Manage My Money

Discussion in 'Community Discussion' started by CoMpX, Feb 18, 2006.

  1. CoMpX macrumors 65816

    CoMpX

    Joined:
    Jun 29, 2005
    Location:
    New Jersey
    #1
    Hey everyone. My parents have agreed to open up a checking account for me with my own debit card. That's all good, but my Mom is going to make me balance my own checkbook. So, I was wondering if there is any software or websites to help me do this, because it will be a real pain if I have to write it all out in a checkbook. Thanks!
     
  2. PlaceofDis macrumors Core

    Joined:
    Jan 6, 2004
    #2
    there is quicken. and there is money by jumsoft.

    i prefer the latter myself.
     
  3. eva01 macrumors 601

    eva01

    Joined:
    Feb 22, 2005
    Location:
    Gah! Plymouth
    #3
    why don't you just manage it all from online banking?

    My Bank of america and Eastern bank websites give updated amounts of money, and what i have spent or put in.
     
  4. Dr. Dastardly macrumors 65816

    Dr. Dastardly

    Joined:
    Jun 26, 2004
    Location:
    I live in a giant bucket!
    #4
    Well if you use your debit card as the primary means of purchasing you can usally access your account info online. I'm finding more and more transactions are coming up instintanios, but for those that aren't just keep you recepit until it clears.

    Just a thought and no need to purchase any software.
     
  5. rdowns Suspended

    rdowns

    Joined:
    Jul 11, 2003
    #5

    Kids :rolleyes:
     
  6. CoMpX thread starter macrumors 65816

    CoMpX

    Joined:
    Jun 29, 2005
    Location:
    New Jersey
    #6
    Well I got a demo version of this software, it's just called Checkbook for Mac OS X, and it seems to be the most popular one out there. The demo allows up to 50 entries, and when I get up to that number, I'll just pay for the full version ($17.95 or something) with my debit card. OOOOO, I feel special that I can say that now.
     
  7. jsfpa macrumors regular

    jsfpa

    Joined:
    Oct 26, 2003
    #7

    I think your Mini should have come with Quicken on it.
     
  8. CoMpX thread starter macrumors 65816

    CoMpX

    Joined:
    Jun 29, 2005
    Location:
    New Jersey
    #8
    OO yea it did but was that the demo version or the full? Anyway, I erased it. How can I get it back from my install discs? Do I need to use Pacifist or can I just get it from the regular Installer?
     
  9. CanadaRAM macrumors G5

    CanadaRAM

    Joined:
    Oct 11, 2004
    Location:
    On the Left Coast - Victoria BC Canada
    #9
    Er, umm... isn't that rather the point, to teach you how to balance an account?

    Nothing like having to transcribe 50 $3.00 purchases from Starbucks to make one realize that spending habits may need changing...
     
  10. jsfpa macrumors regular

    jsfpa

    Joined:
    Oct 26, 2003
    #10

    It should be the full version. You should be able to reinstall it from your disks.
    Double-click the package named Install Bundled Software Only.
     
  11. Lau Guest

    #11
    Here's another couple - I've downloaded both but not got round to really trying them, as my current budgeting system is "spend what you need and hope for the best". I don't recommend this system, incidentally. :D

    Cashbox - freeware
    iBank - free trial then shareware
     
  12. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #12
    Checkbook

    Been using it myself for a few years now, great software
     
  13. CoMpX thread starter macrumors 65816

    CoMpX

    Joined:
    Jun 29, 2005
    Location:
    New Jersey
    #13
    OK I got Quicken and set it up. I was just talking to my mom, you guys are gona think I'm soooo stupid, but I realized that I have to like put money into my account. I always thought that you make your savings account into your checking account. That's kinda stupid I guess. I have plenty in my savings account, but thats kinda for savings. I checked and I saw that while keeping enough cash for myself, I will only be putting $150 into the account, and it just seems kind of silly. When I work my summer job, then more will get put in there, but its just kinda, trivial. Can anyone convince me to still get a checking account or not to?
     
