Budgeting Software?

[Laek]

So Microsoft is pulling the plug on MS Money and I want to find a replacement. I know it will still work but I've had a bunch of random problems with the software in the past and Microsoft hasn't provide much if any support for the product in years. Quicken has been around for awhile but I've seen them do some really messed up things like introducing new versions that wasn't compatible with the older version (people couldn't move any data over when upgrading).

Mint.com seems to be the most popular or at least the most talked about alternative right now. Does anyone have any recommendations? I not worried about watching investments or 401k's just watching debt and where I'm spending my money.

[Eomer]

Quicken has been around for awhile but I've seen them do some really messed up things like introducing new versions that wasn't compatible with the older version (people couldn't move any data over when upgrading).

Much hate for Quickbooks and their terrible updates and support. Bonus points to my accounts payable/receivable girl who will instantly try to install any CD they give her, whether or not she knows what the fuck she's doing.

[bofa]

I've always used Quicken as it's pretty user friendly. I've been slacking with updating it daily, shit gets tedious!

[Soriak]

I use Mint and I don't see anything (for normal budgeting) that could be improved. Only works well if you do all your purchases with credit/debit cards and checks though. Then again, who still uses cash anyway?
Does all the updating on its own and there's even an iPhone app for it.

[Aetos]

I just checked out Mint.com. It seems useful. I am currently using the budgeting in that bank of america offers on its website. I added my credit card, and newegg account. It works very well with USAA and gives fairly detailed reports.

My only gripe with Mint.com is that it doesn't get enough information from my accounts. For instance it has only gone back to the last 145 transactions. That's not nearly enough. What I do like is that it is usable on the iphone, which makes it much better than bank of america

[Laek]

So I signed up for Mint.com. Besides an issue with getting 1 account to sync its a very good service. MS Money still has more detail but it also has more hassle.

[Cad]

A simpler software that doesn't irritate you (even if it is missing some features) that you will actually use is a good thing. There's nothing any feature can do for you if you get pissed off at it and don't use the software at all.

[Angerz]

For the Money users out there who are thinking of switching to Quicken when it comes out, this seems like a good thing.

Microsoft Money Users Get Migration Path to Intuit's Quicken

[Eomer]

Originally Posted by Soriak

I use Mint and I don't see anything (for normal budgeting) that could be improved. Only works well if you do all your purchases with credit/debit cards and checks though. Then again, who still uses cash anyway?
Does all the updating on its own and there's even an iPhone app for it.

I use probably 5-10k a year in cash. I'll hit the bank once every week or two and take out $200. Due to ridiculous debit service charges from Canadian banks, and a lot of places not liking CC's due to the fees THEY have to pay, cash is still pretty handy. I'd say the majority of my cash spending would be lunches during the week, booze on the weekend, and paying my cleaning lady every couple weeks.

But yeah, for everything else it's CC with the very occasional debit transaction.

Personally I've found Quicken to be pretty damn good. Downloaded it last week, and tried to get everything as up to date as far back as possible. Unfortunately I could only go back 18 months for my personal bank accounts, and my Visa not at all (no option to export more than my last two statements on Scotiabank). Couldn't automatically update my investing accounts either, but again that's an issue with Scotiabank.

I spent I would say at least 20 hours in the past week getting all my shit up to date: 3 personal bank accounts, line of credit, credit card, RRSP account, TFSA account, non-registered investing account, mortgage, and two holding company accounts that are linked online to my personal accounts. It took a LOT of fucking around, especially because of the missing bank statements from my personal accounts and one of the hold co. accounts.

Eventually after making a lot of manual adjustments due to missing transactions in some accounts, I was able to square everything up. It actually was really handy to track transfers between my personal accounts and my business accounts, as I wanted to double check to make sure my accountants had tracked that properly, as it has tax implications in terms of paying out dividends from my hold co. to me. I'm missing a couple grand somewhere, but near as I can tell it matches what my accountants had figured.

I also input all of my investment information going back to 2004 when my RRSP was just starting to get over 5 figures (as well as the couple months of my TFSA). It's really good for calculating returns and that kind of thing.

Overall I'm pretty impressed with Quicken. I've got a lot of beefs with it as well, but a lot of them I'm sure are as much a result of my lack of knowledge about accounting etc than it is a real problem with the software.

But be prepared and aware that it can take a lot of time to set up, and unless you spend that time, you're not going to gain the largest amount of benefits from it.

For me personally, I don't really need to track my spending to make sure bills are getting paid etc, but I was curious to see where my money was going on a day to day basis. Unfortunately most of my personal spending is on my Visa, and unless I feel like going back and manually inputting every statement for the past couple years (I did up to January 2009), it'll take awhile longer before I can get a clear picture on that.

Early indications are that I spend way too much money on liquor.

[Luthair]

Originally Posted by Eomer

I use probably 5-10k a year in cash. I'll hit the bank once every week or two and take out $200. Due to ridiculous debit service charges from Canadian banks, and a lot of places not liking CC's due to the fees THEY have to pay, cash is still pretty handy.

PC Financial

Originally Posted by Eomer

Overall I'm pretty impressed with Quicken. I've got a lot of beefs with it as well, but a lot of them I'm sure are as much a result of my lack of knowledge about accounting etc than it is a real problem with the software.

I run into this problem as well, most of the software seems overly complicated and parts often seem counter-intuitive. I've often thought about writing something when I eventually make the time.

[Soriak]

If you take out money from an ATM, it still registers in Mint and you can split up the charge into different categories. (e.g. take out 200, set 150 for lunch and 50 for the cleaning lady... gets annoying if you have many different, small things though) Then again, I'm not sure if Mint is available in Canada?

[Eomer]

Sorry, forgot to mention that no, Mint doesn't work in Canada. Registration requires a zip code, and I would assume Canadian banks are not supported.

As far as the cash thing goes, yes, absolutely you can track it in Quicken fairly well provided you take the time and effort. I set up a cash account called "wallet", and then set up a default transaction for any ABM withdrawals to put the money in there. I've only just set it up so I basically I had to set the balance back to zero (it picked up the 12k or so in cash I've withdrawn in the 18 months worth of bank statements I had available), and from now on I can occasionally (or frequently) take a guess at where my money went.

For example I put in transactions this morning for $20 for camping fees over the weekend, $40 for beer, $40 loan to a friend who didn't have cash handy etc. I also set up a recurring bill for my housekeeper that is withdrawn from my wallet, so that will take care of that pretty well. I'll just occasionally reconcile what Quicken thinks should be in my wallet with what actually is, and chalk the missing money up to misc. spending. I've got a good enough memory that it will be fine for my purposes.

Originally Posted by Luthair

PC Financial

Can't really. I need a full service bank for investment purchases, business banking, and all that kind of stuff (mortgage is with the same bank, as is credit card). It would be a huge undertaking to move 5 bank accounts of various types, credit card, mortgage, line of credit, TFSA, RRSP, non-registered trading account, GIC account, and so on. I'm not even sure PC Financial would be able to provide all the services I have with Scotia.

[Bongk]

so maybe someone can help me with this. I currently bank with TCF bank and they offered my debt card to be a Miles card and accrue points which I jumped on.

The card has the same exact account number as my checking account as it is a debt card (pulls from checking but at the end of the month not instantly) but it is a Visa technically not a debt card I cannot use it at places that only accept debt cards.

On the online banking website they are listed separately but with the same account number so no budgeting software will work that I have found because they cannot pull 2 different totals with the same account number.

Anyone got any ideas? Doing it manually fucking blows ass, its not 1991.