Quicken - Do you use it?

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abuss368
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Quicken - Do you use it?

Post by abuss368 » Tue May 22, 2018 6:55 pm

Bogleheads -

I am interested in everyone's thoughts regarding Quicken and if they use (or don't use) the personal finance software. Why do you use (or not use) the program? What value does it bring? Do you use it for your entire financial picture or just your investment portfolio?

I am interested in thoughts and feedback.

Thanks!
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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samsoes
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Re: Quicken - Do you use it?

Post by samsoes » Tue May 22, 2018 7:01 pm

Received my first Quicken program for Christmas in 1993. I've been using it ever since, upgrading along the way. My entire financial life is in it, in gory detail. I manually enter and categorize every transaction: credit card, bank accounts, and all investment accounts, including 401ks over the years. I don't use the transaction download feature. Tried it once and didn't like the result. I also don't use the budget feature. But, 24 years of detailed transactions are at my fingertips.

Having said all that, I don't like the current subscription model. But, at this point, I am in too deep to change.
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jimmyq
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Re: Quicken - Do you use it?

Post by jimmyq » Tue May 22, 2018 7:02 pm

Yes, I use it to keep track of my banking accounts, credit cards, and investment accounts. I find it extremely useful. That said, I may consider alternatives in about a year because their subscription rates increased dramatically after Intuit sold Quicken to a private equity firm.

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GerryL
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Re: Quicken - Do you use it?

Post by GerryL » Tue May 22, 2018 7:05 pm

I began using Quicken in the early 1990s just for managing my checking and savings accounts and tracking expenses and bills. Over time I added investments.

I made lots of mistakes using it, especially when they did away with the printed manual, so the way I set up accounts is sometimes weird and unstable. For that and other reasons I do not trust auto-updating of my accounts and do all entries manually.

The program came in very handy for me to understand my expenses and what I would need in retirement. And because I used it to keep track of the shares of employer stock I acquired over 20+ years, I don't find myself (like some of my fellow retirees) scrambling to find out what their cost basis is on various shares. (When I started, I had never heard the term "cost basis" and I was not very diligent about filing the paperwork that I received for my stock purchases, but at least I have all the details in Quicken.)

I am not thrilled with the new Quicken business model and am not sure whether I will continue with the program as my newly updated software stars to age out.

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Re: Quicken - Do you use it?

Post by Kenkat » Tue May 22, 2018 7:25 pm

I have been using it since the days of Quicken for DOS in the early 90’s. I use it for tracking my checking account, expenses, investment tracking and transactions, loan tracking and total assets / net worth tracking. I do not use the credit card functions and I track investment performance and asset allocation outside of Quicken. For me it has been a great way to keep my finances organized and visible in a single place.

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Re: Quicken - Do you use it?

Post by FiveK » Tue May 22, 2018 7:34 pm

Kenkat wrote:
Tue May 22, 2018 7:25 pm
I have been using it since the days of Quicken for DOS in the early 90’s. I use it for tracking my checking account, expenses, investment tracking and transactions, loan tracking and total assets / net worth tracking. I do not use the credit card functions and I track investment performance and asset allocation outside of Quicken. For me it has been a great way to keep my finances organized and visible in a single place.
+1

Pretty much the same in all aspects.

Also used Quicken's Lifetime Planner (QLP) before before learning about FIRECalc, I-ORP, etc. I think Quicken is missing a bet by not improving QLP, because it's pretty good as is, but with just a little work (says someone who doesn't have to do the work) it could be very good.

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Re: Quicken - Do you use it?

Post by Artsdoctor » Tue May 22, 2018 7:39 pm

I've been using Quicken for 20 years. This includes our investment portfolios as well as checking. They've had a change in leadership but I'll stay with it as long as it's reasonable to do so.

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Re: Quicken - Do you use it?

Post by delamer » Tue May 22, 2018 8:45 pm

Artsdoctor wrote:
Tue May 22, 2018 7:39 pm
I've been using Quicken for 20 years. This includes our investment portfolios as well as checking. They've had a change in leadership but I'll stay with it as long as it's reasonable to do so.

Same here, plus credit cards.

I actually find the budgeting and expense tracking features more valuable than the investment features. And I love being able to download transactions and categorize them.

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Re: Quicken - Do you use it?

