MENLO PARK, Calif., Jan. 14, 2020 / — Quicken, maker of America’s best-selling personal finance software, today released Simplifi, a personal finance app to help a new generation of consumers easily stay on top of their finances. Simplifi offers a comprehensive yet simple way to see a consolidated view of all your accounts, effortlessly track your day to day spending, and successfully achieve your savings goals. Simplifi is flexible, intuitive and customizable; it adapts to you and how you manage your finances.
As a trusted market leader for over 30 years, Quicken has helped over 17 million customers track their spending and achieve their financial goals. Currently, customers track $1.25 trillion in assets within the Quicken platform. The average lifetime of a Quicken customer is nearly a decade, a testament to the effectiveness of the company’s products in helping people manage their finances, as well as to its world-class customer service.
“As pioneers of personal finance, we saw an opportunity to help the next generation gain visibility into their finances and develop better financial habits, the way we have for their parents,” said Quicken Chief Executive Officer Eric Dunn. “We designed Simplifi to be the most powerful and comprehensive solution on the market, but also very simple and intuitive. Rather than simply reporting on the past, it’s forward-looking – it answers the financial questions you have now, helps you manage spending, reach your savings goals and simply understand where your money goes.”
Most personal finance and budgeting apps today are loaded with ads or designed to upsell you over time, from freemium to premium, by selling you services or enhanced options. In contrast, Simplifi delivers a transparent, ad-free experience that provides everything you need in one place, so you can focus on your finances and reaching your goals.
Each Simplifi feature has been designed to help guide you to make more informed financial decisions, today and in the future. Simplifi’s forward-looking differentiators include:
- Watchlists – One of the most popular features with beta testers, Watchlists let you easily keep an eye on important aspects of your everyday spending, such as food, transportation, housing or wellness. With the power and flexibility of watchlists, you can get a consolidated view of your spend across categories, tags and payees, so you know where your money goes. Watchlists don’t confine you to a monthly time frame, like other apps do. You can add or delete watchlists at any time to track both ongoing expenses as well as one-time events such as holiday spending.
- Budgeting – Since discretionary money is spent differently from month to month and is hard to budget perfectly, Simplifi keeps it flexible. There’s no need to budget every line item to keep spending within your goals. Simplifi creates a custom plan based on your expected income and bills for the month and shows you how much discretionary money you have left at any point.
- Projected Balances – With up-to-the-moment information, including pending transactions and income and bill tracking, Simplifi makes it easy to project what your balances will be.
- Savings Goals – Track progress against an unlimited number of short- and long-term goals, such as saving for a car, house, vacation or paying off debt, with ease. Unlike other apps, with Simplifi you can track multiple goals concurrently and seamlessly, in a single savings account, just like you have it set up at the bank.
Simplifi provides a holistic and accurate representation of your finances. It aggregates data from more than 14,000 financial institutions, so all your bank accounts, credit cards, bills, investments and savings are automatically consolidated in one place, anytime, anywhere and always up to date. The financial app has been in an invite-only beta for four months and has received overwhelmingly positive response from thousands of beta testers.
“I like the simplicity and that it’s mobile friendly and I can use it on the go,” said Melissa Reed, a beta tester. “Also, it tracks spending the way I think about it: what’s available to spend after all the bills and savings are accounted for.”
The Simplifi launch coincides with the start of a new year, when people are looking for ways to help them keep their newly minted new year’s resolutions. A recent survey sponsored by Quicken found that although 93% of respondents have failed in the past to keep new year’s resolutions, almost as many 90% are planning to try again in 2020, and 84% say they’d be willing to try an app if they knew it had helped others keep their new year’s resolutions. Nearly 70% of respondents identified money as one of their top three sources of stress over the last several years, and money ranked second as the cause of arguments with spouses/significant others, just after “annoying habits.” Arguments about money center on spending (61%), saving (43%), credit card debt (35%) and planning for bills (32%).
“Money is a source of stress for a lot of people and getting control of their finances is consistently one of the top new years’ resolutions people make,” Dunn noted. “We’re excited to launch Simplifi in time to help people make 2020 their most financially successful year.”
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