Quicken setup


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In an earlier post, I discussed my dissatisfaction with Microsoft Money. My biggest problem with it was that its automatic updates didn’t work very well with my bank.

Well, I spent some time today setting up my accounts with Quicken. It seems much more intuitive than MS Money. Also, the automatic update works like a charm.

One my banks does not participate in Quicken downloads, so I’ll have to do that manually. Luckily, I don’t have many transactions with that account.

Does anyone use Quicken to track their finances, and if so, have you been happy with it?

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Brett McKay | 11 Nov 06 | Money Management, Personal Finance

2 Comments

JMG on 11.11.2006 at 14:59 (Reply)

We use Quicken and have since 1989; however, for your purposes, Quicken is like using a sledgehammer to swat a fly. If you enjoy spending time on your butt indoors rather than getting exercise or studying, then by all means feel free to use Quicken.

But, as someone aspiring to frugality, I would recommend that, instead of using Quicken, you return it, get your money back, and use the Mark 1, Mod 1 digital data recorder and preformatted data storage system (No. 2 pencil and ruled paper).

It is trivially easy to set up a home system of accounts that allows you to do everything that Quicken does on paper, and the fact of doing it on paper makes it far easier to follow the steps recommended in “Your Money or Your Life,” which are far more effective in helping you get control of your money than Quicken is.

(So why do we use Quicken? Because we didn’t encounter YMOYL until nearly 2000, so we continue to use Quicken 98 as the backup that checks the math on our paper records–and we likely have a far more complicated situation than you do as a frugal law student.)
The Frugal Law Student on 11.11.2006 at 15:13 (Reply)

JMG-
Fortunately, I did not spend any money on purchasing Quicken. It came pre-loaded with my laptop. It’s just been sitting there, so I thought before I deleted it, I’d give it try.
I didn’t find setting up Quicken time consuming at all. It took me less than 30 minutes.
It has been a while since I’ve read YMOYL, so I don’t remember exactly the system that they suggest. I’ll have to read through it again to refresh myself.
As always, thanks for your comments and input.

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