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Using Microsoft Money to pay bills is AWESOME.

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I've pretty much always had some verson of Money on my computers and I've only recently learned to use it to its full potential. It's great to see a list of all your bills (well, it can be great) so you know what's coming up. If you setup online banking through your banks website you can paying directly from Microsoft Money. Click on it and send it. No more reason to be late. I still double check every single transaction with my banks website and verify it with Money and it's spot on always! Well, Capital One doesn't agree with Money software but, that's okay for now. I don't charge a whole lot. $100 max. Easier to remember.

I have an automatic transfer to my banks Savings account setup in Money and it's great to see the money piling up little by little. If you can show some restraint in using Credit/Debit Cards then it's great to use the Budget feature within Microsoft Money. Then you can't really hide those funky transactions like the new Remington Shotgun you bought or that new version of Guitar Hero. (Believe me, I have very similar transactions... we all do.)

Another thing that's nice is, if your bank allows it, e-mails of any activity in your account. It's nice to see when things post and to keep track of everything that goes on. Sure, it's a lot easier on the eyes when you're debt is low or zero but, it sure would've helped me years ago when I was spending like crazy and not paying any attention.

Anyone else use Microsoft Money or take full of advantage on online bill pay through their banks website? I love it.




I do all my bill pays through my bank's online banking, but I've never used Microsoft Money. Is is a budgeting software?

Sub: #1 posted on Thu, 07/10/2008 - 08:48

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

It's basically online banking... your checkbook register... your list of bills to pay... your budget... etc. I like it a lot because it's in real-time. As soon as I select a bill to pay it shows as an adjustment to your current balance. Then when the bill clears your bank it shows as an actual transaction. It's really nice when you 'hover' your mouse over certain bills and it gives you info and 'remaining balance' if you were to pay it right now etc.

Overall, it's a great way to keep track of stuff and it's super easy. I set up automatic weekly transfers from checking to saving on my banks website and Money will show them as adjustments a couple days before they actually post. It's so you don't forget. It's nice too that it will warn you when it's time to pay a bill and how many days you have left to safely pay it electronically or mail.

Basically, for all you guys out there with stacks of bills and a worn out paper check register this is a major improvement. If you don't use Microsoft Money or Online Banking you're really missing out. I do realize that some of you are in so much trouble that you don't even have bank accounts, etc. I was in a similar situation and I used cash for a few years, never knowing what will happen. I had some trouble for a while but, things finally cleared up.

This only makes it easier and more accessible.[/quote]

Sub: #2 posted on Thu, 07/10/2008 - 09:44

parrotttony parrotttony

(Posts: 19 | Credits: 6.5)

Oh and by the way, I've been with my current bank since 2005 and I'm only on check number 129. I only pay one bill a month with an actual paper check. It's rent and they don't accept credit/debit. I write it out and walk it across the street. I've probably used 10 stamps in the same amount of time.

I hate writing checks and filling in that little stupid register. Well, I used to. :D

Sub: #3 posted on Thu, 07/10/2008 - 09:48

parrotttony parrotttony

(Posts: 19 | Credits: 6.5)

Thanks for the great info. I too do most of my banking online but through each company. It would be nice to have it all in one spot. I will have to check it out.

Sub: #4 posted on Thu, 07/10/2008 - 16:10

spatterson_40 spatterson_40

(Posts: 400 | Credits: 55.28)

I'm very skeptical about having all my account numbers on my computer and automatically paid through a software program made by Microsoft. They already have too much information about me just through the updating and Internet activity. I'm just not comfortable placing all my account numbers for my bills and my bank account anywhere near Microsoft. :shock: :lol:

Sub: #5 posted on Thu, 07/10/2008 - 17:17

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

I played around with Microsoft Money several years ago when I got it for free, and found it is a single-entry system. In contrast I use a double-entry system for my personal finances, just the same as you would for a business, with a general ledger and all.

I just found MS Money to be "too simple" for me -- it couldn't do advanced accounting, like accruals for ammortization and depreciation.

Not that MS Money is bad -- it probably works for most people. And I think that everyone would benefit by having some sort of program that can help them track their finances/expenses. But personally, the program I use is called BusinessWorks.

Sub: #6 posted on Thu, 07/10/2008 - 18:12

DebtCruncher DebtCruncher
Moderators
(Posts: 2296 | Credits: 269.79)

Avanced Accounting -MS Money can't do simple accounting!

I'm not a fan of it, for the same reason DC mentioned - It's all single entry.

I'm an accountant, and I actually had a BUSINESS that has a stupid bookkeeper. They came to me with their business records they had kept in MS Money. OMG, it was hell trying to make ups and downs of it! How would track their business's finances in a personal finance program! Yuck!

There are tons of MS Money like programs out there . . . .

Sub: #7 posted on Thu, 07/10/2008 - 20:23

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

Well, I'm not a CPA and I don't need to do journal entries and show "T" Accounts or whatever they're called. Sure, Money is a pretty basic program by a CPA's standard but, it gets the job done. It shows you what you've got to pay and when to pay it. It's not Peachtree, Quickbooks, or any true high end accounting software.

I don't have a problem putting my information all in one place. I don't want to hide stuff behind fake walls or behind artwork or have to pull on a candlestick to access some paperwork dungeon. :lol:

Sub: #8 posted on Fri, 07/11/2008 - 04:05

parrotttony parrotttony

(Posts: 19 | Credits: 6.5)

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