RunningBum
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jun 18, 2007
- Messages
- 13,236
Or maybe the question is, would I really like it? I've been reading the "2015 Expenses" thread and this is what made me think about it.
Let me start with the questions/concerns I have, and then go into more detail.
- Will Quicken let me flag or hide certain expenses from my tracking that I either don't want included in my budget spending or want to easily identify?
- For managing a checkbook, how does it handle scheduled payments that are well into the future?
- For investments, will Quicken Premiere let me use my method of tracking net worth by reducing taxable accounts and IRAs by the taxes that will be due when I liquidate them?
- Will it let me include SS and pensions as an asset, by either figuring out or letting me enter the value of the future payments?
Right now I just track total outflow with a spreadsheet in a very general way, to make sure I'm in range wrt my planned withdrawal rate. I track all outflows out of my bank accounts other than transfers between accounts or investments. I include but note irregular large expenses like new car purchases and major home projects so that I can easily see bumps and how often they occur. I keep a 12 month running average. I separately account for income tax payments due to Roth conversions or cap gains on sales, as I don't want my budget thrown off by the decision of how much to convert (more on that later). I do include taxes paid for dividends and CG distributions.
I don't categorize my expenses because it's too much work, and I'm FIRE'd and generally on target with expenses so I doubt I'd do much with it. It would be interesting to see, though, and I suppose it would help with decisions like how important it is to get a fuel efficient car given how much I spend on gas. And maybe there are things I spend more money on then I think and could cut back if they aren't important. It also would be nice to find old transactions. I don't do it often, but when I do I often have to guess which month it came and download and search the statements until I find it.
Quicken could help here, but by itself I don't know if it's enough reason. I know I could use Mint for free, but I don't know that I want all that data in yet another potentially hackable place.
I assume Quicken would let me hide some entries from my budget and flag special expenses, even if I had to create new categories for them?
Oh, and the checkbook. I use a spreadsheet now, because I like to show future estimated tax payments. I scatter them to about where they would land on my spreadsheet, so that when they are a couple months out they aren't really on the radar, but as they get closer I can make sure I can cover it. I'm sure Quicken can let me enter future payments, but I don't want it to simply subtract $5-10K in future payments that won't happen for quite awhile. What I mean by this, is that I've already entered my 2016 scheduled payments as well as the 2015 payment for mid-January. It doesn't bother me in the least that these put me in the red. But if the upcoming January payment would put me negative, I need to know now and transfer more money. And sometime in March I'll look ahead and see how I look with the April payment looming. But it's a long time before I need to worry about the 2016 4Q payment. I don't know that Quicken would be able to show these future payments getting larger on the radar as they get closer.
Quicken Premiere looks interesting for tracking portfolio data. Right now I use a spreadsheet for my net worth, and it's not too hard to keep current, nor track my AA since nearly all my investments are in a few funds at Vanguard. Quicken could do it more automatically and look nicer, but I wonder if I can customize it how I want it, or if I'll be disappointed that it forces me to use their methods. Two things come to mind that I do that Quicken probably doesn't by default and may not accommodate:
- I use "after tax" values for my net worth calculations. For example, if I have $100K in a taxable account with 20K cap gains, I reduce it by $4200 to account for 15% fed tax and 6% (actually 5.75%) state tax, so I "really" have $95,800. $100K in my IRA is reduced by 21% for those same taxes, so I consider it to be $79,000. $100K in my Roth is $100K. This is why I don't consider taxes on Roth conversions or cap gains on sales as part of my budget, because I apply my WR% to my after tax balance for how much I can spend. I don't blow my budget by doing a Roth conversion which is really a wash in my net worth as long as I'm smart about how much I convert.
Will Quicken let me do anything like this, and continue to do it as it updates from my investment accounts?
Let's not argue if this is "correct". It's what I do, and what I will continue to do, and Quicken is not probably worthwhile to me if it won't allow me to do this or makes me go in and manually change data to account for taxes every time it updates the numbers.
- I include annuitized values for SS (75%, fully taxed, to conservatively account for possible cutbacks) and a small pension. I use this both in my net worth and my asset allocation. Actually, I have calcs that include them and calcs that do not. For my AA, I consider these as part of bonds/cash. Does Quicken allow this too? Again, let's not argue about whether this is correct. It's what I do, and it makes sense to me.
