MS money ? personal checking account management?

Soundguy · Jan 11, 2006

My mom calle dme today and wants me to get her a computer and software to help her with her checkbook. I took that to mean that she still wants to hand write checks.. not print them.. but wants to keep the register on the pc vs the little hard to read on in the front of the check book.

I've got an un-opened copy of MS money.. but never used it.. is this applicable? I'm guessing all she needs is somehting that will add deposits, and then let her enter checking transactions like checks and debit card withdraws, and fees.. etc.

Any advice on software?

Soundguy

Dargo · Jan 11, 2006

I have MS Money and Quicken. MS Money is a clone of Quicken from what I can see. I think in the overall battle of which is more popular, Quicken seems to be the clear leader. Which is better, I don't know. Quicken is inexpensive and easy to use. I've, therefore, never bothered with MS Money.

jwstewar · Jan 11, 2006

I've used MS Money since about '97 or '98. I update it each year. Not because of any of the new features, but when I buy TaxCut I get my new AntiVirus and Microsoft Money free. My wife and I use it for exactly what you are talking about. Makes it easier for us to see how much we are overdrawn /forums/images/graemlins/shocked.gif w/o ever to look for the checkbook. Makes it real nice since I never actually see the checkbook and just use the debit card.

XANDROS_user · Jan 11, 2006

Suggest you go with what you have. In my experiences Money is more friendly for the newbie. Had Quicken for about ten years and switched when I upgraded to Windows 98 (and later XP). In my opinon Quicken added too many bells and whistles (lost its simplicity, got clunky, whatever). Watch that your Money program will work on the Windows platform you purchase.

Bird · Jan 11, 2006

( In my opinon Quicken added too many bells and whistles (lost its simplicity, got clungy whatever). )

I agree. /forums/images/graemlins/laugh.gif I've been using Quicken since before Windows I think, and I periodically update to a newer version (Quicken 2004 now). But I think the old, original Quicken did all I needed to do and I like each new version less than the one before it. /forums/images/graemlins/frown.gif

I think MS Money came with this computer several years ago, but I've never used it.

Soundguy · Jan 11, 2006

( Watch that your Money program will work on the Windows platform you purchase )

Thanks.. it's money 2005.. I just got it in a bundle with works 8.. I love works.. but tossed the money 2005 aside, and never installe dor registered it... I'm guessing it has to be an XP version due to being last years copy.. etc.

Thanks to all for the reply. Great info... love this website..

Soundguy

Volfandt · Jan 11, 2006

I started useing Money when it came w/ my 1st PC w/ Win 3.1 and continued to use it when I upgraded it to Win95. I bought Money 99 to use on my Win98 machine and I've loaded it on my XP Pro laptop. I'm so used to it that I've never given Quicken a thought. It was very easy to learn.

I track all my accounts in it and it makes balancing very easy. It has some nice features such as online banking and printer check sheets. You can run amortization schedules. Run reports on how much you've paid a particular payee, or account (such as prescriptions, repairs, etc). When you enter a new payee, it prompts you to either include it in a particular account or make one up. It can be imported into app's such as Turbo Tax but I've never done it.
Money (or Quicken), provides a great app to manage and backup your checkbook register.

Volfandt

dmccarty · Jan 12, 2006

Soundguy,

If she wants to keep it really simple how about paying online, that way there are no checks to write at all. She won't have to learn a new software package either. Just figure out which pages to use. You just have to track the money any way you choose.

I FINALLY started paying checks online. There is some up front work to setup of the accounts but its not hard or time consuming. I think I have reduced my bill paying time by at least half. No more worries that the check got lost in the mail or thrown in a shredder. Since the check is not going by mail I know it will get to the account very quickly. Most of the online checks are "cleared" in two days after I submit them.

One can have the check paid automagically every month for things like car and house loans OR pay them every month. I do the later even though its slightly more work.

Later,
Dan

kensfarm · Jan 12, 2006

"If she wants to keep it really simple how about paying online"

I agree.. go w/ the Web banking.. sometimes it's free w/ a certain $ balance. You also have additional functionality to look at checks (that you've written), search & sort through all your transactions.

You also don't have to wait for your once-a-month bank statement to see the transactions that have occured on your account. Savings & overdraft accounts are accessable too.

They also have functionality to download your info. into MS Money & other software. Makes bill paying easy.. no stamps required!

EarPlug · Jan 12, 2006

( Since the check is not going by mail I know it will get to the account very quickly. )

Not always true. Many checks in fact do go by mail. Only payments to large companies, like the credit card companies, Home Depot, etc., are payed electronically. All of the rest are printed checks and mailed.

Jack

Soundguy · Jan 12, 2006

( If she wants to keep it really simple how about paying online )

Won't work... No way to run down to publix and 'pay on line'.

She just wants something to do the math for the register without the reading glasses. She still wants to hand write checks.

(she's stubborn.. did I mention that /forums/images/graemlins/shocked.gif /forums/images/graemlins/smirk.gif )

Soundguy

meledward23 · Jan 12, 2006

Not trying to redirect Soundguy's stubborn mom. This is in response to a previous post about electronics and mail.

