Personal Finance Software - give it a try | General financial discussion | Discussion forum

Interesting, frugal lady. I've not heard someone ever recommend Microsoft Money but that's cool.

At one time, the banks and credit unions discouraged people from using Mint.com (or Mint.ca) for managing their personal finances and investments, sometimes threatening to invalidate online banking security guarantees even though Mint uses the same bank-grade encryption when logging in to your linked bank and investment accounts. With the "Big 5" and many credit unions using both in-house and third-party personal finance technologies that do the same thing (i.e., signing in to your other bank and investment accounts), I doubt that'd argument hold any legal standing anymore. Moreover, if your online banking was ever compromised, you could, truthfully, say that you've not given out your password to anyone. The fact you use a third-party personal finance app to occasionally login and collect your financial details doesn't matter - you're just signing in via a different type of software, like signing in via a non-recommended web browser or what have you. Just make sure you don't tell them about it and you'll be fine. Even if you did tell them, though, their argument most likely wouldn't hold up anymore. 🙂

Cheers,
Doug

Doug said

At one time, the banks and credit unions discouraged people from using Mint.com (or Mint.ca) for managing their personal finances and investments, sometimes threatening to invalidate online banking security guarantees even though Mint uses the same bank-grade encryption when logging in to your linked bank and investment accounts. …

That's not what the financial institutions are worried about. They are worried that Mint.com also keeps a copy of the banking password and authentication questions.

If someone was able to get into Mint.com, like someone got into Equifax in the US, they would be able to download those passwords.

Save2Retire@55 said
I am happy with my simple Excel sheet. It is saved offline and I update it manually. I have rules set up so it will do the rest for me as I just need to update the balances, fees, interests, etc.  

Exactly what works best for me for the past twenty five years...quarterly updates entered manually, with many automated functions built in....safe, secure and comprehensive.

Good to know there is a final? 'upgrade' available, especially for those who have been using Microsoft Money in one of its many forms.

As I understand it, the software is similar in concept to Quicken Home & Business. Other than Microsoft Money is free, is not being updated, nor has online services. I've used Quicken since 1995 AND I want automatic price quote updating, etc. to keep my asset pricing of all my stocks, ETFs and mutual funds current, so I won't be using Microsoft Money Sunset. I am willing to pay the Quicken subscription price for as long as I manage my portfolio.