Money Managing Software? Yes/No?

[bbeventer]

So I was basically wondering if any of you use a money managing software? What do you prefer? Do you find it beneficial? Waste of time?

I am just trying to get an idea of what is out there and the pros/cons of each program.

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[PetPony]

That's how I still do it sometimes.

 

[bbeventer]

That's how I still do it sometimes.

I am terrible at keeping those kind up dated though.

 

[PetPony]

I am terrible at keeping those kind up dated though.

Me too.

I'm gonna try to start again when we move into the house and actually have to pay for stuff ourselves. We're getting a bank account together for stuff like food, so I wanna try to keep up with it a little bit.

 

[Lissarae06]

For our personal expenses use old-fashioned pen and paper. We basically take our paycheck and subtract out the bills etc that are due that pay period. Whatever is left is divided between fun stuff and savings. For our rental property we use excel. I say we but it is really my husband because he is good with excel and I suck at it.

 

[jmo1012]

So I was basically wondering if any of you use a money managing software? What do you prefer? Do you find it beneficial? Waste of time?

I am just trying to get an idea of what is out there and the pros/cons of each program.

i just use an excel spreadsheet. enter in my purchases, date, how i paid, and amount, and then total them up at the end of each month.

 

[abbercadaver]

My incredibly handsome, sexy, and intelligent husband uses Quicken and has for years. He likes it a lot. It takes a little work to make sure your transactions are categorized correctly, but it's worth it because you can run a lot of reports to analyze your spending, set up budgets, and generally see where your money is going. It also has features where you can set up savings goals, track mortgages/auto loans, and investments, if you have anything like that.

EDIT: I had hubs write that post, since he deals with most of our finances.

 

[PetMySausage]

I really like Mint.

 

[bbeventer]

My incredibly handsome, sexy, and intelligent husband uses Quicken and has for years. He likes it a lot. It takes a little work to make sure your transactions are categorized correctly, but it's worth it because you can run a lot of reports to analyze your spending, set up budgets, and generally see where your money is going. It also has features where you can set up savings goals, track mortgages/auto loans, and investments, if you have anything like that.

EDIT: I had hubs write that post, since he deals with most of our finances.

Haha nice

So it seems like most people just do it the old fashion way? Does Quicken link to your bank account to download your transactions?

 

[nohika]

I really like Mint.

I was really hesitant about linking my bank account to it but it seems very popular and very secure...have you had any issues with it?

 

[PetPony]

Nice, Mr Abber, but you didn't fool me!

 

[bbeventer]

I really like Mint.

I just looked it up, it looks easy to use, but it being online and free makes me hesitant. You haven't had any security problems?

 

[orca2011]

I just looked it up, it looks easy to use, but it being online and free makes me hesitant. You haven't had any security problems?

My ex used it and I don't think he had any issues with it. I know he had once instance where he didn't remember a purchase and thought someone got his account info, but it turned out to be my Christmas present (Veterinary Anatomy Coloring Book!!!!). The only thing he didn't like was that it would send him messages saying he went over his allowed budget for alcohol.


And I'm really going to need to stay on top of this during vet school. I can just see myself not being able to pay rent...

 

[devyn]

Jack Daniels & a few other fine Whiskey men manage my money.... I have no use for software

 

[bbeventer]

My ex used it and I don't think he had any issues with it. I know he had once instance where he didn't remember a purchase and thought someone got his account info, but it turned out to be my Christmas present (Veterinary Anatomy Coloring Book!!!!). The only thing he didn't like was that it would send him messages saying he went over his allowed budget for alcohol.


And I'm really going to need to stay on top of this during vet school. I can just see myself not being able to pay rent...

My mom is already riding me about making a budget, which I never really had to be concerned with while I was working... just kept stuff in my head. I fear though with school I may need to keep a better recorded of things.

 

[variegata]

I inherited a Quicken CD a long time ago from my mom. It's great when I actually use it (which...I have a couple months to catch up on). I do still have an excel spreadsheet for a more specific breakdown of expenses though and for budgeting purposes - I'm sure I could do these things in Quicken, I just haven't bothered to figure it out.

 

[PetPony]

I do use online banking with BoA though and that really helps already.

 

[PetMySausage]

I was really hesitant about linking my bank account to it but it seems very popular and very secure...have you had any issues with it?

I just looked it up, it looks easy to use, but it being online and free makes me hesitant. You haven't had any security problems?

Nope. Never ran into any problem with it. I don't know anyone else that has either. It seems pretty safe and secure.

 

[bbeventer]

Nope. Never ran into any problem with it. I don't know anyone else that has either. It seems pretty safe and secure.

Thanks! I think I am going to look into using this.

 

[sallydog]

I LOVE Mint! I have been using it for about two years now and I've never had any security issues. I highly recommend it!

