As Mint announces its closure and discontent over Quicken’s subscription price hikes grows, many budget-conscious individuals are on the lookout for a new personal finance app.
Moneydance is worth consideration, offering an intuitive interface and a wide range of features for money management. Although it may seem a bit overwhelming at first glance, Moneydance is designed with simplicity in mind, making it easy to get started.
Numerous users have found success in managing their finances with Moneydance. But the question remains: is it the right choice for you? Despite its popularity, this personal finance app is not without its share of complaints and issues.
Keep reading as I’ll address these concerns, carefully reviewing Moneydance complaints and problems to determine whether they’re significant enough to sway your decision in seeking alternative financial management solutions. Let’s explore these issues and more together.
Moneydance History
Before I start reviewing Moneydance complaints and problems, I want to give you some background information. Moneydance, a versatile personal finance software, has a rich history dating back to shortly after Quicken’s introduction in 1991.
Initially launched as a free, open-source desktop application, Moneydance has since evolved into a prominent player in the finance software market, offering comprehensive financial management tools across various platforms, including Windows, Mac, Linux, iPhone, iPad, and Android.
Developed by The Infinite Kind, based in Edinburgh, Scotland, Moneydance shares similarities with Quicken in terms of features, aiming to assist users in managing their personal finances effectively. Despite its humble beginnings, Moneydance has established itself as a reliable solution for users, providing robust functionalities such as budgeting, online banking, investment tracking, and generating detailed financial reports.
While Moneydance may initially seem like a digital checkbook, it offers much more in terms of versatility. Users can effortlessly monitor their spending habits, manage income, and oversee investments.
Reviewing Moneydance Complaints and Problems
Now what you all came for, a deep dive into Moneydance complaints. With an average rating of 4.6 out of 5 stars from over 500 reviewers on the Apple App Store, it is clear that most users do not have problems with Moneydance.
That being said, a thorough review of Moneydance must address the complaints levied against them. Here are some complaints I found in the Moneydance review that I believe deserve further discussion:
hockeychick0207, 02/14/2023
Nah
I have had the desktop software since 2015 and it’s very useful and stable. However, the app is not. There’s no way to see which items are marked cleared yet and I cannot see my investment accounts or loans. It’s basically there to enter data if you use your checking, savings or credit. Not what I was hoping for and I will delete it.
This complaint has some merit, but is also a similar complaint that reviewers have towards other budgeting apps. For most software, regardless of industry, the desktop experience is better than the mobile application. I believe this is due to the fact that when using on desktop, the screen is bigger so it can contain more information and options.
One thing that Moneydance has proven over the years is that they are able to adapt to market changes. I’m sure the team at Moneydance is working tirelessly to improve the functionality of their mobile application.
Chaucer W.
Accountant
Information Technology and Services, 1-10 employees
Used the software for: 6-12 months
Overall Rating
4.0
SHOW MORE RATINGS
“Multiple advantages over Quicken”
Pros: Aside from competently designed and highly usable, MoneyDance has the advantage of not being made by Intuit. This means that you don’t have to put up with resource-devouring processes running in the background or nagging demands to upgrade/renew your license. Additionally, I have never had to contact MoneyDance customer support for any reason. Whereas my Quicken experience was plagued with repeated occurrences of bizarre software behavior. (To add insult to injury, I never did receive any meaningful response from Intuit support.) Online banking integration works exactly the way that it should, and newly downloaded transactions are tagged for review at your leisure. Most users will find the basic reporting tools to be adequate. And unlike some personal financial software, MoneyDance does not try to be overly helpful by automatically deciding how every transaction should be handled.
Cons: It’s important to keep in mind that this software is targeted towards the typical individual’s personal financial management needs. Sole proprietors may very well find it adequate, but if you have employees or a dynamic, growing business then you will most likely find MoneyDance to be too limiting. The same is true for folks whose personal finances include a wide range of income streams and business investments. And as for the reporting features: again, these will be perfectly adequate for most people. But if you are a power user who demands the ability to construct finely tuned custom reports, you will likely find yourself frustrated. Then again, the software is priced accordingly: don’t expect to get four times what you paid for, and you’ll be fine.
This reviewer’s main problem with Moneydance is that it isn’t the best solution for larger businesses. Moneydance is designed with individuals and small businesses in mind. If you are a large business needing powerful financial software, you might be better off looking elsewhere.
Moneydance Drawbacks
Now that we have addressed some specific problems users have had, I will get into some general shortcomings of Moneydance. Here are the main cons of Moneydance:
- Crowded Dashboard: The dashboard in Moneydance can feel crowded due to the abundance of options and features. This can be overwhelming for new users, who may struggle to navigate and locate specific tools.
- Importing Issues: Moneydance users frequently encounter problems when importing data from other financial software like Quicken or Excel. These issues may require manual adjustments during the import process, and some data may not transfer accurately.
- Slow Customer Support: Moneydance offers email support, but users have reported slow response times. Some customers wait several days for a resolution to their inquiries, leading to frustration. Additionally, the absence of phone support exacerbates this issue, leaving urgent concerns unaddressed.
Moneydance Pricing
Although Moneydance does have some problems, relative to the price they charge, I believe they offer a great value. Moneydance offers a straightforward pricing model compared to subscription-based services like Quicken. Instead of annual fees, Moneydance charges a one-time flat fee of $65.
This eliminates the burden of recurring subscription costs and avoids the confusion of multiple subscription tiers. Users can test the software with a free trial, allowing for up to 100 transactions before making a purchase decision. Also, Moneydance provides a 90-day money-back guarantee, ensuring customer satisfaction with their investment.
Final Thoughts
With Mint closing its doors and frustrations mounting over Quicken’s pricey subscriptions, many folks are on the lookout for a fresh finance app. Moneydance steps up as a contender, offering a user-friendly interface and a bunch of handy features for managing your money. While it might seem a bit overwhelming at first glance, Moneydance aims to keep things simple and easy to understand.
Moneydance keeps things straightforward with a one-time fee of $65 and a free trial option. No need to worry about pesky subscription fees. Plus, they throw in a 90-day money-back guarantee for added peace of mind.
All things considered, Moneydance offers a solid option for managing your finances, balancing features, user-friendliness, and affordability. Ready to give it a try? Click Here to start your free trial today.