Post by TravelGeek » Tue May 22, 2018 8:51 pm

abuss368 wrote:
Tue May 22, 2018 6:55 pm
I am interested in everyone's thoughts regarding Quicken and if they use (or don't use) the personal finance software. Why do you use (or not use) the program? What value does it bring? Do you use it for your entire financial picture or just your investment portfolio?
I used to, but don’t anymore. I don’t recall if I pulled the plug because I concluded that I wasn’t get enough value from the effort or because I switched to a Mac. Might have been a combination of the two.

For the record, I started with MS Money and actually liked it better.

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Re: Quicken - Do you use it?

Post by michaeljc70 » Tue May 22, 2018 8:57 pm

Yes... as I've stated in the dozens of other threads about Quicken. :shock: I use it to download all my transactions (credit card, checking, investment) and pay my bills. I track expenses. I also run comparison reports of spending over time, investment performance over time, savings, etc. I have over 20 years of data in Quicken. It is also a handy reference occasionally to find when I bought or replaced something (how many years ago did I replace the hot water heater?) I don't diligently track every cent, but try to keep it reasonably accurate. Since I charge almost everything, it is not that hard. I spend maybe 5-10 minutes 4 times a week. The tricky things are remembering what I bought if I pay cash or if I buy stuff at a place like Costco or Target where it could be a mix of a lot of different categories. It also tracks my AA automatically, but with a 4 fund portfolio, that isn't rocket science.

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Re: Quicken - Do you use it?

Post by Bacchus01 » Tue May 22, 2018 9:38 pm

TravelGeek wrote:
Tue May 22, 2018 8:51 pm
abuss368 wrote:
Tue May 22, 2018 6:55 pm
I am interested in everyone's thoughts regarding Quicken and if they use (or don't use) the personal finance software. Why do you use (or not use) the program? What value does it bring? Do you use it for your entire financial picture or just your investment portfolio?
I used to, but don’t anymore. I don’t recall if I pulled the plug because I concluded that I wasn’t get enough value from the effort or because I switched to a Mac. Might have been a combination of the two.

For the record, I started with MS Money and actually liked it better.
Agreed. Money seemed far superior. Started using Money probably around 2001 and moved to Quicken when Money went away. I use it at least 2-3X a week.

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Re: Quicken - Do you use it?

Post by margered » Tue May 22, 2018 9:48 pm

michaeljc70 wrote:
Tue May 22, 2018 8:57 pm
Yes... as I've stated in the dozens of other threads about Quicken. :shock: I use it to download all my transactions (credit card, checking, investment) and pay my bills. I track expenses. I also run comparison reports of spending over time, investment performance over time, savings, etc. I have over 20 years of data in Quicken. It is also a handy reference occasionally to find when I bought or replaced something (how many years ago did I replace the hot water heater?) I don't diligently track every cent, but try to keep it reasonably accurate. Since I charge almost everything, it is not that hard. I spend maybe 5-10 minutes 4 times a week. The tricky things are remembering what I bought if I pay cash or if I buy stuff at a place like Costco or Target where it could be a mix of a lot of different categories. It also tracks my AA automatically, but with a 4 fund portfolio, that isn't rocket science.
I had a long reply but it disappeared but I second all this.

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Re: Quicken - Do you use it?

Post by DetroitRick » Wed May 23, 2018 7:53 am

I use it, and very much like it. I've been a user since 1997, and used several predecessor software packages before that. I'm not sure I would have always said this, but for years now I have found it easy-to-use, stable and reliable.

I use all Quicken functionality - tracking spending, budgeting, income, investments, net worth and more. The only exception - I haven't yet started using it's Bill Pay function. It even acts as a financial diary, storing important receipts and (as another poster mentioned) telling me when I bought or replaced stuff. My wife and I use it in tandem to monitor spending, income and cash flow. I also use it to monitor and benchmark investment performance. And it's proven to be an indispensable aid in managing an elderly mother's accounts from afar. As I neared and entered retirement, Quicken was a tool that allowed me to easily determine what spending would look like.

As others have mentioned, I find there is very little time involved nowadays. All accounts are connected, downloads are daily with a single click during morning coffee. Even that time is erased by not needing to reconcile paper statements (I only eyeball them). I"m still on the 2016 version, but will go over to the subscription model in the 2nd half of this year. Given what I see as improved support, I've lost my fear of them breaking their software with updates, so the new model is now what I prefer (always running the current version).

My Excel skills are top notch, but Quicken does the job best for me. I do fear a bit for its future, since it's not that well liked by much of its user base, but hope for the best.

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Re: Quicken - Do you use it?

