Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Do You Really Need the Power of Money Management Software? > NetSparsh - Viral Content you Love & Share

Do You Really Need the Power of Money Management Software?

I have been a loyal user of Quicken(R) for more years than I can remember. But a conversation the other day with my youngest son started me wondering whether or not I really need money management software.

The difference is what most banks have done with their online banking in the past few years.

It used to be that the only way you could keep track of your spending online, pay bills and determine where you had spent your money was to have a money management program.

However, today you can get most of that information you need from your bank. For example, we have two accounts at a bank I'll call First Denver National. When I sign on for online banking, I have a choice of Account Summary, which shows me how much money I have in each account. Bill Pay or Transfer.

If I select Account Summary and then click on the name of the account, I can see a list of all my deposits and withdrawals for the past 30 days.

When I click on a hyperlink titled "Spending Report," I can see exactly where I spent money for the past 30 days by category such as utilities or groceries.

If I choose Bill Pay, I can pay a bill once or create a recurring payment. Naturally, I have to set up payment information for each of my creditors but I have to do this only once. In my case, I have provided payment information for six of my creditors, including our local power company, satellite TV provider, telephone company and so forth. I have not established any recurring payments as all our bills vary from month to month.

When the monthly bill comes in from, say, our local power company, I open my online account, select Bill Pay, and then tell my bank which day I want the bill paid and for what amount. This all takes maybe 30 seconds.

Now, my money management program does offer many features that are not available through my bank. For example, I can quickly generate reports such as "Am I saving more or less?," "Has my spending changed in this category?," "What am I worth?", "How are my investments doing?," and "Did I meet my budget?" In addition, my program provides a lot of tax related information.

The problem is, I don't use these reports. I would guess that at least 90 percent of the information I need on a daily basis is available through my online accounts.

Don't get me wrong. Programs like Quicken and Microsoft Money(R) are powerful programs with a bevy of great features. However, before you invest in one of these programs, you need to ask yourself whether or not you really need all that power. Do you have a lot of investments you want to keep track of? Do you own a business? Do you use a tax program such as TurboTax? If the answer to any one of these questions is "yes," you probably need money management software. On the other hand, if you answered "no" to all three, you may be able to get by with just the free information available from your bank.

Before you make a final decision, there is one other factor to consider. In our case, the bank charges for both online banking and bill pay. The charge is about $10 a month or $120 a year. In comparison, a program such as Quicken Basic 2005 costs only $29.99 and includes both bill pay and online banking.* This means that if your bank changes you for either of these services, you might be better off buying a money management program ? even if you never use many of its features.

*Some banks my charge for online banking even when you use a money management program. Be sure to talk with your bank before making a final decision.

(R)Quicken is a registered trademark of Intuit Corp.
(R)Microsoft Money is baa registered trademark of Microsoft Corporation.
All other registered names are the property of their respective owners.

For FREE help with debt, and credit, subscribe today to Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

KSFY

Study gives South Dakota 'F' in personal finance education
KSFY
(KSFY) - A new analysis has given South Dakota a failing grade when it comes to providing education about personal finance. The state received an "F" in the 2017 study by the Champlain College's Center for Financial Literacy. Researchers say the study ...
Louisiana gets D grade for teaching personal finance to high school studentsGreater Baton Rouge Business Report
Each State Graded on High School Personal Finance Education ...Business Wire (press release)
PA high schools get an F in teaching personal financeLebanon Daily News

all 7 news articles »

South Bend Tribune

Seeing is believing with personal finance | Business ...
South Bend Tribune
Maybe we should change the way financial information is taught.

and more »

The Boston Globe

They're making personal finance less stressful for women
The Boston Globe
Writer Chelsea Fagan and graphic designer Lauren Ver Hage aren't financial experts, they're just trying to make money a less taboo topic. The New York City duo were in Boston the other day to debut their new book, “The Financial Diet: A Total Beginner ...