In regards to the online accounts even the by mail checks from my account are fast.

I bank electronically. In fact I have never seen a branch for my bank. It automatically mails out checks on a weekly basis to my parents and myself. It sends the check on Friday and I get it in the mail on Tuesday or Wednesday on rare occasions.

In the end it still takes longer for most people to properly record reciept of the payment than it does to get them the payment.

RonR · Jan 12, 2006

I recently switched from online bill pay via my bank to Quicken, where the data is loaded on my pc and when I upload/download to the bank, the bill paying info is directed from my pc to the banks, where payment is made.

I understand Mom Soundguy doesn't want to get that high tech (or doesn't have access), so just using a simple check register function in MS Money or Quicken will allow large print and do the math for her. I think that when the monthly statement comes, she can manually balance it easily also if she wants to.

I was trying to get my arms around our finances, and when I did online bill pay via the bank, I still had to manually enter the data in my register, plus in the bank's online pay deal. That's one thing that prompted the switch, to save my time/effort.

Once you have the payee info set up in Quicken (or MSM), paying a bill is as simple as going to online bill pay, pulling down a window, clicking on the payee, typing in an amount, and if you want a delayed payment date, typing in a date. Then you link to your bank to make it happen. It is EASY (if you have access, etc). Set up like I did, there is no monthly charge from Quicken, but the bank can charge if they wish (mine doesn't).

For 20 yrs, I've struggled to try to figure out what we spent out $$$ on, and since Nov, when I got serious about this, I finally think we have a handle on spending.

As others have said, 15 yrs ago, Quicken had some good features that I wanted to learn, like retirement income by year. They have "enhanced" that feature out and now you can only get a one year look at cash in/out. Duh!

If Mom is overwhelmed by MSM, you could set up a simple spreadsheet in your works (or excel if you have it). I did that for years--even had a way to sum the outstanding checks so I could balance with the bank easier. The spreadsheet would do the math for her. If you end up going that route, pm me and I'll send you a sample of what I did, with the formulas, if you wish.

Best wishes,
ron

Soundguy · Jan 13, 2006

Yep.. I almost made her a spreadsheet with excel ( quattro pro actually.. but same difference..) but just never have had the time to bang the formula's out for her. I'll take you up onthe offer of some of your formula work /forums/images/graemlins/smile.gif

We live in a podunk, and mom banks with the local bank.. I doubt they have any online access. Not even an automated number.. just voice help during business hours. I bank 1 city over with a national bank.. they have the online bill pay.. but charge an arm and a leg. However I also have an account with etrade bank... may have to check with them..

Soundguy

Bird · Jan 13, 2006

( they have the online bill pay.. but charge an arm and a leg )

That's the reason I don't use any "online bill pay", but I also don't write checks. For most bills, I can go online and charge them to a credit card, then once a month, I go online and pay the credit card (always in full, of course) so they draft my checking account. And for a few things, like the electric bill, I go online to have them draft my checking account. No fees; no charges. Our city, just this month, started taking credit cards for the water bill but they add 3% plus $1.25 per transaction. No way I'm going to do that, so I just let them draft my checking account. They mail the bills on the 1st and draft the checking account on the 15th, so that gives me plenty of time to know whether the bill is correct or not before they draft the account. I really can't quite understand anyone using one of those "bill pay" deals and having to pay for that service. /forums/images/graemlins/confused.gif

turbo36 · Jan 13, 2006

It's my understanding it costs around $10 per month to use Quicken Bill pay, is that true?

sneaky_pete · Jan 13, 2006

( It's my understanding it costs around $10 per month to use Quicken Bill pay, is that true? )

$9.95 Been using it for years and love it for the convenience.

Alan L. · Jan 13, 2006

MS Money seems to be very similar to Quicken although I have used Quicken for many years (started in DOS) and never used Money before. The reviews seems to have them pretty much equal.

Quicken works great for personal check writing and bill paying. Just don't try to use it for a business. Peachtree is much better for that, or even Quickbooks is (although I am not near as fond of QB as I am Peachtree for a business).

Seems like I pay $10 a month for the bill paying. The smaller vendors that don't accept electronic payment get a check, and that requires a lead time of about a week. So sometimes you can actually get a check to them quicker by manually doing the checkk (or printing it out), if you haven't set up your payment far enough in advance.

If I already had Money I would suspect it would meet your needs fine.

RonR · Jan 14, 2006

Quicken Bill Pay price deal:

I was confused by this also, but here's what I think the price is based on.

You can use Quicken Bill Pay, through Quicken the company, much like you would use your bank's online bill pay function (if they have one). This is the $10/month deal I believe.

What I use is the feature within the quicken software program to "pay my bills online". All of the bill pay information is resident on my pc, not Quicken's or the bank's computer. When I upload the bill pay instructions several times a month, my pc tells the bank, per my quicken software instructions, who to pay what. At the time I enter the data in my quicken, it automatically puts in my check register, so I only enter the data once.

I have received no charges from quicken for doing it this way, and right now, my bank does not charge for this service, just as they do not charge for using their online bill pay feature.

Hope this helps clarify. I really thought I'd have to pay $10/Month to have it set up this way, but apparently not.

Ron