Simplifi App: Need Help Tracking Your Finances? 8 Helpful Features, Pros & Cons

By Chika


Last Updated: April 14, 2023


Hate tracking your finances? 

Most people will agree. Whether it's a struggle, or confusing, or you just plain don't know how to get started, financial tracking can feel tricky.

But, having financial goals is essential.

Without a template to track your income and expenses, it can be difficult to determine how your daily money management habits influence how well you're doing on your long-term financial objectives.

Enter Simplifi by Quicken.

Several personal finance applications can help you monitor your finances with your long-term financial goals in mind.

In this article, we examine what Simplifi has to offer in greater detail. 



What is Simplifi?

Simplifi is a personal finance app launched by Quicken in 2020. 

The app aims to provide you with a template to manage your finances effectively. The app is targeted at young people, but older people can also use it to make plans and track their financial goals. 

Simplifi works by helping you keep an eye on your day-to-day spending. It also presents a big picture of where you are in terms of achieving your financial goals and what you need to adjust in terms of money management to achieve them. 

Simplifi is designed for a different market, targeting a younger demographic and others who want to track their financial accounts, keep an eye on day-to-day spending, and work toward savings goals.

Rather than hopping from account to account to know the state of your finances, you can just log on to Simplifi and get a complete picture of your financial status. 


How Much Does Simplifi Cost?

Simplifi has two payment tiers.

You can either make a one-time payment of $47.99 for the entire year at $3.99 per month, or you pay $5.99 monthly.

If you are unsure if this is the app for you, you can make use of the 30-day free trial period. You can access all of Simplifi's features during the free trial. This will enable you to make an informed decision on the app and how it suits your financial goals.

Whichever option you choose, you will have the ability to cancel your subscription at any time.



8 helpful Simplifi features

Here are some features that may interest you when using Simplifi.

1. A clear picture of your finances.

With many people having multiple accounts for different purposes, it can be difficult to keep track of your expenses, taxes, income, etc.

Simplifi has solved this by providing a streamlined way to manage your money simply. The app allows you access accounts from over 14,000 financial institutions. The ability to connect to accounts gives you a clear picture of your entire financial life in a single snapshot.


2. Spending monitoring.

Simplifi automatically categorizes your spending so you can quickly see where your money is going.

You can customize the breakdown of your spending reports to see your spending patterns. This helps you when it comes to budgeting or knowing which areas you have to cut back on spending.


3. Spending plan.

Planning and keeping track of long-term financial goals is easy on Simplifi.

The app allows you to chart your future spending plans by helping you create a budget that takes your actual income and bills into account.


4. Plan bills payment.

Simplifi draws your attention to any upcoming bills, helping you fit them into your projected budget.

The reminder on future bill payments helps you plan and fit them into your budget. If they are items you can do away with such as subscriptions, you can go ahead and cancel them. 


5. Watchlists.

Simplifi allows you to set up watchlists to reflect your ideal spending targets in particular budgeting categories.

Once you set up your ideal spending target, Simplifi will monitor your spending and let you know if you are getting close to the limit.

When you approach 50 to 90% of your target for any particular watchlist, Simplifi sends you a reminder. Watchlists can be set every month or rolled on throughout the year. 


6. Financial reports.

Simplifi also offers you a wide range of financial reports built on the information gleaned from your accounts.

You get to see a detailed breakdown of financial metrics such as:

  • spending
  • income
  • net income
  • savings
  • net worth


7. Savings goals.

Simplifi enables you to set and track savings goals.

The app interface has features that allow you to see what progress you are making toward your goals. In addition, you get to receive insights from Simplifi that can help you maximize your savings.


8. Projected cash flow.

Simplifi offers an income tracker.

This works by tracking all cash flows into your account. With that information, the app will help you keep enough cash in your bank account to cover upcoming bills.

This is a useful feature for anyone who has an irregular income. It allows you to stay on top of things and ensures that you have enough money to offset your bills.



Is it safe to use Simplifi?

Simplifi uses multi-factor authentication, which provides an extra layer of security to your account. You have the choice of having a security code delivered via text or email. 

Simplifi also pays attention to data protection. Data is transmitted securely from your bank servers using robust 256-bit encryption. The information downloaded from your banks is confidential and used only to update your accounts.

However, even though personal finance apps have robust security, you still need to be vigilant about keeping such sensitive data safe. For example, avoid accessing your financial accounts on a public Wi-Fi network and always enable multi-factor authentication wherever it's offered.



Benefits and downsides of using Simplifi

Let's look at the benefits and downsides of using Simplifi.


  1. No ads: there are no distracting or annoying ads when you use Simplifi.
  2. Extensive financial reports: With an exhaustive set of reports, you can delve into the specifics of your financial behavior.
  3. User-friendly interface: The app's interface is intended to provide a streamlined experience that encourages effective financial management.
  4. Milestone tracker: You can track a couple of financial milestones when using Simplifi, such as savings goals, bill payments, spending, etc. 



  1. Paid app: The app will require a subscription to use. Unfortunately, there is no free option. This is a letdown, considering that other money management apps offer the same service for free.
  2. No credit score insights: Unlike some personal finance apps, you won’t have access to your credit score through Simplifi.
  3. Relatively simple bill-tracking tool: The app does not provide complex features that can provide greater insight into how best to manage your money. 



Final Thoughts

Simplifi provides a new, user-friendly interface for keeping track of your entire financial situation. 

You won't have to spend time jumping from account to account to assess your financial situation. Logging into Simplifi will allow you to see the bigger picture in an instant. 

In addition, the app can assist you in managing minor financial tasks that have an impact on your daily expenditures.

If you want to know if the app is suited for your personal finance needs, you can make use of the 30-day free trial period. 

Photo by Karolina Grabowska


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