How to use Quicken to create your personal budget?by John Smith Technician
Quicken is a personal management and financial tool that helps in money management and budgeting. With Quicken, you don’t need to jot anything down or save receipts as the tool will safely import all your transactions. It also has a special feature that automatically categorizes your transactions and put them all together in one place. To start with Quicken, simply enter your bank account info in the required fields. You can easily observe that how your investments are performing against the market. The tool is available in different versions that are compatible with Windows and Macintosh systems.
- For Windows:
- Quicken Starter
- Quicken Deluxe
- Quicken Rental Property Manager
- Quicken Premier
- Quicken Home & Business
- Quicken for Mac
Creating a budget in Quicken makes you feel confident about how to control your spending, pay the bills and managing savings, which ultimately helps you in achieving your financial goals. Once you add your bank account information in Quicken, it is easy to create a budget. For this, click on the planning tab and hit “get started”.
Quicken will create a personalized, yearly budget after observing your past spending patterns. Click Ok and the tool will suggest you a personalized budget with monthly spending goals. If you want to exceed or reduce the budget limit, simply enter the new budget amount in the tool and it will show you the budget accordingly. To make you stay on the top of your financial expanses, you can set up the bill reminders in Quicken.
Using the budget action menu, you are free to customize your budget in different ways. The tool regularly tracks your spending to make sure that everything is going as per the set budget. If not, it will recommend you where to cut back or make changes in order to stop you crossing your budget limits. However, you can also add additional categories, by choosing the option “Select Categories to Budget”. The step-by-step process for creating a budget in Quicken is as follows:
- Click the Planning tab and hit Budgets button
- Select Budget Actions and then, Create a new budget
- Enter a Budget name
- For additional options, change the Advanced Budget Settings
- Click Ok to create your budget, which will include the following
- Type of budget created
- Which date range is used
- Budgeting method
- The rounding used
- Accounts and categories used
- It’s good to go!
Created on Sep 15th 2017 03:25. Viewed 833 times.