June 4, 2007, 1:23 am

MS Money and your Budget

by: The Financial Blogger    Category: Personal Finance
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How much do you think you spend per month? How much goes into coffees and lunches? Have you ever tried to track down all your expenses for a certain period of time? If not, you should definitely try the exercise. There are softwares that can help tracking down your spending habits.

 

Couple of years ago, I tried Microsoft Money to define my budget and categorize my expenses. At the end of the first month, I was quite surprise to find out what I could really spend in a span of a month.

 

This software is definitely more than just a notepad to take note of what is coming out of your account. Actually, you can create all you bank accounts, credit cards, lines of credit, personal loans, mortgages etc. MS Money gives you the opportunity to put your financial life on a screen. Therefore, you can keep track of your payments, interest and get a good idea of the remaining balance for each account.

 

In addition to the banking side, MS Money also has the ability to keep track of your investment. You can then create investment accounts and record all your transaction. The values are being updated electronically through internet. At any time, you can produce report showing your year to date return, the weight of each asset and plenty of other stuff.

 

Using this software definitely help managing my personal finance. It is a great tool and it is very user friendly. For those who can’t stand Microsoft products, there are plenty of softwares offered by other companies. The key point is to take a hold of your personal finance to achieve your goals.

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Comments

by: Jeff R. | June 8th, 2007 (7:13 am)

I have used MS Money for years now, and it does a pretty good job. However, I don’t like its budgeting feature, and I use my own spreadsheet for that. Some day, I would like to design my own software program that does basic personal finance tasks for everyday people.

Thansk for the post!

by: The Financial Blogger | June 8th, 2007 (4:34 pm)

Hi Jeff,
It is true that you must play around sometimes to make things work with the budget feature. I like the net worth statement and the report created from your spending habits. I was shocked the first time I ran this report !
Cheers,
FB.