Post by SRenaeP » Wed May 23, 2018 7:54 am

Bacchus01 wrote:
Tue May 22, 2018 9:38 pm
TravelGeek wrote:
Tue May 22, 2018 8:51 pm
abuss368 wrote:
Tue May 22, 2018 6:55 pm
I am interested in everyone's thoughts regarding Quicken and if they use (or don't use) the personal finance software. Why do you use (or not use) the program? What value does it bring? Do you use it for your entire financial picture or just your investment portfolio?
I used to, but don’t anymore. I don’t recall if I pulled the plug because I concluded that I wasn’t get enough value from the effort or because I switched to a Mac. Might have been a combination of the two.

For the record, I started with MS Money and actually liked it better.
Agreed. Money seemed far superior. Started using Money probably around 2001 and moved to Quicken when Money went away. I use it at least 2-3X a week.
It's probably too late for you now but Money has a Sunset edition that I've been using since the supported versions went away.

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Re: Quicken - Do you use it?

Post by gasdoc » Wed May 23, 2018 7:59 am

delamer wrote:
Tue May 22, 2018 8:45 pm
Artsdoctor wrote:
Tue May 22, 2018 7:39 pm
I've been using Quicken for 20 years. This includes our investment portfolios as well as checking. They've had a change in leadership but I'll stay with it as long as it's reasonable to do so.

Same here, plus credit cards.

I actually find the budgeting and expense tracking features more valuable than the investment features. And I love being able to download transactions and categorize them.
+1. I do this rather than budgeting, per se. It is too easy to log onto the Vanguard site directly for basic investment features.

gasdoc

RickBoglehead
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Re: Quicken - Do you use it?

Post by RickBoglehead » Wed May 23, 2018 8:02 am

Been using it since 1996. Before that Managing Your Money, before that a Lotus 1-2-3 spreadsheet, and before that a big, wide ledger pad...

I dislike the new model. I used to upgrade every 3 years or so, right around when they'd cut off the ability to download accounts. In combination with TurboTax (which I've been using for a very long time also), it was a minimal expense. Then they started playing with features, moving them across different package types (as did TurboTax). Ticked me off. Then they sold off and now have the new subscription model. I will use my desktop version until I am forced to the subscription model - or perhaps keep using it and just manually key in everything if I cannot download it.

I track EVERYTHING. I charge nearly everything, and get a receipt if I pay cash. Every Saturday morning I sit with my coffee and do my weekly "balancing". Then I do it for my mother (I don't track her cash and don't allocate what I can't figure out, tried to do that over the phone and I was looking for a way to end it all...). Takes me less than 1/2 hour weekly.

I find it tremendously freeing(?) to know where everything goes. I knew in 1996 when I got a big salary increase that I had hit my spending limit - i.e. I was earning more than I needed to. I've known that number always, and in fact today spend less than I did in 1996 (empty nesters).

I find some of Quicken's reports helpful, and some of them total garbage. I find it maddening that an account will download, then stop downloading yet I changed nothing. I love importing to TurboTax, but the reality is that I could just as easily type that info in.

I will never(?) move to online tools (like Mint) and would never consider giving my sign-in information to anyone. Vanguard has most of my assets, and I give them the other assets which they automatically list in my account listing, updated based on stock symbol, not by a sign-in.

If there were a great PC tool other than Quicken, I would consider switching.

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Re: Quicken - Do you use it?

Post by prudent » Wed May 23, 2018 8:20 am

Been using it since Quicken version 4, 24 years. I actually started with a shareware program called CashTrac even before that in 1990 then converted to Quicken. Quicken's not perfect and has some annoyances that have been mentioned, but the benefits far outweigh the aggravations for me. One thing I will say about Quicken is that it has not choked on large datasets.

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Re: Quicken - Do you use it?

Post by bampf » Wed May 23, 2018 8:25 am

Used it for about 20 years. About two years ago I got frustrated with "Pay me some more" and what not. Stopped using it and used my financial sites directly. Wow. Really don't miss it at all. R

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DanMahowny
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Re: Quicken - Do you use it?

Post by DanMahowny » Wed May 23, 2018 8:28 am

samsoes wrote:
Tue May 22, 2018 7:01 pm
Received my first Quicken program for Christmas in 1993. I've been using it ever since, upgrading along the way. My entire financial life is in it, in gory detail. I manually enter and categorize every transaction: credit card, bank accounts, and all investment accounts, including 401ks over the years. I don't use the transaction download feature. Tried it once and didn't like the result. I also don't use the budget feature. But, 24 years of detailed transactions are at my fingertips.
This is exactly how I use Quicken too. Although my financial history only goes back to 2002.
Funding secured

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Re: Quicken - Do you use it?