Quicken Expands Personal Finance Offerings in Canada
Business Wire (press release)
MENLO PARK, Calif.--(BUSINESS WIRE)--Quicken Inc. announces the expansion of its Canadian product line with the 2018 release of Quicken Canada. For the very first time, the company introduces Quicken Canada for Mac, offering two new product offerings ...

and more »

CBS Miami

Personal Finance Expert Shares Tips On Avoiding Holiday Overspending
CBS Miami
Latest Videos. Sponsored By. Personal Finance Expert Shares Tips On Avoiding Holiday Overspending. Shani Curry-St.Vil heads Purse Empowerment, where she provides a safe haven for women to learn, share and grow in the area of financial literacy ...

and more »

When it comes to personal finance, seeing is believing
The Boston Globe
A visual learner absorbs information better if there are pictures, graphs, charts or diagrams. You probably get lost pretty quickly in the dense terminology of money management. It's particularly helpful to know your learning style when it comes to ...


USA TODAY

Rebuild your retirement savings - USA Today
USA TODAY
If you're now looking at your retirement balances and realizing that it's not enough, take heart in knowing that all is not lost.

and more »

Lifehacker Australia

Meet Our New Personal Finance Writer
Lifehacker Australia
Hello everyone, I'm Alicia Adamczyk (ah-dam-check), Lifehacker's new personal finance writer. Previously, I wrote for Money Magazine, covering everything from health care to taxes to fidget spinners, and I also worked at Forbes for a spell, where I ...


Kiplinger's Personal Finance: Military service members face big pension decision in 2018
Richmond.com
Many members of the military will have to make a big decision in 2018: whether to stay with the military's longtime retirement program or move to a new system that combines features of a pension with a retirement savings plan. The current military ...


USA TODAY

Holiday hosting tips to be safe, insurance if you're sorry - USA Today
USA TODAY
The holidays are the peak season for house fires and other disasters.

and more »
Google News

Why You Should Seek Professional Help With Asset Management

Everyone needs to maintain their lives. What I mean by... Read More

When do You Need a Financial Management Company on Your Side?

We live in a crazy world. Someone ought to sell... Read More

Financial Security

1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More

Personal Loans For Homeowners ? One Of The Numerous Rewards For Being A Homeowner

You no longer look at the pictures of homes cause... Read More

The Wonderful World Of Address Labels

Ever wonder where address labels come from? Avery® is perhaps... Read More

How To Get Ahead On A Low Income

Do you struggle from week to week trying to make... Read More

If I Had a Structured Settlement, I Would Use It to Pay for Gas

Has anyone been to the gas pumps lately? Soon $3... Read More

How to Attain Your Dreams on a Single Income

If you recently became a single parent and see your... Read More

Money Matters - Really!

One of the biggest challenges facing black RELATIONSHIPS today are... Read More

Tips To Save Money At The Supermarket

Are you interested in saving money off your grocery bills?... Read More

Top 10+ Ways to Jumpstart your New Year?s Finances!

Of course, these don't have to be done in any... Read More

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15%... Read More

Are You Sick of the Financial Insecurity of Fluctuating Seasons and Income?

Finding a stable and secure income that will come year... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you... Read More

Budgeting the Key to being Financially Stable

Single Mother's in need of Financial GuidanceBudgeting is key to... Read More

Understanding Your Finances Can Give You Power And Choice

What is finance and what do you need to know?... Read More

Make or Break Your Retirement!

The Prudential has dubbed those who refuse to leave home... Read More

10 Steps to Take if You Are a Victim of Identity Theft

There have been an estimated 9.9 million victims on America... Read More

Roth IRA Contributions - IRS Rules

Confused about whether you can contribute to a Roth IRA?... Read More

University: A Course in Personal Finance

Recent findings from the Educational Policy Institute indicated that the... Read More

Accessing Funds You Never Knew You Had- Household Utilities and Mortgage Expense Reduction Plan

For most of us the process of getting out of... Read More

The Changing Shape of Family Finances

Super-mumsIt seems that the proof of maternal efforts is no... Read More

Credit Card Debt ? Watch Your Credit Report and Your Bill

Most consumers are aware of the importance of their credit... Read More

Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available... Read More

Healthy Eating On A Budget

It is possible to eat a healthy, balanced diet without... Read More