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Creating a bill/budget in Microsoft Money RRS feed

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    I'm trying to setup money for my parents to help them keep track of their expenses easier. However, one thing they do is put money aside every month to help pay a large bill that comes once or twice a year. For example, you pay car insurance every 6 months in one lump sum. Lets say its $600. So every month I want to put back $100 so when it comes time to pay that bill I already have the money ready. Now in a checkbook I am able to take that $100 each month and keep notes in the back as sort of a savings account without it actually being a savings account. With the checkbook records that money is not included in my balance, however it is actually still in my account because, I have simply set it aside to save until needed. Is there a way to set this type of budgeting up in Microsoft Money?
    • Edited by olblue82 Sunday, February 3, 2013 4:42 AM
    Sunday, February 3, 2013 4:39 AM

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    Have a look at this recent thread:

    http://social.microsoft.com/Forums/en-US/money/thread/a8adf031-9c07-4231-9800-2f09511e6851

    Over the years there have been many discussions of what you are wanting to set up.  It's often referred to as "envelope budgeting".  There are advantages and disadvantages to this approach and I won't repeat them here.  The bottom line is that to do this in MSMoney you will need to set up one or more fake accounts to hold whatever you remove from the real accounts.  And if you use MSMoney's really nice "Balance This Account" feature on the real accounts, it won't work unless you transfer all the funds back, balance the account, and then, presumably, transfer the funds out again.

    Bill Becker

    Sunday, February 3, 2013 11:02 PM