Post by wolf359 » Wed May 23, 2018 8:32 am

I was a long-time Quicken user. Actually I think almost everybody who uses it is old-school, and has been using it for a long time. I used it since the DOS days, in the 1980's.

Recently, Intuit sold Quicken to a third party investment company, who changed the purchase model. It is now subscription based.

Intuit themselves are now focusing on Mint, which they also own.

I have ended up moving on from Quicken to Mint. There's a lot that I preferred about Quicken, including the level of detail and the ability to more easily change and update budget categories as compared to Mint. However, Mint gets me 80% of the functionality with very little effort. I'm using it all day long, whereas with Quicken I only used it once a day at most. (Big difference between a computer-based program and a phone-based app.)

For investment tracking, I use Vanguard's website for a top level view. I use Personal Capital for an in-depth view, especially for assets that are not parked at Vanguard.

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Re: Quicken - Do you use it?

Post by drwtsn32 » Wed May 23, 2018 8:35 am

I used MS Money since the early 90's and reluctantly switched to Quicken after MS Money was discontinued.

I have to upgrade regularly to keep the transaction download feature working. Other main reason I like Quicken is for balance forecasting and tracking payment times.

I am very tempted to dump it though. Need to find another tool that does balance forecasts as well as Quicken. Who knows, maybe even a well-designed Excel spreadsheet would be enough for me.

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Re: Quicken - Do you use it?

Post by KSAL889813 » Wed May 23, 2018 8:36 am

samsoes wrote:
Tue May 22, 2018 7:01 pm
Received my first Quicken program for Christmas in 1993. I've been using it ever since, upgrading along the way. My entire financial life is in it, in gory detail. I manually enter and categorize every transaction: credit card, bank accounts, and all investment accounts, including 401ks over the years. I don't use the transaction download feature. Tried it once and didn't like the result. I also don't use the budget feature. But, 24 years of detailed transactions are at my fingertips.

Having said all that, I don't like the current subscription model. But, at this point, I am in too deep to change.

+1 (couldn't have said it better)

nanosour
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Re: Quicken - Do you use it?

Post by nanosour » Wed May 23, 2018 8:39 am

Personally, I would find it hard to envision my financial life without Quicken. Started in 2005 for Quicken for Mac. (The year I made the switch to mac). I've since tracked all spending as all our money goes in and out of one checking account which I've had since 1987. I auto-download almost daily and keep a budget with Quicken. Don't do loans or investments as I've always found this to be too complicated for the effort.

I'm currently running both the new subscription Mac version and Quicken for Mac 2007. I definitely like the 2007 version better and it still imports from my bank without a hitch. It's simple, just works, and I like the older UI better than the new Mint-looking UI. I specifically don't like that you can't have multiple windows open at one time. I think that's ridiculous in this age of 27" monitors. Lots of wasted screen real estate.

Overall, highly recommend Quicken.

Spedward
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Re: Quicken - Do you use it?

Post by Spedward » Wed May 23, 2018 8:49 am

Been using quicken since the early 2000s; perhaps sophomore year of college. Worked with a guy I viewed a financial savant at the time - he literally graduated college at 19 and had is own business but worked 25 hours a week doing computer tech support in order to get cheap health insurance. He introduced me to tracking everything related to money. My parents always did as well but did so with an old school Check registry and looking a statements every single month.

Once I started and got into it, I was hooked. I basically track everything in quicken and have done so since then. In my opinion, it is not perfect, but I have not found a better tool that provides so much.

Personally I think the key is to customize it to your needs. I.e. come up with your own categories that fit your needs, get ride of all of the noise in it that does not pertain to you, set up investment categories outside of the standard one. One thing that was a game changer in my opinion was setting up investment categories that separate taxable v. Tax deferred transactions for example.

All and all I have a love hate relationship with it. More love than hate.

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Youngblood
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Re: Quicken - Do you use it?

Post by Youngblood » Wed May 23, 2018 8:56 am

Yes, I use Quicken for all of the previous mentioned reasons. I actually like the new subscription model because since H.I.G. Capital purchased Q from Intuit for me at least, the overall program seems better.

Since checking all of my bank accounts, credit unions, investment accounts, and credit cards is so easy with automatic downloads I do this everyday. Lately, credit cards have had unauthorized charges on them (three times the cards had to be cancelled and new ones issued). Just last week, I received a letter from a national bank informing us that personal data connected to our checking account was stolen by a former bank employee. I took advantage of the free IDnotify offered and luckily, I already check this account daily through Quicken.