  14. kretzy macrumors 604

    kretzy

    Joined:
    Sep 11, 2004
    Location:
    Canberra, Australia
    #14
    Get the cheque account so that can use the debit card - I don't know where I would be without mine. I hardly ever go into the bank so I would never have any cash (plus I just find cash annoying and messy). The easiest way to do it, as others have mentioned, is online. Just about every bank will have some kind of online facility. This allows you to do internal fund transfers from your savings to cheque account (and vica verca), external transfers to other peoples accounts (very handy when ebaying etc), view all of your debit/credit/payroll transactions, pay bills and view your current bank balance.

    My bank also sends me a monthly statement, with all of my transactions on it. If you want to keep real track of everything, then I think the easiest way is a simple Excel spreadsheet.
     
  15. zap2 macrumors 604

    zap2

    Joined:
    Mar 8, 2005
    Location:
    Washington D.C
  16. Kwyjibo macrumors 68040

    Kwyjibo

    Joined:
    Nov 5, 2002
    #16
    COMPX - a few things

    how old are you to start? I mean I didn't get a checking account until I was going to college ... thats when I needed one, until then I just dealt in cash and saved lots.

    I don't balance my checkbook. i have a balance and it deducts when I spend money. My checks are direct deposited ... its the simple life.
     
  17. zap2 macrumors 604

    zap2

    Joined:
    Mar 8, 2005
    Location:
    Washington D.C
    #17

    His Sig says 15, which is why i said go cash, its simple and "just works"
     
  18. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #18
    First, putting ANY amount of money into your account is less than trivial. Learning how to manage your money when you are young helps you in the future. You'll hardly find yourself wondering two days before payday where it all went. I know so many people like that. Second, there should never be a need to convince anyone to get a checking account. If you are serious about learning to manage your money then a checking account is important. You may learn the hard way that just because there are checks in your check book does not mean that you have money in your account. You may learn that spending more than you put in results in the bank taking $10-$30 per transaction they have to carry for you. You may even learn that having a debit card makes you want to spend more. But...and this is more of a reality, you will learn that you are more responsible when you don't need to carry so much cash. When you can see online what you spend and what your average monthly balance is. If you buy or use a program like Money or Quicken then you should be able to chart what you spend and where it goes. Of course if you are young everything is pretty much "entertainment" or "food", but still. You will get to see it all.

    I'm sorry, but I really believe that every kid from the age 16 up should have a bank account and a job. I understand some parents want their kids not to work so they focus on their studies, but they should all work, even if it is for 8 hours one day during the weekend or something. I seriously don't mind seeing kids driving in way better cars than me or using dual 30" ACD hooked up to their dual 2.5 on their pottery barn desk in their fancy chair...so long as they are good kids, with great grades, and they work at least 8-20 hours a week. Balance being spoiled (which i am all for) with learning to work for what you have. Let them figure out how they will live their lives as they grow up. Will they appreciate what they earn or will they piss it off because they know their parents will give it all back to them 10 fold?

    Anyway, there should never be a need to convince anyone to get a bank account. Go out and get it and even if you put in $2.00 a week, it's still money.

    I'm gonna roll off my soap box now.
     
  19. kretzy macrumors 604

    kretzy

    Joined:
    Sep 11, 2004
    Location:
    Canberra, Australia
    #19
    I totally agree with you jessica. I've worked since I was 15 and there is nothing better than having at least some financial independence. My parents have always pretty much given me everything I need, but because I worked, I've been able to buy things such as my PB and a car (things which they could not really afford, nor would I expect them to pay for). Working while your a student teaches you to manage your time as well as getting a taste of what it is like to work for a living. By having a bank account, you learn to appreciate the value of money and that it doesn't come without hard work. This in the long run will make sure that you can live comfortably and buy as many Mac products as you like. :p
     
