- Enter your email, add a password, and provide your payment information
- Connect your financial accounts through the straightforward prompts
Opening your account shouldn’t take more than a few minutes. Plus, you can tap into family sharing to provide access to a partner.
Simplifi by Quicken is a robust personal finance app that can help you tackle several tasks. Here are a few features that make the app stand out from its competitors.
Create a Spending Plan
The long list of Simplifi features kicks off with a straightforward spending plan. This is a budgeting tool that offers a road map for your money.
When you create your spending plan, it will forecast your income and fixed expenses. Since your fixed expenses won’t change much, the plan focuses on your discretionary spending options.
While Simplifi offers suggestions for your plan, you can make changes based on your preferences or upcoming bills. Each time you check-in, you can see how much discretionary money you have left to spend each day for the rest of the month.
The money-tracking app offers an easy way to keep your spending in check. If you are worried about making money mistakes, this may help you stay on top of your spending.
The dashboard gives you a bird’s eye view of your finances. It’s helpful if you want to check in on your budget since it helps you quickly assess all of your financial accounts in real time.
As you make progress toward your money goals, the dashboard offers an easy way to see your net worth. You can check your progress at any time.
The platform supports bank accounts, credit cards, loans, and investments, so you’ll get an accurate look at your finances.
Beyond the big picture, the dashboard also gives you a categorized look at your spending. The tool will help you spot areas where you might need to rein in your expenses.
With this tool, you won’t have to wade through all of your financial information to find the source of potential overspending.
Monitor Your Spending
Whether or not you are on a tight budget, monitoring your spending is critical. If you are living paycheck-to-paycheck, you must lower your spending since this is often the key to helping you save money every month.
This budgeting and saving app makes it easier to track your spending and spot any budgeting mistakes holding you back.
Simplifi offers a way to download your transactions and categorize them with tags. You can even split new transactions across multiple categories.
Once you categorize certain payees, you can make it an automatic rule. For example, you might include trips to a particular grocery store in your takeout category. This customization makes it easier to monitor your spending.
Additionally, you can customize what spending you monitor closely using a watchlist. Instead of a line-by-line budget, your watchlist will help you stay on top of the expenses you care about. For example, you might monitor how much you spend on takeout.
All this information about your spending habits can help you make the best choices for your financial goals.
If monitoring this information is new to you, read our guide on how to create a budget to learn more.
You need income to stay on top of your financial obligations unless you are financially independent. Simplifi offers income tracking to monitor the funds flowing into your account.
Income tracking is a useful way to ensure you are living within your means. With the numbers in front of you, it’s easier to know if you spend more than you earn.
Catching this problem is the first step in fixing it.
Create Savings Goals
Savings goals are a critical part of building a bright financial future. Without goals, it’s easy to overspend on unnecessary expenses.
Simplifi allows you to specify your savings goals. This lets you utilize value-based spending to help you accomplish what you want with your money.
Even if they aren’t written down, most of us have savings goals. A few examples include starting an emergency fund, creating a vacation fund, or saving for retirement.
Once you establish your goal, you’ll enter an amount and a completion date within your account. From there, Simplifi will calculate how much you need to save each month to reach your goal.
You can always change the timeline. If you make changes, Simplfi will adjust your required savings.
Not only can you set savings goals, but you can build them into your budget. If you set savings goals, Simplifi will consider them part of your fixed expenses. With that, you can avoid accidentally overspending.
You can set short-term and long-term goals with Simplifi. It’s easy to track your progress along the way.
The ability to check your finances on the go is essential. Luckily, Simplifi offers a mobile app. You can even check your financial situation before whipping out your card for a splurge.
The iOS version of Simplfi has earned higher ratings than the Android version. Simplifi earned 4.1 out of 5 stars in the Apple App Store. In the Google Play Store, Simplifi earned 2.5 out of 5 stars.