With a lifetime of financial data on Quicken, one of the most important reasons for keeping it is the record keeping for my wife so that when I die she can access all of our assets and accounts. All contact information for everything we have is current and easily found. When my wife dies our oldest daughter will have no problem as the executor of our will even with claiming the two free life insurances policies my wife and I received from our employment.

Honestly, it's the most important bit of software I own and use.
"I made my money by selling too soon." | Bernard M. Baruch

frugalmama
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Re: Quicken - Do you use it?

Post by frugalmama » Wed May 23, 2018 9:14 am

I loved MS Money and was sad when it disappeared. I used Quicken but jumped ship when someone introduced me to You Need a Budget YNAB (I felt it works better for me as I'm self employed and there were particular features that seemed to be more in line with the way I do business. For example, I like the 0 based budgeting feature because I don't have a consistent amount come in or go out each month). Since then both Quicken and YNAB have gone to subscriptions, but I am too frugal to pay for the subscription (YNAB is 83.99 annually) so I still have the old download version that was a one time $50 that I purchased about 8 years ago. I know I'm missing a lot of features but I don't want to pay each month or put all of my info. online. Eventually, I may spring for it, but right now I think I'm doing just fine without them.

YNAB is a great budgeting program - and I enter all transactions and categorize them on a regular basis. I actually spend a lot of time with my budget each week as I struggle a lot to keep to it since it is so low and we have so many needs. However, YNAB is very easy to enter info into and I enter everything...cash, credit cards, gift cards...if it has value, it gets entered. I do have investments entered in also and adjust the value monthly so I get a total net worth but I just log into my investment accounts for everything else.

I'm actually looking for investment software but it isn't as much of a pressing need as my budget so I am still where I am.

Glockenspiel
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Re: Quicken - Do you use it?

Post by Glockenspiel » Wed May 23, 2018 9:16 am

I used to but stopped. Quicken wouldn't do automatic transaction downloads for my accounts at local credit unions. It became too big of a hassle to download them every month and categorize them manually. Then, there was some software issue where it wouldn't do something unless I upgraded, so I just stopped using it and started using Personal Capital recently.

Personal Capital has been many times better than Quicken. I've had zero issues with it, and it has all the features that I used in Quicken, and more.

lostdog
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Re: Quicken - Do you use it?

Post by lostdog » Wed May 23, 2018 9:23 am

I use Quicken 2018 basic version just for the checking account, budgeting and cash flow. I track our investment accounts at Vanguard.

I use the budget and cash flow tools in Quicken. I feel these tools are valuable for me to stay on track with LBYM.

jeep5ter
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Re: Quicken - Do you use it?

Post by jeep5ter » Wed May 23, 2018 9:59 am

I have used it since the early 1990s but I stopped upgrading several years ago and think that was a wise move.

Always passive
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Re: Quicken - Do you use it?

Post by Always passive » Wed May 23, 2018 10:29 am

Question:
Can you use an old version without paying Quicken? I use the 2017 version but do not download from the securities prices

michaeljc70
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Re: Quicken - Do you use it?

Post by michaeljc70 » Wed May 23, 2018 10:47 am

prudent wrote:
Wed May 23, 2018 8:20 am
Been using it since Quicken version 4, 24 years. I actually started with a shareware program called CashTrac even before that in 1990 then converted to Quicken. Quicken's not perfect and has some annoyances that have been mentioned, but the benefits far outweigh the aggravations for me. One thing I will say about Quicken is that it has not choked on large datasets.
Good point on not choking on large datasets. Years ago I wondered if I should use their feature to archive old data (based on dates), but never had to.

dcdowden
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Re: Quicken - Do you use it?

Post by dcdowden » Wed May 23, 2018 10:59 am

I started using Quicken in about 2002 and was very impressed that I could track all my income, expenses, investments and even do lifetime planning exercises very easily. These were all things that I had previously had a financial management company (executive perk from mega corp) do for us. So when I retired, Quicken gave me most of those tools for a fraction of the cost that I could have paid the financial adviser.

Now there are many other alternatives that either cost less or seem to be more reliable than Quicken. I got to the point that I couldn't trust Quicken's investment return information anymore, and Quicken seemed to frequently lose access to some of our accounts. A couple times I had to completely delete and then add the account back again to relink it which messed up the history of that account.

