Post # 1
Does anyone use Quicken or Moneydance to manage there expenses. My FI and I just opened joint bank accounts and I want to start out on the right foot. Also my FI is a personal trainer and it is commission only. This makes it tough for me to make a budget for the month bc we dont know what he will be making. Does anyone else have this problem? I’m new to this and could use some budgeting/organizing advice. Should I have a separate bill pay only account?
Post # 3
I actually use Mint.com to manage my expenses. It works great and it’s free.
Post # 4
Quicken is really great. I am personally more comfortable with software that is saved on my computer than using a website. I have started using Quicken recently and you can download EVERYTHING into it, investment accounts, credit cards, checking accounts, etc. Even outside assets and loans can be entered into it. It can take a little while to get used to but once you do it’s great.
Post # 5
We use Quicken and love it. Anything you put in it, you can make variable, so the commission that your FI makes can be changed as needed. It is very easy to use.
Post # 6
No advice on Quicken, but about your second question about how to budget when you don’t know what’s coming in every month. We use Excel. Mr. created a spreadsheet (he’s a finance guy; Quicken makes it so you don’t have to know how to creat your own spreadsheet) in which we input each expense, what kind of expense it is (groceries, entertainment, work, restaurants, monthly-rent, gym, phone, etc., & one-time), how much the expense was, how it was paid (credit card – which we share, by me-cash, check, etc., or by him), & when it was paid. Then, at the end of the month, the sheet records how much we spent in each category, who paid what, & how much we have left. We use that info to help us budget for the next month (or after doing this for a few months, for planning our wedding)…it’s not based on what we make, but on what we spent. This requires some diligence on our part…we record every expense, EVERY expense. That way, we can see where we can cut expenses no matter what each of us brings in a month & we manage our expenditures accordingly.
If you’d like an example, PM me…I get back from our honeymoon on mid August & can forward you an example of our expenses sheet.
Post # 7
We have Quicken and love it. Fiance is part salary / part commission and we can change the amounts whenever he is paid.
We love it mostly because we’re finance geeks and like to see our yearly spend on certain items, track our interest charges, keep an eye on our escrow account, etc.
Post # 8
I love love love mint.com. It’s free and they have good advice articles as well.
Since he works on comission, I would use mint to set up a minimum budget (all the “essentials”, e.g. car/house payments, rent, insurance, minimal grocery bill) and set up non-recurring income and expenses for his trainer income and the “spend” you can have after those.
Another thing mint tracks is your income/expenses over time, so you can figure out his minimum or even average monthly income to help budget more effectively.
Post # 9
I use Quicken and love it. It would be easy to keep track of his income and his expenses. If he has expenses for his job, I would consider having a different account for his business to keep it easier to maintain but if he doesn’t have a lot, then I don’t see why it would need to be a different account.
BTW, mint.com is now owned by Quicken so it should have comparable features. We use Quicken though because of our investments and other accounts.