I’m an old-skool Quicken user. I’ve been using it since I was working on my first undergraduate degree. Today, I use it for pretty much everything in my financial life.
Back in my Linux days, I kept a Windows partition only for Quicken. When I became a Mac user in 2001, I dutifully bought Quicken for Mac. I’ve been disappointed in it from the beginning due to its lack of features and its unreliability. I’ve upgraded faithfully on each version (with an exception, more on that in a minute) in the hopes that one or both of these issues would be addressed. The former has, in a scant handful of cases; the latter possibly has, too, although not nearly enough for my tastes.
But then the Intel transition happened, and Intuit made the decision that they would start over with a new version of Quicken for Mac instead of transitioning their existing codebase to Intel. Having been on the Office:Mac team during the Intel transition, I have a reasonably good understanding of why they made that transition. I understand the decision, even if I don’t really like it. The new Quicken was delayed multiple times, and Intuit finally shipped Quicken Essentials for Mac (QEM). On its release, Intuit said that it didn’t have all of the features of its predecessor, Quicken 2007 (Q07). I relied (and continue to rely) on some of those features, so I continued stumbling along with Q07.
OS X 10.7, Lion, changes that. Q07 is my last PowerPC application that requires Rosetta, and Lion no longer supports Rosetta. In all of my years of dissatisfaction with Quicken, I’ve looked at various alternatives, but have rejected them relatively quickly as not meeting my needs. However, if I want to stay current with my OSes1, something’s gotta give. Q07 has got to retire, and I’ve got to figure out what that is.
I currently run two instances of Q07. One is on my personal Mac for my personal finances, one is on the household Mac for my shared finances with my husband. He might also run an instance of Quicken for his personal finances, but I don’t use his Mac so I don’t know.
My personal finances consist of the following active accounts:
- chequing account
- credit cards
- stock account
- stock account
- 401(k)
- IRA
- Roth IRA
- mutual fund account
The household finances consist of the following:
- mortgage
- chequing account
- savings account
- credit cards
- life insurance
- our home2
What do I need in a Q07 replacement?
- Import of my existing Quicken data. I actually wouldn’t mind it if I didn’t have to import all of it. After all, since I’ve been using Quicken for well over 15 years, I’ve got accounts that are long past closed. I think it’s safe to say that I don’t have to import the data from a mortgage that I had more than 10 years ago. There’s not an easy way to separate out such old data from my existing data file3 But I do want to have access to my full history of my current accounts. I like being able to see how much progress we’ve made on paying off our mortgage.
- Downloading of transactions. I’ve got a lot of accounts, and so the ability to download my transactions makes managing everything a lot easier.
- Downloading of security prices. Okay, so I only own stock in three companies4, but I still like to see how they’re doing. This also includes the mutual funds in my 401(k) and IRAs.
- Budgeting. I maintain a budget (both personal and household), and I want to be able to see how I’m doing.
- Eye candy. Yes, I admit it, I want some eye candy. For example, Q07’s graph showing me how my net worth has changed over time gives me a nice warm fuzzy. Of course, the graph showing me the hits that my 401(k) and IRAs have taken have the opposite effect. Sigh.
Q07 has some features that I don’t use:
- Dashboard widgets. I don’t use Dashboard anyway, so I don’t care about the widgets.
- iOS app. Well, this strictly isn’t a Q07 feature, but I still haven’t felt the need.
- Bill pay. I use my credit union’s website for this.
- Printing cheques. I write one cheque per month5, and I don’t even own a printer.
- Integration with other apps. I don’t need iCal reminders, and I’ve got an accountant for my taxes.
That’s the state of my financial union right now. Next up is to compile a list of the possible contenders and rank them. After that, I’ll start downloading trials of the contenders (where applicable, that is) and see how they compare when running side-by-side with Q07 today. Look for more posts in the future.
If you’ve got a favorite financial application that you’d like to recommend (or, an application that you’d like to recommend against), the comments are open. You’ll get special bonus points if you note how well they will (or won’t) fit with the financial institutions or requirements that I’ve listed above.
My fear is that the winner is going to be Quicken for Windows. I’m sure that this makes me a bad VMware employee, but I don’t actually run Fusion6 on my Mac at home. If I’m going to have to install Fusion, then purchase and install Windows, I’m not sure if I want to reward Intuit by buying another copy of Quicken. This does mean that if you’ve got Windows financial software options, I’m open to those as well, although my preference is definitely for Mac-native apps.
- This is likely, since I’ll probably get a new Mac later this year. ↩
- Not an account, of course. Honestly, I put this asset in Quicken so that the total line in my list of accounts doesn’t show that I’m a trillion dollars in the red. ↩
- At least, I’m not aware of one. Please do comment if you know of one! ↩
- MSFT, AAPL, and VMW, if you must know. ↩
- My HOA isn’t set up for online bill pay. ↩
- Or that other, lesser, virtualization software; nor Boot Camp. ↩