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Would I be crazy to start using Money now? RRS feed

  • Question

  • I'm looking for software to start managing my personal finances and budget. I am not an existing user of Money or anything else. After a lot of searching, my plan is to start using MS Money sunset edition. Here are my main criteria:

    - Must work on Win7 x64 only (don't care about multi-platform support)

    - Must support personal bank accounts and investments

    - Must support budgeting

    - Must be reasonably powerful, while still being easy to use

    - Must store data locally on my computer, not in the cloud

    - Must not be Quicken! I'm pretty sure Quicken would do what I need functionally, but I hate Intuit.

    - Doesn't have to be free. I'm willing to pay for good software.

    I have looked at alternatives like GnuCash, MoneyDance and AceMoney, but was not impressed for various reasons. In addition, they don't support direct OFX downloads from the banks that I use, so they don't have any advantage there. In fact, the availability of the PocketSense scripts for Money probably gives it the advantage regarding online features. YNAB seems to get the most positive reviews, but seems too focused on budgeting and doesn't handle investments. There doesn't seem to be anything else available at this time that is polished, full-featured, easy to use and well supported. I figure I can use Money for a few years to get started, while seeing if any other contenders arrive. Most other programs have the ability to import from Money, so I would not lose my data if/when I switch to something else.

    Is this a sane plan, or is it crazy to start using Money at this point given that it is discontinued/unsupported? Thanks in advance for any insights!

    Wednesday, May 2, 2012 7:28 AM

Answers

  • MSmoney is STILL the best.

    It is free.

    Try it and see what you think. (Make sure you pick the correct version for your needs and location).

    Even if there were sensible alternatives, and I'm not sure there are any, it is a damned fine product.  We like it.


    • Edited by banjomike Wednesday, May 2, 2012 8:53 PM
    • Marked as answer by Spocko Wednesday, May 2, 2012 10:57 PM
    Wednesday, May 2, 2012 8:52 PM

All replies

  • MSmoney is STILL the best.

    It is free.

    Try it and see what you think. (Make sure you pick the correct version for your needs and location).

    Even if there were sensible alternatives, and I'm not sure there are any, it is a damned fine product.  We like it.


    • Edited by banjomike Wednesday, May 2, 2012 8:53 PM
    • Marked as answer by Spocko Wednesday, May 2, 2012 10:57 PM
    Wednesday, May 2, 2012 8:52 PM
  • Thank you very much banjomike! That is exactly the kind of feedback that I was looking for, from someone who knows and uses Money.

    My perception is that Microsoft had a team of developers working on Money for many years (I think sunset is version 17), giving them plenty of time and resources to develop a stable and mature product that meets a broad array of needs.  It's hard for little guys like MoneyDance, AceMoney, etc. to compete given their limited resources. Money could potentially remain the best program of its kind for quite a while. Hopefully it still works ok in Windows 8.  :)

    Wednesday, May 2, 2012 10:57 PM
  • I disagree because of the lack of support.  However, if you do use it, DO NOT use a Microsoft Live ID and password to log into your files.  We did, had a computer drash and npow we can't get into any of our files.
    Tuesday, May 8, 2012 7:19 PM
  • I agree that the whole LiveID business is a pain but the OP is not a current user.  If someone starts using the freebie versions of Money without a password they should avoid that problem
    Wednesday, May 9, 2012 3:21 PM
  • Thanks for the caution PurpleRose.

    But at this point I don't expect Live ID or any other online features to work. I'm strictly interested in using it as an off-line program with locally stored data, except for importing transactions via the PocketSense scritps or the like.

    Wednesday, May 9, 2012 8:25 PM
  • In my original post, I said that the PocketSense scripts might give Money an advantage over alternatives like Moneydance.

    I was thinking that the scripts could help automate the download and import of QIF/QFX files from institutions that don't support OFX. After looking more closely, I don't think they do that.

    Are they any methods for automating the download and import of QIF/QFX/CSV data?

    Thanks


    Wednesday, May 9, 2012 9:16 PM
  • I have been using Microsoft Money since 1995 and have all my financial data and Net Worth information in the program. I have always entered my data manually, such as daily credit card and bank transactions. Until Money dropped support I had uploaded investment prices (stocks, mutual funds) and manually entered investment transactions. Now I load prices manually which takes me two minutes a day. Money is the best financial program out there and in my opinion anyone who has some understanding of finance and numbers should use it to manage their finances. (budget, cash flow, investments, net worth, income, spending, etc.) Steve
    Thursday, May 10, 2012 2:36 PM
  • In my original post, I said that the PocketSense scripts might give Money an advantage over alternatives like Moneydance.

    I was thinking that the scripts could help automate the download and import of QIF/QFX files from institutions that don't support OFX. After looking more closely, I don't think they do that.

    Are they any methods for automating the download and import of QIF/QFX/CSV data?

    Thanks


    Spocko,

    You don't need automated download scripts to import your data.  Totally unnecessary.  Just go to your financial institution's website and download the data which in most cases will import into Money automatically or, if not, you can import the dowloaded file manually, takes only a few seconds.

    Money is by far the best personal finance software and I will never stop using it.  If necessary I will enter all data manually which would only become necessary if all banks stop giving customers their data.  Money easily imports QIF, OFX data so there should never be a problem.

    Regards

    Bill Wood

    Saturday, May 19, 2012 3:56 PM