An Old Standby for Managing Personal Finances

Quicken Still Does the Trick

Intuit's Quicken was one of the software programs that was bundled with the first computer I owned and I have been using it ever since. What I love about Quicken is that it uses a familiar and user friendly interface that makes sense to the average user. Working in Quicken is just like balancing your checkbook.

Quicken's most powerful features are released by linking your accounts to the program. This can be accomplished in one morning of work if you are organized. I have all my checking accounts, savings accounts, mutual funds, mortgages, and auto loans linked to Quicken. When the program is opened the latest financial transactions are downloaded from your various accounts and you have an instant snap shop of your financial picture.

Twice a month I spend a couple of hours in Quicken planning my cash flow. At the start of the month I estimate all of my income, I input my fixed expenses and estimate my other expenses. (These tasks can all be automated if you prefer). In the middle of month, I do an update to see where I am. My bank account downloads all of my transactions and I compare them to my beginning of the month plan. It has been a great way to get control of my finances.

Quicken has many features beyond basic cash flow planning. It has excellent charts that allow you to see how your money has been spent, what your income and expense trends have been and are projected to be and that gives you a snapshot of your net worth. You can print out very detailed reports with the program, print your checks and sign up for Quicken's bill paying service.

A feature that users in today's financial climate will find especially useful is the programs debt elimination wizard. This wizard collects all of your financial data and helps you create a strategy for getting rid of debt as quickly possible. The wizard also tracks how you are doing on your plan and offers suggestions for getting you back on track.

Quicken's retirement and investment planning features and wizards are very helpful and easy to use. These give you a realistic picture of what you need to do in order to reach your investment goals and tracks how you are doing.