I am sure this has come up before. The love of my life has just purchased a computer and for father's day I would like to buy him some financial software.I have discreetly tried to turn him "foolish" but have not succeeded. Maybe this will be a first step. (he currently doesn't balance checkbook..."I'm usually within a $3.00 window with my bank" is always his reply!!) So my question is which do you like and why? What are the benefits and drawbacks?Thank you in advance for you wise adviceBuford <----my boston terrier puppy
I have been using Quicken for the last couple of years. That have these nice little pie charts which show your worth. I found that there was a little lag time until I was up and running on it but now that is all fine. Catleen
I personally swear by Quicken which I do online banking through. I've had it for four years and it has helped me track my spending (as well as investments and debt). For example I used to eat out with my girlfriend and really was surprised one day when I ran a report in Quicken as to what categories my spending fit into. Now we eat in a bit more, but can go to nicer places when we do and still save money. Another plus I have is that for me, when I see the red numbers indicating how large my CC, loans are, it helps keep me from buying on a whim. Instead I have to stop and think about whether the purchase is worth more debt.Hope this helps.yoflukeI am sure this has come up before. The love of my life has just purchased a computer and for father's day I would like to buy him some financial software.I have discreetly tried to turn him "foolish" but have not succeeded. Maybe this will be a first step. (he currently doesn't balance checkbook..."I'm usually within a $3.00 window with my bank" is always his reply!!) So my question is which do you like and why? What are the benefits and drawbacks?Thank you in advance for you wise adviceBuford <----my boston terrier puppy
I use Quicken and I'm comfortable with it. I think it's honestly more of a personal preference issue than anything. They have similar features; the differences there are likely only to be of concern to very advanced users of the tool. If you want the ability to track your checking, savings, and investment accounts, either is fine.
I find it very difficult to update the software package and I'm very budget conscious. For someone who isn't on a budget I would think it would be nearly impossible to key in all activity.I "use" MS Money and set up a snowball schedule and also to figure out net worth. But I don't use it for everyday activity. The tutorials are very nice and the whole program is very intuitive. Unfortunately, it can't read my mind and doesnt import my online banking activity very well (actually its the online banks export that is the problem (local B&M)).If he were able to integrate one of these with his online bank so he wouldn't have to manually enter activity it may work out for him.Boy, I just completely sidestepped the question. I hope others actually give suggestions instead of rambling about nothing like I just did.
I think it is a metter of which program that you learn to use first. I learned MS Money, I like it.Ho-Lo
I read a review somewhere that said that Quicken is a bit harder to learn to use (MS Money has the easier learning curve) but that Quicken's advanced features are more powerful if you have the patience to learn how to use them.Quicken seemed pretty easy to learn to me, with the exception of a few counter-intuitive features. It really doesn't matter which one you buy.Tanaquil
>> I read a review somewhere....> I may have written that review! :) Was it in www.GreenMagazine.com? They closed around the holidays and were absorbed into BankRate.com, where one of my pieces on debt still resides ( http://www.bankrate.com/brm/news/investing/20001205a.asp ). When Money really started coming on strong in 1995, Quicken had pretty well beaten up the whole market. Dollars^$ense had folded, Andrew Tobias' Managing Your Money had folded, a few die-hards were still holding on to a couple of the others, but when you talked about personal finance software, Quicken was really it. Faced with that, Microsoft spent a lot of time and money on making their program easy to learn, figuring they could "grow the market" and capture a goodly percentage of new customers. A very high percentage of Quicken users don't need a lot of handholding help from one year to the next because they know "we've always done it this way". At the end of this thread, you'll probably find that there are about 40% Money users and 60% Quicken fans. Spend some time in the two newsgroups here at TMF and you'll see about an equal number of "How can I...?" posts. Venture out into usenet and you'll find venomous "I'll never use "X" again!" posts in either newsgroup, too. But you're right. In the end, it comes down to Chocolate or Vanilla, Camry or Accord, Pepsi or Coke, Nike or Reebok. It's difficult to think of a feature that one program offers that the other doesn't (Quicken had an "I've-screwed-up-my-reconciliation-and-want-to-start-over" button for a while, Money never has). If you have several friends who use one or the other, then that's the program I'd go with, because it will be easier to get help. Flip a coin. Using programs like these are like funding retirement programs. It's much more important to get into one than to try to pick the right one. Learn your program and you can get all kinds of information out of the data you input or download--the kinds of things that can really make a difference over time.
