Open Source Options for Personal Finance Management
One thing in common with the Android and Linux is that once you are done with installing the OS or updating it, you got to search and locate apps for your specific needs. For some, this journey of exploration is highly exciting and satisfying; while for some others it’s a downright waste of time. Whichever category you belong to, reading blogs and forums are a good way to know your options better.
We will take up personal finance management tools available for the Linux platform. These applications help you to keep track of your finances so you can handle them better. Your financial requirements may include creating a budget, sticking to it and reducing needless expenses. Whatever your needs, personal finance managers assist in providing you a better understanding of your financial situation. Understanding the arrival and departure of numbers to and from your bank accounts help you take control of your personal finance.
Every one of us does not set up the same bank account because our financial needs vary. Similarly, there is no single personal finance application that works equally well for everyone. The personal finance tool one chooses should match one’s financial requirements. Features like automation, simplicity, customization and the like should be taken into consideration while deciding which personal finance tool is the right one for you. Your financial requirements to be considered could include your use of electronic cash, archiving and receipt organization, tax time, the size of business you own, involvement of multiple currencies like Bitcoin and countless other complex financial aspects only you will know about. We leave understanding your own financial requirements to you and focus on what the open source personal finance tools are ready to offer.
If you are after simplicity then wxBanker is for you. It is a lightweight, simple and straightforward personal finance manager. You can see the screenshots of its user interface from Ubuntu wiki and download it from its main project page at Launchpad. The main project page also contains links to resources like teams and mailing lists. Although designed for Ubuntu, the app also works rather well in OSX and surprisingly even in Windows.
wxBanker is designed to act as an advanced digital checkbook register so that you can own separate balances and compare it with online banks and similar accounts. It is also possible to synchronize account balances online via Mint.com. The provision for creating arbitrary accounts for keeping track of reimbursable deposits, informal loans or allocating savings is also provided.
Although it lacks in advanced features, it can perform simple transactions and transfers and even has a built-in calculator. You can add unlimited accounts and take advantage of simple graphs it provides.
GnuCash is a somewhat full featured accounting software that is used to track bank accounts, expenses and income. It is designed for personal and small business financial needs and is available for GNU/ Linux, Solaris, BSD, Mac OS X and Windows. If you are looking for features and customization, GnuCash is a good option although many features are designed keeping businesses in mind. The features it provides include multi-entry bookkeeping, powerful reports and graphs, financial calculations and scheduled transactions. GnuCash can also be used as a checkbook register. This accounting software is based on professional accounting principles.
What is more exciting about GnuCash is that, the app is also available in Android. The mobile version makes it easier for you to keep track of your financial transactions on the go. The direct syncing of both desktop and mobile versions is not made available yet but importing is possible.
KMyMoney is a native KDE personal finance management tool. The three main objectives of this application is providing accuracy, ease of use and familiar features. The features include different account types, categories of import and export, online banking support and the ability to align brokerage and investment accounts.
It is easy to set up a new account using the account setup wizard in KMyMoney. You can create an account according to your requirements within a few steps. You can also select account types for specific tax needs. KMyMoney too is designed for Linux but can be ported to Mac and Windows.
HomeBank is an open source personal accounts manager which is available in around 50 languages and supports GNU/Linux, Free BSD, MacOSX and Windows platforms. HomeBank features include import from Quicken and Microsoft money or similar formats, duplicate transactions detection, multiple account types, split transactions and budgeting tools. The source code of HomeBank is available in Launchpad.
The open source personal finance managers for Linux list doesn’t stop here. Skrooge is another good one. It has a user-friendly design and the windows with bank’s name, account and transaction details are easily perceptible. Familiar features like import and export of files and scheduling tool is also available in this. Other options like Grisbi and Money Manager Ex is also worth consideration.
If you have some other favorite personal finance tool, mention it in a comment below.