So I now primarily use Personal Capital (free) for investment tracking, budgeting and retirement lifetime planning. Our retirement accounts are at Fidelity, so I also like their Full View feature to monitor our overall asset allocation and investment performance. Fidelity also has a good retirement planning tool as well. In my view, Quicken doen't seem to have done much in the last several years to improve their tool (e.g., lifetime planning is not monte carlo based - just fixed return) to justify their new subscription model.

Dazed&Confused
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Re: Quicken - Do you use it?

Post by Dazed&Confused » Wed May 23, 2018 11:44 am

Have used it for over 20 years. For me it is very valuable to track and forecast spending especially now that I'm in retirement. One of the main levers I can control in retirement is my withdrawals from my portfolio. With quicken I know I'm on track to stay within a Safe Withdrawal Rate and where to cut expenses if needed.
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!

TheTurtle
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Re: Quicken - Do you use it?

Post by TheTurtle » Wed May 23, 2018 12:35 pm

:D I have been using Quicken since the early 2000s, when I was in undergrad in a different country. Over the years I have upgraded every three years or so. I still use it, and I have the subscription model. I'm not as bothered about subscription services as many people seem to be, as long as the software is maintained well, and as long as the data file remains in my control.

I use data download which makes keeping track of expenses, income and taxes easy; it's basically a question of verifying each transaction and pressing accept (unless something is messed up, which has hardly ever happened). Same thing applies to CDs and now investing transactions in retirement accounts.

The cool thing is that I have all this historical data in one place (not limited to Quicken, but Quicken makes it easy to analyze, and as someone has pointed out, " it does not choke on large datasets"). I can get information on savings vs expenses, investing performance, rate of debt repayment (aka : "are we there yet.. ?")I can also answer questions like: How much has lifestyle creep impacted me since undergrad? Since moving to the US, grad school, marriage... ? How much do I spend on groceries vs eating out? How much did I spend on eating out when dating vs after getting married (the answer might surprise you) :P

It's not a huge exaggeration to say that I know where every cent is, and I know exactly how much funds I can access at any given time.

The short version : I think next to Microsoft Office Quicken is one of the most useful tools out there. If you think you can use it consistently it is worth the price (and no I'm not affiliated with them).

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flossy21
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Re: Quicken - Do you use it?

Post by flossy21 » Wed May 23, 2018 1:12 pm

I used Quicken on Windows PC's from 1997 to about 5-6 years ago. I switched to a Mac and Quicken for Mac is pretty lousy so I exported all my info to Moneydance which is a competing product. It took some clean up but ultimately I had all my old Quicken data in Moneydance and have continued using it up to now.

I'll leave you to investigate the pro's & con's of each but a big complaint with Quicken has always been the need to upgrade, and pay $$, every couple of years in order to maintain functionality. I know recently a lot of folks are complaining about their new subscription model.

viewtopic.php?t=231261 -- You might review this thread which is a similar discussion.

Also -- Here's the link to Moneydance -- You used ot be able to download and use it for free up to 100 transactions. Kind of a try it before you buy it type of thing.

http://moneydance.com/

omgbirdman
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Re: Quicken - Do you use it?

Post by omgbirdman » Wed May 23, 2018 1:23 pm

Always passive wrote:
Wed May 23, 2018 10:29 am
Question:
Can you use an old version without paying Quicken? I use the 2017 version but do not download from the securities prices
I use, and will continue to use, Quicken 2012. I manually input all transactions.

student
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Re: Quicken - Do you use it?

Post by student » Wed May 23, 2018 1:28 pm

Just a data point. I started using such software in 1997. I used Money but switched to Quicken after Money was discontinued. These days, I don't use such software anymore.

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AstroJohn
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Re: Quicken - Do you use it?

Post by AstroJohn » Wed May 23, 2018 1:53 pm

Used Quicken for many years, but grew tired of the ever increasing chart-junk on each page and moved to Moneydance. Runs on Windows, Mac, and Linux. No subscription model. Reasonable cost. Usually every other update is free or reduced price for current users. Small enough company that support requests usually penetrate all the way to the programmers. I had no significant problems shifting banking and investing.

Based on discussions here and with others, it seems that for some Quicken has become something of a religion. That is not good long term as it will allow the current company to keep raising prices knowing that a shrinking user base will happily pay them. This is one of the standard ways a company bleeds itself to death while making a lot of money.

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Re: Quicken - Do you use it?