Simplifi gives you a forecast of your projected cash flow based on your income and expenses. The feature is useful for anyone concerned about a cash flow crunch, but everyone can gain peace of mind knowing that their upcoming bills are covered.
The feature also warns you about a dip in your bank account balance. As you navigate your finances, understanding your projected balances will come in handy.
It’s normal to have questions while using any personal finance app. If you need help resolving an issue with the platform, you can contact customer support via chat or phone. For a phone call, you’ll have to ask Simplifi to call you.
The support team is available seven days a week from 5:00 a.m. to 5:00 p.m. PST.
Is Simplifi Safe to Use?
It’s normal to have concerns about providing your financial information to any platform. Simplifi eases any worries by providing bank-level security and encryption protocols to put your mind at ease.
The app uses 256-bit encryption to protect your financial details from prying eyes.
Pros and Cons
There is a lot to consider when choosing a budget app. Here’s what to keep in mind when evaluating the Simplifi platform.
- Comprehensive reports
- No ads
- Option to set up savings goals
- Easy to customize reports
- Uses two-factor authentication to keep your account secure
- Allows you to sync your transactions
- Requires a paid subscription
- No credit monitoring
- Limited investment features
If you’re looking for an online money management software solution, Simplifi by Quicken is a helpful resource.
Alternatives to Simplifi by Quicken
Simplifi isn’t the only money management app out there. There are other choices available.
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Here’s a breakdown of some of the top competitors to Simplifi.
Empower is a money-tracking app that focuses on your investments, but it also allows you to track your cash flow.
While you can pay for investment assistance, there’s no cost to use this ad-free service. If you are focused on planning for retirement expenses and investment tracking, Empower is more robust than Simplifi.
Budgeters looking for extensive budgeting tools won’t find them through Empower. But if you are looking for investment tracking, you might prefer the personal finance tools offered by Empower.
Read our Empower review to learn more.
Tiller focuses on budgeting via customizable spreadsheets. Unlike a traditional spreadsheet, Tiller is a financial aggregator that operates by downloading transactions and inputting them directly into a spreadsheet.
Through Tiller, you’ll find spreadsheets to track various financial activities. A few include your monthly budget, cash flow forecast, net worth, how you plan to pay off debt, side hustle income, retirement planning, and more.
Tiller doesn’t offer a mobile app. After a free 30-day trial, it costs $79 per year.
You Need a Budget (YNAB) is an extensive budgeting tool. Its goal is to help you break the paycheck-to-paycheck cycle and save more money.
While the focus is on your monthly budget, YNAB monitors your short-term and long-term goals. Along the way, it will offer suggestions on how to improve your spending habits and avoid budgeting mistakes.
YNAB costs $99 per year. You can give it a test run with a free 34-day trial.
Read our YNAB alternatives guide to identify other options if the app doesn’t work for you.
Simplifi by Quicken review
Ease of Use
Tools and Features
Simplifi by Quicken Review
Simplifi by Quicken is an easy-to-use money management app that aids in helping you monitor your finances and reach personal goals.
✔️ There are no ads on the platform
✔️ Easy to use interface and helpful dashboard
✔️ Excellent transaction management
✔️ Thorough reporting
✔️ Helps you reach goals with its goal creation feature
❌ There is no free version
❌ Does not show your credit score
❌ Limited investment tracking
Is Simplifi by Quicken Worth it?
Simplifi by Quicken is a worthwhile choice if you want to manage your money effectively. However, it’s not the right money management tool for everyone.
If you can’t stomach the idea of paying for any budget software, there are many free financial tracking tools to choose from. But if you prefer to avoid ads, Simplifi is worth trying.
What’s most important to you when choosing an online budgeting service?
Sarah Sharkey is a personal finance writer who enjoys diving into the details to help readers make savvy financial decisions. She’s covered money management, insurance, budgeting, mortgages and more. She lives in Florida with her husband and dog. When she's not writing, she's outside exploring the coast. You can connect with her on her blog Adventurous Adulting.