Introduction
Personal Capital (Empower Personal Dashboard) is a cloud-based budgeting app designed to help individuals manage their finances effectively. This article provides an in-depth review of the program, covering its setup, core tools, tracking workflow, pros, and cons. We will also compare Personal Capital with other popular free budgeting apps to determine its strengths and weaknesses.
Setup and Core Tools
Setting up Personal Capital is relatively straightforward. Users can download the app or access it through their web browser. The initial setup process involves linking bank accounts, credit cards, and investment accounts to the platform. This allows users to track their income, expenses, and investments in one place.
Core Tools
Personal Capital offers several core tools to help users manage their finances, including:
- Investment Tracking: Users can track their investment portfolios, including stocks, bonds, and mutual funds.
- Budgeting: The app provides a budgeting tool that helps users track their income and expenses.
- Retirement Planning: Personal Capital offers a retirement planning tool that helps users determine how much they need to save for retirement.
Tracking Workflow
Personal Capital’s tracking workflow is designed to be user-friendly and intuitive. Users can track their income and expenses in real-time, and the app provides alerts and notifications to help users stay on top of their finances.
The app also provides a dashboard that displays a user’s financial information in a clear and concise manner. This includes income, expenses, investments, and debts.
Pros and Cons
Pros
Personal Capital has several pros, including:
- Sync-enabled finance tracker: The app allows users to track their finances in real-time, across multiple devices.
- Cloud-based budgeting app: Personal Capital is accessible from anywhere, at any time, as long as users have an internet connection.
- Investment tracking: The app provides detailed investment tracking, including performance analysis and recommendations.
Cons
Personal Capital also has some cons, including:
- Limited customer support: Some users have reported difficulty in getting help from Personal Capital’s customer support team.
- No bill tracking: The app does not offer bill tracking, which may be a drawback for some users.
- No budgeting automation: Personal Capital does not offer automated budgeting, which may be a drawback for users who prefer a more hands-off approach.
Comparison to Other Free Budgeting Apps
Personal Capital is not the only free budgeting app available. Here’s how it compares to some other popular options:
| Feature | Personal Capital | Mint | YNAB |
|---|---|---|---|
| Investment tracking | Yes | No | No |
| Budgeting | Yes | Yes | Yes |
| Retirement planning | Yes | No | No |
| Sync-enabled finance tracker | Yes | Yes | Yes |
As can be seen from the table above, Personal Capital offers several features that are not available in other free budgeting apps. However, it also has some limitations, such as limited customer support and no bill tracking.
| Feature | Personal Capital | Quicken | NerdWallet |
|---|---|---|---|
| Cloud-based budgeting app | Yes | No | Yes |
| Investment tracking | Yes | Yes | No |
| Budgeting | Yes | Yes | Yes |
| Retirement planning | Yes | Yes | No |
Overall, Personal Capital is a solid choice for individuals looking for a free budgeting app that offers investment tracking and retirement planning. However, users who prefer a more hands-off approach to budgeting or need bill tracking may want to consider other options.
Final Verdict
Personal Capital (Empower Personal Dashboard) is a powerful cloud-based budgeting app that offers several features that are not available in other free budgeting apps. While it has some limitations, such as limited customer support and no bill tracking, it is a solid choice for individuals looking for a comprehensive budgeting solution.
Ultimately, the decision to use Personal Capital will depend on individual preferences and needs. We recommend trying out the app to see if it is a good fit for your financial management needs.
| Feature | Personal Capital | Mint | YNAB | Quicken |
|---|---|---|---|---|
| Free version available | Yes | Yes | No | No |
| Investment tracking | Yes | No | No | Yes |
| Budgeting | Yes | Yes | Yes | Yes |
| Retirement planning | Yes | No | No | Yes |