MS Money is personal finance software created by Microsoft and used in setting up a budget. It handles your finances by storing your accounts (checking, savings, investment and credit cards), managing bill payment, providing a summary of money you have saved or spent, and recording all your transactions.
The home page of Microsoft Money is similar to that of a website that caters to business. On the homepage you can have an overview of all your accounts, get information about your bills, check tabs on what you are spending to see where your money is going, and get some advice regarding financial matters.
Using the program to manage accounts, bills, and paychecks
The program lets you set up accounts for credit cards, brokerages and banks. You just need to indicate the type of account when entering it into the software, whether it is a banking, credit card, investment, or bill payment account.
Microsoft Money can help you in maintaining your budget by alerting you of bills that are overdue or bank accounts that are approaching a negative balance. In terms of billing, you can use Microsoft Money to:
- Schedule regular bill payment
- Have a knowledge of when your bill payments are due
- Assign categories to your bills to assist you in budgeting
You can also pay bills automatically with MS Money. Just use the bill payment service provider, then make an electronic payment by entering all the pertinent information. You can even schedule your payments so you can pay every month without manually entering data. You can also pay multiple bills at a single time online. In order to schedule the payment of bills, you must first setup information regarding the bills in the Bills Calendar. Then you can pay the recurring bills by scheduling their due dates and payment dates.
You can also make changes to any recurring bill that you have. You can edit information regarding payment method, amount, and payment date for the bills in order to prepare for any changes in the coming months that will affect the payment of said bill. The Bill Calendar and Bill History are particularly useful because they display the schedule of bills to be paid in the month, and the history of past bills (whether they are paid or unpaid, overdue, amount paid, etc.), respectively.
Handling your accounts and transactions
Microsoft Money will help you in updating your accounts, putting your transactions into categories and keeping tabs on your spending. It can match your online banking accounts with the program’s account register. You can use the Account Register to see your transactions and balances at a glance, request information about your bank, brokerage or credit card provider, and in categorizing and summarizing your spending. You can classify your spending under several categories, so you will know how to spend your money and where your money goes. You can also compare your spending through different time periods, such as different weeks, months or years, because MS Money saves all the spending patterns that you have accumulated.