Finance Q&A

On-line money management: worth it?

Q. In your experience, is it really worth the configuration work to set up Quicken accounts, and then use Quicken for personal money management? I'm a programmer by trade, so using the software powerfully isn't an issue. I just wonder if it's worth creating the accounts, entering all of the data, and maintaining it over time. My personal situation isn't that complex: I have no dependents, I rent my accommodation, and have a 401(k) and a couple of other investment accounts. This enquiring mind wants to know.

A. -It all depends on whether you need all of this information, whether you are a latent accountant, or whether you're simply very anal about your finances. For me it has been very worthwhile. -I have found Quicken to be a big help. I started with a "simple" personal situation. Over time, my situation has gotten more complex (married, house, two kids...) and Quicken helps me work through the comoplexities. While I do have to spend time to keep my information up to date, I find that I save time when I need information about our finances. In particular, online banking and bill payment save me a lot of time on the "boring" financial tasks of every day life, and help keep me from overdrawing my checking account. I use some of the time I save to answer the more interesting "what if" questions of financial management. Of course, with this crowd, you're not likely to hear many folks say they don't think it's worth the time.

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