Post by delamer » Wed May 23, 2018 2:01 pm

AstroJohn wrote:
Wed May 23, 2018 1:53 pm
Used Quicken for many years, but grew tired of the ever increasing chart-junk on each page and moved to Moneydance. Runs on Windows, Mac, and Linux. No subscription model. Reasonable cost. Usually every other update is free or reduced price for current users. Small enough company that support requests usually penetrate all the way to the programmers. I had no significant problems shifting banking and investing.

Based on discussions here and with others, it seems that for some Quicken has become something of a religion. That is not good long term as it will allow the current company to keep raising prices knowing that a shrinking user base will happily pay them. This is one of the standard ways a company bleeds itself to death while making a lot of money.
It is a product that is useful at a price that I think is fair. When I don’t think it is fair, I won’t buy it anymore. If it has a poor business model and stops making money, that is the way of the world. No one will die and national security won’t be threatened if Quicken disappears.

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AstroJohn
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Re: Quicken - Do you use it?

Post by AstroJohn » Wed May 23, 2018 3:05 pm

No one will die and national security won’t be threatened if Quicken disappears.
Sadly, we might see some posts on this site that would make us think otherwise.

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Toons
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Re: Quicken - Do you use it?

Post by Toons » Wed May 23, 2018 3:21 pm

Used it faithfully since 1993 to track every financial transaction.
It has been an invaluable tool budgeting, planning,taxes,investing/
I truly believe it aided me in acquiring enough in assets so that we could retire somewhat early.
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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Re: Quicken - Do you use it?

Post by BogleMelon » Wed May 23, 2018 3:46 pm

frugalmama wrote:
Wed May 23, 2018 9:14 am
I loved MS Money and was sad when it disappeared. I used Quicken but jumped ship when someone introduced me to You Need a Budget YNAB (I felt it works better for me as I'm self employed and there were particular features that seemed to be more in line with the way I do business. For example, I like the 0 based budgeting feature because I don't have a consistent amount come in or go out each month). Since then both Quicken and YNAB have gone to subscriptions, but I am too frugal to pay for the subscription (YNAB is 83.99 annually) so I still have the old download version that was a one time $50 that I purchased about 8 years ago. I know I'm missing a lot of features but I don't want to pay each month or put all of my info. online. Eventually, I may spring for it, but right now I think I'm doing just fine without them.

YNAB is a great budgeting program - and I enter all transactions and categorize them on a regular basis. I actually spend a lot of time with my budget each week as I struggle a lot to keep to it since it is so low and we have so many needs. However, YNAB is very easy to enter info into and I enter everything...cash, credit cards, gift cards...if it has value, it gets entered. I do have investments entered in also and adjust the value monthly so I get a total net worth but I just log into my investment accounts for everything else.

I'm actually looking for investment software but it isn't as much of a pressing need as my budget so I am still where I am.
+1 to YNAB classic version
I too am a big fan of it. The newer online version, not just more expensive, but also they changed the methodology in so different ways that is undesirable. I am sticking to downloadable version till it stops working
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

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Re: Quicken - Do you use it?

Post by jebmke » Wed May 23, 2018 3:47 pm

I use Quicken 2012 but only to track the cost basis for all my taxable assets.
When you discover that you are riding a dead horse, the best strategy is to dismount.

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Re: Quicken - Do you use it?

Post by lazydavid » Wed May 23, 2018 3:53 pm

No. I bought a 2-year subscription to Premier when it was on sale over the holidays, and found it utterly worthless for many of my accounts. I haven't looked at it in months. Here's what I remember

Credit union: 2 out of 5 accounts supported, all transactions on one account duplicated
Bank: Supported, but many transactions recorded inaccurately, so balance consistently wrong
Wealthfront: 1 or 2 of 3 accounts supported
Fidelity: 1 account recognized, 2nd can't be added because it's with the same custodian
Vanguard: don't remember

It's literally the worst tool I've ever tried for monitoring my accounts. I spent many hours researching my issues in the Quicken forums, and found that there's a variety of reasons for them, with the most common being some of my financial institutions have balked at paying what amounts to "protection fees" to Quicken to get the "reliable" integration, and the responses I saw from the most "helpful" users was that you need to re-design your financial life to fit into the Quicken box, including switching to institutions that do pay the extortion fee and/or hand-entering all of your transactions. So I fell back to Mint for overall, and Personal Capital for just investment accounts.

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Re: Quicken - Do you use it?

Post by JBTX » Wed May 23, 2018 7:43 pm

I’ve used it for 20 years. I have several bank accounts, dozens of credit cards, and quite a few investment accounts at fidelity and vanguard. I use it to track all expenses and also investments. I use the automated download feature, in spite of the theoretical risks. As far as I know, there is nothing out there that can do all of the things it does.