  20. BlueRevolution macrumors 603

    BlueRevolution

    Joined:
    Jul 26, 2004
    Location:
    Montreal, QC
    #20
    I just discovered iBank yesterday, and so far I really enjoy it. Quicken became convinced that I had -$200 in my bank account and no amount of adjusting could convince it otherwise. iBank asked me for a starting balance, imported the Quicken file from my bank and everything was awesome.

    hey, uh, about those dual 30" ACDs... :D
     
  21. ejb190 macrumors 65816

    ejb190

    #21
    When I worked as an Intern at Disney for six months a number of years ago, I opened a savings account localy and got an ATM card. I did everything with cash. It was easy to handle and took up a minimum of my time. That and the fact that there was an ATM about 50 steps from my front door.

    Credit/Debt Cards can be one of the trickier financial tools to get the hang of. Handing a $20 to a cashier makes spending a lot more real then paying with plastic. Overdrafting can result in expensive fees, can hurt your credit rating, and are perfectly preventable. Be sure you understand your bank's fee schedule and what protections they have in place (like automatic overdraft protection - it has saved my butt a couple of times.)

    My opinion, learn how to ballance by hand before you go to software so you understand what is going on. Pick up a book or two on money management (there are some really good ones out there for kids/college students) and remember that it is never too early to save for retirement/college/a car/a house.
     
  22. CoMpX thread starter macrumors 65816

    CoMpX

    Joined:
    Jun 29, 2005
    Location:
    New Jersey
    #22
    Thanks everyone for your input, I really appreciate everyone's opinion. My mom is taking me to the bank tomorrow morning to open up the checking account, and we are going to find out about all of the fees and policies. I think our bank uses VISA debit cards, it's on their website. I'll post back tomorrow and let you know how it goes. I already downloaded a checkbook program to help me manage my spending. I don't know what the program is called because it is installed on my Mac mini and I'm on my iBook right now. As mentioned before, I agree that it is important to know how to balance a checkbook, and I do know how to balance a checkbook. That's why I think its alright to use a program to make checking easier rather than doing it by hand.
     
  23. mikemodena macrumors 6502a

    mikemodena

    Joined:
    May 30, 2005
    Location:
    Connecticut
    #23
    My mom opened me an account with Wachovia last summer so I could get a card with my name on it. I've written like one check.. but even that showed up on my account balance with the online banking. I use the debit card for everything else (gas, food, macs, whatever) I got a free checking account which was cool.
     
  24. ejb190 macrumors 65816

    ejb190

    #24
    Personally, if they don't offer you free checking go somewhere that does. Those fees can eat you alive when you are just starting out.
     
  25. CorvusCamenarum macrumors 65816

    CorvusCamenarum

    Joined:
    Dec 16, 2004
    Location:
    Birmingham, AL
    #25
    How to balance a checkbook

    1. Record each transaction in your register. Do this religiously.
    2. When your bank statement comes each month, compare it to your register. Take note of any transactions in your register that are not on your statement. These are referred to as outstanding transactions.
    3. Verify the following equation: Statement balance + [outstanding deposits - (outstanding checks/card purchases/ATM withdrawals + any bank fees)] = register balance. If the two are equal, you're in good shape. If not, you screwed up with your math somewhere and/or probably forgot to record something.

    Software is all well and good, but it helps to actually know how to do it. How many people rely on spell checking and can't spell properly as a result?

    It also helps to be very careful that when you write a check, you *know* that the bank knows you have the money in the bank to cover it. With the semi-recent passing of Check 21, you can no longer rely on having a float period to get money in the bank to cover a check you wrote. [Some] banks are known to process withdrawals first and then deposits, so they can hit more people with overdraft fees for "technically" not having sufficient funds when a check is presented. Similarly, if more than one of your checks is presented on the same day, [some] banks will intentionally process the larger ones first, again so they can maximize their collection of overdraft fees.
     

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