Money 2007 Question about tracking savings...

I am currently using MS Msney 2007 on a XP system SP2.  My wife and I need to
track money that we deposit into our savings account that will be spent for
different things.  We put in $150 every week but this needs to be split to
different future bills (property tax, house insurance, christmas presents for
the family, etc.) as well as savings goals like a new car.  I have tried using
the savings goal in money and have not gotten very far.  Maybe I need to play
around with it some more.

I'm hoping that there is someone here who will be able to help me with.  It is
hard to look at our savings account and see a lot of money, but then to try to
figure out how much is in each pot is the problem.  I could open a bunch of
savings accouts at the bank, but I get a better interest rate with the money
in one account.

Thanks in advance,

Steve

0
9/11/2007 4:18:34 PM
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I think most people who have tried to adapt Money to a cookie-jar-accounting 
model they are used to using have found that tough to do. Money isn't really 
designed to do it.

In general--and ignoring things like the balkanization of Money editions and 
of the budgeting tools within the various editions--the way Money wants to 
do this, and is best suited to doing it, is more or less as follows:

1) Schedule payments for your known expenses like your insurance, property 
tax, credit car interest charges and so forth. Also schedule transfers out 
of the budgeting scheme things like principal repayments for your mortgage 
and your 401(k) contributions.

2) Estimate, in whatever budget tool, the non-scheduled expenses like 
christmas presents for the kids and an occasional vacation.

3) Schedule income items like paychecks.

4) See how much is left over from the (Income - Expenses +/- the Transfers) 
which is, by definition, savings. If nothing is left over, then your Income 
cannot afford your Expenses, and you must return to step 1, 2, or 3 as 
appropriate.

5) Track the actual income and expenses to that plan to confirm whether you 
are staying on or above the income "budget" and at or below the expense 
"budget." If so, you are creating the predicted savings or more. If not, you 
are saving less or consuming any prior savings.

For people who make their peace with this approach, many find it works 
better than cookie-jar accounting. For others, their method remains better. 
There are some software tools out there, I've been told, better adapted to 
the cookie-jar model.

"Steve Dennis" <nzdreamer55@gmail.com> wrote in message 
news:udzFi.14777$3x.278@newssvr25.news.prodigy.net...
> I am currently using MS Msney 2007 on a XP system SP2.  My wife and I need 
> to
> track money that we deposit into our savings account that will be spent 
> for
> different things.  We put in $150 every week but this needs to be split to
> different future bills (property tax, house insurance, christmas presents 
> for
> the family, etc.) as well as savings goals like a new car.  I have tried 
> using
> the savings goal in money and have not gotten very far.  Maybe I need to 
> play
> around with it some more.
>
> I'm hoping that there is someone here who will be able to help me with. 
> It is
> hard to look at our savings account and see a lot of money, but then to 
> try to
> figure out how much is in each pot is the problem.  I could open a bunch 
> of
> savings accouts at the bank, but I get a better interest rate with the 
> money
> in one account.
>
> Thanks in advance,
>
> Steve
> 


0
9/11/2007 9:59:04 PM
Reply:

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