We use Quicken, but I'll be honest - I've never even looked at MS Money. I remember when we got it about 4 1/2 years ago. My mom gave me a copy she had got essentially free with her turbo tax since she didn't feel the need to update her own copy. I remember spending about 2 days trying to get all of our accounts in there and balanced. I even opened a new checking account - because mine was too far out of wack to actually balance or reconcile in Quicken (by the way reconcile is now one of my favorite features). Well, after it was all done - every asset and liability we owned was in the computer and our grand net worth was negative - in fact $23,000 negative. It was a huge eye opener. We now regularly use the networth charts, etc. and each month we make sure that through payments, investments, savings, etc. - that our net worth is going up. I love the financial programs because they don't lie - (well, unless you do) and it is easy to see your whole financial picture.
CaptBuf >>So my question is which do you like and why? What are the benefits and drawbacks?I've used Quicken since 1993 and it's (almost) only gotten better. I hate, loathe and despise Microsoft and refuse to have any of their programs on my machine. From more objective reviews I've seen, (Wall Street Journal), the programs are very close in functionality. I just have a big problem with trusting Microsoft with my essential financial data. Whatever option you choose, BACK UP YOUR DATA FILES! and I don't mean just copy them off to a zip disk and think you're done. READ THOSE SUCKERS BACK IN AND MAKE SURE IT WORKED. I know someone had a problem with the backup on Money. I'm not sure if it was the disk or the program. Whichever it was, you always need to verify your backup method at least once to make sure it worked. Also, don't trust online storage. We had one person recently lose 3 years worth of irreplaceable emails because he made the mistake of not logging off from a public terminal. Companies can also go bankrupt or simply change their policies about storage.Debora - positively paranoid electrical engineer -
conick >>For someone who isn't on a budget I would think it would be nearly impossible to key in all activity.Quicken makes it extremely easy to enter transactions. It memorizes every "payee" and prefills the fields as you type. If I type "sou" it will fill in "Southwestern Bell Phone" and the amount and categories. I can also scroll through the entries that start with "sou" in case it was "South Austin Clinic" instead. Once you get used to it, you can enter most of the usual stuff in a few keystrokes. Groceries are a pain since it's a different amount every time but you can get as fancy or as simple as you want. Debora
I am sure this has come up before. The love of my life has just purchased a computer and for father's day I would like to buy him some financial software.I have discreetly tried to turn him "foolish" but have not succeeded. Maybe this will be a first step. (he currently doesn't balance checkbook..."I'm usually within a $3.00 window with my bank" is always his reply!!) So my question is which do you like and why? What are the benefits and drawbacks?Thank you in advance for you wise adviceHi CaptBuf!We've had many discussions on this topic in the past, and I think you'll find that many here prefer Quicken, while others have been very happy with MSMoney.Personally, I'm very happy with Quicken, but it's what I've always used as it does everything I need it to do.You might want to poke around our message boards that focus on each of those programs.Mastering Microsoft Moneyhttp://boards.fool.com/Messages.asp?bid=112986Mastering Quickenhttp://boards.fool.com/Messages.asp?bid=113641Hope this helps!Tony...but I still am...Off2ArubaReady to Begin? Check out our upcoming seminar, "Choosing Stocks with The Motley Fool"!http://www.foolmart.com/Shopping/Product_View.asp?PRODUCT_ID=MF2511_01&REF=CSBO03123
I used Quicken for a few months back around 1993, then tried both for a while around 1996. A few months ago I downloaded the Quicken 2001 demo and played with it for a couple days, then downloaded the Money 2001 demo and played with it for a couple days.And I observed:(1) In every place where I found a substantive difference - two or three minor differences, out of a few dozen major features - Quicken is better.(2) MS Money 2001 systematically incorporates every user-interface thing I hate (except Clippy) about every piece of Microsoft software that I have ever worked with.(3) The particular thing I was missing that caused me to abandon Quicken in '93, and was still missing in '96, is *still* missing. Fortunately, my circumstances have changed to the point that I don't need it.
I have discreetly tried to turn him "foolish" but have not succeeded. Maybe this will be a first step. (he currently doesn't balance checkbook..."I'm usually within a $3.00 window with my bank" is always his reply!!) So my question is which do you like and why? What are the benefits and drawbacks?If that is his personality, then he will probably not use either package. If it is really true that he is usually within $3.00 then maybe he doesn't need to change. If he:1) Pays all his bills on time2) Doesn't bounce checks3) Spends less than he makes4) Doesn't have lingering CC debtthen he is doing just fine with his own methods. A better method that he doesn't use is worse than an inferior method that works for him.Even if he doesn't do those things correctly you might have a bigger battle getting him to use the software than to change his behavior.On the other hand, it just might work.
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