As a software package I have described it as a bit “clunky”. It isn’t the slickest in operating and processing and at times it can be a bit buggy. It is not uncommon to experience occasional download bugs and failures, but that is more likely the fault of the financial institution.

I’ve tried the budgeting feature but haven’t used it for long. I would have to change some of my categories for it to functionally work. It seems like it only tracks expenditures in sub categories in the budget feature. If you have stuff in both a sub category and also the master category the master data just seems to disappear in the budget. Perhaps it is user error.

They have some decent reports. I use various reports to track net worth, to monitor available cash balances less credit card balances ( net cash) and also quicken downloads fund data that give you fund asset allocations, which I use to monitor my overall portfolio allocation.

Historically I only update ever 2 or 3 years. I don’t like them going to a subscription model but I completely understand it. I will stick with them. My fear is they won’t make it long term. Client based software is a dying industry anyway, and I suspect the client base is rather limited. I have a hard time figuring out how they bring in enough money in revenue to maintain the business. I suspect intuit decided it wasn’t a profitable long term venture and thus divested it, instead focusing on Mint. I hope the new owners can make a go of it but I won’t be shocked if they don’t.

I know of no other software that does the things it does on an integrated basis. Without it I would have to manage my finances in bits and pieces.

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Re: Quicken - Do you use it?

Post by tamudude » Wed May 23, 2018 8:16 pm

Is it perfect? Absolutely not! However no software we use is perfect. I have been using Quicken for the last 5 years and it has been a very good tool in my financial arsenal. I have caught fraudulent charges on my wife's CC, I have seen late charges hit erroneously, I even use an account which is in a foreign currency. Trying to juggle all of this by manually going through the individual sites is not optimum use of my time.
I do struggle with the tax basis tracking but that is just me being lazy.
My recommendation to anyone that asks this question is "try it out and see if you like it">
Regards
tamudude

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Re: Quicken - Do you use it?

Post by nps » Wed May 23, 2018 8:45 pm

omgbirdman wrote:
Wed May 23, 2018 1:23 pm
Always passive wrote:
Wed May 23, 2018 10:29 am
Question:
Can you use an old version without paying Quicken? I use the 2017 version but do not download from the securities prices
I use, and will continue to use, Quicken 2012. I manually input all transactions.
I do the same - Quicken 2005. It has outlived several operating systems and works fine.

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Re: Quicken - Do you use it?

Post by abuss368 » Wed May 23, 2018 10:15 pm

jebmke wrote:
Wed May 23, 2018 3:47 pm
I use Quicken 2012 but only to track the cost basis for all my taxable assets.
Are any of the Quicken alternatives able to calculate cost basis?
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Re: Quicken - Do you use it?

Post by samsoes » Fri May 25, 2018 8:01 am

Always passive wrote:
Wed May 23, 2018 10:29 am
Question:
Can you use an old version without paying Quicken? I use the 2017 version but do not download from the securities prices
You can import security prices into an expired subscription version of Quicken using a simple CSV (comma separated values) file.
File -> File Import -> Import security prices from CSV file...

You'll have to look-up the prices manually and update the CSV file. This shouldn't be a burden for bogleheads using a 3 fund portfolio, right? :mrgreen:

Here's what the file looks like:

VTI,140.87,5/24/2018
VXUS,56.69,5/24/2018

PM me with your email address and I'll send you the file I use. (There's nothing personal or private on it; just symbols, prices, and dates.) The file is editable using Excel or Notepad. Be sure to save it as CSV and not XLSX nor TXT.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren at Little Round Top @ Gettysburg National Military Park.)

mrb55
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Re: Quicken - Do you use it?

Post by mrb55 » Fri May 25, 2018 8:35 am

samsoes wrote:
Tue May 22, 2018 7:01 pm
Received my first Quicken program for Christmas in 1993. I've been using it ever since, upgrading along the way. My entire financial life is in it, in gory detail. I manually enter and categorize every transaction: credit card, bank accounts, and all investment accounts, including 401ks over the years. I don't use the transaction download feature. Tried it once and didn't like the result. I also don't use the budget feature. But, 24 years of detailed transactions are at my fingertips.

Having said all that, I don't like the current subscription model. But, at this point, I am in too deep to change.
+1

I wouldn't be financially where I am without it (which is a pretty good place right now). My daily net worth is also right at my finger tips.
Last edited by mrb55 on Fri May 25, 2018 8:58 am, edited 1 time in total.

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