Financial Software...Do You Use It?

[CantCU]

How many of you use some sort of financial software, such as Quicken or MS Money?

I've used it for years now (a trial version came with my first computer). At first, I used it as a glorified check register to keep track of the money in my checking account. However, as the product improved, there were a lot of features that I found it offered that has really helped me with debt reduction, thus also helping with credit repair.

One thing I really like about these products (and both are quite comparable in their abilities) is that you can input all of your credit card information into the program. When you make a payment to any of your credit cards, it will immediately deduct that payment from the "register" for that debt. You can see at a glance exactly how much you owe to each creditor. You can reconcile each credit card statement with your register each month so that you know exactly if there is an error on the account immediately.

Another feature that I find is helpful in credit repair is their bill payment reminders. I know before I sit down at the first of every month, exactly how many bills I have to pay, the date the payment is due, and the minimum amounts due on each. I never pay minimum but it allows me to evaluate each payment I plan to make for the month, thus allowing me to budget.

It even has a debt reduction planner built in.

I believe an integral part of credit repair is not only to work on the debts that are already in a negative status but to prevent future negatives.

Just wondered if any of you have tried this, and if it has helped you as much as it has helped me?

[2ndTimeAround]

I use Quickbooks, it's handy for adding up all your income, expenses and deductions for your tax return...

[justaguy]

I love Quicken, I use it very much as a glorified check register. I am balanced to the penny. Other than that, I love the net worth that it can display for me. I have my 401k in there, although I have to update it manually because my provider doesn't have quicken compatibility. But I have my mortgage in there, my auto loan, its great. Seeing an overall picture of what you are worth is quite interesting. Personally I like Quicken a lot more than MS Money.

[Recovering Attorney]

I have used Quicken and Quickbooks for my personal and business needs. Nothing better.

[IHateCAs]

I do that sort of thing in Excel.

[CantCU]

I do that sort of thing in Excel.

I have to admit, I am Excel illiterate! I can read others workbooks but to create one, I just shudder at the thought.

Quicken is my friend. It's helped me get out of debt, and every time I look at those credit card balances a ZERO, I just look for a way to pay another one off this month!

[I hate EXP]

I live and die off of MS money. I pretty much ditched the idea of using cash .

I buy everything with my credit cards , freeload off of em so I dont pay any interest and use MS money so I can plan ahead and never worry about bills being paid late. It give me the added assurance of knowing everything I have going out and coming in and what it went to. Not know was where my money was going along with a period of unemployment is what got me in to credit issues, but as a result of taking control and knowing where i stand , I have decent credit and a nice cushion for the rough times

[Methuss]

I use Money 2006.

I used to absolutely love version 2005 because it had a free PocketPC version that worked on my smartphone so I could carry my registers with me and just plug them in to sync the data up. Sadly MS has discontinued the PocketPC add-on and the old version doesn't work on new smartphones.

One thing I like about Money 2006 is that it will actually let you know if you're paying down the wrong credit card balance by comparing the rates and intrest paid. If you were to put an entry in to paydown a $500 limit card at 14%, but you have a balance of $1000 on another card at 17% it will tell you to make a minimum payment on the $500 card and advise a larger payment on the more expensive card. I admit, I occasionally don't think about fine details when I'm paying my bills, so this little warning has helped me stay on track.

I also used Money to do a little experiment a few years ago. I put every penny in taxes as an itemized expense for a year...even if it was only .03 of tax, it went in. At the end of the year Money added up all the taxes I paid; sales, property, income, even taxes on utilities and phone service. I was shocked at the total. 49% of my income went to taxes...a lot of it in little hidden taxes like EPA tire recycling, or "municipal use tax." It was a real eye-opener. Most people only think of income tax or property tax; the big bills. But all the little ones they slip in over the course of a year is thousands more.

[justaguy]

I don't really mean tosidetrack this conversation, but I totally agree Methuss, we pay way to much in taxes that we don't enev realize we are paying. I have always been a supporter of doing away with income taxes and raising consumption taxes. That way people have a choice in wheather they pay taxes or not. The more you buy, the more you pay in taxes. It would encourage people to save more and reward them for it. That just might take away some of the power that these credit card companies have.

[shan2themax]

I have Money 2006... and I attempted to use it.. but with the new security features with some sites... I cant log on with money.. unless I am doing something wrong.... and some of my cards dont give the option to download to a financial software either :cry:

[CantCU]

I have Money 2006... and I attempted to use it.. but with the new security features with some sites... I cant log on with money.. unless I am doing something wrong.... and some of my cards dont give the option to download to a financial software either :cry:

I have to laugh...I am still using Quicken 2005. I used Quicken 2002 until they sunsetted it. Made me mad at the time that I had to buy a whole new version of Quicken when I had paid for the last one and it still worked fine. But if I hadn't, I couldn't continue with my online banking and that is one great feature.