 

[abbercadaver]

Haha nice

So it seems like most people just do it the old fashion way? Does Quicken link to your bank account to download your transactions?

If your bank supports it, yes. Most do. Most credit card accounts also link directly to Quicken. Of all our credit cards (6, I think?), only one doesn't directly link, and it's my Ann Taylor Loft Mastercard. So if it's not a 'store' themed card, I bet it links fine. Our Amazon card links perfectly.

 

[katryn]

I'm an Excel spread sheet fan. I've tried Quicken and Mint both and they were good, but I get frustrated with having to over categorize sometimes, or feeling limited by the premade categories and not being able to figure out how to make new ones that tracked correctly.

At this point, feel free to skip the following wall of text, but I've hashed out our budgeting method for anyone who want's it because it's the first time in history we've saved a crap ton of money, not over drafted our account regularly, and felt like we still had money to spend.

As far as forming a budget, we've had really good success with:
1. Monthly income-bills=spending money. (Bills for us do not include gas, groceries, or anything else that does not cost exactly the same amount per month. Think house payment, water, electricity, phone bill, internet, stuff like that).
2. Spending money x12, then /52=spending money per week (the math is a little excessive but hubs gets paid twice monthly not bi weekly so the money gets off if you try to do it a simpler way).
3. Spending money per week gets split into a "Normal" category for groceries, gas, eating out, etc; and an "Unexpected" category for things like oil changes, oops my computer broke, clothes, and other things that come up on a less than weekly basis. (We've found it really helpful to write up what get's spent on dry erase board through the week. If hubby can't see that it was spent, he will spend it twice.....)
4. At the end of the week everything gets balanced into Excel. Extra "Normal" money gets rolled over so you have more the next week, and extra "Unexpected" money gets tossed into the savings account.

Our method probably isn't for everyone, and I don't know how well it would work on a less than full-time income, but it has done wonders for us.

 

[Emiloo4]

My incredibly handsome, sexy, and intelligent husband uses Quicken and has for years. He likes it a lot. It takes a little work to make sure your transactions are categorized correctly, but it's worth it because you can run a lot of reports to analyze your spending, set up budgets, and generally see where your money is going. It also has features where you can set up savings goals, track mortgages/auto loans, and investments, if you have anything like that.

EDIT: I had hubs write that post, since he deals with most of our finances.

I got into the third word of this post and realized someone was talking about himself. My boyfriend does that all the time.

 

[bbeventer]

I'm an Excel spread sheet fan. I've tried Quicken and Mint both and they were good, but I get frustrated with having to over categorize sometimes, or feeling limited by the premade categories and not being able to figure out how to make new ones that tracked correctly.

At this point, feel free to skip the following wall of text, but I've hashed out our budgeting method for anyone who want's it because it's the first time in history we've saved a crap ton of money, not over drafted our account regularly, and felt like we still had money to spend.

As far as forming a budget, we've had really good success with:
1. Monthly income-bills=spending money. (Bills for us do not include gas, groceries, or anything else that does not cost exactly the same amount per month. Think house payment, water, electricity, phone bill, internet, stuff like that).
2. Spending money x12, then /52=spending money per week (the math is a little excessive but hubs gets paid twice monthly not bi weekly so the money gets off if you try to do it a simpler way).
3. Spending money per week gets split into a "Normal" category for groceries, gas, eating out, etc; and an "Unexpected" category for things like oil changes, oops my computer broke, clothes, and other things that come up on a less than weekly basis. (We've found it really helpful to write up what get's spent on dry erase board through the week. If hubby can't see that it was spent, he will spend it twice.....)
4. At the end of the week everything gets balanced into Excel. Extra "Normal" money gets rolled over so you have more the next week, and extra "Unexpected" money gets tossed into the savings account.

Our method probably isn't for everyone, and I don't know how well it would work on a less than full-time income, but it has done wonders for us.

That sounds like a pretty good system! (now to find a husband that has a job... )

 

[katryn]

(now to find a husband that has a job... )

Yeah, he is kind of a life saver. Not sure how bad my bank account would look if it weren't for an income to live off of.

 

[katryn]

The other thing we found that helps a lot if you run on a weekly spending amount....go to the grocery and fill up your gas tank (and get any other necessities) within a day or two of the first of the week! Otherwise you get to the end of the week and realize that you spent all your money and have nothing left for the things you need.

 

[SnowyRox]

Quicken can definitely link to most bank accounts. Don't know about credit unions, but probably. I loved Quicken and used to mooch copies off of my parents until they went Mac. Not really worth it for me at the moment because I'm not that careful with how I'm budgeting. Just making sure to spend the minimum amount of money while staying sane, lol. I promised myself that I would start tracking it soon.... but I just can't be bothered... I'm not going to cut anything so it doesn't really matter.

I liked Mint, but there was nowhere to track my cash spending. No security problems that I'm aware of.