Do you use software to help track your bank or debt accounts, bills, investments and other transactions? I must admit I’m a Quicken addict. More like I depend on Quicken to keep my financial life in order. I’ve been using the software since 1987, and just realized this year makes 20 years. Holy cow! I look back and think if I had saved a little more here, or invested a little more there… maybe I would be far ahead of where I am now.  No regrets really though- just lessons learned that I’m thankful for. I remember the days when I had a little Toyota pickup truck and all my earthly belongings took up very little space in the back. Now I have to use Quicken to keep my intangible accounts and transactions organized!  My tangible “stuff” is far less organized, but we won’t go there right now…Â
Quicken helps immensely however. At last count I have over 26 bills, deposits and other “scheduled transactions” that I monitor. The software helps me as a cue for things to do financially. At its simplest it reminds me of payments I might otherwise miss. I use online banking bill payment systems, and have done so since 1998. I don’t do that within Quicken, but use the software simply to track and monitor the accounts. Admittedly, at times it feels like a chore to update the various accounts and keep the data accurate. Some years ago I plugged everything in- that was the largest hurdle. If you are just starting out with the software it seems like an immense hurdle depending upon how many accounts you have. But after you’re finished, it’s quite a relief to see all your financial data reflected in a single, organized interface. Quicken is simply a tool. It’s not for everyone, and many people don’t see the point. I would argue however that anything that provides a clearer picture of where you are at the moment will help you get to where you want to go in terms of goals. Quicken does that as well- it shows a history of one’s investments, and an updated picture of where you are at any moment in time- based on what you put into it of course. I can use the tools and data to analyze and contrast against my goals over time, hopefully making improvements and achieving them.Â
For some people, the financial tools and account management at their banking and investment institutions is enough. Everyday they get better and better. I really like the account tools and format at Vanguard for example. But after many years, and owning several homes, cars, credit card and debt accounts, banking, investing, etc, etc… it is a relief to find that data all in one place. When my father passed away a couple years ago I was able to help my mother sort out investment transactions and cost basis data more efficiently because he had the foresight to put it in Quicken.   And that cost basis data easily imports into TurboTax… very helpful at tax time each year! There’s much more to the software than I have described here, and other brands that serve the same purpose equally well. I’m not plugging Intuit or selling it, just providing a little feedback from a long-time user. For me it makes a great difference in my financial life- it might help you as well.
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