Sorry for the long-winded post. It helps me to write up what the issues are for my own evaluation, and if anyone is still paying attention I'd probably have to eventually explain why these things are important to me anyway.
Let me start with the questions/concerns I have, and then go into more detail.
- Will Quicken let me flag or hide certain expenses from my tracking that I either don't want included in my budget spending or want to easily identify?
- For managing a checkbook, how does it handle scheduled payments that are well into the future?
- For investments, will Quicken Premiere let me use my method of tracking net worth by reducing taxable accounts and IRAs by the taxes that will be due when I liquidate them?
- Will it let me include SS and pensions as an asset, by either figuring out or letting me enter the value of the future payments?
Right now I just track total outflow with a spreadsheet in a very general way, to make sure I'm in range wrt my planned withdrawal rate. I track all outflows out of my bank accounts other than transfers between accounts or investments. I include but note irregular large expenses like new car purchases and major home projects so that I can easily see bumps and how often they occur. I keep a 12 month running average. I separately account for income tax payments due to Roth conversions or cap gains on sales, as I don't want my budget thrown off by the decision of how much to convert (more on that later). I do include taxes paid for dividends and CG distributions.
I don't categorize my expenses because it's too much work, and I'm FIRE'd and generally on target with expenses so I doubt I'd do much with it. It would be interesting to see, though, and I suppose it would help with decisions like how important it is to get a fuel efficient car given how much I spend on gas. And maybe there are things I spend more money on then I think and could cut back if they aren't important. It also would be nice to find old transactions. I don't do it often, but when I do I often have to guess which month it came and download and search the statements until I find it.
Quicken could help here, but by itself I don't know if it's enough reason. I know I could use Mint for free, but I don't know that I want all that data in yet another potentially hackable place.
I assume Quicken would let me hide some entries from my budget and flag special expenses, even if I had to create new categories for them?
Oh, and the checkbook. I use a spreadsheet now, because I like to show future estimated tax payments. I scatter them to about where they would land on my spreadsheet, so that when they are a couple months out they aren't really on the radar, but as they get closer I can make sure I can cover it. I'm sure Quicken can let me enter future payments, but I don't want it to simply subtract $5-10K in future payments that won't happen for quite awhile. What I mean by this, is that I've already entered my 2016 scheduled payments as well as the 2015 payment for mid-January. It doesn't bother me in the least that these put me in the red. But if the upcoming January payment would put me negative, I need to know now and transfer more money. And sometime in March I'll look ahead and see how I look with the April payment looming. But it's a long time before I need to worry about the 2016 4Q payment. I don't know that Quicken would be able to show these future payments getting larger on the radar as they get closer.
Quicken Premiere looks interesting for tracking portfolio data. Right now I use a spreadsheet for my net worth, and it's not too hard to keep current, nor track my AA since nearly all my investments are in a few funds at Vanguard. Quicken could do it more automatically and look nicer, but I wonder if I can customize it how I want it, or if I'll be disappointed that it forces me to use their methods. Two things come to mind that I do that Quicken probably doesn't by default and may not accommodate:
- I use "after tax" values for my net worth calculations. For example, if I have $100K in a taxable account with 20K cap gains, I reduce it by $4200 to account for 15% fed tax and 6% (actually 5.75%) state tax, so I "really" have $95,800. $100K in my IRA is reduced by 21% for those same taxes, so I consider it to be $79,000. $100K in my Roth is $100K. This is why I don't consider taxes on Roth conversions or cap gains on sales as part of my budget, because I apply my WR% to my after tax balance for how much I can spend. I don't blow my budget by doing a Roth conversion which is really a wash in my net worth as long as I'm smart about how much I convert.
Will Quicken let me do anything like this, and continue to do it as it updates from my investment accounts?
Let's not argue if this is "correct". It's what I do, and what I will continue to do, and Quicken is not probably worthwhile to me if it won't allow me to do this or makes me go in and manually change data to account for taxes every time it updates the numbers.
- I include annuitized values for SS (75%, fully taxed, to conservatively account for possible cutbacks) and a small pension. I use this both in my net worth and my asset allocation. Actually, I have calcs that include them and calcs that do not. For my AA, I consider these as part of bonds/cash. Does Quicken allow this too? Again, let's not argue about whether this is correct. It's what I do, and it makes sense to me.
Sorry for the long-winded post. It helps me to write up what the issues are for my own evaluation, and if anyone is still paying attention I'd probably have to eventually explain why these things are important to me anyway.